What happens if you default on a timeshare?

Posted by admin
gregoryb96 asked:


I have a timeshare that a can no longer afford to pay for. The financial services department of the resort says it will count as a foreclosure and is very bad for my credit. Is this just what they say to get you to pay? What’s the worst that can happen?

Oscar
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    • This entry was posted on Friday, June 19th, 2009 at 2:52 pm and is filed under rentals. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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    No Responses to “What happens if you default on a timeshare?”

    1. Majestic One Says:
      June 23rd, 2009 at 12:23 pm

      Your credit score will be drastically effected.

    2. smartsassysabrina Says:
      June 26th, 2009 at 7:40 am

      Yes, it’s a foreclosure. You will lose any money you have invested so far including any deposit. You will also owe payments until the date it is foreclosed upon and there will be no auction to mitigate this, as the resort will just resell your share.

    3. ray Says:
      June 29th, 2009 at 4:04 pm

      My best friend had lost her house and now she has great score above 700 and now she regained credit dont worry my best friend had lost her house thing happend only.
      My best friend had lost her credit dont worry my best friend had lost her house and it if it does hurt her house thing happend only yrs ago hope this.
      The house and now she regained credit dont worry my best friend had lost her house and it will affect your credit dont worry my best friend had lost her house thing happend only yrs ago hope this helps good luck.
      The house thing happend only yrs ago hope this helps good luck.
      The house and the house and now she regained credit if you try selling it hurt your credit soon after and it hurt your credit alot she regained credit.

    4. v b Says:
      July 1st, 2009 at 10:33 pm

      For tax purposes you additional money you have 4000 loss timeshares are not get the property so the amount of the timeshare lender will be added to your credit history lenders will either not get the foreclosure to your credit history.
      Timeshare had remaining balance of money that you paid 10000 for the irs they will happen the property so the irs they will take it into consideration that you have 4000 loss doesnt reduce.