Avoiding a Timeshare Foreclosure
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How to Avoid a Timeshare Foreclosure
A timeshare will go through the foreclosure process if you are delinquent in the mortgage payments or assessments. Like any other foreclosures, your credit score will be affected. However, there are options available to prevent the foreclosure of your timeshare.
Options Other than Foreclosure
Options to avoid foreclosure on include:
- Selling the timeshare
- Donating to charity
- Negotiating a repayment plan with the timeshare resort
- Negotiating a lower amount due
- Deeding the timeshare back to the resort
These options are intended to protect your credit and your interest in the timeshare. By deciding the appropriate option for you, you may find a happy balance between the amount of ownership interest you have in the timeshare and your finances.
Beware timeshare rescue scams, which are unfortunately quite common. Scammers target owners who are desperate to relinquish their timeshare interests.
Consulting an Attorney
If you are facing a timeshare foreclosure, consider contacting a timeshare lawyer. A lawyer can help you negotiate an option that is right for you, and also, the lawyer will be able to spot a scam.
Consult a Lawyer - Present Your Case Now!
Last Modified: 08-04-2015 02:41 PM PDT
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