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timeshare foreclosure initiated

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mlfal27 Guest	Posted: Thu Jun 03, 2010 5:48 pm    Post subject: timeshare foreclosure initiated Like 0 Dislike 0 help, can someone please tell me what will happen during this foreclosure process. i have already noticed my credit has been affected due to delinquent payments and the timeshare company in arizona has informed me that it is too late to do anything about it since the process has already begun. they used unethical sales tactics and gave me false information. if i knew it was all a lie i would have never signed the contract. i have never used any free gifts and attempted to get myself out of the contract but was unsuccessful. thanks _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
smithsussane Joined: 18 Sep 2008 Posts: 10382 Location: Alaska 976.66 Dollars($)	Posted: Thu Jun 03, 2010 9:12 pm    Post subject: Like 0 Dislike 0 Hi mlfal! Welcome to forums! If the foreclosure process goes through, then you will be liable for the balance amount resulting from the property sale. Apart from the present credit affects, a foreclosure sale will reduce your score by 250 points. You should contact your lender and check out if he can help you with a deed in lieu of foreclosure. Though the credit affects would be similar, the lender will not be able to come after you for the deficient balance. Feel free to ask if you've further queries. Sussane

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