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romanklan · Joined: 03 Apr 2009 Posts: 2 1.97 Dollars($)

Hello, I asked a question about 2 days ago and I was surprised about how fast I got a response from you. Thankyou very much.
However, I have another question for you. I want to know if I sign a deed to return a timeshare back to where it came from even though there is still a balance on it, including monthly payments. Is this a good choice to make and will this RUIN MY CREDIT?
I also want to know: Even though my husband and I can barely even afford to continue making payments on our timeshare, is it better to just keep it? What would you recommend? I truly appreciate your advice and your time. Thankyou.

smithsussane · Posted: Sun Apr 05, 2009 7:15 pm Post subject:

Hi romanklan!

Welcome to forums!

You will be responsible for the mortgage though you transfer the property to timeshare company. In such a situation, if you do not pay the mortgage dues, your credit will be affected. However, if the timeshare company refinances it, then you would not be responsible for the mortgage.

Keeping the timeshare without paying the mortgage is not a good option in my opinion. If the lender forecloses the property due to non-payment of dues, then your credit score will be badly effected. In you can make payments, then you can definitely keep the property.

Feel free to ask if you have further queries.

Sussane

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