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Timeshare Foreclosure?

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kl Joined: 09 Jun 2010 Posts: 1 1.00 Dollars($)	Posted: Wed Jun 09, 2010 3:31 pm    Post subject: Timeshare Foreclosure? Like 0 Dislike 0 Hi all: I recently lost my job and have foreclosure looming on my home. At this point I could care less about my timeshare, but I know I should. Has anyone else been in the same situation and if so, what were the circumstances? Job loss, foreclosure, no money to pay for the timeshare, etc.,... Just curious about what other people have gone through. Thanks.
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Wed Jun 09, 2010 8:36 pm    Post subject: Like 0 Dislike 0 Hi kl, If you're unable to make the payments on time, then your mortgage lender will have the rights to foreclose the property. If you are unable to make the payments, you should contact your lender and apply for a deed in lieu of foreclosure and get rid of the property. Though it will have a negative affect on your credit report, you won't be liable for the loan balance. _________________ Procrastination is the enemy of your financial success

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