Timeshare

Guest 0.10 Dollars($)

A few years ago my wife & I bought a timeshare. I've since lost my job and have gotten one that pays not even half I was making before. Money is extremely tight. Can I quit claim the deed back to the company and if they accept be free and clear and how will this effect our credit score?

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi John,

Welcome to the forum.

If you have not paid off the loan, it will definitely affect your credit score negatively. Even though you quitclaim the property to the company from where you bought the timeshare, it will not remove your name from the loan. And thus it will have a negative impact on your score.

miller_st · Joined: 17 Jan 2007 Posts: 917 168.82 Dollars($)

Your credit will certainly get affected. There is a possibility that a repayment plan can be setup to help you afford the monthly payments. Before deciding about giving back the timeshare to the company you should discuss whether any repayment plan would be possible or not.

Miller

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