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Timeshare

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John O Guest	Posted: Thu Sep 13, 2007 5:48 pm    Post subject: Timeshare Like 0 Dislike 0 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: 3322 474.67 Dollars($)	Posted: Thu Sep 13, 2007 8:39 pm    Post subject: Like 0 Dislike 0 Hi John, Welcome to the forum. If you have not paid off the loan, it will definitely affect your credit score negatively. Even though you quitclaim the property to the company from where you bought the timeshare, it will not remove your name from the loan. And thus it will have a negative impact on your score.
miller_st Joined: 17 Jan 2007 Posts: 918 168.95 Dollars($)	Posted: Sat Sep 15, 2007 8:13 pm    Post subject: Like 0 Dislike 0 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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