Time Share Abondenment

Does anyone have any information on this topic?

My friend did this not knowing that it would go down as a forclosure on her credit report. When she did her taxes her accountant never told her. She paid the tax on it and she and her DH are now looking to buy their own house and this pops up!

Can it be fixed?

Re: Time Share Abondenment

I used to work with Timeshares and seen my share of defaults. The loan that they had that they let it go will sit on thier credit report as a bad debt/foreclosure. Lenders will see this and will not give anymore financing to your friend and husband because of the abandonment. If the lenders do give them financing it will be at a very high interest rate. Anytime you default on any loan it will be put on your credit report as a negative or bad debt and this is what happened to them. I really think there is nothing that can be done for them as for it is too late.

Consequences of Timeshare Abandonment

Re: Time Share Abondenment

Yes, I used to work in the timeshare industry. When you take out a loan for a timeshare, it is a mortgage regardless of it being a timeshare. It is treated the same.