What effect would a foreclosure have on my wifeand me?

We own a timeshare with no mortgage. However we can no longer afford the annual maintenance fee. What would a foreclosure on this timeshare do to us?

Asked on November 2, 2011 under Real Estate Law, Pennsylvania


FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

To answer your question clearly, a foreclosure of your time share would not help your credit rating at all, but would probably not hurt it if the foreclosure is solely as a result of unpaid maintenance fees for a time share.

Rather than risk a negative mark on your credit from a possible foreclosure, I would try to sell the time share for as much as you can in today's market and then use whatever proceeds to pay off what is owed on the maintence fee issue to avoid the foreclosure if this is possible. Good luck.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.