What effect would a foreclosure have on my wifeand me?

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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

Answers:

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.


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