Minnesota1922
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Purchased a timeshare with diamond resorts as part of the Hawaii collection. Being stupid we financed it and currently owe 13,000 still and maintance fees. We are no longer able to pay (haven't paid in 5 months) our loan or maintence fees. I have spoken with diamond resort several times and they do not buy back timeshares with loan balances. I have spoken to the hospitality team and loss mitigation reps and have gotten no help. Today I was informed at the end of the month the property would be foreclosed on since it will be 6 months with no payments. I asked what happens to my active loan since the property will be taken away and rep told me the account will be closed and no more financial obligation. I find that hard to believe--anyone have any experience with this? My credit has already taken a significant drop of 96 points with the 30-60-90-120 days late notice that they reported. And I know with it foreclosed it will drop more. Paying is not an option and I am just wondering if anyone has been foreclosed on with a loan balance and what truly happens to the balance?