Cheeks_29
TUG Member
Hello Tuggers!!
I posted in here previously asking about getting out of timeshares that at the time were current and was basically advised that I had to rent or foreclose since I had loans on the timeshares. I regret that I was unable to rent (no one even replied to my posts) and they were very reasonable. So currently I am behind on loan payments AND I just received the bills for maintenance and club dues which I also cannot pay. I had a rough year last year and my financial situation radically changed. My question is if you are foreclosed on, you still owe the loan but they take back the timeshare? So if you ever pay off the loan do you get the timeshare back? I am uncertain what happens after the foreclosure besides you still owe the loan and it affects your credit significantly. If anyone can advise me what happens in the foreclosure process and after I would really appreciate it.
I posted in here previously asking about getting out of timeshares that at the time were current and was basically advised that I had to rent or foreclose since I had loans on the timeshares. I regret that I was unable to rent (no one even replied to my posts) and they were very reasonable. So currently I am behind on loan payments AND I just received the bills for maintenance and club dues which I also cannot pay. I had a rough year last year and my financial situation radically changed. My question is if you are foreclosed on, you still owe the loan but they take back the timeshare? So if you ever pay off the loan do you get the timeshare back? I am uncertain what happens after the foreclosure besides you still owe the loan and it affects your credit significantly. If anyone can advise me what happens in the foreclosure process and after I would really appreciate it.