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Timeshare Foreclosure Questions

Cheeks_29

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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.
 

TUGBrian

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TUGBrian

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I regret that I was unable to rent (no one even replied to my posts) and they were very reasonable.

while I am sorry to hear this, it is fair to note that your ad was for a week in early september, and you posted the ad at the beginning of august. expecting to find a renter in such a short time (under a month) is extremely difficult, especially when your rental asking price was in the middle of the range for a 2br at this resort. That price would not have even qualified for the LMR section.
 

ronparise

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it depends

They could file a deficiency judgement to go afte the shortfall
But maybe not
And no you won't get it back if sometime down the road you pay
My advice for what it's worth is to try and negotiate a deed in lieu of foreclosure
 

bosko40

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In my personal experience the company won't work with you. I also had to go through this in 2008 when the RE market collapsed and my rental properties went under AND I got divorced all at the same time. So when the company didn't get paid for a month they started foreclosure proceedings. Timeshare foreclosures are not like regular RE. They take it pretty quickly. And yes you'll get hit on your credit, but sometimes that's necessary to correct your budget. I know it SEEMS like the end of the world if that happens, but trust me it's not. I'm still alive and thriving. You'll make it through just fine.

This is another example of why I personally prefer a good vacation club over traditional timeshare ownership. The club I'm in lets you out whenever you want and you won't get dinged on any credit report for cancelling your membership. The future is unknown and I like to hedge my financial commitments now. Live and Learn I guess.
 

LannyPC

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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?

My question is, given your financial situation, why would you want the TS back?
 

Talent312

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In a typical court-foreclosure, a judgment is entered for the balance due, fees + costs.
Often, there's a redemption period in which a debtor can pay the judgment b4 a sale.
After that, there is a foreclosure sale at which you may also be able to bid for it yourself.
Of course, you're still liable for any deficiency between the sale and the judgment...
(which you can likely discharge thru Bankruptcy).

Many states have fast-track non-judicial foreclosures in which the lien is enforced & you're out...
Usually, there's no liability for a deficiency in these shotgun foreclosures.
.
 
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