Will timeshare foreclosure affect us? (loan, garnished, credit report, loan)

[mrscarroll]

we had a deed in lieu of foreclosure for a stupid timeshare. will that count against us as if it were our primary home?? i hope not; someone please advise; thanks!!

[SmartMoney]

More information is needed - how was it reported on your credit report? Did you write off the interest as mortgagee interest?

How would you answer this question, a question that is on every single mortgage loan applcation: have you ever surrendered title in lieu of payment?

Have you seen the new acknowledgement buyers are being required to sign regarding mortgage fraud by many mortgage company's?

Let's put it this way, you won't be able to lie without risking exposure to fraud.

The jury is out, but it could very easily go in both directions.

[Momo75]

I'm not really sure, but i think you could get your wages garnished:

[url=http://www.timesharescam.com/blog/127-what-happens-if-i-stop-paying-my-timeshare/]What happens if I stop paying my timeshare?[/url]

I need to know more to give you an accurate answer

[Pfhtex]

Originally Posted by mrscarroll

we had a deed in lieu of foreclosure for a stupid timeshare. will that count against us as if it were our primary home?? i hope not; someone please advise; thanks!!

Was it a true mortgage? Many timeshare deals are simple installment accounts unrelated to true mortgage.

Talk about your closing documents, and if you can, mark out personal info on the "foreclosure" letter and post it.

Could be a simple charge-off - - which would need to be settled or paid down to less than a $1000 balance.

[MaseMan]

How long ago was it?