2007-02-20 10:42:51 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
A default of repayment of any kind will affect your credit rating if the receiver of that money reports it to the credit agencies.
Why not sell your time share and pay off the loan with the money received.
Most time shares I have heard of, have increased in value.
You might even negotiate with the time share company that they take over the time share and re-sell it to a new party (this of course will depend on what is owing compared to the value).
2007-02-20 12:13:01 · answer #1 · answered by glen s 3 · 0⤊ 0⤋
When I had a timeshare loan, it was considered a real estate loan. Defaulting on it would have looked like a foreclosure. Yours may or may not be the same. You can check on your credit report as to whether it is a real estate loan or another type.
2007-02-20 10:49:22 · answer #2 · answered by Brian G 6 · 0⤊ 0⤋
Well lets just say its not going to be a shining bright spot.
If it is a loan, regardless of what the loan is for, it was a credit extension. The bank (or agency) paid the money to the developer of the timeshare property. You don't think they are going to want to collect their monies?
When you don't pay they will turn your contract over to a collection agency. AND it will be noted on your credit report.
.
2007-02-20 10:48:35 · answer #3 · answered by ca_surveyor 7 · 0⤊ 0⤋
I have an agency who will work with timeshare to release me from the loan and take back the timeshare - there is a 50/50 chance they will report to collections so trying to see how that effects me if they do report it.
2016-11-18 06:53:31 · answer #4 · answered by Lynda 1 · 0⤊ 0⤋
How will not paying your maintenance on a time share affect your credit
2016-07-08 07:04:59 · answer #5 · answered by Mike 1 · 0⤊ 0⤋