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How will a DEED IN LIEU OF FORECLOSURE for a timeshare property show up on our credit report...
Anonymous2 views2 answers
My husband & I finally received an answer to our prayers (we think)...a way out of our timeshare! We stopped paying our monthly maintenance fees as a last resort after trying unsuccessfully for years to sell our Wyndham timeshare. We knew this would not end well, but the company offered us a DEED IN LIEU OF FORECLOSURE, and we signed off on it to end the ordeal. What can we expect now? Will this have the same [or a similar] effect that a traditional foreclosure would have on our credit? How long will it take for our credit to "recover"?
Depends on how the creditor wants to report - likely list as "debt settled for less than what was owed." Will be on your credit for 10 years but should not be any more negative to score than if they were reporting any delinquent payments. Best thing to do is wait about 60 days, pull your report and find an attorney who is knowledgable in credit reporting to assist with any FCRA disputes.
The answer will depend upon the exact nature of your ownership and also -as noted in the first answer - how Wyndham reports. Some timeshare situations are not technically real estate ownership.
