schreff
TUG Member
- Joined
- May 18, 2020
- Messages
- 234
- Reaction score
- 71
- Resorts Owned
- KBV, Bali Hai, Wyndham Palm Aire, Bonnet Creek, Patriot's Place, Harbour, Sea Watch, etc.
No, that's one of the best case scenarios! The worst case for us is that our credit score would not only take a big hit but Wyndham goes beyond foreclosure. If you don't care perhaps many other KBV timeshare owner's do.What's the worst case scenario? The resort closes and you don't get a penny? That's hardly going to throw you into financial ruin.
This is not a cause for sleepless nights & daily worries. Especially, since there is zero that you can do about it.
This is some of the possible scenarios according to legal Ai. NOT NICE
When a timeshare is foreclosed, the timeshare company seizes the property.This can lead to several negative consequences, including:
- Damage to your credit score: A timeshare foreclosure can significantly lower your credit score, making it difficult to obtain future loans or credit.
- Deficiency judgment: The timeshare company may sue you for the outstanding balance, and you could be held liable for the unpaid debt.
- Tax implications: Forfeited debt may need to be reported to the IRS as income.
- Difficulty in obtaining other loans: A foreclosure can make it harder to get approved for mortgages, personal loans, or other credit.
- Potential job search issues: Foreclosure can affect your job search.
- Increased insurance premiums: A low credit score due to foreclosure can result in higher insurance premiums.
- Legal fees and costs: You might be responsible for legal fees and costs associated with the foreclosure process.