Where is your TS located? TS owners with deeds in FL, SC, Maine, CA, WI, HI, or MT and who default on their TS mortgages get anti-deficiency protection, as long as they don’t object to the foreclosure. Anti-deficiency protection is when resorts can’t sue your for the foreclosure balance.Any well known advice how I can sell my timeshare. I need to sell ASAP. It is with Westgate Resort and I have mortgage on it.
Any well known advice how I can sell my timeshare. I need to sell ASAP. It is with Westgate Resort and I have mortgage on it.
I need to sell ASAP. It is with Westgate Resort and I have mortgage on it.
TS in Orlando FL, close to Disney World.Where is your TS located? TS owners with deeds in FL, SC, Maine, CA, WI, HI, or MT and who default on their TS mortgages get anti-deficiency protection, as long as they don’t object to the foreclosure. Anti-deficiency protection is when resorts can’t sue your for the foreclosure balance.
If you make the hard decision to default, please kindly let us know if your credit got affected. 7 of 13 TS mortgage defaults as reported on TUG got their credit affected, by 50 to 150 points.
Can't afford and honestly, I just not interested in it anymore, do not think for me and my family now a good investment and still owe 11K. Just purchased in 2017.Why do you have to sell, or at least get rid of it, ASAP? How much do you still owe on the mortgage?
Can't afford and honestly, I just not interested in it anymore, do not think for me and my family now a good investment and still owe 11K. Just purchased in 2017.
TS owners with deeds in FL who default on their TS mortgages get anti-deficiency protection, as long as they don’t object to the foreclosure. Anti-deficiency protection is when resorts can’t sue your for the foreclosure balance.TS in Orlando FL, close to Disney World.
Can't afford and honestly, I just not interested in it anymore, do not think for me and my family now a good investment and still owe 11K. Just purchased in 2017.
You mentioned mortgages ... do same regs apply to MF in those states?
You mentioned mortgages ... do same regs apply to MF in those states?
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Thank you for clarifying!The following states allow anti-deficiency for MF defaults: CA, FL, ME, SC, WI, CO.
Unfortunately PA is one of the worst states for TS ownership.Grammarhero: What about Pennsylvania? I live and own a timeshare in PA. Everything is paid up to date. No mortgage, no MF due. We have tried to sell, give away paying all fees, and asked Management Co. to take deed back. They will not help us out in anyway. They say they are not in the Real Estate business. We are walking away from our week for reasons of health issues. My husband is 80 and has heart issues and I just had a total knee replacement. What are the consequences for us in Pennsylvania. I did not see on your list that PA allows anti-deficiency for default.
Really, at 80ish, how important is a great credit score? Are you buying a house, new car, financing travel, borrowing for any particular purpose? If, as I suspect, you don't need a lot of credit, simply stop paying and eventually the resort WILL decide they're in the Real Estate business and foreclose. And eventually your credit score will improve all on it's own. Frankly, I don't think creditors look particularly badly on people defaulting timeshare obligations.We are walking away from our week for reasons of health issues. My husband is 80 and has heart issues and I just had a total knee replacement. What are the consequences for us in Pennsylvania. I did not see on your list that PA allows anti-deficiency for default.
Frankly, I don't think creditors look particularly badly on people defaulting timeshare obligations.
That's true, Bill, but (a) how important is credit to 80-year-olds? and (b) any negative dings on a credit report are allowed explanatory letter(s) so one can make a case that having less financial outflow (the MF) means that the applicant for credit actually is MORE able to take on additional debt.Anything that decreases the credit score is considered when asking for credit.
That's true, Bill, but (a) how important is credit to 80-year-olds? and (b) any negative dings on a credit report are allowed explanatory letter(s) so one can make a case that having less financial outflow (the MF) means that the applicant for credit actually is MORE able to take on additional debt.
Yes, you can finance a timeshare at 80, even 90!Jim, I think you are close to 80. Do you need a decent credit score or do you pay cash ? Your probably right that a good credit score is not too important at 80 or even 70 . Especially if you have cash I'm guessing.
Can you even finance anything at 80 ?
Bill
@gnipgnop We hope you are well. If you made the hard decision to default on your timeshare, would you kindly let us know if your credit got affected? It would help other tuggers in similar situations.Grammarhero: What about Pennsylvania? I live and own a timeshare in PA. Everything is paid up to date. No mortgage, no MF due. We have tried to sell, give away paying all fees, and asked Management Co. to take deed back. They will not help us out in anyway. They say they are not in the Real Estate business. We are walking away from our week for reasons of health issues. My husband is 80 and has heart issues and I just had a total knee replacement. What are the consequences for us in Pennsylvania. I did not see on your list that PA allows anti-deficiency for default.