Walking away from timeshare

[flowerofthemound]

We still owe on our timeshare and pay a monthly payment to the timeshare company itself. We know this loan is not on our credit report at all.

Can we walk away from it and it not affect us since its not on our credit report?

Is there a way to ask the timeshare company to take it back? We still have several more years to pay on it and have been paying for a few years already.

Just wondering our options. Now that I found this site (few yrs too late unfortunately) I wish we would have bought resale.

 

[DeniseM]

You have a contractual obligation to make the payments, so once you default, the note holder will turn you over to collections, and report you to the credit bureaus - just like any other loan. Eventually, after they rake you over the coals and damage your credit, they will foreclose.

 

[puppymommo]

It never hurts to call and ask if they will accept "deed in lieu of foreclosure". Sometimes they do, sometimes they don't.

 

[ronparise]

the fact that they don't report you payments to the credit bureaus, doesn't mean they wont report the default. And if it goes to foreclosure, that's a matter of public record, and the credit bureaus will pick up on that

If you do decide to stop making the payments there will be consequences, as Denise said, probably collections, foreclosure, and a hit to your credit...The question is ....which is worse...making the payments, or taking a hit to your credit...only you can decide.

 

[GeorgeInNePa]

We still owe on our timeshare and pay a monthly payment to the timeshare company itself. We know this loan is not on our credit report at all.

Can we walk away from it and it not affect us since its not on our credit report?

Is there a way to ask the timeshare company to take it back? We still have several more years to pay on it and have been paying for a few years already.

Just wondering our options. Now that I found this site (few yrs too late unfortunately) I wish we would have bought resale.

Your utilities don't show up on your credit report, but if you stopped paying and got sent to collections I'll bet they would.

It costs money for creditors to report to the credit bureaus. Some creditors don't report positives.