I’m in danger of going into foreclosure on some timeshare property in Florida. Will the credit damage be just as bad as losing a house?
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Depends on how the timeshare was sold to you – it could just be an account on your credit that will show delinquent and maybe repossession. Since you only own a portion of the property not the property itself it will not be a foreclosure.
You may see collection activity and this will DAMAGE your credit rating. Try to unload it – then negotiate with the creditor to take a settlement if you are upside down.
Good Luck,