How can I get rid of timeshare property fast? Is the foreclosure damage the same as on a house?

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?

Can not paying on my Vacation Club Timeshare legally be a foreclosure?

The company is located in Florida, but the timeshare is in Missouri. Can not paying on a timeshare in a vacation club type deal be reported on my credit legally as a foreclosure?