About timeshare professional Expertise I have extensive knowledge of real estate as well as timeshare sales and inside corperate experience.
Experience Me and my husband worked a combination of 4 years in the corporate office of one of the largest timeshare companies in the world.I have also sold timeshare. I know all the truths and also somethings that unethical people and greedy people do that give timeshare a bad wrap. I also have 8 years of real estate experience from new home to re-sale. I have worked for big nation wide builders and small mom and pop developers. I am not a lawyer tring to gather unhappy owner to make money off of countless class action lawsuites. A lot of people who own timeshare are unhappy because they were either lied to by sales staff or dont understand how to use thier units or just cant afford it anymore. That doesnt make it a scam.
Expert: timeshare professional Date: 6/11/2008 Subject: timeshare deed in lieu of foreclosure?
Question Hi, I'm sorry to bother you with yet another woe is me question! My husband and I have owned a timeshare for about 7 years now and we still have 4 years left of it to the tune of $20,000. We just can't do it anymore, we messed up and now we're stuck. I've been researching and know that it's pretty much impossible to get rid of. I've also read about a deed in lieu of foreclosure. How realistic is this? We own Worldmark by Wyndham. If it can happen how bad will it screw up my good credit?
Thank you.
Answer The results of a deed in lue depends on how each company reports it on your credit report to the credit bureau. I cant actually tell you that a pinpoint answer because each company has different procedures. I know some people who have had problems refinancing or purchasing property because in some cases it does show up as a real estate foreclosure. Hope this helps.
