Time-Shares/Not paying a timeshare anymore
Hi. I bought a timeshare from Silverleaf this summer and immediately regretted it. I was very idealistic thinking this would be very beneficial but now see that it is not, at least for my situation. I have only paid 3 months worth of the timeshare so most of the principle balance is still there. I am thinking of just stopping the payments since I called the timeshare company and they said my only option is to find a buyer or foreclosure. I know it'll be impossible to find a buyer. My question is: what will foreclosure to to my credit? How bad will it actually be? Will I still have to pay the maintenance fees for the timeshare even after years pass? I'd appreciate any help in getting me out of this timeshare.
It will be difficult to find a buyer for what you owe. If you let it go in to foreclosure it can have a negative impact on your credit score for 7-10 years. If they for close, you lose your ownership rights and would not be making any more maintenance fee payments. You can't pay for something you don't own.
As to how bad it will affect your score, there s no way to know that as that is more about what is it like now etc.
Hope this helps