Timeshare Foreclosures and Your Credit Score

Timeshare ForeclosureIf you have exhausted all of your other options for getting rid of your timeshare including selling on the web, auctions sites like eBay and Craigslist, donation to charity, and giving it away, a timeshare foreclosure may be your only option.  The time share foreclosure process is somewhat similar to a home foreclosure, in that eventually the property will eventually be returned to the lender and sold at a sheriff’s auction to the highest bidder.  Being armed with information, and knowing how this process can affect you and your future purchasing/lending power is a key part of a successful foreclosure.  This post will help to prepare you for what may lie ahead, and provide information regarding credit score changes you may experience as a result of a timeshare foreclosure.

How the foreclosure is executed:

When you signed the contract for your timeshare, you signed a promissory note for the lender to assure them that you would be paying the money back, with interest.  When your timeshare forecloses, the lender will obtain possession of the property and sell it at auction.  Sheriff sales, like the one your timeshare property will go through when it is auctioned off after foreclosure, are matters of public record.  A foreclosure itself is a legal action which is handled by the court system, which is again, public record.  All of the major credit agencies – Experian, Equifax, and Transunion – monitor, report, and base their credit scores on information contained in court public records.

How much will a timeshare foreclosure affect my credit score?

A foreclosure, and similarly a deed in lieu of foreclosure, will affect your credit score between 230-280 points, depending on the reporting credit company.  This point deduction of 230-280 points, and negative mark on your credit score, will stay on your credit report for anywhere from 7-10 years, and companies will be able to purge this information upon closer inspection after the 10 year period has elapsed.

I am not positive if short sales are done in timesharing, but a short sale will affect a homeowner’s credit score from 80-120 points, and will be present on the credit score for a period of at least 7 years following the short sale.

Be aware that not all timeshare companies will report missed, late, or foreclosure account notifications to credit agencies, but this does not mean your foreclosure will never get reported.  There are many instances where timeshare owners do not notice any blemish on their credit score during the foreclosure process, but just because your lender/timeshare company is not reporting the actions, does not necessarily mean you will never take a hit to your credit.

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  1. How about Diamond Resort for some reason I upgraded from 2,500 points to 7,500 point timeshare.With the promise that I can sell my property with them and that I can use points to pay for maintenance fees.I was also told that if I open a credit card with them I can use that credit card and accumulate points to pay for maintenance fees.Well they lied my maintenance fee was due for payment and I called them and they said that they do not know anything about it.Please help this is a scam….

  2. When we were sold our timeshare we were told if our financial situation changed let them know and they would help. It was all lies.We contacted them when we knew or financial situation was changing. They didn’t help only threats. They have had someone come to our home while we were not home and give our daughter some papers that looked like they were court papers but they were not. No court information no seal or even a judges name. Today in the mail we got a notice of wage garnishment with again no court information and didn’t have the required forms with it for us to fill out for exemptions. What do we do now? We just want out of this nightmare.

  3. My husband and I have a timeshare in Maine, known as Inn Season Resorts. My wife is terminally ill and I am disabled. Since neither of us work and are on social security, this recession has hit us hard. It seems as though the price of everything has doubled, but social security hasn’t. If there is a way that you can help us it would be greatly appreciated. When we bought this timeshare we were making $50,000 more dollars per year and have really suffered since. Please help us.

    1. If it is paid off, send them a note asking what you need to do to deed it back to them (or get a deed in lieu of foreclosure) and take it off your hands. You can also try selling it through E-Bay, Redweek, Timeshare Users Group, etc. The last one has a lot of helpful information on the web page as well as a bulletin board.

      If it is not paid off, you still might try to get the timeshare or homeowners association to take it, but it might be too difficult. If you are not planning to buy a house or car in the near future (like within the next seven years), and you are really desperate, you could walk away and chance the credit hit. Maybe get a home equity line of credit set up (if you are eligible for that sort of thing) before you do so.

  4. Kevin, we purchased like fools not only once but twice from bluegreen. We were told the only reason we couldn’t use our points to book was because we needed more points to be able to get the dates we needed. Now I find myself on disability and even though my husband works 16 hrs a day not able to keep up with their monthly bill. We owe 18,000 on this even after 6 yrs. We are both senior citizens and our credit isn’t the best because we both came out of costly divorces that caused us to file bankruptcy 10 yrs ago. This is just off our credit report but without doing a foreclosure we could be dead still owing on this load. What should I expect besides the phone calls, treats and low credit score?
    Thank you Diane


  5. I have a deeded timeshare in Kissimee, Fl, with annual RCI points. The Resort is Silverlake resort. We want to get rid of it just like many of you, owned for three years, never used it, mortgage paid in full. We just have annual maintenance fee and RCI membership. Any suggestions or anyone have a experience with Silverlake Resort. I called the resort to see if they had a resale department, and the person just referred me to ARDA-ROC.

  6. Hi kevin I need your help.

    I’m in silverleaf resort.

    What’s the best and easiest fastest cheapest way to get rid of it???

    Thanks kevin

    1. really?
      you read all the things about cheats and schemes to get your money, and you want to give even more of it to this guy?
      why not just give your money to those telescam clowns that call saying the will sell you week if you give them a thousand up front?

      go be a shill somewhere else

    2. We have a timesgare we would like to get rid of. Owned it for 7 years and never used it. It’s in Florida. Have been paying 500.00 for maintenace fees every year.

  7. Omg my husband and I bought a time share in Fl in Aug 2012.. After 10 hours of sighning w/ the Notary person we went back and told him we wanted to cancel and he said we couldnt and if we did we had to pay all the tittle and transfer fees?? I am dissabled I dnt know a lit about the law but I feel that this was wrong. We ended up getting it.. But want to know is there anything we can do.. ?? Thanks.

    1. You had a legal right to cancel. Florida I believe is 7 days. I don’t know who to contact legally, but there may be someone. Just be careful. So many scams. Your worst case scenario is take the hit but cut your losses. If you calculate matinence fees and exchange companies fee,s it can add up to 30 or 40 thousand quickly. That’s your true cost. If you do a deed of gift to someone willing to take over those fee,s…. You will save a lot of future spent money and headaches. But, you have to take the hit on the upfront purchase. They just don’t resell. But saving money is as good as making money. I will assume a deed. But, they must be paid off. If you ever need that..let me know..I m just an individual who takes the credit hit because I m not concerned over my credit. I can also let prospective buyer use the first week free and may entice them to buy. But 50 cents on the dollar would lucky. Proceeds would go to you. I m spending my last years helping people enjoy theirs. My phone rings and rings asking for fees and collection companies. But, if you r happy, I m happy. I lll cover the calls and credit hit. I m Kevin. Email. (redacted)

      1. Hello Kevin, I was scammed into purchasing a timeshare with my girlfriend here in Texas from Silverleaf. It only took me a month to realize that it was bull, and unfortunately it was past the 7 days to get rid of it. I have put it on Craigslist, I spoke with one of the SL managers about getting rid of it and he said the ONLY way I can is if i sell it. and in which case I will have to make at least 2 monthly payments before it is eligible (I “leased” it, I havent paid it in full.) We have only had the Timeshare for about 2.5 months. I have already spoke to someone about selling it. NOT knowing it would cost me $1600 to get RID of a $6000 timeshare. In short, I cant afford to pay for it, and cant afford to get rid of it! Am I screwed? all maintenance and other fees are all up to date. I have decent credit and and I am trying to move into my own place and finally ask my GF (of 4 years) to marry me. and get out in the world on my own (Im 22 now) and owning a timeshare is a horrible horrible mistake. and I really do not want to forclose and screw up what good credit i have obtained thus far.. Can you, or anyone for that matter HELP me please. And in a way I CAN afford? i was so naive..

      2. Kevin I could use some help. We signed up with Silverleaf in texas then we were approached by Legal Advocats for the consumer about getting out of our timeshare. We just found out that they were shut down earlier this month. We haven’t been paying the timeshare because they told us not to. Can you give us any help

        1. I have paid off my timeshares but don’t want to deal with maintenance fees, nor the units, is the penalty still the same. I have asked for repossession but they keep harassing me for the fees. Input on how to deal with this would be appreciated.

          1. the fallacy with timeshares is believing that if you pay for the purchase, they will take it back — they won’t. They will just keep calling you and threatening you.
            They won’t actually do anything, but you have to put up with their calls if you don’t get a call blocker, and they can send a collections notice to the credit companies to try to get your money.
            you just need to not pay, and after 4-5 years (depending on your state) you pass the financial statute of limitations and they can no longer sue you for anything and will take back the property.
            you just have to tough it out — and the sooner you stop paying, the better since sooner or later this is all you can do

      3. Kevin,
        My husband and I got scammed into a silverleaf resort. We have tried to get rid of it with no sucess. We are living in a home we own now but would like to move. If we foreclose, its in the process, we are stuck here for a long time. If we try to stop the process we are stuck paying them. I feel so helpless right now. What options do we have on one we still owe on?

        1. it sounds like you want to buy a new home and think you will have a bad credit report. If you are reported, that is probably already true, but if it is the only mark, it is not all that bad. If you are looking now, I would recommend trying with your bank for a pre-mortgage or how uch they will lend you toward a house. That will let you know if you have a problem.

      4. Kevin-
        Are you still accepting transfers to your corporation? Have a fully paid off deeded timeshare with maintenance fees current. How do I connect with you?

  8. I manage a resort in New Hampshire and I will tell you that after foreclosure, we get a judgement against your house or any other possessions that you may own. And we can garnish your wages, based on a debtor’s review with the court.

    While you feel you have been scammed, you should have read all of the documents you were presented.

    The value in timeshare is in the use of the time you have purchased.

    1. Well Bill or whoever you are obviously you are on the devil’s side. Be thankful other scanner s like you don’t come harrassing you and demanding the money and properties you have worked so hard for you entire life!! Specially if you haven’t even use the facilities. You guys are greedy people that built this resort and not able to pay their own property and look for victims like us to help you pay maintenance and other responsibilities that supposed to be your only, now you can’t talk to us about responsibilities when you don’t assume your in the first place, you heartless people !!

      1. When you think about responsibility, you should think of all the people who have to make up the difference in the operationg budget so people like you wod don’t pay, they pay for you.

        Those people are the people who need to be respected and people who now don’t want it, should pay the price of responsibility.

      2. Screwing people is exactly what’ you are brainwashed into doing. “I DON’T CARE WHAT YOU HAVE TO SAY OR DO, GET THE DEAL OR YOU ARE FIRED” the quote everyday at some timeshare sales room. Bill go back in your office and do another line with your T.O’s and get ready for the next wave. am working on sending you a wave of unpaid matinence fees. Get that APG or its your job!!

    2. Bill.
      Preying on unsuspecting people while on vacation with their family. People like you are same as the ones that lied to us to get us to purchase. High pressure tactics and misleading information is the technique.I hope everyone in your position enjoy screwing people.

      1. I agree with you completely!! Preying is the exact term and taking advantage of persons is such a scam that these representatives should have issues sleeping at night. It is sickening to know I am not the only one trying to be on vacation and unfortunately fell victim to the lies being told.

    3. Hello. My name is Kevin. I’ve done some research on timeshares and specifically deeded timeshares. Here is what I have learned. Timeshares will never sell. And without paying matinence fee, credit history can be hurt as well as your generations to come. A deed in perpetuity is your life, children, and grandchildren. These developers really did a Job on the average citizen. The solution I found is simple. You can pass your timeshare as a deed of gift. It will cost a fee for title preparation and a fee to transfer to the recipient of the timeshare. Assuming you can find someone willing to assume the fees of matinence and assessments. That’s the most challenging part. Well, I have terminal illness and I opened a company to assume deeds in my name and my social security. I am relieving many unhappy timeshare owners of a lot of worry, stress, and financial obligations. When I pass away, the timeshare will have no where to go except back to the developer. I have no concern about my credit history, phone calls from collectors and I have already assumed hundreds of old timeshares. I would be happy to discuss the specifics if you are interested. My email is [redacted]. I finally found a way to get a little pressure back to these timeshare developers. Because, to me I just don’t need good credit soon and no one to pass on this obligation. Feels pretty good. Each transfer fee is different from resort to resort but I do all the work for you. Hope this helps. Kevin Sorensen

      1. I need some help selling my timeshare is already in “Foreclosure”. How I can get it off from taxes and stuff like that? Thank you.

        1. Alex,

          Contact the resort and see what the process is to transfer timeshare. Fee’s. etc.. Get a contact #. What type of timeshare do you own? Deeded, floating, points? If you get me the number I can talk if you like. But, usually it’s. asking for forms, fees and off we go. The process can take 60 to 90 days. It is not fast, but finding a person to transfer to is step one.

          1. Kevin, please contact me at (email redacted). My ex and I owe on a timeshare and it is showing up as a foreclosure on my credit report. I paid the monthly payment for several years until we separated in 2009. He was supposed to pay the balance and has refused payments according to west gate today. The only mail I received was 2 months ago and I forwarded it to him in Texas since it was agreed that he would pay the debt. If you can help with this I would be forever grateful. This is preventing me from purchasing a home. Thank you for any assistance you may provide.

        1. Tim,
          Does your resort still have an active sale team? Most older properties do not. I can do the work for you. All I need is to find out a contact for the transferring the timeshare. Some resorts have the documents there. Some utilize local attorneys. Some are simply courthouse documents. If you have a contact number in your documents we can start there. Every resort usually has a transfer fee, the courthouse, a filing fee, and matinence fee’s must be current. I am assuming you own a deeded unit and week #?

          1. Kevin, are you still performing this service? We are looking to get out from under out timeshares and haven’t found another way out.

            If you are I can send you my contact info.

      2. Kevin,
        Are you familiar with the Yachtsman Resort in Myrtle Beach, SC? They are litterly trying to screw the owners. I own 4 units(deeded units). The place has fallen apart, now they have sent the owners a notice of an assessment fee for each unit after our maintenance has already been paid.This assessment is set up for 3 yr. We have to have this fee paid by May 1st in order our unit this year. For the 4 units I own I will end up having to paying over the next 3 yrs $14,117.00 there is no way i can pay this and they want take the units back. What do you suggest? They are many many owners that are complaining about this situation. Can you help me get rid of these units I don’t care how I just want to get rid of this timeshare. My 4 units are paid for nothing owing. Thanks Clarence.

      3. Kevin,

        I have a Tahiti Village property that I can not afford anymore.Do you know of anyone that is involved with a class action against Tahiti Village?

      4. Kevin,
        I need some help getting rid of my timeshare! It is currently under collection & my ST***D ex husband just stopped paying it even after he agreed to pay it & now it’s hurting me! How can I contact you?

      5. Hello Kevin. I have a timeshare at the Welk’s in San Diego CA. I have never used it in the 6 yrs that I have “owned” it. I have no idea if I have a deed in perpetuity, but I would like greatly to no longer “own” this timeshare. My financial situation has changed drastically over the 6 yrs, and I literally can’t afford it anymore. Please help with any suggestions. Thank you.

      6. Hi kevin, my name is dorian I too am in the same boat as the others
        That commented on your post I need help!!! Me and my soon to be wife bought this T.S
        So we could go to jamaica for our honeymoon but after we purchased we found out we could
        Only go during the blue and white season and they told us if we wanted to go to jamaica we would have to purchase a Red deed (35,000) to have our honey moon. Jamaica was the whole reason for even getting into this and they lied to us and told us we would be able to go with the deed we bought the first time so I’m was extremely pissed (I didn’t even want the t.s but my girl did so I got suckered into it) so do you think you could help me if so.
        Call text or email me REDACTED any time is fine I wanna get rid of this thing ASAP. Im thinking abiut just letting it go on my credit but what do you think? If you can help thanks in advance!

      7. Kevin – my timeshare is paid in full, not in foreclosure, fees are current, but I cannot get rid of and have never used it. I’d be happy to unload it and pay all of the costs involved. How can I get rid of it?

      8. Would like to gift timeshare. Do not have any idea how this process is done. Have decided today not to pay anymore fees. Have not used TS for years. TS was paid off many years ago.

      9. Hi Kevin,

        I think you are amazing for what you are doing for people. I got married in June of 2012 and my husband and I foolishly bought a timeshare from Westgate. We were told that if we decided we didn’t want it anymore, we could simply sell it for a higher value. Yeah that was a lie. We owe 5,000 on it plus maintenance fees. We are currently trying to buy our first house and the timeshare is just too much for us to handle. I feel sick about this, if there is any way you could help we would be eternally grateful.

        1. another sucker — wants to pay someone to pretend to take a timeshare. know something? Timeshares know this scam and they will not transfer the timeshare. Pay the clown and get nothing

    4. Bill unfortunately you are 110% incorrect. Maybe you should understand time share before taking a Job managing a resort. Ch.721 Florida state senate ” Florida vacation and time sharing act” imposes requirement for full and fair disclosure at the time of any purchase, sale, exchange, creation or transfer. This same legislature created a non judicial foreclosure which allows time share mortgage owners to be released of the deb an contract by way of a deed in lieu. For such an expert it’s suprising that you don’t mention that. Regardless of the fact that each time share contract that you amongst any other sales person creates never carries full and fair disclosure. Why do I say this because it is quite difficult to read 50 pages of literature after someone like your self emotional and mentally breaks down a client in a sales pitch for 5 hours just to rush them through the review of the contract. As a representative of any corporation that requires contracts by law you are to thoroughly review the paper work. More over if a guy like you was actually to read the contracts you spin Word for word with your clients I guarantee 99% of them would laugh in your face an leave based on the fact that what ever bs you verbally promised them for the last 5 hours would not be reflected anywhere in that agreement.

      So with that said I strongly advise you to reconsider posting things on websites like this that are for people seeking help from people like you. Especially based on the fact that my company has eliminated over $100 million dollars of debt in 4 years.

      Guess what owners if you stop payment big bill nor anyone else may garnish any edges or place any sort of lean on you. This is because when you purchase a time share your loan is sold off and liquidated to an outside lender making the time share resort simply the ” trustee” on a warranty deed. They have no recourse what so ever and actually stand to gain very well on foreclosed deeds.

      For more information in how to properly get out of your time share please [redacted] contact me [redacted].

      VOF has spent the last 4 years creating the most superior exit strategies for time share and thankfully to the federal government we have a guaranteed means to do so. VOF will guide you through the compete termination and cancellation of your ownership and debt with no deficiency towards your credit.

      Hope this helped.


        1. polbet, you might want to do a bit of web searching on VOF mentioned by Frank. VO Financial has been busted by the FBI and New Jersey authorities.

      1. Frank,

        I too would like additional information on how to get out of a timeshare. I joined with my parents and my ex-hubby about 7-8 years ago and everyone has walked away from the debt except me. I can no longer make the monthly and quarterly dues payments. Nor have I used the timeshare in close to 3 years. I’ve told them I no longer can make the payments and they should just take the property back. Sadly, I still owe about $8K and am behind on the quarterly dues for the last two quarterly payments. On top of that, I am now behind close to 4 months. I stopped paying b/c I realized even if I could make the monthly payment, I couldn’t make the quarterly maintenance fee payments. If I don’t make that payment, I can’t use the resort, so I am back to square one. It’s a vicious cycle and I never would have bought into this if all of the disclosures had been explained in more detail to me when I joined under my parents.

        1. Frank,

          I never heard back from you on my response above. Are you able to provide me with any additional information? I would really appreciate it.

      2. frank my husband has a time share we could not give away
        the contacted us 3 yrs and we sent them money to search records
        they sent it back and said they couldn’t do it . we owe over 18.000
        in maintance fees now they say they are going to file a lien against
        the timeshare interest. can you give us advice or is it hopless

      3. Frank, could you please forward me your contact information. I am interested in getting out of my timeshare situation.

      4. Hi Frank,

        I would also like your contact info as well. I am trying to get out of my time share located in Las Vegas.


      5. you all really should google vo financial scams
        or all your money will go two different places for nothing

      6. I have a large points based timeshare with Wyndham. I’m currently trying to find information on what is the best way to foreclose. I am up to date but recently had a change in a contract which is now in dispute. I know the risks to my credit, but the 2,300 a month is killing all hopes of retirement, and if my son will automatically be responsible when I die then I would rather take the bad credit now. Should I contact a bankruptcy lawyer?

        1. Melissa let me know what you find out on the Wyndham. I also have Wyndham and have been paying on it since 2009. Got divorced, and I was forced to take on the timeshare as it was in my name. I’m wasting money paying on this money pit that I don’t use and I’m ready to cut my loses. My payments and current but I’m emotionally ready to let it go.

          1. I recently foreclosed on my bluegreen after falling victim to an upgrade. I was told that the resort that i signed with did not have any bearing on my other deed i had pain in full. I was told i could still plan and use vacation time and had to pay maintenance fees for 2013/2014. I just went on line last week to make reservations for a stay in Las Vegas and found out my whole account has been closed even after I paid the fees. I will not get them back nor can i use the facility! I am now completely done with this timeshare no more fees for the rest of my life and now my children will not have to assume this debt. I had excellent credit up until this issue. Life will go on. I’m less one huge bill in the spring and can still and will offer to rent from anyone that needs help to pay their fees. Please let me know anyone out there if you would like to rent time in Las Vegas March 2014. After this trip we will plan again. Reply if this helps a little. I’m embarrassed and felt cheated yet again by Bluegreen but at least it’s over. I did receive a letter to give to any credit bureau stating I do not owe anything and they will not pursue any other balances. Only plus in my situation.

        1. VOF is Vacation Ownership Financial, a scam company that got busted by Federal and State authorities. Companies like these promise desperate people to get them out of their timeshare obligations, but just take money and leave the timeshare owner stuck.

    5. learn a little before scaring people
      this is not child support, or taxes, or student loans, so wages cannot be garnished

      1. If this is the same moronic bill from above you previously stated that you work at a time share in NH and you can garnish wages hopefully this is a different bill otherwise you will have totally contradicted your self. Supposing it is the same bill, I’m more than qualified to speak on the matters I specifically work everyday to correct the problems in which people like you create the only differnce is it takes me 6 months because I have to unfortunately tell the truth to perform my job whereas you make a living by misrepresenting things such as rental, buy back, first right to refusal, better locations in regards to better value, 100% false urgency aka an one time deal. The facts are time share has no resell value, my company rents it for free, and all of the dreams you paint when selling this will never come to fruition.

        Come correct sir before attempting to scare time share clients because you are exposed have a good day.

      1. Kevin,

        I’m trying get out of my Silverleaf Resorts in Texas scam. Any suggestions from you as I would prefer not to go the foreclosure route. I am will to since I don’t want to be scanned again by Timeshare Advocates International who wanted $1400 to supposedly get me out of it after 4-6 months. It is a deeded timeshare and I am a disabled veteran.

  9. Will never purchase another timeshare ever in LIFETIME… They are a ripoff… They should not be able to place timeshares on credit reports as a foreclosure and have that much effect on your score

  10. In August 2007 my boyfriend and I bought a Timeshare and quit paying in April 2008, due to financial difficulties. Nothing showed up on our credit reports until September 2010 and it is now showing Foreclosure proceeding started. We have not received anything in the mail from them stating that they have started foreclosure proceedings.

    My question is how long do they have before they can actually do a foreclosure? I read somewhere that if we haven’t made any payments to them in over (4) years, then the statue of limitations would be up. I was told to contact the Attorney General’s Office, because there is no date as to when they started they started the Foreclosure process.

    1. it depends on the state. For example in Nevada, we got a regular foreclosure notice after 18 months and never heard from them again

  11. Hello everyone, I am also one of those people victimized by timeshare scam. I stopped paying my membership and I was forwarded to a collection agency. What happens if you ignore them and will they really hit your credit score?

    1. I haven’t paid fees in at least 5 years, maybe 7. (I paid cash for the timeshare when I bought it so there is no loan). They still send me the bill every year with past due and late fees. I throw it in the trash. They won’t foreclose because they know it is worth nothing. There is nothing on my credit report.

  12. Hey.. anyone who might know, I have a timeshare with WGR i havent paid in 10 months. They say its fixing to be foreclosed on.. If a judgment is filed can I then just file a slow pay with the court?

  13. have a timeshare in fla. was not told that there was a cooling off peroid… times have become really hard… also there were alot of things that have found out about the time shark share industry. my ex and i purchased the time share two years ago… we are no longer together he doesnt want to make any more payments… i can no longer afford a mortgage for a piece of property that i can not stay on any and all times of the year….. does any know or has any one heard of any type of petetion to put these sharks out of commission?

  14. We finally did a deed in lieu of foreclosure. The calls stopped and so did the letters. I hated doing it, and had to take the credit hit. We own our own home, and have everything we need. All our stuff is being paid in cash for now, and paying the mortgage, trucks, and credit cards on time. IF it comes up we will explain.

    I think the timeshare industry is a bunch of sharks. When I was in PV, Mexico I was approached and offered a free weeks vacation. I said what is the catch, and how much. He didn’t know what to say, and walked away.

    1. Kathleen, I am in a situation where I can’t pay my timeshare mortgage anymore,
      How long was the wait until it went into foreclosure? Was it months of receiving calls
      Because I have been getting a lot from 8am to 9pm at night. Sometimes every hour on my home phone and cellphone. Is it true that you’ll get hit more than 200 on your credit score? Was yours reported to the IRS?
      Kindly answer so I know what to expect. Thanks.

      1. Hi Robert,

        Sorry it took me a few days to get back here.

        We started the deed in lieu of foreclosure process last year. Just a week ago we got the paperwork confirming it. We need to sign it in front of a notary republic and send it back in.

        I paid a portion of the $$ owed so that they could at least can some of the back balance paid down. This way it wasn’t quite as bad. I think I paid like 4000.00 in good faith.

        We both checked our credit scores recently and it hasn’t shown up yet. I haven’t had the IRS contact me either.

        The reason we let ours go was the fact that Tahiti Village Sales office was raided by the FBI in Las Vegas for fraud. We didn’t have faith that our money was safe. It was a bad thing.

        1. regarding timing
          my experience is that if it affects your credit, it will appear about 6monthd to a year after you start getting phone calls from a collection company (other than the resort itself)

          The IRS notification will happen at the beginning of the next year — as a tax form for your income tax due the following April

          1. Mine has been almost a year and it still isn’t showing on my credit as a negative. I also got something to report to the IRS to show as interest paid towards a mortgage. I paid the entire late due balance. It shows on our credit report as paid not late.

        2. Hi Kathleen!

          Was your mortage paid in full….Is that why you were able to do a deed in lieu of foreclosure, or did you contact your timeshare company about doing a deed in lieu of foreclosure? I’m dealing with a Planet Hollywood by Westgates contract. I quit paying a year ago, having sent out letters etc, disputing my contract, but have not gotten anything or any calls from them?

          1. How long do you think I’ll have to wait before they start a foreclosure process on me? I don’t want it to just get lost in limbo

          2. Hi Liz, did you hear anything from PH? We just bought ours and do not want to pay any more money to these sharks! I’m keen to know how and when will they foreclosed our timeshare.

  15. This timeshare scam got all of us, it is worse then credit card companies and thier high interest scams. Anyone out there know of any attorneys willing to work with us and get us out of this mess. Not to mention I have been scammed by two companies that said they would sell/rent both of our timeshares. GMAC took us for $1000.00 and Realty properties took us for $1500.00 both said they could sell/rent them for us, yes that is a total of four times we were taken to the bank. I have yet had any results besides a list of lies a mile long.

    1. Sr. if you got scammed, if your property is in Florida go to Florida
      General Attorney, he investigate a lot companies and helping refunds from the company, they have a list on this website and asking people to call them or mail the complaint.

  16. we purchased a timeshare thru Liki Tiki in Kissimmee. What a horrible mistake! our story matches most of everyone else’s here; we can no longer afford it, etc. Right now we don’t pay on it at all & will just face the foreclosure process if need be. And Liki Tiki/Club Navigo are in bankruptcy as well! they shouldn’t even be allowed to collect a dime from any of their unsuspecting victims!

    1. We have a timeshare with Liki Tiki in Florida also. We purchased it in 2003 for $10,000. After calculating what I paid them, we have given them over $21,000. Because we have not been able to afford the maintenance fees, we still owe them a total of $9000 with maintenance and mortgage. We are fed up. We are considering not paying them ANOTHER PENNY! I’m concerned about my credit score which is a good score, and I don’t want them to sue my husband and I. Are they really in bankruptcy. After all the money they received from me, they should walk away and be thankful for all the money they received. And by the way, we have not used it since we purchased it in 2003. Any advice!

        1. Hi Kevin,
          We have a timeshare with Liki Tiki in Florida also. Do you still helping people for transferring to timeshare deed?

  17. i have timeshares in vacation village florida but i live in australia, if i foreclose on the property is my credit in australia affected? thanks

    1. No they aren’t have access to out side the country so don’t worry about it, just stop to pay and put your money away for vacations no for stupid time share they all are BIG LIERS

    2. hi alex,
      i live in australia too & have a timeshare in las vegas, we are wanting to stop paying maintenence fees but not sure what will happen. did you pay yours? what has happened?

      1. Hi Kylie, we r Australian too. Just bought one few months ago and can’t wait to get rid of it. It was a horrible experience. We lost our deposit and definetly not giving them anymore
        Money! Did u stop paying urs? did it to on foreclosure?

        1. hi mel,
          we ended up biting the bullet & paying our loan off. the reason why we did this was because we were just about to go for a home loan here in aussie & we didn’t want this stupid debt to hold us back from getting our loan.
          its horrible that we are all going through this, it was a very costly experience.

          1. Hi Kylie,

            I am sorry to hear that. That’s terrible!! Do you mind telling me if your loan amount is huge? Are you still paying it off atm? Which TS company is that? So you have been paying for nearly 1 year now? Have you use your TS since?

            Our loan amount is huge ($36K) and there is no way we will just pay it knowing that they don’t deserve it!!!

            I wish they have a better law in place to protect timeshare consumers especially for foreigners!

            I find it so hard to look for help over here and have no knowledge on their law/system over there.

            We were close of getting help from “TAI” that they were confident that they will get us our of our TS but after experiencing what we experienced! We find it so hard to trust anyone.

            I am starting to get phone calls from TS Company at odd hours like mid night and early morning! Its terrible but my husband and I will not give them any more money after losing our $4K deposit!! Strangely they have not call my husband mobile?! We are not sure how far they going to pursue and we really don’t care if it gets foreclose as long as it doesn’t affect our credit rating in Aus and entry to America in the future.

          2. If you don’t live in the US your credit rating will be UNAFFECTED. Did you request and review a copy of your credit report – if you do it won’t be there. They need to register the debt in your home country for it to be valid and that’s too much hassle and cost for them – they are HIGHLY unlikely to do it. Just stop paying and stop worrying. Since debt default is a civil not criminal offence there will be no effect on your ability to enter the US in the future

        2. our loan amount was for $20k, we had been paying ours off for about 6yrs though & paid a $6k deposit, our timeshare is in las vegas with marriott & no we havnt used our timeshare but we did rent it out. we are deeding it back to marriott after this years maintenece bill is paid which means it will be off our hands for good, no more maintenence bills which is good. maintenece bills were costing us approx $1200aud/yr, such a waste of $$$….
          & yeah, i know wot u mean, we didnt want this to ruin our credit here in aus too thats y we paid ours off, we didnt find anyone that could help us, the whole system is ridiculous.

          1. Thanks Kylie for replying.

            You have been paying for the last 6 yrs and haven’t use it once? Was it easy to rent it out though? Marriott only accept your deed back after you paid off your loan?

            I know, we were so screwed up!! Knowing that we have been scammed but could not do anything more to stand for ourself, but have to avoid their calls like we are the one in fault!

  18. I have a condo through French Quarter and mortaged through Resort Funding. They do not want to work with me at all. It is not that I am refusing to pay. I offered to pay so much a month. They are not nice people.

  19. please help, we purchased a timeshare in florida december 2008, we have been trying to sell it for some time as finances have changed,and with the rate of the dollar the monthly mortgage payments are too much, we were told at the time of signing that there was no going back and no cooling off period, (this was all supposedly recorded by them during the signing of contracts), we live in england and there is no way we can afford to go there for some years, every timeshare website i look at promises the same thing, What would happen if we just stopped making the mortgage payments, can they take our home (we are just about managing to keep it) can they take anything form our wages, would we be arrested, would the baliffs come, we are just too scared to do anything at the moment and risk making things worse, all the resort say is thye dont buy them back and they dont sell them on. Any advice would help.

      1. hi jeremy,
        i was told that it will affect our credit in australia & didn’t want to take any risks so I ended up contacting our timeshare company & telling them we wanted to deed the property back to them, they were more than happy to do this & just made us pay 1 more payment of maintenece fees & that’s it, it’s all off our hands now & im so happy about that!

    1. no you won’t be arrested. next your story about the dollar being to expensive I don’t believe it. The dollar is down vs most other currencies including the Austrialian dollar You had a much weaker aussie dollar in 2008 .69 so you cost was higher then than now

    2. Hi everyone. I had been reading this page and comments for days as I’m so worry I haven’t sleep a single HR in days.
      I’m foreign and when I was lolled to go to a vacation store in Irving TX with promise you will get a cruise and a Mercedes guarantee. Well they never showed any tickets till they have my ATM card and my driver license at their finance office, when I realised their intention to get they 800 down payment out of my bank on the spot I told them I didn’t have the money there that I have it at home in a despair attempt to walk put of there then this David guy was my shadow and they have him follow me home to collect the money. I felt robbed. Yet when they called me for this orientation they intended to exchange to an expensier share and wanted 2 grand that day. I told them I couldn’t do that and walked out not realizing they keep my driver license. I call them the next day and told them I wanted back but they wanted me to go get it after 9pm that I finish my.12 hrs shift. They kept my driver license for a week as I was.scare to go there, told them to ups the package. Now as new victim, I wonder what else I could possibly lose my credit is damaged already as for previous hardship after a an accident, divorce and lost job my credit was damage and I filed bankruptcy at the bugging of this year. I lease an apartment and Im paying for my car. I was also told I need other surgery and I have no family in this country. Can someone give advise if its okay to just walk away and they wont be able to take my little check to collection their money and if they Sue me how could I possibly afford the expenses and charges?

      1. It’s a silverlef resorts offsite timeshare presentation. Contact authorities in Texas. It’s not a big deal.

  20. Hi Rhonda,
    Yes there is a statue of limitations for debts, with a time period that varies by state. That doesn’t stop collection agencies from demanding your money.

    You need to write to them telling them that the statue of limitations has passed and you will file suit against them if they continue to harass you.

  21. My husband and I bought @ Tahiti Village in 2007, and the salesman said it would be no problem to refinance the loan, and "ha ha, if you don't refinance we'll name a phase after you for the amount you'll end up paying." We have tried refinancing, Consolidated won't even refinance, nor will the agency who bought the loans. Anyone had any luck having them take the contract back?

  22. My husband and I went to the sales gimic at Tanglewood Resorts in Potsboro, TX 14 years ago. We signed papers and thought we bought a timeshare. We only received the papers at signing, and never heard from them again until 7 years later, they called and told us that our papers had fallen between the files in the file cabinet and our contract had never been processed. They told us we could pay all the back fees and they would process it then. We said, no, we didn't want it and since they lost our file for 7 years, they had no right to proceed. They then turned us in to the company that collects the assessment fees. We got that straightened out when we proved that we didn't own any property in Grayson county because the contract had never been processed and we had never paid one payment on that time share. Now, 14 years later, we get contacted by a collection agency saying we owe 800 dollars because we had made a downpayment on that time share 14 years ago. How can they do this? Is there no statue of limitations to them trying to rape us? They are the ones that screwed up by losing the papers for 7 years.

  23. Thank you for responding Rose. I hope you are correct. The agent in the collections dept. at Wyndham timeshare told me the bank that holds the loan can garnish my wages, and/or put a lien on my house. I wasn't sure if she was just trying to scare me with lies or not. Since their salespeople are such liars I figured she may also be one.

  24. yam,

    there will be no garnish to happen, it will be put in court for judgement in order to foreclose, Time Share loan is secured by the timeshare itself it can only be foreclosed and suffer 5-7 yr credit hit, which can be regained again.

  25. Why hasn't anyone answered december 2nd 2009 soup says?? Can they garnish our wages?? What if we barely make enough money to survive as it is? How can they be so cruel in today's economy? Please answer.

  26. Why hasn't anyone answered december 2nd 2009 soup says?? Can they garnish our wages?? What if we barely make enough money to survive as it is? How can they be so cruel in today's economy?

  27. Why hasn't anyone anwswered december 2nd 2009 soup says?? Can they garnish our wages?? What if we barely make enough to survive on our wages as it is?

  28. My timeshare is a deeded property and the mortgage is paid off; however, assessments & maintenance fees have caused Sheraton Vistana to put a claim for lien against it, the 1st step in the foreclosure process. What effect will this have on my credit score?

  29. My timeshare loan is about to go in to default and my timeshare company emailed me that they are going to proceed in a Legal Judgement against me. If I don't contact them to accept one of the payment options they have available they will start to garnish my wages. Can they do that? Shouldn't it just go into forclosure?

  30. I also bought timeshare from ASNY company, Tahiti Village,Las Vegas. If you read thoroughly the contract, you will realize, everything is to our disadvantage. Someone is looking for a lawyer for class action suit againts tahiti village sellers..they use different names. You can email to tahiti.village.lawsuit@gmail.com for updates.

    Also, Write the FEDERAL TRADE COMMISSION AND PRESIDENT OBAMA> IF HE WILL NOTICE US EVERYBODY SHOULD WRITE SO HE WILL ACT ON IT AND HAVE IT INVESTIDATED> IT Will be history for him and his achievement stopping this timeshare thing.

    1. Are you kidding? Obama has done nothing positive for the country or the people in 3 1/2 years. Do you really expect him to do something he was smart enough to avoid in the first place. If it puts money in his pocket, he may do something for you, but only if it does something for him. We got scammed by the timeshare industry and are continuing to get scammed by the present government. The roses don’t smell good and won’t until the FTC declares that ALL timeshare businesses are declared fraudulent and disallowed to operate as a business or collect anything on any contract initiated in the past. Guess what!!! That ain’t “gonna” happen!!!!

  31. If a salesperson gives false information, the best thing to do is to report that sales person to your state's Department of Real Estate right away.

  32. I am in the same boat. We purchased from Tahitti Villiage in Las Vegas who are now in bankrupcy. Can anyone give advice on what to do?

  33. What happens if a timeshare salesman gives false information during a sale? Would I be able to cancel without the hit on my credit?

  34. I agree with Sue about writing the president,etc. I have a timeshare at Mystic Dunes in Kissimee which is now in foreclosure. A year ago when times started getting hard and my employer put me on part-time work I asked for advise on what they could do to help. The answer was nothing. When I lost my job and asked again the answer was nothing. I attempted to sell it no luck. When my husband and I divorced and I once again asked for help the answer was nothing. So now I have to deal with this foreclosure and there is nothing I can do about it as I can no longer afford the timeshare. Paying the bills to keep a roof over my kids head is more important than the timeshare. And they do not take into consideration the $20,000.00 I have already paid into it. SUCH A SCAM!!!

    1. If stopping timeshare fraud promoted the country toward socialism and eventually communism, Obama might attack the problem; but since it doesn’t, the laughs will continue by Obama and the timeshare companies. Everyone needs to wake up. Obama not the timeshare companies care about you or your problems. Ask yourself, What has Obama or the timeshare companies done FOR anyone in the past 3 1/2 years?

      1. here we are having problems, and this joker wants to be political. well joker, romney cares about no one but millionaires getting their tax cuts. if there is anyone who is friends with the timeshare companies, it is romney, and he will never do anything to help any of us.

        1. If timeshare problems were the only thing that determined for whom I would vote, I would vote for neither. Since you brought up the political card, Obama has done nothing positive for this country nor the people in it and if we are unlucky enough to have him around for another 4 years, only God can help us. You’ll have fewer freedoms guaranteed by the Constitution, and maybe none of the guarantees. Look what socialism has done to Greece and now France. Both countries are bankrupt and will be looking for help on their debt. I just hope we are not stupid enough to allow a bail-out for them.

        2. You are so right! What Obama has done for this country will never be accepted in some peoples eyes. However the timeshare industries need to be brought to the attention of some type of government entity. The problem is that most of these companies are run by the same spineless, heartless people that are in the government and are backing each other at all cost to us the victims.

    2. Mystic Dunes is now owned by Diamond Resorts. Transfer fee states $395 as of October 2011. Matinence fee is how much?

  35. What I never see addressed is what can you do about “inheriting” a timeshare from a relative thas has passed away? My mom left me with this “white elephant” and now I am responsible for all the maintenance/special assessment fees??? I can’t afford to pay these fees. Is there any help for people in my position?

  36. We are having the same problem with Lake Tahoe Resort. In seven years, we have never been able to get in to use ours, even trying to book a year in advance! I agree with Sue. EVERYONE should begin writing to their legislators and President Obama and tell their stories. TIMESHARE SALES AND CONTRACTS AS THEY ARE NOW CONDUCTED NEED TO BE STOPPED!

    1. Lake Tahoe Vacations Resort is now owned by Diamond. Transfer fee as of Feb. 2009 was $300. How much is matinence fee? What has Diamond resorts mailed to you or stated?

  37. We are in the same boat as the rest of you– only solution I have found is a realtor in Florida found on the TUB.Com website who can sell it and takes a commission at the sale. They are the only legitimate agency to sell your timeshare. Any of the hundred of advertising agencies who want an upfront fee to advertise–beware they are all scams. This is such a fraudulous industry– I have written to President Obama–timeshare sales need to be stopped.

  38. I own a timeshare at Club Calas in Puerto Rico. After attempts to donate the timeshare to charity failed, I stopped paying maintenance fees several years ago. A collection agency is now in contact with me trying to collect $6000 in back fees (and very high late fees). I am telling them to go pound sand. What may happen next?

  39. We are going through the same thing with Tahiti Village. We have tried to resell the property and refinance. Nothing is working. We really don’t know what to do at this point. I am considering seeing a lawyer right now on how to handle this. Them going through bankruptcy makes me rethink all of our decisions.

  40. Purchased a timeshare at Consolidated resorts Tahiti Village, Las Vegas Nevada 4 months ago, monthly pay is around $430/mo + annual maintenance fee, transfer fee, taxes, etc.
    Had the same experience as others before the sale: told we can refinance mortgage thru other lenders (found none yet), that they were financially sound and stable, expansion of facilities ongoing…(what now? – they’re in bankruptcy), have our own title (non yet), etc.
    I How do I get out of this mess and what are my chances? Do I need to see legal counsel, and/or join a class civil action group? I am out of work now and don’t want my hard earned money go to a futile or wrong investment. I think I can handle a blow on my credit score (excellent rating for now).
    I am contemplating on stopping my monthly payments. Is this a wise move?

  41. What if the timeshare is a membership not a deed and is fully paid off and current? Will it still affect my credit score if I stop paying the maintenance fees?

    1. Which resort? How much is matinence fee? Resort will tell you costs to transfer or it will be in your documents.

  42. I foolishly purchased a timeshare at Tahiti Village. Consolidated Resorts which managed the property and sold the shares is now in bankruptcy. I probably will never ever have to borrow money so I can take the hit on my credit score. If I allow the unit to forclose, I lose about $5000 of a sixteen thousand dollar purchase. If I pay a transfer fee of $3000 after I pay off the $11000 I still owe, there is a company that will relieve me of the share but I lose $19000. A real estate agent tells me I can sell the share for approximately $2000 and her fee will be $1500. I still would have to pay off the share losing $16000. Why is the forclosure reported to the IRS. Is it income to me? After all, they won’t get more than I owe. They could sue me for the remaining amount. Then I would not only own nothing but I would have a judgement against me which someone will have to pay eventually. The hit on my credit last 7 to 10 years. What about the judgement. Will it affect my estate. Do I need a lawyer to sort this out?

  43. To answer your question a quote from the above article, – “A foreclosure, and similarly a deed in lieu of foreclosure, will affect your credit score between 230-280 points, depending on the reporting credit company. This point deduction of 230-280 points, and negative mark on your credit score, will stay on your credit report for anywhere from 7-10 years, and companies will be able to purge this information upon closer inspection after the 10 year period has elapsed.”

    Is this actually going to happen? Probably not. The reason being that it is much easier and profitable for the company that owns your timeshare/whom you owe money, to use high-pressure sales to move forward with selling more timeshares than it is for them to chase you down and challenge you in court.

    See the following article for more information – “What Happens if I Stop Paying my Timeshare?

  44. I have the same question as Rex – I own my timeshare with no mortgage. Does turning in the deed in lieu of paying the maintenance fees affect my credit score?

    1. I return my deed to a time share company in lieu of my back maintence fees and they took it NO effect what so ever on my credit score currently 820. But they were generous in taking it back timeing was good for both parties involved

  45. If the time-share is paid off and only maintanence fee are required. Will halting payment of those fees influence credit score?

    1. Which resort is it? How much is cost to transfer.? Should be in your contract or contact resort. How much is matinence fee?

      1. Kevin are you still trying to help Timeshare owners? I had a Timeshare in Hawaii that I could not afford and it went into foreclosure and it will come off my credit in less than a year I hope and it has ruined my life and cost me thousands over the years because it ruined my credit. I want to buy a house and no one will work with me because of this timeshare foreclosure being on my credit report … Do you know what I can do to make this go away I have tried to work with them and they will not work with me. I do not know what else to do.

  46. After auction if the sale does not payoff my balance can the timeshare company come after me the deficient balance? If so, how liable am I to pay the balance off and how does the deficient balance affect my credit?

    1. Yes they can come after you for the diffence. You will end up paying off the purchase price after that negotiate with them start now ask them to find an owner that would be willing to tkae over payments. ASK first

      1. actually, as a practical matter, they can not come after you. They foreclose on the property and take it back, so there is no remaining deficiency. if it is a purchase loan, they treat it as a forgiven loan and stick you with a 1009 for forgiven debt

        1. We have been told by a lawyer that they can take money from our bank accts. ? We were suckered into purchasing a foreclosure this August at plantation resorts Myrtle Beach. I am going to lose my job and will not be able to afford the mortgage. We are also angry about all the statements made to us by our salesperson and telling us they cannot help us. They actually told us they would take it back and resell at no profit to us. Now they say they never told us that.

          1. the law is very clear — if you send a certified letter to them saying they cannot take funds from your bank account or credit card, they can no longer take anything. If they do, they break the banking laws — and you can go to the bank or credit card company and have the transaction reversed

          2. Bill.
            They told us if we default they will come after us in any way they can. Is this a scare tactic on their part ? We owe $ 9400.00 can they put a lien on our home and what are the chances they would sue us ? Thank you Bill , i really appreciate the information.

          3. hi steven,
            they cannot put alien on your home. the loan is already secured by the timeshare, so before they could do anything they need to foreclose on the timeshare.
            as a practical matter, they cannot take back their own property and claim you owe them more.
            we had more than a dozen weeks we stopped paying, with lots of threats, and they all went past the state of limitations and then they asked us for a deed in lieu and they would go away instead of needing to foreclose.
            we actually wouldn’t answer collections calls and now forward those calls back to them

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