How can I get out of my time share foreclosure?

Question

I have had a silver leaf timeshare for several years and have been paying on it monthly.About 1 year ago silver leaf talked my family into upgrading to a more expensive unit. we live on social security and could not afford it so we stopped paying. yesterday we received a foreclosure notice on it. What should we do? Please help.

Answer 1

Look into getting a loan modification as the lenders are opting more and more to help with these types of situations. Find a professional mitigator that checks out with the BBB and make sure that they offer a 100% money back guarantee. I know of one in Memphis Tn. called Conquest Financial. They have a very good rating and success rate.

Source(s):

www.cresmod.com

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Answer 2

You must act fast...try speaking with silver leaf to get an extension of time and to lower the debt owed. Timeshares are not like regular property, so it may be difficult to negotiate. But TRY.

You can try to sell it, but the timeshare resales market is overly saturated with inventory right now. And you are out of time.

Foreclosure significantly ruins your credit. You won't be able to purchase anything big for at least 3 years, and the foreclosure will probably be on your record for at least 7 years. Not the end of the world, just makes your financial situation much more difficult to deal with.

Source(s):

http://www.timesharerelief360.com/wp_blo…

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Answer 3

The money needs to be paid to the lender. Can you sell it and give the money to the lender?

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Answer 4

Unfortunate that you didn't try to work something out with them when you found you couldn't afford it, rather than letting it get to this point.

If you made an agreement to obligate yourself to this liability you can't just decide to stop paying on it because you find you can't afford it. It is your responsibility to try to correct the situation.

Sounds like you got talked into something but when you get right down to it you agreed.
If you stopped paying on the loan and it is foreclosed on, your credit will be adversely affected.
There isn't much you can do unless silver leaf is willing to assist you by letting you downgrade to a less expensive unit.

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