How should a foreclosure report?

Anonymous · ‎07-25-2008

My husband and I had a timeshare loan that we defaulted on sometime around 01/07 and the title of the foreclosure was redeemed by the timeshare company. When I pulled our credit reports it still showed the balance which was 14,000 and $578 past due which was two months of payments. I contacted the company because the 14,000 is still showing under our credit summary of money owed. They changed the status to foreclosure but left the balance owed still there. Do we still owe the money? What should I do next? Thanks so much!

Message Edited by dianaisme on 07-25-2008 09:41 AM

Anonymous · ‎07-25-2008

bump... Anyone? I've tried to research online but I can't find the answer I'm looking for.

llecs · ‎07-25-2008

dianaisme wrote:
My husband and I had a timeshare loan that we defaulted on sometime around 01/07 and the title of the foreclosure was redeemed by the timeshare company. When I pulled our credit reports it still showed the balance which was 14,000 and $578 past due which was two months of payments. I contacted the company because the 14,000 is still showing under our credit summary of money owed. They changed the status to foreclosure but left the balance owed still there. Do we still owe the money? What should I do next? Thanks so much!

Message Edited by dianaisme on 07-25-2008 09:41 AM

I'm no expert on timeshares or even real estate, but from what I read in here for the last few minutes it should report as a foreclosure and you would be held responsible for the balance due. I'd offer a PFD for the balance due once you have the money saved up.

Anonymous · ‎07-25-2008

One reason why I think we may not owe that anymore is because the value of the amount of points in the timeshare company we had is more valuable now than we purchased. Wouldn't it be like a property that is resold and they will be able to profit on the resell? I can not find an answer to this anywhere. I am going to send out a letter to the loan company requesting further information because every time I call, neither representatives nor the supervisors have a clear answer for me. They advised me to send a letter which I should have done already anyways.