timeshare pain

[Anonymous]

my now ex-husband and I have a time share that we jointly owned and now niether can afford.

it is set to foreclose in 10 days.

the lady said this will show as a  real estate foreclosure is that correct?

she also said that  if I pay 3000 to bring it current then I can file banktruptcy on it. How does that work can you really only file bankruptcy on something current?

lastly this delinquincy is only on my EXP report not the other two. why does that happen?

[tunseeker1]

You don't need to be current to bankrupt. The reason most people bankrupt is because they AREN'T current. She just wants the money from you.

[DallasLoanGuy]

You need to talk to a real estate attorney in your area......

DO NOT take legal advice from a discussion board.....

And if someone offers legal advice on a discussion board? Well, then consider the source.

Reading your post..... I do think that you have been told some untruths.... and I would consult legal before I made my next move.

Good luck!!

[Anonymous]

thanks DallasGuy

I told them I can make payments for my debt, just not the money to catch it up and not the money per month they require.

[Anonymous]

You do not need to bring your payments current to file bankruptcy.  The bankruptcy laws are designed to assist those that can't make payments.  It seems that they are attempting to get all the money that they can from you prior to your filing.

My personal opinion, and you know what they say about opinions, is that you will want to think very long and very hard before filing bankruptcy.  I do not know your overall financial picture so I can not give good advice but I would not think that a timeshare facing foreclosure would be a cause for bankruptcy.  Good luck whatever you do!

[DallasLoanGuy]

if you are 120+ days past due.... it is still considered a foreclosure to mortgage lenders. just so you know.

[Anonymous]

thats what I was really wondering about, the time share has not received money since last september when I my ex and I divorced.  So no matter what it looks really bad. I told them I am willing to pay this debt but I can not afford the payment or to bring it current. they basically said then it forecloses.

I don't think that filing banktruptcy when I can fix everything else is the route to go.

thanks all for the advice