TimeShare Foreclosure Reporting

Anonymous · ‎03-22-2016

Hello, I had a timeshare go into foreclosure back in 2012/2013. Yet it's reporting every month on Experian(failed to pay). Is this correct? I thought when something is charged off/foreclosure there should not be any payment information reported after the charge off. If anyone has any insight on this, please advise. Thank you!

gdale6 · ‎03-22-2016

@Anonymous wrote:
Hello, I had a timeshare go into foreclosure back in 2012/2013. Yet it's reporting every month on Experian(failed to pay). Is this correct? I thought when something is charged off/foreclosure there should not be any payment information reported after the charge off. If anyone has any insight on this, please advise. Thank you!

Perfecty proper and legal, its a weapon to try and force you to deal with them, by updating monthly it keeps your Fico score depressed as it looks like it just happened in the eyes of Fico. If you settle with them then CRA rules would require them to stop updating the CO monthly.

Anonymous · ‎03-22-2016

They don't want to settle, I have tried numerous times. The company is called Orange Lake, they don't budge.

Anonymous · ‎03-22-2016

@Anonymous wrote:
They don't want to settle, I have tried numerous times. The company is called Orange Lake, they don't budge.

Orange Lake From Orlando?

Anonymous · ‎03-22-2016

Yes, that's them. Any advice?

Anonymous · ‎03-24-2016

@Anonymous wrote:
Yes, that's them. Any advice?

Yeah, I only attend their presentations for the discounted Disney Tickets. Golf courses are excellent as well. I would try and sell your timeshare and pay them off. Ive had a Chargeoff on my report since Aug 2010 from DFAS and it reports on the 3rd Monday of every month like clockwork. I am paying it off as DFAS will PFD and my score has jumped every month due to the reporting of decreased debt on that account.

I cant wrap my head around why its reporting as a foreclosure.

Anonymous · ‎03-24-2016

It foreclosed back in 2013/2014. They don't want to accept any payments. They report late every month and a balance.

Anonymous · ‎03-24-2016

@Anonymous wrote:
It foreclosed back in 2013/2014. They don't want to accept any payments. They report late every month and a balance.

There is a place I hear advertised on the radio all the time out here in Oregon - its called "timeshareexitteam.com". Give them a call and see if they can help you get out from under them.

Anonymous · ‎03-24-2016

@Anonymous wrote:
Hello, I had a timeshare go into foreclosure back in 2012/2013. Yet it's reporting every month on Experian(failed to pay). Is this correct? I thought when something is charged off/foreclosure there should not be any payment information reported after the charge off. If anyone has any insight on this, please advise. Thank you!

I'm not familiar with timeshares but am somewhat familiar with foreclosures. I did a quick internet search and it seems timeshare foreclosure laws vary from state to state. They work similarly to other real estate foreclosures - your share is sold and you may or may not be responsible for the deficiency (the difference between what you owed and what they sold it for). Florida seems to have the most robust timeshare foreclosure laws, and they don't allow the foreclosed to be pursued for deficiencies.

If it was foreclosed, you technically shouldn't owe anything. The deficiency would be a separate judgement. Do you know if it was completely foreclosed and sold?

Anonymous · ‎03-24-2016

It was completely foreclosed and bought back by them.