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Re: Re: Re: Timeshare Foreclosure due to maintenance fees

[Q=kelleym89] Previous response was not to worry because you are no longer the owner after foreclosure. But my follow up question to this is: Will this foreclosure go on your credit report causing your credit score to be lowered? Does anyone know the answer to this ?[/Q] The above OP reference to a "notice" [b]may[/b] actually have been only formal notification of the resort [b]intent[/b] to foreclose (as opposed to being informed that the foreclosure has already been fully completed). Only an examination of deed records in the appropriate County can definitively determine whether / when foreclosure is actually completed. Only when a new deed is recorded with a new "grantee" name is the former owner (grantor) no longer the legal owner of record. Regarding any credit report "hit", [b]IF[/b] there is no loan default involved (only non-payment of maintenance fees), reports indicate that 70+ % of the time, no credit report "hit" occurs. That is an individual resort decision however, so there is obviously no universal, "one size fits all" precise answer to that particular question. However, if there is also [b]default on a loan[/b] involved, a credit report "hit" is a virtual certainty, subsequently lasting for 7 years.