WALK AWAY FROM TIMESHARE

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Re: WALK AWAY FROM TIMESHARE (by Dave K.):

In all previous cases (50+) which are from 1 month to five years since completion there have NEVER been any negative credit impacts - Westgate and their collection agency don't report to the agencies. I don't anticipate any this time either. In some cases there have been IRS forms (1099A and 1099C) for the potential implications due to the forgiven loans. In these instances the amount of tax due has been minimal (if at all) due to feds looking at the "real" market value of the units vs the amount forgiven by the developer.