Post reply

You're very lucky if foreclosure is "painless" ... (by KC):

miked497 wrote:

I inadvertently lost a unit by simply not paying the annual maintenance fees.

My experience was quite painless.....

Clearly, the resort foreclosed on your ownership when maintenance fee bills went unpaid. Consequently, the resort would now have every legal right to file negative foreclosure information with the national credit reporting agencies. If so, this negative information could (and would) then show up for years thereafter within your personal credit report, potentially adversely affecting your ability to get a loan or mortgage or refinance an existing loan or mortgage. Consider yourself very fortunate if the resort did not / does not subsequently bother to take that step to report the foreclosure action to the national agencies. Most WILL do so, simply because foreclosre action usually costs them somewhere between $500 and $1,500 (depending on legal costs) to accomplish the foreclosure in the first place. Resorts don't generally tend to take having to absorb that foreclosure expense "lying down"...