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Re: timeshare giveback (by R P.):

charlese127 wrote:

I had a similar situation with Marriott Tahoe. Purchased for 40K/ Owed 20K. Asked them to do a Deed-In-Lieu of Foreclosure. The said they could not discuss my options until I was at least 90 to 120 days late on my payments to them. Soooo... I stopped paying. 120 Days later they started sending me collection letters and threatening to foreclose. They said they had no interest in taking it back. 18 months later they finally took it back in foreclosure. That was April 2011. I recently asked my bank to refinance my home. They said the foreclosure will remain on my record until 2016 and they can't talk to me about refinancing until after it falls off my record. Don't go through FORECLOSURE. Use REDWEEK to sell it. It's easy!

Yes, when you sign a legal contract to buy a timeshare and you stop making payments then the resort can and will foreclose, negatively affecting your credit score. On another note, if you still owed 20K then no one would have taken on that mortgage via resale .... it's hard enough to sell a timeshare in this economy, much less one with a mortgage owed.