Original Message:
Re: Wesley Financial Group - Timeshare Exit Company (by Lance C.):
shordowop wrote:Can foreclosure occur with maintenance payment stoppage? Will my credit report be damaged greatly?
Foreclosure will likely occur after payment stoppage and a barrage if collection calls and letters. It also depends on where the timeshare is. If it is a Right-to-Use in Mexico, then you probably just own a membership which will be terminated. If you own deeded property, the situation is a little more complex.
As for credit ratings and scores, it's rare to hear of someone getting greatly affected by walking away from a Right-to-Use in Mexico. If it is deeded property, then there will likely be a ding on your credit score or rating. So you have to decide if it is worth keeping up payments in order to possibly protect your credit score. That depends on how important it is to you to keep it in good standing.