Post reply

Re: Re: Get out of Westgate Resorts (by KC):

pengx wrote:

For most users that got threatened about the MF(maintenance fee) foreclosure in this thread, it has been 3~4 years since that date, is it true that the most harm WestGate can do to the credit report(even if they filed it at all) is 3~4 years? And for some lucky ones who has stopped payment for 7 years or more they should rest assured there is 0 harm going forward?

More detailed information is necessary in order to provide an informed response. First and foremost is the question "Is the foreclosure solely for unpaid maintenance fees, or is there also an unpaid loan balance on which you are also going to default?"

Two different scenarious, with at least two different potential answers. Some resorts / developers won't even bother to report a foreclosure at all if the account only involves unpaid maintenence fees, with no associated loan going into default. If also defaulting an unpaid loan however, most resorts / developers will make very certain to provide notification of the foreclosure to the credit reporting agencies, where it will thereafter remain a matter of record for (7) years.