Letter from Bluegreen about termination

I owe 10k on my bluegreen timeshare. I haven't paid anything in 6 months. I received a letter today from cibola Vista resort and spa. (Bluegreen) with the heading Notice of termination of owners beneficiary rights..the letter in a nutshell says my above time (which details were listed) have been terminated. My termination for non payment will be reported to credit agency...etc. Does this mean I'm out? Other than reporting to collections what else can they do? Has anyone had experience with this?

katea73 wrote:

I owe 10k on my bluegreen timeshare. I haven't paid anything in 6 months. I received a letter today from cibola Vista resort and spa. (Bluegreen) with the heading Notice of termination of owners beneficiary rights..the letter in a nutshell says my above time (which details were listed) have been terminated. My termination for non payment will be reported to credit agency...etc. Does this mean I'm out? Other than reporting to collections what else can they do? Has anyone had experience with this?

A negative credit report will be filed for defaulting on a $10k loan balance. Once filed, the negative credit report will remain in place for 7 years. Yes, you're "out" --- but there are very real and 7 years long consequences (negative credit report and a reduced credit rating).

ken1193 wrote:

katea73 wrote:

I owe 10k on my bluegreen timeshare. I haven't paid anything in 6 months. I received a letter today from cibola Vista resort and spa. (Bluegreen run 3) with the heading Notice of termination of owners beneficiary rights..the letter in a nutshell says my above time (which details were listed) have been terminated. My termination for non payment will be reported to credit agency...etc. Does this mean I'm out? Other than reporting to collections what else can they do? Has anyone had experience with this?

A negative credit report will be filed for defaulting on a $10k loan balance. Once filed, the negative credit report will remain in place for 7 years. Yes, you're "out" --- but there are very real and 7 years long consequences (negative credit report and a reduced credit rating).

Thank you for your clear answer.