Timeshare Foreclosure due to maintenance fees

Hi I own timeshare in Tahiti Village Las Vegas. It’s fully paid but I have requested the company to consider a surrender of title deed back to them and also offered to sell it to anyone for free and will pay any transfer fees too. But I have now received a foreclosure notice of default from title company. The Maintanence amount is not high but it’s past due for 15 months now. What should be my next action. I have tried the company and they just don’t accept deeds back.

If they have foreclosed, then I wouldn't worry. You are now no longer the legal owner.

Previous response was not to worry because you are no longer the owner after foreclosure. But my follow up question to this is: Will this foreclosure go on your credit report causing your credit score to be lowered? Does anyone know the answer to this ?

kelleym89 wrote:

Previous response was not to worry because you are no longer the owner after foreclosure. But my follow up question to this is: Will this foreclosure go on your credit report causing your credit score to be lowered? Does anyone know the answer to this ?

The above OP reference to a "notice" may actually have been only formal notification of the resort intent to foreclose (as opposed to being informed that the foreclosure has already been fully completed). Only an examination of deed records in the appropriate County can definitively determine whether / when foreclosure is actually completed. Only when a new deed is recorded with a new "grantee" name is the former owner (grantor) no longer the legal owner of record.

Regarding any credit report "hit", IF there is no loan default involved (only non-payment of maintenance fees), reports indicate that 70+ % of the time, no credit report "hit" occurs. That is an individual resort decision however, so there is obviously no universal, "one size fits all" precise answer to that particular question. However, if there is also default on a loan involved, a credit report "hit" is a virtual certainty, subsequently lasting for 7 years.