Timeshares: No Waiting Period After Timeshare Foreclosure
Timeshares are where a group of investors who invest on a subject property in a resort area and each investor has a certain period of the year allocated to them and their families to enjoy the subject property exclusively for themselves. Timeshares are a luxury option for vacatons. It is somewhat of a vacation home that can be used by you and your family for a certain time each year. When a timeshare owner buys a deeded timeshare property, they get a portion of the the rights to the subject property.
What Are Timeshares?
Timeshare unit owners, like homeowners, pay their portion of the fees and costs of maintaining the timeshares . Homeowners insurance, association dues, property taxes, and property maintenance fees are assessed and each timeshare unit owner is responsible for their portion of the expenses. In the event if you have a mortgage on your timeshare, you are responsible of paying the mortgage payment as well. In a sense, it is a second home but the aquisition cost is much less because you only have rights to the timeshares for only a certain period every year. If you do not pay your portion of the expenses in the timeshare unit, the timeshare management company can foreclose on the timeshare.
Timeshares: Timeshare Foreclosure Process
Timeshares, like residential homes, can be foreclosed for timeshare unit owners who are in default of their mortgage and housing payments. The timeshare mortgage lender and/or timeshare management company is responsible to initiating the foreclosure proceeding after the timeshare owner is in default of his or her monthly obligations. The foreclosure is filed in the county of the subject property.
Impact Of Timeshare Forclosure: Waiting Period After Foreclosure
A timeshare foreclosure on your credit report is treated like a regular residential home foreclosure and can plummet your credit scores by over 200 FICO points. A timeshare foreclosure will stay on your credit report for 7 years like any other foreclosures. Timeshare foreclosures have been sky rocketting after the 2008 real estate and banking collapse. Most folks who have a foreclosure on their record need to wait 3 years from the recorded date of the foreclosure for them to qualify for a new home. Many mortgage lenders can treat a timeshare foreclosure as a regular foreclosure, but per FHA mortgage lending guidelines, a timeshare is not treated as a regular foreclosure and is treated as a consumer debt.
Timeshare Foreclosure: NO WAITING PERIOD AFTER FORECLOSURE ON TIMESHARES
If you had a timeshare foreclosure in Illinois, Florida, Wisconsin, California, or Indiana and need to qualify for a residential mortgage loan, I can help you get you a mortgage loan approval with no waiting period required after the timeshare foreclosure. Many mortgage lenders will have a waiting period of 3 years as their own mortgage lender overlays, but I have wholesale mortgage lenders in Illinois, Florida, Wisconsin, California, and Indiana with no waiting period requirements on a timeshare foreclosure. Again, FHA mortgage lending guidelines view timeshare foreclosures as a bad consumer debt like a credit card writeoff, or automobile repossession. Please contact me at 272-716-8151 or at www.gustancho.com if you had a timeshare foreclosure in Illinois, Florida, Wisconsin, California, or Indiana and are interested in getting a residential mortgage loan.
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