In fact, a class action lawsuit has been filed in Florida for that very reason. Eight Bluegreen timeshare owners are suing Bluegreen for a variety of credit and account issues. The timeshare owners became delinquent on their maintenance fees and Bluegreen reported those delinquencies as foreclosures to Experian and Equifax.
The agreement or understanding the timeshare owners had was that the accounts were simply deleted. However it showed up as a foreclosure on their credit report. So which was it? A cancellation or a foreclosure?
Rule #1 – Ask an attorney.
I am not an attorney and I am not giving legal advice. If you’d like, read the whole article here.
Before getting your credit score damaged or losing your timeshare for foreclosure consider selling your timeshare.
Selling your timeshare is a way to recoup some of your money and keep your credit (and sanity) intact.
Plus you no longer have the maintenance fees to worry about. That is a big relief to a lot of timeshare owners.
To be sure, many timeshare owners complain about the maintenance fees – especially when they cannot use their timeshare. Paying a fee for something you don’t use is worse than frustrating. It can drive you crazy.
Thank goodness there are reputable timeshare resale brokers who you can trust to sell your timeshare and get the job done right.