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Hello all- I am starting my husband and I's credit repair journey as we prepare to purchase our first home in the near future. One of the biggest mistakes we made in 2008 was purchase a timeshare. Back then we did not budget correctly and really could not afford it, I don't even know how we got approved. Anyways, fast forward to today it is only showing up on our Experian credit report and it is in a Charged Off status showing we owe about $13K. I am going to attempt to fight this through our journey however, for you experienced brokers out there how big of an issue will this be if I can't get it removed? If I am able to increase our scores to qualify for an FHA loan will the underwriter settle for a letter explaining what happened or will they want us to pay it in full? I am in Texas btw and we purchased the timeshare in Florida. (not sure if you need that information) I would just like to get an idea of whether or not we will be turned down everywhere if I can't get this removed. Any feedback, experience or advice is greatly appreciated. Thank you!

Hi all, New to the forum, but referred by a long time member. This is going to be quite a long post, but want to make sure I get all the details out there as best as I can. Back in January 2008, I jointly bought a timeshare w/ my gf at the time (don't they all start like this?). It was through Shell Vacations Club, which was recently purchased by Wyndham Vacations. What makes it worse is that I re-upped the timeshare in 2009, purchasing additional 'points'. All in, the combined amount was around $27k at some outrageously high rate. The plan was to pay it for a few years (selling some of the weeks to pay for it), then re-fi it at a reasonable rate. It all made sense back then. This was in both of our names / SSN's as she had kinda crappy credit and I had very little credit history. Plan was to use this to build my credit (and hers as well). In December 2009, I bought a condo, 100% in my name. In 2011, I broke up with that girlfriend, and she moved out. I paid off the credit card debt that she had ran up on a joint account, and she agreed to pay the timeshare (she was the one who wanted it / used it). In late 2013, I refi'd my condo. My credit report showed that the timeshare was still being paid and up to date, all looked good. My credit score was in the high 600's, everything was gravy. Looking on the credit report, there's around $20k left on the principal of the timeshares. Condo has a fair amount of equity (which will come into play later). In January 2014, the ex called to tell me she was going to stop paying the timeshare. Feb / March were extremely busy for me at my job (traveling almost every week), and I'm just now getting back to figuring out what to do. Collection phone calls have been nearly non-stop. A few options I'm considering: - Let the timeshare go into foreclosure. Not sure how much or how long this will affect my credit. I am living well below my means, and only have 1 credit card that I pay off each month, so this wouldn't be a huge immediate concern, but I'd like to have the option to buy another condo / house in 2 or 3 years. - Try to get a personal loan or HELOC, pay off the timeshare with the intent to donate it or give it back to the company. This way, I assume the amount of the debt at a much lower percentage rate without giving my ex the benefit of the payment history. - Bring the account current using cash and try to keep up with the payments while exploring options. I have no intent to use it, so I would only pay the principal / loan payment, not the maintenance fees. - ... ? Open to other suggestions Hopefully this is enough detail to get some good feedback on how to proceed.

I am writing because my husband defaulted on his Wold Mark timeshare and they repossessed the points on his credit. One reporting agency is not reporting the World Mark loan at all, One reports it as a paid repossession with a $0 balance and one is reporting it as involuntary repossession with a balance of close to $16,000. We contacted the agency reporting it differently twice and both times World Mark states that it is reported correctly. We then attempted contacting World Mark again and they said the only record they have is that my husbands account is closed with no record of a balance but they can't change how it is reported. We are stuck and don't know what route to take next becuase if it states a $0 balance we could buy a house but without that line stating $0 we won't be able to buy for 7 to 10 years after they stop updating the report and if WM want's to be a pain they could do it yearly. I understand my husband was in the wrong but if they repossessed the points and re-sold them without a loss then we should no loger be liable. Anyone that could please give me a direction to go at this point I feel like we are stuck. We have contacted the company directly, the reporting agencie, and did a conference call with an underwriter and they were not helpful at all and we once more got no where. Any help would be greatly appreciated.

CreditBoards Community. Long time lurker, first time poster. I have the following dilemma: 1) Parents bought timeshare in mid 1990 as Tenants by the Entirety 2) Parents divorced in 2000 3) Father passes away in 2007 4) Timeshare dues go unpaid since 2007, sent to collection agency ($3500) My questions: 1) When my parents divorced, the Tenancy by the Entirety is abolished and defaults to Tenants in Common. Is this true? 2) If so, is my mother legally obligated for the whole amount ($3,500)? 3) The collection agency is reporting the full amount on my mother's credit report, is there anything I can do according to FCRA? Thanks, Vic

How do I get out of a timeshare contract?