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We own 1 week times share in Orlando/FL and we recived the…

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We own 1 week times...
We own 1 week times share in Orlando/FL and we recived the notice of foreclosure from the new owner of this property and a bill for $1140 in the mail.
when we called to make arrangement to pay this bill they said now we have to pay close to $2000 and not in multi pay all at once.
we told them that its not possible at this time with our income and they said well then don't bother we are foreclosing in Feb/2016.
since we purchased this time share we never had time to use it and they refused to rent it for us, we would like to get out of it once and for all.
If they foreclose on this timeshare in Orlando/Florida what will affect us in Connecticut.
Greatly Appreciate your help,
Thank you in Advance.
Matt, Christine
Submitted: 2 years ago.Category: Real Estate Law
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Answered in 11 minutes by:
1/25/2016
Real Estate Lawyer: Christopher B, Esq., Lawyer replied 2 years ago
Christopher B, Esq.
Category: Real Estate Law
Satisfied Customers: 3,020
Experience: associate attorney
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My name is***** and I will be helping you with your question today. This is for informational purposes only and does not establish an attorney client relationship.

Generally, if you go through a foreclosure, your credit score will drop 100 points or more, though the actual drop in credit score can vary from one borrower to the next. The past due entries for missing your payments will also drop your score. (The hit is more severe if you had a very high credit score before the foreclosure action. However, if you already have a low credit score, there is less of an impact.)

Following a timeshare foreclosure, you could face a deficiency judgment. When a lender forecloses on a mortgage, the total debt owed by the borrowers to the lender can exceed the foreclosure sale price. The difference between the sale price and the total debt is called a deficiency.

Example. Say the total debt owed for a timeshare is $15,000, but it only sells for $10,000 at the foreclosure sale. The deficiency is $5,000.

Whether or not you face a deficiency judgment after a timeshare foreclosure depends on state law. In Connecticut, if you go through foreclosure and the sale price is not enough to cover the balance of your mortgage, your lender can come after you for the "deficiency." In Florida, for instance, the borrower is not subject to a deficiency judgment after a timeshare foreclosure even if the proceeds from the sale of the timeshare are insufficient to cover the debt (Fla. Stat. Ann. §721.81(7)). Florida law would likely apply here. If the lender decides to write off the deficiency balance instead and sends you a 1099-C Cancellation of Debt form to the IRS, you must include this amount into your taxable income for the next year.

It is now common for employers to run a credit report on potential employees. Since a foreclosure will appear on your credit report, you may have a hard time getting a job if you have bad credit. This, of course, depends on the employer and, to some extent, the reason for the foreclosure.

Please let me know if you have any further questions and please positively rate my answer if satisfied.

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Real Estate Lawyer: Christopher B, Esq., Lawyer replied 2 years ago

Just checking back in, do you have any further question? I want you to be satisfied with my service, so please let me know.

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