• Mortgage After Bankruptcy And Foreclosure

  Timeshare Foreclosure

  Posted by LK1119 2004 on September 1, 2024 at 7:22 pm

  If I have a warranty deed in lieu of foreclosure on a timeshare, will I be able to get a mortgage loan? Is a timeshare foreclosure the same as a foreclosure? Can I get a mortgage with a timeshare foreclosure? What is one disadvantage of a deed in lieu foreclosure?

  Does a deed in lieu of foreclosure affect credit? What benefit would an owner get from a deed in lieu of foreclosure? What might prevent an Arizona lender from accepting a borrower’s deed in lieu of foreclosure? What is a major disadvantage to lenders of accepting a deed in lieu of foreclosure? Why do lenders prefer a deed in lieu of foreclosure to a foreclosure?

  • This discussion was modified 5 months, 3 weeks ago by  Sapna Sharma.

  Gustan Cho replied 5 months, 3 weeks ago 2 Members · 1 Reply

  • Timeshare Foreclosure
• 1 Reply

• 

  Gustan Cho

  Administrator

  September 1, 2024 at 9:47 pm

  In this section, we would like to address these questions about deed-in-lieu of foreclosure. We will cover especially in regards to timeshares and how they pertain to the mortgage:

  How to obtain a mortgage with a deed-in-lieu of foreclosure on a timeshare:

  You can qualify for a mortgage after a timeshare foreclosure. Lenders do not consider a timeshare real estate. A timeshare loan is considered an installment loan and not a real estate mortgage. Therefore, there is no waiting period after a timeshare foreclosure.

  Putting a mortgage on a timeshare may be more difficult. The effect is contingent on several aspects:

  Timeshare foreclosure vs regular foreclosure:

  Although both timeshare and primary mortgage foreclosures are negative credit events, the former is generally perceived to be less negative than the latter. A timeshare foreclosre will NOT affect credit and mortgage eligibility because timeshares are not considered real estate. Timeshare mortgage is considered an installment loan and not a mortgage loan. .

  Is there a waiting period to qualify for a mortgage after a timeshare foreclosure:

  No. There is no waiting period to qualify for a home mortgage after a timeshare foreclosure. This is because timeshares are not considered real estate. Timeshare foreclosure is considered an installment loan and not a mortgage loan.

  • This reply was modified 5 months, 3 weeks ago by  Gustan Cho.
  • This reply was modified 5 months, 3 weeks ago by  Gustan Cho.
  • This reply was modified 5 months, 3 weeks ago by  Sapna Sharma.

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