One of the questions that customers have been asking US consumer attorneys lately is if their credit score could have an adverse effect if they terminate or cancel their timeshare. The quick answer to this question is yes. However, there’s no reason to really worry about it as you really have a few options in case you decide to cancel your timeshare.
Your first option
US consumer attorney reviews explains that you can walk away from your timeshare, in which case you will have to face foreclosure. Apart from that, your timeshare company would go to any extent possible in order to collect from you. They might look at decking your wages, or even putting liens in your property.
Your second option
Your next option is to go legal. In case you decide to go on those lines, you’re going to be facing the timeshare company on the other side. Once the legal procedures start, the company won’t be able to contact you. Every correspondence and communication will go through your attorney. Since everything would take place as per books by your attorney, you won’t really get to read any US consumer attorney negative reviews. At the same time, they will not be able to report any missed payments from your end to the credit reporting agencies. However, for a lot of customers, in such a situation, they will need to go through this process for about five to six months in case of a termination, and about six to twelve months for a mortgage cancellation. By this point negative reporting is bound to happen.
Effects on your credit score
The upside is that once the timeshare cancellation is complete, and you have a valid document stating that you are no longer the owner of the property, you are on the safer side. With the document, you can prove that the credit report was reported negatively because you had to go through a legal process to cancel or terminate your timeshare contract legally. In this way, your credit rating will not be adversely affected. Your attorney will help you with this as well, and for that reason you won’t get to see any US consumer attorney complaints raised either.