My wife and I bought a timeshare on our honeymoon in April, 2006. We had our first child a few years later, and with medical bills piling up, we could no longer afford to keep paying. We agreed to let the "then" holder of the account (Island one) foreclose sometime in 2010. Unfortunately they either sold out before they could file, or just never did file the foreclosure. We assumed that the foreclosure went off without a hitch, as we were told that if there was a balance owed that we would be responsible for it, and never received any notice of monies owed. Come to find out that it is now on our credit report after being absent from all credit reports for years. We have missed 81 payments and I am curious as to what can be done to get rid of this, not only from our report, but in general. I was thinking there was a 5 year statute of limitations on these types of things, but even if that is so, what can be done? My wife and I are trying to buy a house, but cannot get prequalified due to this. Please any help would be greatly appreciated!
You really need to retain counsel. To properly answer your questions and address your concerns, the best way to handle this is with an in person consultation with an experienced FL bankruptcy attorney. Use AVVO's Find a Lawyer tool to select a qualified attorney. Good luck. THIS IS NOT LEGAL ADVICE! YOU NEED TO SPEAK TO AN ATTORNEY WHO IS LICENSED IN YOUR STATE FOR LEGAL ADVICE. This is merely suggestions for you to think about in discussing your situation with the local attorney.
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You will simply need to now hire the lawyer, at some expense, that you should have hired when you decided to buy a time share and them when you "let it" go into foreclosure or whatever happened. You also need to make sure that you hire a lawyer THIS TIME in regard to your house transaction before you make another poor financial decision that could cost you dearly down the road.
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You have a pretty good argument that you surrendered the property back and they waived their right to collect on it, but it will come down to evidence. You need a lawyer to help make the argument that the contract ended and that they should not listing it as delinquent. This may require a partial settlement to get this thing closed.
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