Hi all and thanks for reading. I am new to this forum and figured I might be able to get some good advice. My husband and I bought a timeshare several years ago and owe about 4k on it. We went through a rough patch 4 years ago and missed some payments and they reported to Experian "foreclosure begun". We are now current, but can't find any mortgage company willing to approve us because of that. We have tried talking to different people at the timeshare company including managers, and keep getting the same thing-basically that there is nothing they can do. It seems insane that this is stopping us from buying our own home and we are devastated. We were young and bought the place due to high pressure sale/perks they offered. We cannot sell it or give it away til it is paid off. Any ideas for what we can do? Again, this is just reporting on Experian. Thanks for any advice.
Just a guess, but unless they are still in the foreclosure process, the report is inaccurate and could be disputed as such. If you haven't already, I'd start by: 1) disputing the entry as inaccurate through experian 2) if that comes back as verified, then let the lender know they are in violation of the FCRA. You could have some actual damages if it's keeping you from getting a house 3) you might need to go to court over this (to get their attention, if nothing else). Good luck.
Thanks CCBob, I really appreciate your reply. I will take your advice and start with my first letter. Could you suggest a letter to use? Just a basic "this isn't reporting correctly, please remove?" or is there something different I should try? Thanks again for your help. The timeshare was NEVER in foreclosure, the incident of lateness was over 4 years ago, and it reports as a real estate so it looks horrible to underwriters. I'm ready to go at this like a nutcase!
I'd go online and dispute through their web site. Just be sure to save the screens that contain your dispute information should you need them later. 1) go to Experian's web site 2) order or get a copy of your report (you could probably get a free one due to being denied, but that could take longer then you want to wait) 3) go to their dispute page 4) flag this (and any other) as being disputed. They have options for why so just pick the one that sounds best (or "none of this is correct" if stumped) 5) sit back and wait. Nothing may happen, it may get fixed, it may get deleted, anything can happen, but nothing will happen until you do at least this much. Good luck!
