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I wasn't sure if I should post this here or in "Legal Issues" but I hope someone can help. My husband & I purchased a "deeded" timeshare in FL. Almost immediately after, after my husband began ship rotation & extended deployment (Active Duty). After my husband left the ship, he had a change of assignments and my job was eliminated leaving us with significantly lower income. We had trouble paying. I tried to sell it to no avail, give it away, ebay, all a no go. Last year, I called the company about a "deedback" only to be told they could not while there was still a balance but could work out a payment plan with them. After 6 months of payments they stopped taking the auto payments out. I called and was informed my account was sent to the foreclosure department. Apparently, the maintenance fees were not part of the payment plan I had been paying. The foreclosure dept. ended up being a title insurance company in Nevada that refused to accept partial payments and wanted the entire amount immediately. Bottomline, it foreclosed in less than 6 mos. & reported it on credit reports as "closed, foreclosed". There are no public judgements on file and when I looked up the public records, I discovered it was a non-judicial foreclosure by a "trustee foreclosure process". A new law in Florida enacted to speed up the foreclosure process on timeshares only. After doing some research, I also discovered Section 521 of the SCRA (Servicemember Relief Act) provides all service-members protection against default judgments while on active duty and if I am reading it correctly, a creditor cannot foreclose/repossess property for active duty service members without a court order. Wouldn't an expedited non-judicial foreclosure violate this law? The last letter I received from them did have a clause from the Florida Statue that read "If you do not object to the use of the trustee foreclosure procedure, you will not be subject to a deficiency judgment even if the proceeds from the sale of your timeshare interest are insufficient to offset the amounts secured by the lien." I did not object but I am pretty sure they skipped a couple of steps by notifying us after it was already filed. They are not currently trying to collect on this and I don't want to, necessarily, awake a sleeping dragon but wish there was a way to get them to change the status on our credit report. My husband is retiring soon and I am nervous this will hurt his security clearance. Tell me if this is stupid or not: I want to send the creditor some type of letter informing them that they have violated SCRA. They can keep the timeshare but I want the tradeline deleted from our credit reports. Is this a bad idea?
I am currently in the military (active duty) and I came a cross this link a few years back. http://www.military.com/benefits/military-legal-matters/scra/servicemembers-civil-relief-act-overview.html It may help those of us on Active Duty. It seems this applies to all who are active duty. I recently went through and contacted all my credit card creditors and they reduced my interest rate below 6%. Hopefully this is a useful resource for those in the military.