Due to public trusts now being reinvestigated in 5 yearish windows and my 5th year anniversary will be March/April 2020 so had me wondering about my chances of being denied.
A little backstory in my situation in 2016 me and the wife went to Hawaii and while we were there we bought into a timeshare (stupid l know and I consider myself fairly intelligent) but anyways, they are literally a legal scam. We always have had trouble using it and nothing in the sales pitch really turned out to be true.
Fast forward to 2018 after religiously paying the timeshare mortgage loan on time and not really being able to use it we consulted with a lawyer and leading 3rd party advocacy group that helps people get out of timeshare contracts for these specific reasons. Both have said the only option would be strategic default which is stop paying the loan and fees then negotiate the contract exit. Granted this means credit can and will be effected until its cancelled and removed which can take 6 months to a year.
The debt will likely be canceled prior to my reinvestigation but I’m sure it will still be on my credit report.
My question/concern is would this likely deny my moderate risk public trust from being renewed?
Again no other accounts are in bad standing, no law violations, no speeding tickets, no employment issues, no other financial issues etc.
Thanks for the advice!