Timeshare owners frequently ask this question…
What is going to happen if I stop paying my maintenance fees (if the timeshare is already paid off) or mortgage and maintenance fees?
Are they deprived of benefits at the resort?
Unfortunately, that’s not what they think.
First of all, usually the delayed payment will be sent to the collection department of that particular resort. They will send many letters and reach out to you non-stop via telephone and or email.
After many failed attempts, most resorts will report your personal data and debt to creditor bureaus and collection agencies.
At this point, your credit has a much larger chance of being affected, and you’ll start receiving calls from the debt collection agency.
Resorts can have their own rules and penalties (fees), which can be added to your debt (obligation) to the resort. Which, may also pass on the debt picked up by the debt collection agency.
In all, if you stop paying your timeshare, whether it be a mortgage or your maintenance fees, you are legally responsible…
However, you’re not entirely stuck…
You can always try to sell, rent, trade or give away your timeshare.
This is a highly unlikely situation if you plan to sell it to pay off a mortgage or get back your original investment.
Especially when timeshares are listed by the thousands on sites such as eBay for less than a dollar.
The best option is to exit it using a service like ours. That may sound bias, but we genuinely believe we’re the best timeshare exit company on the planet.
Contact us today by clicking here to see for yourself.
SELLING YOUR TIMESHARE?
You can read this article about selling timeshare by clicking HERE.