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What happens if I stop paying my timeshare?

What happens if I stop paying my timeshare?
28 Dec 2012
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This is a question that pops up very frequently in several timeshare blogs and forums. Find out the consequences that may occur if you stop paying your timeshare

What happens if I stop paying my timeshare? Many timeshare owners could think on this as a last resort option, especially those who are desperate and tired of trying numerous solutions to get out of their timeshare unit, including selling it on internet, donation, renting it out, giving it away, among others.

Timeshare annual fees can be a big hassle for timeshare consumers, since they increase considerably each year, and with the economy as it is nowadays, not everyone is able to have their payments up to date, and sometimes, some of them take rush decisions that end up affecting their financial situation even more.

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What happens if I stop paying my timeshare?

The consequences vary depending on the original timeshare contract. These are some of the things that could happen if you stop paying your timeshare:

- Foreclose:  Under the law, a timeshare ownership is treated like a real estate and therefore, your timeshare can foreclose if you stop doing your payments.  These payments do not jus include payments to the principal balance, but also the annual fees.

After a payment is first missed, the resort will give you a warning through numerous phone calls and emails. These calls can continue for months, and after a certain period without receiving any answer from the debtor, the timeshare company will start the foreclosure procedures on your timeshare.

Sometimes, after foreclosure, the resort can get a judgment against your possessions, or they can also garnish your wages, but this a long-annoying process to them, so they will try to avoid it. Foreclosure means that they have to take the timeshare back and pay for the paperwork that is done.

- Collection agency: This is probably the best answer to the question what happens if I stop paying my timeshare? When an owner decides to stop doing his payments, it is very likely that the resort sells the debt to a collection agency. The collection agency will go on your credit report and after that they will probably sue you.

Collection agencies may report you to the IRS (Internal Revenue Service), which can make future financial investments incredibly difficult.  Debt collectors can be extremely persistent when it comes to recover the money you own. They will try to reach you several times each day, collection tactics are very aggressive.

BEWARE! Many timeshare resorts will not let you know that they sold your debt to a collection agency, but that doesn’t mean that your credit report will not be affected.

So, if you were asking yourself, what happens if I stop paying my timeshare? Now you know some of the things that could happen, for that reason, we highly recommend that before taking any hasty decisions you should know the consequences of your actions.

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Don’t jeopardize your financial future

In conclusion, what occurs if I discontinue paying my ownership? Your credit score will be seriously damaged, affecting your financial future.

Timeshare resorts are like casinos: The house never loses, and they will certainly not allow you to stop doing your annual payments. The only possible way to get rid of your timeshare is by cancelling your contract.

When a timeshare contract is properly cancelled, you will not have any further strings attached to the timeshare company.  Mexican Timeshare Solutions is a company that works under a contingency basis and only collects their fee if the contract is cancelled. Otherwise, no fee is charged. Contact MTS for a free consultation on your matter and assure yourself and your family a debt free financial future.

Information to share

If you liked this article, please help us to share this information to more people in order to avoid more timeshare scams victims, how?

  • Share this link http://www.timesharescam.com/blog/127-what-happens-if-i-stop-paying-my-timeshare/on your favorite blogs and forums

 

To know more about Timeshares visit: Timeshare Brokers, can I trust them?

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25 Comments
  • george65August 25, 2014, 7:20 am

    I want out!! a timeshare has been the worst purchase i've done in my life, what can i do? the fees are killing me and my credit score is a disaster

  • RobertAugust 2, 2014, 9:11 am

    Thanks for spelling out the costs and risks of a timeshare. I’ve always heard they are bad investments, but never really the details of them.

  • AaronJuly 18, 2014, 2:22 pm

    yo tambien he pensado en hacerlo miles de veces, al final creo que es mejor cancelar o aguantarme jaja

  • JuanJuly 7, 2014, 11:10 am

    quien de nosotros no quisiera simplemente dejar de pagarlo :/ el problema es que despues enfadan muchisimo y hacen todo tipo de amenazas, asi que por bienestar mental, no lo hagan

  • jpp42May 23, 2014, 11:24 am

    I don't know a thing about timeshares, having heard enough from this and other sites to stay as far away as possible. But just to confirm, when you have a timeshare you are buying access to one week per year in the facility, right? So that "$550/year" maintenance really means $550 paid for just that one week of enjoyment of the condo?

  • XimenaApril 13, 2014, 8:13 pm

    no se metan en mas problemas de los que seguramente ya tendrian si estan pensando en hacer esto, mejor antes de actuar, piensen

  • Terry1948April 7, 2014, 7:41 am

    People are slowly learning that these timeshares have no value. There are tens of thousands of people who wish they had never bought them and are desperate to unload them, but how do you unload something with a negative value, including the annual maintenance costs.

  • JonasApril 2, 2014, 3:25 pm

    i really dont recomend anyone to do that, it's going to turn into a bigger problem.

  • CarlosMarzo 28, 2014, 4:09 pm

    te mandan a buro de credito y estaran presionando y presionando con agentes de cobro, no creo que quieran pasar por eso, es tan estresante!!!!!!

  • EugenioMarzo 10, 2014, 9:31 am

    quien no ha pensado en hacerlo???? pero el miedo a que las cosas se compliquen aun mas, nos tienen atados a seguir pagando algo que es innecesario, lo mejor siempre es buscar deshacerse del tiempo compartido de alguna manera. la que sea!

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