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What happens if I stop paying my timeshare?

What happens if I stop paying my timeshare?
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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.

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50 Comments
  • Javier AndresDecember 21, 2018, 1:28 pm

    Buenas tardes.Compramos en Agosto 2017 un tiempo compartido en Orlando a pagar a 7 años. Somos de Argentina y con la situación del dolar se hace imposible afrontar ese gasto. Por tal motivo, nos urge cancelar o anular el tiempo compartido. Es lo único que queremos no seguir pagando. No pedimos que nos devuelvan lo pagado. Sino darlo por cerrado, anulado y nos dicen que no se puede, que nos demandarían, etc. Al ser de otro pais no conocemos las leyes ni las consecuencias. El plan es el Sheraton Flex. Por favor, quien nos puede ayudar? Gracias!

  • Juan Hernandez December 20, 2018, 11:05 am

    Welks resorts San diego

  • Ana November 1, 2018, 1:24 pm

    Recibir información de cómo ayudarme a cancelar mi contrato con Whydam de Orlando,Florida. Soy de PR Y cual seria el costo?

  • Ernesto RamosSeptember 15, 2018, 11:39 pm

    estaba de vacaciones con mi esposa en florida , y me convencieron de ir a una charla en la que termine firmando un contrato. eso fue el 24 de agosto 2018. al dia de hoy han pasado 24 Dias y llame porque me di cuenta del error que habia cometido. pero me dijeron que tenia hasta 10 Dias para haberme dado de baja sin ninguna penalidad, cosa que nunca me dijeron el dia que firme. tambien me entere que habian cosas que no eran como ellos habian dicho. yo entiendo que fui victima de fraude. ademas soy una persona incapasitada por una condicion severs del corazon y padesco de Deprecion severa confirmada y medicada. . Dependo de un tutor asignado que es mi esposa. Digamen si con todo esto no hay un caso para cancelar por FRAUDE Y OMICION .

  • Amber J.August 19, 2018, 6:45 pm

    Nosotros estamos justamente en esta situación, ya que no podemos seguir pagando las cuotas de mantenimiento y mucho menos la membresia, no encontramos la manera de poder cancelarla y estamos m,uy desesperados, puesto nos dijeron que si no seguiamos pagando nos pueden meter al buró de crédito.

  • Miriam RodriguezAugust 17, 2018, 10:00 pm

    Hace dos meses me vendieron una membresia en club Solaris Cancun Mexico... cuando llame para chocar unos precios la cantidad era tres veces más de lo que había pagado en un buscador diferente... son unos mentir osos...
    Me pueden ayudar a saber cómo puedo hacer para cancelar eso... y si ellos pueden afectar mi crédito...? Xq yo nunca les di mi seguro social...?

  • Carina MaldonadoJuly 30, 2018, 7:46 am

    Hola. Soy de Argentina. Quiero cancelar el tiempo comprar ido con Royal Holiday que adquirí en Cancún 2017. Es una estafa y mentira total. Nos han engañado. No me quieren cancelar. Y tiene en un pagaré firmado. Si soy de otro país me puede embargar? Ayuda! Alguien pudo cancelar? Cuenten! Gracias!

  • wilmars suarezJuly 13, 2018, 6:13 pm

    adquiri algo con wyndaham en miami en octubre de 2017 y por difucultades economicas no puedo seguir cumpliendo con el compromiso ya cancele el cobro automatico del abono mensual y no he utilizado los servicios que puedo hacer para cancelar ese contrato no me interesa que me devuelvan el dinero abonado que puedo hacer

  • Jacqueline GonzalezApril 24, 2018, 10:12 pm

    Compre un tiempo compartido sin embargo ya no puedo costearlo, necesito cancelarlo yvnovqueirwo que me devuelvan nada de lo pagado. Me pueden ayudar.

    Gracias.

  • Carmen PerezJanuary 29, 2018, 9:37 am

    En noviembre 2017, compramos un tiempo compartido en orlando , estabamos de vacaciones, somos de Ecuador , debido a la mala situacion economica necesito cancelar el contrato , nunca he utilizado ningun hotel ni nada de ellos , no estoy interesada en que devuelvan lo cobrado , lo que necesito es cancelar el contrato , les he escrito varias veces pero no consigo ninguna respuesta , como podria hacer , he pensado cancelar la tarjeta de credito donde realizan los debitos, me podria aconsejar , no se como son las politicas de ese pais

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