A common question about timeshares is "What if I stop paying for maintenance?" This problem is usually raised by timeshare owners who are having difficulty keeping up with annual maintenance costs due to increased or changed personal finances. Or sometimes the special assessment of maintenance becomes too cumbersome.
The misconception of many of them is that allowing payment to expire does not have any consequences. but it is not the truth. If you fail to pay your bill, Timeshare will cancel your time-sharing budget, which will end your credit report, just as you decide to stop paying a mortgage or credit card bill. You may also eventually be recovered by the receiving company to pay for the refund and may face additional fines and fees for non-payment.
Some owners actually think that just because they have lost interest in timeshare and don't plan to use it again, if the maintenance fee is not paid, the timeshare company will take it back. But this is not how it works. If this is the case, you can find some properties with a lot of vacant attributes during the most unsatisfactory vacation. Therefore, in most cases, no timeshare company will let you withdraw from the contract. Even if you do not intend to use timeshare again, maintenance fees are still an obligation.
So if you need to stop making payments, the best way is to find a way to sell your timeshare. Sometimes it makes sense to simply drop it. Unfortunately, for some sellers, you may have a timeshare that is not particularly popular, or you may not have high demand for a week. In this case, you can even provide financial temptation. For example, you can make a payment for this year's maintenance fee, but allow the new owner to use this week.
Selling in this way won't save you money this year, but it definitely allows you to give responsibility to others. This is preferable to excluding your time.
Please note that when you sell a timeshare, you will not be torn off. You should not pay an upfront fee to a salesperson to sell a timeshare for you. Professional real estate people's collection committees can only be completed after the sale is completed, not before.
Orignal From: Timeshare foreclosure - why you should avoid time-sharing foreclosures
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