If you own a timeshare that you no longer want, you may be wondering what the ramifications of not paying your timeshare costs are. Perhaps you’ve tried to sell your timeshare before but were unsuccessful. Maybe you don’t want anything from the timeshare and just want it to be gone so you can stop paying the fees. Whatever your goal is, we can assist you in achieving it.
Getting Rid Of Your Timeshare
If your timeshare is paid in full, you can try to sell it on the secondary market before walking away. Selling a timeshare is tough and time-consuming, but it is a better alternative than walking away because your credit will not be harmed if the timeshare is sold. If you do manage to locate a buyer, you’ll almost certainly have to pay additional costs to complete the deal. These can include resort transfer fees as well as expenses paid to a timeshare broker to assist you with the sale. This certainly makes the thought of cancelling your timeshare costs more appealing, but there are some drawbacks.
Timeshare Maintenance Fees: How to Get Rid Of Them
If you’ve tried and failed to sell your timeshare or owe a mortgage, you may question if the only choice left is to stop paying your timeshare costs. Before you decide to ignore that maintenance fee bill, keep in mind that there will be penalties if you do not pay it.
Your Credit Will Almost Certainly Be Affected Negatively
If you choose not to pay it, your credit may be damaged, just like any other bill. You may find it more difficult to secure a loan to buy a home or automobile in the near future if you have a poor credit score. Even if you can get a loan with a low credit score, the interest rate will almost certainly be higher.
You Won’t Be Able To Use Your Timeshare Anymore
This may seem obvious, but if you don’t pay your maintenance costs, your resort will refuse to let you use your timeshare.
You May Be Contacted For Payment Several Times
If you don’t pay your costs, your resort will likely try everything it can to collect from you, just like it would with any other debt. You may receive calls directly from your resort at first. Your resort may convert things into a collection agency after a specific period of non-payment.
You Could Face Legal Action
Some resorts have filed lawsuits against timeshare owners who refuse to pay their maintenance fees. You’re in for a crazy ride if this happens. There will be legal fees and court costs. It’s not a nice sight. You may believe that your timeshare resort does not care enough about you to pursue you in court for maintenance payments, but consider how much your maintenance fees are worth to them. Are you looking for timeshare cancellation in Florida? Then, you have to hire an experienced timeshare attorney in Florida.