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I cannot afford my timeshare. What will happen legally if I default on the loan?
I have 287,000 points with Fairfield. With the property week I traded in and the $10,000 down, I still own $20,000 plus the $117 a month maintenance fee. I will retire in two years and won't be able to make the payments on the reduce income. I am willing to surrender my title and return the deeded week to Fairfield. Is this possible?
- Roberto Guzmán February 19, 2018, 2:14 pm
Before any person decides to buy a timeshare, it is important to give a second thought so if you are involved and stop the payments, you must remember that you have signed a "Promissory Note" (the guarantee for the company that you will pay them) and if you stop the payments, that document will be sent to a Collection Agency and the first step they will do will be to burn your credit records, then they can place a legal process versus the clients and demand the full amount of what the document says
Answer Sourcepersonal