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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 of 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 the internet, making a donation, renting it out, and 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.
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 making your payments.
These payments do not just 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 is a long-annoying process for 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 making his payments, it is very likely that the resort will sell 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 recovering the money you own.
They will try to reach you several times each day; their 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 that you know some of the things that could happen, we highly recommend that, before taking any hasty decisions, you know the consequences of your actions.
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 making your annual payments.
The only possible way to get rid of your timeshare is by canceling 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 on a contingency basis and only collects its fee if the contract is canceled.
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.
To receive more information about What happens when you stop paying your timeshare and how to cancel your timeshare, send a WhatsApp to +52 333 239 6589, fill out the contact form, or call us at +1 714 277 3662
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Stopping payment on my timeshare was a last resort for me after realizing how much money I was sinking into something I no longer wanted. However, it's crucial to understand the potential consequences. Apart from damaging my credit score, the timeshare company may pursue legal action or send my debt to collections. It's a stressful situation that can have long-lasting financial implications. Before taking this step, I considered seeking legal advice and exploring other options like resale or cancellation to avoid the pitfalls of defaulting on my timeshare payments.
He tomado la decisión de no pagar más y pues crédito no voy a tener total que se pierda lo que he dado al momento
Hola, Soy Javier Roca de Bolivia, adquirí una membresía en Punta Cana de Royal Holiday por 30 años. Pague $us. 7560.- al contado el 2014, pero ahora quiero cancelar el contrato porque es difícil pagar el mantenimiento, pero ellos me dicen que no se puede cancelar, prácticamente imposible, que si no pago me pueden perjudicar en futuros créditos. Yo ya envié una carta a ellos explicando mi situación y pidiendo la cancelación, pero ellos no lo van a cancelar, solo me darían algo de tiempo para pagar. Alguien que me guie por favor. Estoy pensando hacer caso omiso a sus amenazas, no me importa que se queden con mi dinero que ya pague. Si no me afecta en mi pais, directamente lo abandono. Gracias.
Tambien cai en la trampa de tiempos compartidos en Orlando, Florida. Algo tiene que existir que se pueda hacer, porque realmente somos muchos pasando por la misma situacion. Yo estoy totalmente desesperado y he estado buscando y no le veo solucion a esto. Aunque lo paguemos en su totalidad cada año nos estaran sacando dinero por mantenimiento. Eso es una estafa colectiva y a gran escala y el gobierno lo sabe y no toma cartas en el asunto. Tendremos que apretar a nuestros congresistas para que hagan algo a nuestro favor o unirnos en una demanda colectiva
I don't want to pay any penny more to Royal Holiday, timeshare is a BIG ABUSE. There should be a huge penalty to those salesman or to the resort's owner. I'm very upset but I'm also worry about my credit. What if I stop paying my timeshare?
Solicito ayuda, adquirí una membresía de UNLIMITED VACATIONS, pero ahora me resulta impagable la cuota, solamente se dio el enganche en agosto 2020 cuando firme el contrato, ahora en noviembre iniciaba mis pagos mensuales los cuales no he echo así mismo no he solicitado ningún hospedaje, les envié una carta de cancelación del contrato pero me piden hacer un pago del 30% del valor. Se puede hacer algo?, no exijo la devolución del enganche pero si quisiera cancelar.
Agradezco la ayuda al presente.
Saludos!!!
Hola , en unas vacaciones me “engañaron”adquirí un tiempo compartido en Orlando Fl Westgate villas, pero por la situación económica y perdí el empleo, no puedo seguir pagando las cuotas del contrato ni impuestos ni mantenimiento , quiero regalarlo o lo que sea , en este momento no me interesa perder lo que he pagado ,
Hola soy Bolivia , adquirimos con mi esposa una membresía en Westgate resort en Orlando .Parecía una buena inversión pero con el tiempo nos fuimos dando cuenta que no lo era. El mantenimiento es caro Necesitamos deshacernos de esto con una cancelación del contrato. Pueden ayudarnos? Desde ya gracias
Contrate una membresia por 30 años en Royal Holiday, para pagar o en cobranza muy atentos, hoy con la Pandemis se me dificulto hacer los pagos y mande una carta oara Cancelar y me oedian estuviera al corriente de los pagos, oague 2 meses oara pinerme al corriente, mande carta oara Cancelar y me contestaron que no era posible, quiero Cancelar y no me contestan y ahora resulta me piden una penalización del 60% de lo que debo para poder Cancelar.
Tengo un time share en orlando floridad y necesito de sus consejos para salir del contrato gracias
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