What happens if I stop paying the timeshare maintenance fee?
The timeshare maintenance fee. You know, the bill you receive every year for owning a timeshare with annual dues. The maintenance fee you never thought would be over $400. The maintenance fee that is now over $1,000 a year and keeps going up!
Out of frustration over the cost of maintenance fees thousands of timeshare owners decide to just quit paying it. And just like you, they hope it just goes away. But nothing in the world of timeshare is ever that easy.
You will receive threatening letters and calls to try to get you to start paying again. The timeshare management companies will threaten you with all sorts of bad consequences – one of which is damage to your credit. And yes it could damage your credit. Yet not all timeshare resorts get around to reporting it to any credit bureaus.
The bottom line is that you will eventually lose the timeshare in a foreclosure. Whether or not it is a judicial foreclosure or non judicial foreclosure also depends on the state the timeshare is in.
Judicial Timeshare Foreclosure
For example, in California, the resort managing company will file a Notice of Default. The Notice of Default will give you 90 days to pay the bill. If you don’t pay it they will begin foreclosure through the county the resort is in.
Once they put a lien on your timeshare they can foreclose as soon as the Declaration of Covenants, Conditions, and Restrictions allows them to. The timeshare management company will file a lawsuit against you and get a judgement from the court allowing them to sell the timeshare to satisfy the debt. That is how it works in a judicial foreclosure state.
Non Judicial Timeshare Foreclosure
In Florida and Nevada, timeshare foreclosure is non judicial: completely based on the Declaration and state guidelines. Your timeshare will be sold off in a nonjudicial trustee’s sale. Some of the other non judicial foreclosure states include Arizona, Hawaii, Illinois, Maine, New Hampshire, South Carolina, Texas. Massachusetts and Vermont.
Regardless of the process, if you stop paying your timeshare maintenance fee you will lose your timeshare. The same applies if you stop paying on the loan on your timeshare.
Timeshare-Resale-Broker.com is the leader in the Vacation Resale Brokerage Business and innovators of timeshare resale services for individual consumers and software for resale agents. Since 1979 (over 38 years) we have had original management. All of our Timeshare Agents are Resale Specialists and members of NAR, the National Association of REALTORS®.
We pioneered the first timeshare resale broker website on the Internet in 1995. We advertise on many more.
People wanting to sell and get rid of a timeshare benefit from the professionalism of a licensed timeshare resale broker who stay on top of the ever changing technology as well as industry direction. We work with all buyers for the vacation properties registered in our database. We have a team of REALTORS® and personnel who are forever assisting the buyers, sellers and insure that the time share sale transaction is as smooth and easy as possible. Call today to get rid of the timeshare albatross! Call us at 1-800-247-4392
Experience: We have sold and closed timeshares in over 29 countries, in 47 states in the USA, have closed deals with sellers and buyers from over 89 countries. We have helped thousands of owners get out of an their unwanted unit. We have a program that gets you out of your property without waiting for a buyer too. This stops the fee payment burden right away.
We offer all our expertise to you!
Our offices are at 14500 Hwy 105, Conroe, Texas 77304.