What Happens if I Stop Paying My Timeshare?


Timeshare foreclosure and your credit scoreThis question comes up a lot on timeshare forums and blogs, and it can be complicated depending on the exact procedures outlined in your particular contract. There are a few main points that stay the same regardless of whether you have a deeded timeshare or right-to-use, and whether or not you have paid off the entire amount of the timeshare. The following is a description of the steps that will take place if you decide to throw in the towel and allow your timeshare to go into default, leading to timeshare foreclosure.

Timeshare is treated equal to real estate in the eyes of the law, and it follows the same rules and regulations as a homeowners deed. Your timeshare can foreclose in the same way as your home if you stop making payments – and this does not just mean payments on the principal balance, it also includes yearly maintenance fees. After your first missed payment, whether it be a monthly payment on the principal balance or your maintenance fees, you will start receiving calls from your timeshare resort’s collection company attempting to collect a payment. You will also receive information by mail detailing the amount due, including any applicable late fees, and their intentions on reporting your delinquency to the IRS.

The harassing telephone calls and letters will continue if you choose to not pay the balance due on your timeshare, and after anywhere from 6-24 months (this is dependent on the procedure of your resort company) your timeshare company will begin foreclosure proceedings on your timeshare. Timeshare companies will try to avoid this at all costs because a foreclosure means they have to take the property back and pay legal fees for the proper paperwork to be processed. I have heard instances of resorts offering to lower the amount due on the principal, changing contacts to make maintenance fees due only every 2 years, adding extra perks into your vacation package such as extended stays, rental cars, airfare, and sometimes even offering to forgive the amount owed if the two parties can reach a suitable agreement for payments to continue.

What happens if I stop paying for timesharesIf your timeshare does go all the way through the foreclosure proceedings you will be notified by mail that your deeded timeshare will be part of a trustee’s sale or public auction. At the given date, time and place your timeshare will be sold at a sheriff’s auction to the highest bidder. The auction is public record and the transaction can be recorded and reported to the IRS and credit bureaus, effectively ruining your credit for the next 7 years. This strike on your credit score can make it difficult to finance a car, obtain a loan or even buy a home. Since timeshares rarely sell at auction for the amount owed on the deed, the timeshare resort company has the option to take legal action and sue you for the remaining balance owed.  Read more on timeshare foreclosure and credit scores in the post – Timeshare Foreclosures and Your Credit Score

Timeshares can be hard to wiggle out of, but most anything is better than letting the property foreclose and take a major hit on your credit score – especially if you are anticipating a major purchase in the near future. Timeshare foreclosure should be your last resort if there is absolutely no way you can make the monthly or yearly payments. It is wise to contact your timeshare resort if you are having financial difficulties and anticipate missing a payment, some properties will even offer to take your timeshare back under some circumstances; some resorts will also offer a Deed in Lieu of Foreclosure. You will also want to check out possibly donating your timeshare if the principal amount is paid off in full – this is not an option if you still owe money on a loan.

Helpful Timeshare Foreclosure Links:

Deed in Lieu of Foreclosure for Timeshare –  http://rcivip.com/deed-in-lieu-of-foreclosure-for-timeshare/

Timeshare Foreclosure and Your Credit Score – http://rcivip.com/timeshare-foreclosures-and-your-credit-score/

Alternative Timeshare Sales Options – http://rcivip.com/alternative-timeshare-sales-options/

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2,119 Comments

  1. I see a lot Wyndham TS owners. Have any of you attempted to contact them to ask for a deed in lieu prior to stopping payments? If so what was the response?

  2. Hi All,

    Its me again. As I mentioned in my previous posts above, I am not in US anymore. So all NON US guys who don’t care for Credit History and even for those who care for Credit History.

    I am getting emails from my timeshare stating that I need to fill out a form with some sort of notary and pay them 400 USD they will cancel all my timeshare stuff and even they dont report to the credit collection agencies. So My advice is again stop paying the timeshare stuff and they will try to bother you and even threat you that they will sue and other stuff, but finally they will email you politely and ask you to return the timeshare.

    Below I am pasting the email I got from the timeshare person:
    ————————————————————–
    Hi,

    Please be advised that Westgate Resorts is attempting to contact you regarding the impending foreclosure of your account. At this time we have been unsuccessful in maintaining an open line of communication, and wish to do so in order to bring resolution to this urgent matter.

    We understand that sometimes unforeseen circumstances can cause a financial burden that could prohibit the repayment of your Mortgage Note. At Westgate, our goal is to provide you with quality vacation experiences that your family looks forward to year after year. With this in mind, we would appreciate the opportunity to work with you to find an amicable solution that benefits both you and Westgate Resorts. If you wish to continue your Westgate ownership, there are some options we can discuss. At this point, Westgate is willing to restructure your mortgage to make it possible for you to keep your current property, or transfer your ownership to something that works better for you.

    However, should you decide that vacation ownership is not something you wish to continue, Westgate is also willing to accept a Warranty Deed In Lieu of Foreclosure (“WDIL”). Taking advantage of any of these options would accomplish the following:

    * All foreclosure proceedings would cease.
    * You would be released from any past delinquency and penalties.
    * It would prevent any negative reporting to the various credit
    agencies.

    As your Contract Mediator, I will do my best to assist you so that you can avoid the foreclosure process. Please know I am here to help you, but if you do not call, I cannot assist your or your family. Our office hours are Monday through Thursday from 8:00 a.m. to 7:00 p.m., Friday from 8:00 a.m. to 5:30 p.m., and Saturday from 9:00 a.m. to 3:00 p.m. Eastern Standard Time.

    I look forward to speaking to you real soon.

    Respectfully,

    Elynn Jenkins
    —————————————————————-

    Hope this will help..:)

  3. We to bought into a timeshare that promised we could come to the resort at anytime. We were given points and told it would never cost more then 9,000 points for any vacation. We supposedly bought a 3 bedroom unit at Barrier Island in Kitty Hawk N.C. Come to find out we didn’t have enough points to stay in a 3 bedroom anywhere. We also do not have enough points to say in even a 1 bedroom at our so called home resort. To fix the problem that would not exist had they been honest, they suggest we but another unit that is being liquidated. We will get 30,000 extra points. If we combine them with the points we already have 35,500 then we ought to be able to go anywhere we want. Well if we do this then we will have to pay maintenance fees on the new property also. This was nothing more then a scam.

  4. Jason,

    You mean all you have to do is just pay whatever is your outstanding balance on you maintenance fee and that’s it!? Hope I can receive the same letter too I stopped paying 2 on Feb 2010. Thank you also for keeping us updated. Hope to hear more from you and Stacy.

  5. UPDATE! Stopped paying Wyndham TS in January 2010. Like Stacy J I received a packet of documents form Wyndham in the mail today. ”As an alternative to foreclosure and avoiding additional costs, legal fees, and a foreclosure on your credit report, Wyndham will accept the return of the unit if you execute the enclosed Deed of Lieu of Foreclosure documents. By signing this deed you will be relieved of any further obligation on the contract, however THIS EXCLUDES ANY OUTSTANDING PROPERTY OWNERS ASSOCIATION FEES. If you elect to execute & return the enclosed documents within 15 days upon receipt of this letter, we will send you a check in the amount of $125 for notary fees, etc within 45 days. You must execute the documents in the presence of a notary public. Upon the receipt of the correctly executed documents your contract with our company will be terminated.” I was jumping for joy after reading this. Like Stacy J, they say we owe over $750 in maintenance fees. Will keep you updated as things progress. Thanks Stacy J for keeping us up to date on your transactions.

  6. We are considering stopping paying on our Wyndham timeshare. We are doing research to find out how badly it will affect us. Your blogs have been very helpful. We've been paying on ours for almost 4 years. It was originally $20,000. We still owe $16,000, since the interest is so high. I figured out that if we only make the minimum monthly payment of $326.87 it will take us 17 years to pay it off. Plus there's almost $900/year in maintenance fees, which will only increase as time goes on. I don't know what we were thinking when we bought it. It's a luxurious way to vacation, but sheesh… you can stay at a pretty nice place for just what the maintenance fees cost.

    We're trying to decide if it is worth the hit we'll take to our credit. We are hoping to build a new house in a few years, which we'll need to take out a loan for. It's just SO expensive to keep paying on the timeshare. We're trying to get out of debt, and $16,000 would take a big chunk off of our debt. Anyone have any opinions about whether the risk to your credit is worth it? Has anyone finished the process of the whole deed in lieu thing successfully? It sounds like that may be okay. Not ideal, but acceptable. We appreciate listening to your stories, and will continue to follow what is happening with all of you. I don't think we'll ever be suckers for high pressure sales again. What a huge mistake!

  7. I havent received anyhting yet, but no more calls but as stacy said they might send me the same letter.

  8. We live in Mexico and we have a deeded timeshare in the US but we can afford to keep making payments. If we stop paying and foreclose on our timeshare unit in Florida what happens to us?

    Does this affect us to get a visa or to come back to the US in the future or it just affect our credit in the US?

    Any help is appreciated thanks

  9. OK so I called the timeshares again.. and they said i owe 557 dollars which is bull. they added more then 300 dolalrs to the reminaing balance for taxes and late fees. Not paying them one more dime. But i talked to the deed of Leui departemtn and they said i could sign the papepers and they will stil cancel the contract without the money because that is a different department but the minatance department will probably still want it. But as long as my contract is canceled i dont care. And i know everyone was wondering about if this affects our credit, and the lady sid if i did the dee of lieu then it will show up as surrending the property and she compared it like financing a car and not being able to make the payments. she said it not good but its not as bad as just totally foreclosureing it. But in the letter it says if i send this deed out within 15 days they will send me 125 dollars notary fee within 45 days. lets see if tehy do. if they do ill pay them that and thats all. i am furious that they tried to get that much more money out of me.

  10. Hi.. I stopped paying my 'mortgage' payments through tempus select in January. We purchased the ts in may 09. We aren't due to pay any maintenance until next year. I received a phone call and a letter saying something about forclosure. I have read many posts and it seems that the uk citizens are getting out of them Eventually. I live in England so I'm hoping they offer dil soon. However, will this on going nightmare affect us entering the USA? We are due to come over in December for our honeymoon and I'm slightly worried. Can anyone give me any info?

    Thanks

    1. I am not a lawyer but if you have a visa to come to the States, they aren’t authorized to check your credit or anything, if you request visa or something you need to probe that you have money to vacations here that’s all, beside that if you are not citizen why you care, laws in the States aren’t applied for people that isn’t resident or citizen so don’t worry.

  11. stacy,

    I Have Wyndham too, that's good! mine is $600/month , really cant afford anymore.I hope If ever I can bargain just not to hit my credit or we wil both loose: ruin my credit and they wont even receive anyhting single penny from me ,hope we parted ways fairly. right? thanks for more updates.

  12. Melham what kind of Timeshares do you have again? Once you notice the phone calls stopping then you should be expecting a the deed to hand it over. I got a lawyer to check it out for free of charge so nice of him! he said it was legit and that i should deffnatly take it. he suggested taht i call them and see if i could get out of paying the maintance fees from the time i stopped paying though which is $40 a month since febreary. If anything i will just pay it. i rather pay $200 now then thousands in the end. AQnd it the letter also states that this will not take a hit on a my credit which i am very happy about.

  13. Erica,

    You are right, I would also rather have a bad credit than have them for the rest of my life. I havent received any offer too. Bad thing is I havent bought any big thing such a home. Pls keep update us too.

  14. They called me about twice a week and I finally decided to answer. They are trying to get me to pay something, but I told them I'm not sure. But, they don't know I'm not going to pay them a dime. I read from someone on this site that if you pay them even a little bit of what you owe it will start all over again. So, it has been since NOV of 2009 I have stopped paying. I have yet to get an offer from them. I have a timeshare through Palm Beach Resorts located in West Palm Beach, FL. I'm holding my ground and not paying them a dime. I have made all my big purchases such as buying a home and car. So at this time I don't need the good credit anymore IF it takes a hit on it. So, I am prepared to have 7 years of bad credit.

    BUT, I have checked my credit..as of 6-12-2010 my credit is still good. Shocked…I didn't see the timeshare on there at all yet. So I'll check it again in another month or so to see if has changed.

    But, I rather have 7 yrs of bad credit than stick with the timeshare for the rest of my life.

  15. Lynn,

    Forgot to mention that I paid TIME SHARE ONLY for my TS ads I paid $600 too but its over 3 yrs now, I never heared any single offer, they make a lot of business out of TS.

  16. stacy,

    so far after i wrote them a letter saying I cant afford anymore but for 5 yrs a was religiously on time, it was good but due to divorce and health I cant afford anymore ,I cant give them what I dont have . I explained that through writing but I dont answer their calls.then now they stopped calling . I dont know what;s next.I may probably receive an offer like yours but mine is quite big money ($600/month incl maintenance fee,I stopped Feb too.)So please update us here. or you can e-mail me at meserr88@yahoo.com.

  17. Lynn, never heard of them but dont pay any of those places that says they can sell your ts. I got beat out of $1000.00 Paying timeshares only 3 years ago, saying they would sell my ts in 6 months guareteed. Its been 3 years and now they wont even take my call. I reported them to the BBB. Never got my money back by the way. just be careful who you pick. And Melham I am going nto call them hopefulyl this afternoon if i have time. Hopefulyl they just let it go its not like they are going to loose any money they i borrowed the money from them and they borrowed it from themselves they already got at least 10,000 from me altready i think thats enough. But i got my friends lawyer to look over the deed of leui on monday to make sure its all legit and i wont be coned into anything else. I will keep you all updated. any luck with your Melham ?

  18. Anyone here had experience with the G&G timeshare law group? I'm thinking of contacting them to use them to help us get out of our Cancun timeshares.

  19. stacy,

    How about trying to call them and make a bargain. ” Any suggestion that can be a help? any one?

  20. Update. Hi all I stopped paying my Wyndham TS in february and after the harassing phone calls dailey and letters from collections I got an offer from them. It states ” As an alternative to foreclosure and avoiding addional costs, legal fees, and a foreclosure on your credit report, Wyndham will accept the return of the unit if you execute the enclosed Deed of Lieu of Foreclosure documents.” Then the next sentence says “By signing this deed you will be releived of any further obligation on the contract, however THIS EXCLUDES ANY OUTSTANDING PROPERTY OWNERS ASSOCIATION FEES.” Then it goes on to say “If you elect to execute & return the enclosed documents within 15 days upon receipt of this letter, we will send you a check in the amount of $125 for notary fees, etc within 45 days. You must execute the documents in tyhe presence of a notary public. Upon the recpet of teh correctly executed dicuments your contract with our company will be terminated.” Then theres all these paper to sign. So I assume they want me to pay the payements i missed up to this month which will come to $1500, that I dont have thats why i stopped patying them in the first place. But does anyone have any suggestions on what to do?

  21. They didnt state a nu,ber figure. I just figured 1500 for both the maintance and morgage together. So what are they asking for the morgage, maintance fees, and/or both. cause if its just the maintance fees I guess it wouldnt be that high. i dont want to to pay anything to them. what you think ?

  22. stacy,

    Ive been waiting for your updates and Eric as well, after I wrote to them my situation they stopped calling me,but I havent receive any alternative offer. Is your $1500 just a maintenance fee? thats probably because they are only pertaining to your monthly mortage.

    I hope you still update us. Make it a point that any move that you do, there is a proof that you really ended the contract and cleare from your credit report.

  23. twins2x2 They charge about a 20% interest rate on your loan because they know a bank won't refinance a timeshare. I know, I couldn't get it refinanced thru bank. Go to http://www.todd help.com Look at the different options that might work for you. I wish I would have done this long ago. I have owned my timeshares since 1995. I have let them all go. Don't throw anymore good monney after bad.

  24. Timeshare in the US is considered real estate. They follow the same laws as a real estate transaction. Not paying on a timeshare is the same as not paying on a mortgage. Foreclosure messes your credit for 7 years. Go to this website http://www.todd help.com He talks about what a foreclosure will do to you compared to a bankruptcy on your credit score. Different situations for different folks. His website is very informative. I have taken a few of his classes & I feel much better about letting all 3 of my timeshares go back to those TS snakes. Why continue to throw good money after bad, especially in this economy. Hope this helps.

  25. Has anyone ever gotten a response on this site regarding Right to Use in Mexican timeshares and your US credit rating?

  26. We bought a timeshare in Cancun 4yrs ago. Then upgraded it on last trip by trading in our original timeshare. We are making payments on the new one. We discovered that they did not cancel our original ts so now we have two ts and two maintenance payments. My credit card expired last month and they are emailing for a new number and I've been lazy and not sent it in. Now I'm wondering if I should just let it go. I read on another site that the Mexicans hire American collection agencies and that's how they are able to threaten to ruin your credit rating. does anyone have experience with getting out of Mexican TS's. What's worse is with the violence, I'm afraid to go even if I could.

  27. Hi there, I left a message a while back and it didn't post, going to try this again. I have an Interval International, Lawrence Welk Resort Villa on the Green TS. I bought it back in 2006 for $11K. I stopped paying on it 2 months ago, lost my job last year and decided it was a good time to go back to graduate school and finish my final degree. I have paid on the TS since I lost my job but now my resources are exhausted and I have no more in savings to pay them so I stopped paying. Does anyone know about II and how they work. They are telling me they are sending me to collections, they are calling me at all hours of the night, got a phone call last night at 11pm, isn't that illegal?? I let them know of my situation and asked if they would work with me at all and they said NO, they won't send me a copy of my deed (never got it when I signed the paperwork) and they won't work with me on anything. So what next? I got a letter the other day stating that I owed $8800 on the resort still, but I don't know how that's possible when I've been paying on it for 4 1/2 years now and my payment is $178/month….doesn't make sense that the principal balance has only been paid down $2200 in 4 1/2 years. Any way, any suggestions? I have contacted 2 timeshare attorney's and one wants $3500 and the other one wants $500 upfront to send a letter to the TS and review my purchase contract and won't tell me how much it would be if they represented me all the way to the end of this. Any suggestions?

    1. Hello,

      I too own at the Welks Resort Villa, paid $26,000.00 for it but they accepted my Sunset Royale (Cancun) as a $10,000 trade in. We purchased it November 2010 and made one payment and paid partial payment of the maintenance fee. They are suppose to be a strong resort with trades but after reading in II and other forum, I feel that we were misrespresented in our purchase. Please keep me updated as to your progress and if you can provide me the attorney that you are going through in regards to this. Thanks!

  28. I bought a timeshare in 2008 from Orange Lake resorts in Kissimee, Florida. I am trying to get out of this timeshare. I have paid several companies to sell this timeshare for me and has gotten no results. They are all scammers. I stop paying this timeshare cause I am having financial difficulties and unable to pay anymore. I contacted them and let them know but they say that it has gone to the collections. I live in Canada, not the U.S. and I have heard that they cannot do anything only foreclose this timeshare. Could someone out there advise me if this true or not.

  29. I have a time share in Lake Arrowhead that I purchased in 1999. I have paid the the mortgage balance in full many years ago but I am constantly receiving letters from the state tax board. However, I have not received anything from the TS themselves concerning maintenance fees or anything else for that matter. Does anyone no what will happen if I don’t respond to the tax collector? Years ago,like many others have mentioned, I contact the TS to inquire about surrendering the TS but they were not interested. Of course that is why I stopped paying taxes and fees because it seemed to me I would be paying these fees for the rest of my life for something that is useless to me or anyone else. Of course I was scammed out of $500 from one of the companies claiming to be able to sell it for me but never did anything besides cash my check. I can’t believe so many people are going through the same thing. Where is the government when you need them. Obviously this is a major scam. I originally thought I just brought into a bad company but now I see the whole idea of ” Time Share Ownership” is nothing more than a disgrace on our government behalf. How could they allow these real estate moguls to take advantage of the hard working people and continue to destroy our quality of life and stand by wondering why our economy is rapidly going down the drain. Greed will be the cause of the destruction of this society. What ever happened to good old American values and why don’t any of these big co-operations have any integrity anymore? I’ll tell you!!! The American government no longer requires them to operate under good and fair laws. So I guess this is where the real estate market will finish the people off.

  30. Axel,

    I bought one in 2007 as well, but they have yet to offer me DIL of Forecluse. I stopped my payments in Nov of 2009. But, I'm a US citizen, so they probably know you are really untouchable and they can't use the fear of ruining your credit since you're not in the USA. But, since they are offering I would carefully read what they send you. Honestly I wouldn't even respond to them I wouldn't pay them another dime out of my pocket if I didn't live in the USA. But good luck, but I suggest you take the time to read some posts from the beginning to get some ideas from others who are also outside the USA. It make take you a day to go through them, but it is well worth it.

  31. Good afternoon …. In skipping through a lot of these posts, it seems most folks are with Wyndham. I'm wondering if anyone has a ts with Diamond Resorts f/k/a Sunterra and is going thru or has gone thru the process of nonpayment, foreclosure etc.

  32. Melham, Jellico,

    Thanks for your suggestions.

    One of the statements of the DIL says "This deed is not given as additional security for said mortgage indebtedness, but rather is given in consideration of full cancellation of said indebtedness and satisfaction of said mortgage." Just before signs, there is another statement: "The benefits and obligations shall insure to and be binding upon the heirs, executors, administrators, succesors and assigns of the respective parties hereto."

    I'm not very good on the English language, but I think they never stated that I won't be responsible for any payment fees, lawyers fees or any other expenses.

    Acording to this, Do you think is better to let the TS goes to foreclosure? This way I would not pay notary fees nor any other fee. Thank you.

  33. Axel,

    Just make sure they spell out the charges for the notary. And also that that there are no other fees attached. Better still, in the deed in lieu have them state upon payment of the notary fees you or your hiers will no longer held responsible for any payment, fees, lawyers fees or any expense whatsoever in connection with the TS company, collections agency, or it's agents. Those thieves can be really slippery. I would not trust them further that I can stretch my arm. Good luck.

  34. AXEL,

    its good you were able to get rid of it, it wont affect your credit since you are not from US just take the deed in lieu of foreclosure, that's my opinion.

  35. Hi Melham or anyone who can help me,

    I stopped paying TS since Jan 2010, as usual, I received phone calls from the TS to ask for payment. A month ago they called me to offer to take the TS back; however they asked me to pay about $250.00 for the paper work and also told me that I needed to pay all notary expenses. My answer was that I didn't have money to afford all those expenses, then they requested to charge these expenses to a credit card, I said, I don't have a credit card anymore. Yesterday I received an envelope with the Deed in Lieu of foreclosure documents to be signed and the TS will forgive the debt. Notary expenses need to be paid by me.The principal balance of the property has not paid off; I'm not a US citizen; I'm not living in US, but I visit frequently this country.

    What's your opinion? What is better? To let the property going to foreclosure or take the Deed in Lieu of foreclosure. Thanks in advance for your comments.

  36. Hello, my husband and I purchased a timeshare at Westgate Myrtle Beach in July 2009. We have given them thousands of dollars and will not even be able to use it because we unexpectedly had another child. We owe less than 8,000 dollars. Its a newly remodeled resort, beautiful view and ammenities. Does anyone know of an HONEST company we could use to sell it? We live in Indiana. I'm willing to try that rather than foreclose on it so my credit doesn't take a hit due to a ridiculous purchase.

    Thanks,

    Kelly

    1. It is not any honesty company to sell our times share, after they get the money they forgot about you, I pay already to http://www.onlytimeshare.com they didn’t do anything lost $600.oo, don’t pay, just stop payments and if you want help hired and State Attorney lawyer, there is Ann Pellegrino, I am ready to hired her, hope she helping us.

  37. Hi Nadia, I'm a UK Citizen and Ive done the same thing as you on 23/05/2010 but in Florida. I have been advised to send cancellation letter by recorded mail and to also dispute the downpayment with my credit card company. Ive done this already and I'm just waiting to see what the outcome will be.

  38. Hi there,

    First of all, I am not an US-citizen, I am from europe.

    Last May my husband and I went to the Grandview in Las Vegas.

    They scammed and lied to us. Of course we only found this out when we got home!!

    In Europe we have ten days to reconsider a sale. Not knowing that Nevada law only gives you 5 days, We were too late to cancel the contract.

    We made a downpayment of 600 dollars. They can keep it! We don't want the timeshare. They already called and mailed us to give us a better deal. But we just want to get out of it. We have never used it and were not planning to use it eithe.

    The original contract was for 24000 dollars. Now they are offering the same deal for 16000 dollars. But this is still too much. They also offered a vacation plan for 6 weeks for 8000 dollars. There is never a possibility for us to book a week in high-season and that's when i get my vacation.

    Now they are threatening with the promissory note. That we have signed it and even after foreclosure we are responsible for the 24000 dollars. I googled what that note is and it is like a promise we made to make the payments until we have paid the full amount we owe them. Like an IOU. In Europe we don't use these kinds of notes so i never heared from it.

    Does anyone has experiences with these notes? We don't mind to let everything go in to foreclosure, and they can keep the 600 $ and we don't worry about a possible negative effect on our credit. But we do worry about the fact that they say we are responsible for the 24k even after foreclosure!!

    Does anyone know how this works. And what if you are not an US citizen. Can they still collect the money?

    They really try hard to change our deal so we decide that we do want to continue with the timeshare and that makes me suspicious. Why do they make so much effort ?? Can they claim their money in Europe. I don't think they can and that's why they try to change the deal and hope that we don't continue with trying to cancel the contract. Am i right? Or am i thinking too positive right now? I just worry about being responsible for paying a lot of money without having a timeshare.Can someone help me? Lawyers in Europe are to unsure about laws in America, so they can't help us. Like Kate we also haven't completed our downpayment. And we will not pay them anything.

    Help please !! We have to respond to the new deal this week!!

    Thanks…

  39. Perry

    I also bought a TS at orange lake florida in apirl. I am canadian and havn't even completed my downpayment. I cancelled my visa last week, the payment didn't come out this past sat like it was supposed to I got a call yesterday. Told them today i dont want it offered them some options they said no. Told them I will wait till it goes to forclosure. The lady was nice said it would take about 4 months till i here back. So now I will wait. I could care less about credit. will keep you updated, let me know perry if you here anything more from the orange lake

  40. stacy,

    as far as I understand they have to file it in court for judgement, before it will be foreclosed.This is the final stage, after foreclosure they might send an IRS form 1099-C (cancellation of debt)but no garnish or anything.

    Thank you for updating us. Ill keep posted too.

  41. Hi all.. I stopped paying my TS in March… Have received a phone calls about every two hours, a letter at least twice a week threatening to send me to collections. Now for the last two months I only get one or two calls a day and the letter are staing that they are going to beging to foreclouse process if they do not get their payments. Hopefully they will not want to pay all the lawyer fees and just come to an agreement with me. I have Wyndham timeshares. Keep you all updated.

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