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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2,118 Responses to “What Happens if I Stop Paying My Timeshare?”

  1. kimmi says:

    i believe its a mortgage only when you default, i have owned for 5 yrs. have always paid, had hoped it would enhance credit but its not listed, and when we bought home two yrs. ago lender couldnt find it. we too are considering stop payment but worry in these time they will agressivly pursue. i have definately re-evaluated the american dream concept in 2009. thank you mandy and others for helpful advice, kim

  2. Marc says:

    Wondering if in light of the economy are the companies going to be more ruthless in coming after money owed to them for ts.? just curious… i too like so many others cannot afford my ts any longer.

    Also, have checked my credit recently for refi of my house and there is no reference to ts on credit report… we're still current on pmts and fees, but i thought if you had a 'mortgage' that would be a debt owed and would show on a credit report…

    any thought?

    btw… very informative site- Marc

    • Marissa says:

      TS will not show on a credit report. Nor do they check your credit to approve your purchase. Once you default and they foreclose, then they can report it on your credit. Something I’m finding out the hard way.

  3. Carol says:

    I came on the website to find out what would happen if the timeshare went into foreclosure. It's amazing to find out so many people are dealing with the same issue. I have two timeshares and one just sends me letters stating my balance but the other one constantly calls me. Right now I am seriously considering letting it foreclose. Due to my financial situation now, I am more worried about day-to-day living as opposed to worrying about a timeshare. I was told that if it went into foreclosure I would be sued by the bank. I truly hate to lose one of them because I have already invested quite a bit of money into it.

    Also, some people were saying they just stopped paying and nothing happened. I am sure that was because those timeshares were not deeded. I had one some years ago that was not deeded and we just stopped paying it. We received calls and letters for a few months but nothing was ever done about it and it never showed up on our credit reports. Actually, when we purchased it the salesperson told us that if we stopped paying there wasn't anything they could do about it. Deeded timeshares are supposedly different because it's as though you have a mortgage.

    I was trying to find a comment that would be more specific in letting me know what would definitely happen if I stopped payments. Has anyone actually had their timeshare go into foreclosure and if so what happened????

  4. Crystal says:

    Good luck to all who are at their wits end and would just like to have a foreclosure. Like many of you my husband and I were swindled in to buying a timeshare from ILX resorts in September of 2004. We also turned down the first offer because as newlyweds with a new family we knew we could not afford something as frivilous as a vacation timeshare. We were then offered a (can you believe this?) repo! We were told that we would have instant equity and as soon as we got home we could refinance or even sell at instant profit. We soon realized what a mess we had gotten ourselves into and quit making payments in May 2005. We accepted the fact that we would have to deal with a foreclosure on our credit. We tried to give the timeshare back to no avail. The company that financed the timeshare continually ruins our credit by reporting to the CRA's that we quit making payments and got up to 180 days late and then all of a sudden they report we make about six payments or so and then fall back 180 days again. I believe this is an attempt by them to be able to continue past the seven years and to make matters worse it shows up to be a mortgage. I have started investigations on this company by all of the CRA's and the FTC for false credit reporting since we have had no activity on this account since our last payment in May 2005. The last report shows us to be 120 days late in Oct. and Nov. 2007 and then the account is shown to be closed and sent to a collection agency. Here we are in January 2009 and still no sign of foreclosure and also the maintenance fees are a totally seperate delinquent account. It looks like there should be some means to an end. This is a predatory lending industry that should be shut down by the government. Any advice on what we can possibly do to just get rid of this nightmare would be greatly appreciated, but it looks like you are pretty well stuck for life once you sign the dotted line. I'm just glad we got out before we gave them to much of our money.

  5. Tony says:

    Hi,

    22 months ago we signed up for a ts at the occidental grand flamenco xcaret, mexico – or so we were led to believe. We made it perfectly clear to the sales rep that we were only interested in that particular resort. We couldn't afford the package thay were offering so the sales team said they would see what thay could do. The head salesman went off, returning 5 minutes later saying that they would be able to offer us every other year at the resort instead of annually. Like fools we signed. 18 months later we tried to book at our resort only to be told that we didn't have that resort and in actual fact were owners of a ts 5 miles down the road in Playa del Carmen at a resort we had never even heard of – let alone seen. At no time was it pointed out that we were signing for something different to what we thought we were purchasing. If this information had been disclosed at the time we would certainly not have signed. We even asked if it was at the resort we were staying at and were told it was. Not one of the sales team pointed out that it was a completely different location. This must surely be fraud on their part? I do not want this ts as it is not what we paid for. please let me know my best course of action, if we have to default on it then so be it.

  6. julia chandler says:

    I own 2 weeks at Sand Pebble, Treasure Island, Florida – weeks 33 and 34, peak school holiday weeks. I need to get rid of them, as my husband cannot travel, due to ill health. We live in Scotland. I am happy to give them away, for free, and for someone just to take on the maintenance fees – 633 Dollars per week. The transfer would cost about 200 Dollars. The other option I have is to walk away from them, but I am concerned about the consequences. We live overseas and no money is owing on them, until the fees are due at the end of this month. Would they pursue me through the courts in Scotland – if anyone can help, or would like the weeks, please let me know.

    Julia

  7. Pink says:

    By the way, thanks Mandie for sharing your wealth of knowledge. May God bless you a thousandfold.

  8. Pink says:

    Hi everyone. I hope that me and my husband had an intensive research about time share first before signing up. Now, we are so stressed out because like some of you we are non US residents and we are about to exit US and go back to our country to process our visa in June. We are holding a J (working visa) and hopefully have it changed to H. We cannot afford to pay the monthly and the maintenance anymore because we have more important bills to pay first. We purchased a property in Gatlinburg (Westgate) last July 2008 and paid up to December. We already paid them 2k including the downpayment. It was really a very nice and very deceiving presentation. What they have said are not true like we can sell it right away, it's a good investment, etc…they even know that we might be in this situation right now (undergoing visa process) and it will be easy to sell it. We trusted their words and when we go over our documents after 25 days, we realized that what they have said are not the ones on the paper. So we started calling them and informed them that it was unfair in our part because they said they will help us sell it and they did not even mention about the 20 day cooling off period. So, they promised to call us back and we've waited for months and not heard anything from them. It was hard because they keep on passing us to different people and never really helped us. Now we are finding ways on how to get rid of it…we will keep you posted if this one will work. =)

  9. Todd says:

    I, like many of you other hard-working folks, was suckered into buying a one bedroom at Tahiti Village in Las Vegas. They lied through their teeth and told me that I could easily refinance at a much lower rate. They are "lending" me the money at 16% apr!! When I heard the 16%, I told them no way. I am not paying that amount and then they told me the lie about easily refinancing the property. I had no idea. When i got home and did my own research, I found that timeshares are worthless, therefore, no company is willing to let you refinance. I did not know that since I am a newbie…but I am sure they knew that. I used my stimulus check to help pay the downpayment of over $3000 and I made about 3 months worth of payments before i was fed up and decided to stop paying. They lied to me and I cannot get it refinanced. They have been calling and emailing me. I told them to take it back. I told them I am not afraid of getting my credit ruined since it already sucks. I also told them that I am judgment proof and that I own NOTHING, I rent and I dont even own a car. I told them to save their time and efforts and just take the darn thing back…they already took aboput $4000 from me for free. But, they keep calling. Now they are threatening foreclosure. I can't wait! I welcome it! It will finally mean that I will be done with this forever! I don't care if I never buy my own home…as long as I don't have to deal with them anymore!

  10. Betty says:

    I am a 66 year old senior citizen, living on social security and a part time job income and paying on my time share puts me in a serious bind, choosing between paying my mortgage payment, groceries, etc or this time share payment. Cannot pay the fees this year and have contacted my credit union to stop the auto draft on the time share payments. Not worried about my credit, I have everything I need. Just want to know if they can come after my house that is not paid for or my car that is paid for. Dont want these jokers to get anymore from me. Please help me with an answer as to if my home and car are safe if i stop paying on my time share.

  11. Jo says:

    We also got suckered into buying a Silverleaf timeshare in Fox River Resort IL and when we thought were making an "upgrade" actually ended up buying another deed in Texas to get Diamond Status. We were outright lied to as to how much our monthly payment will be. And now, nine months later of trying to make the monthly payments, we were told of how irresponsible and stupid we had been to buy it in the first place by one of the collection rep. We are currently two months behind the ts in Illinois and is seriously considering foreclosure. We can no longer afford the monthly in light of the economic hardship we are all experiencing. The jerk-rep though was trying to scare us off that in Illinois just because we foreclose it didn't mean the loan will go away. Can you please advice us on this? Besides isn't misrepresentation ground enough to void that contract under some kind of Timeshare Act law?

    • Marissa says:

      I also recently purchased from Silverleaf Resorts ONLY because the manager swore that if I wanted out of my Florida ts, I should just stop paying on it and there was nothing they could do, even though they would threaten. Nothing would happen to me. He even said the same about SilverLeaf. I stupidly believed him and after researching online, am finding this to be anything but true. Why am I not surprised that he would blatanly lie to make a sale. I’m more mad at myself for being naive.

    • Sporty says:

      Hi Jo, how long you been stopped paying your Silverleaf? We have Silverleaf too and we stopped the payment 2 months ago. They keep calling us but never answer the phone nor retun their call. Did they foreclose your? Please let me know anything you can share so we know how to deal them too. We bought the TS here in TX in 2009. Thanks iun advance.

      • molly says:

        I went to us consumer attorneys to get out of my time share 6 years ago. A year after that I was no longer the deed holder. Fantastic news right? Except I found out that silver leaf has been reporting me for delinquent payments for the 4 years on Experian. That’s the ONLY credit bureau silver leaf shows up on just for reference. I tried to have it disputed twice. They will not remove it because silverleaf is certifying that I am indeed behind on payments. I just need to finance for a new roof and can’t because those ** are screwing up my credit. Ugh so peeved!

  12. Jamie says:

    Hi all,

    Like everyone else, I'm in the same boat right now. I think I'm going to try just to stop making payments. I owe about $11k and with expenses on the rise, my monthly debt has exceeded the income, so I'm going to try and stop it, but of course, we just purchased a condo and I'm worried about what they would do about putting a lien on the condo. Is there a chance they could seize that asset? It's really the only asset I have right now, but there's no equity built into it because we've just purchased it 3 months ago.

    Mandie, since you're the expert, I'd love to hear back from you!

    Cheers, J

  13. Joe says:

    Does anyone know the ramifications of not paying for a timeshare that was signed and purchased in Mexico? I spoke to an attorney that says there may be limitations of what they can do as far as collections, foreclosure etc….is anyone familiar with this? The payments are current but I am no longer able to pay it.

  14. Jared Lange says:

    Sue,

    I've been in the "unloading" of timeshares for the past year and a half. I've gone from completely clueless to wishing I could "mind-floss" this entire process. To answer your question: I have not been in contact with timeshare rescue. But like the countless other companies I've worked with, I will speculate with confidence on what their business model is. They either:

    a) For a fee (could be close to a $1000)they will advertise your TS on a web site. The problem is the TS could be unsold for quite some time. In this scenario they are just an advertising tool and/or the middle man. This would be identical to Timeshares only.

    or

    b) They will purchase your Timeshare from you outright. Generally speaking, this type of company will really low ball you on the price and I'm guessing you would have to pay a fee for them to low ball you. They are basicly a title company and will turn around for much, much higher. I'm also guessing that they'll do some background work to determine if your contract is desirable enough for them to take on. I suspect that they would have some very creative language in their contract. If you go this route, not to state the obvious, but make sure you get in writing that once the title/deed is transferred, your free from any additional financial commitment. (Research complaints and/or lawsuits against these guys and make sure they're clean, which I doubt. Forgive me for taking the glass is half empty approach, but this timeshare business has got to be one of the dirtiest business's on all levels that I've ever seen!!)

    Lastly, there are websites where you can donate the timeshare for a tax credit. I might suggest this option if timeshare rescue is a nightmare and assuming your contract isn't worth thousands and thousands of dollars. Note: Timeshare donation companies will also need a couple of days to consider your TS desirable and take a few months to unload. Normally I wouldn't suggest this, but considering that people can't even give away timeshares, and if you need to get out and that's the bottom line, might be worth looking at.

  15. sue says:

    does anyone have info on this timeshare rescue or know how it works

  16. Jared Lange says:

    Good afternoon,

    Like the majority of folks on this list I'm looking for a major way out of 4 timeshare contracts. In short, my father passed about 18 months ago. He has the following paid in full principle contracts: 2 with Grupo Mayan in Mexico, 1 in Costa Rica with Villas Sol, and one here in the states in Wisconson. As the personal rep of the estate, I have everything completed to "close" the estate with the exception of these #@#! timeshares. The good news is that the principal is paid in full on all of these. The bad news is I owe about $6000 in back and current maintenance fee's. One of the Grupo Mayan contracts has been cx'd with the second one about to be cx'd as well. I do have the ability to re-instate these contracts if I act within the next couple of months. My questions are as follows:

    1) If I allow the contracts to expire (again the principal is paid in full)what will happen? I'm not concerned about credit rating as I don't think they can effect my credit rating as a personal rep. Will they go after past/future fee's? The question here, do I let the cancelation process play itself out? I don't have any assurances that this will indeed, close the door on the specific contract from an estate point of view?

    2) I can pay the back fee's and get everything current, and continue to try and sell as they are currently listed on Time Shares Direct. The problem here is that this could drag out for years!!

    Once I get rid of the 3 foreign timeshares, I would be more than happy to take ownership of the timeshare in Wisconsion into my name just in order to get it out of the estate. However, putting 4 of these in my name is out of the question. I'm just inviting more trouble, furthermore, I don't have the ability to take 8 weeks off a year not to mention the costs. I'm just looking to make these go away. Any suggestions? Sorry for the loooong message!!

  17. keny says:

    Hi Dave,

    Good to hear from you!

    What's your plan? are you going to stop paying or take the offer?

    Thanks for sharing

  18. Everett V. Englesh says:

    I had a Westgate villas resort… I used timeshare rescue to get out… i tried everything and even paid over $1000 to list… might be the only option now a days…regards

  19. Ro says:

    Hi everyone! It seems like there are several people in my shoes. I too got suckered…brainwashed..or whatever into buying a timeshare with SilverLeaf Resorts. It's a "beachclub presidential suite with blah blah blah blah" It's supposed to be the cream of the crop and guess what….every time I have tried to use it, "sorry, we are booked" So, five months ago I said, "Screw it, I'm not paying these stinking animals anymore!" So, I have received a bunch of letters, phone calls, and even a notice demanding the balance in full. I actuall talked to a manager today and we were negotiating on a downgrade but the offer was terrible. So I told him, "I'm not sure yet on what I would like to do. That is, take your offer or take the foreclosure." So he said, "Well, I will decide for you and we are going to expediate the foreclosure with you." I hung up.

    Here is my concern: can they come after my assets? Based on my understanding I have a deeded timeshare that was financed by some bank somewhere that was guaranteed by the resort company. Long story short, if I default the resort company has to pay up. So, can the resort company come after me? The only collateral I signed away was the actual timeshare? This is particularly a problem b/c I have several assets that are paid for. Any thoughts? Thanks a million!!!

  20. Rebecca says:

    I too got suckered, but by my sister first. We bought in Florida while on vacation. We were supposed to split and I haven't seen a dime from her. I am a single mom with 2 kids. THe economy got so bad and my ex stopped paying support. So my real mortgage isn't getting paid, but the timeshare sure is cause they take it right my account. I too have wondered about stopping payments. Don't know what to do.

    IF ANYONE IS INTERESTED IN BUYING IT!!!! WEEK 14, ORANGE LAKE RESORT PANAMA CITY FLORIDA. IT IS AN EVERYOTHER YEAR-BUT IT'S THE POINTS SYSTEM WHERE YOU CAN BORROW FOR THE OPPOSITE YEAR. PLEASE PLEASE PLEASE I NEED TO SElL THIS

  21. Ronald Helm says:

    I have a red week, at a Gold Crown resort, Pueblo Bonito Rose' in Cabo San Lucas fixed time week 11 (Spring Break) It is a Presidential Suite, sleeps 6-8 and it is yours for the asking. Pay the Maintenance fees of $965.08 due 1/2/09 and this beautiful time share is yours for the next 20 years (out of 30). Contact me at rrhelm@wildblue.net if interested. Nothing is owed on this property, and Maintenance fees are up to date through the end of this year.

  22. mitch says:

    Hey guys, I wrote earlier in this thread and have been reading and considering ever since. I have “GRANDVIEW disease” which I contracted on holiday in Vegas 2007, I am not a US citizen and reside overseas, I stopped paying my timeshare about 101 days ago, I have been contacted a few times via email. I have now been threatened with foreclosure and credit reporting (the credit score only effects within US boundaries – I HOPE, can anyone confirm??)

    Anyway, I have not seen one post here which states that they actually had been sued, credit scores had been affected, SO I SAY “LETS STOP PAYING THE B@ST@RD5”.
    Timeshare Organizations like this are the scum of the earth.

  23. Julie says:

    We recently went through bankruptcy and included our timeshare to be forfeited. The timeshare company said that they rejected this and therefore we still owe the maintenance fee. We have not paid the fee and do not intend to. I am interested in the "deed in lieu" of foreclosure. The property has actually been paid off for many years but we never use it. The maintenance fee is reasonable, but for the past several years we have been late in paying. After we lost our jobs and home, it seems like a mute point now. A collection agency is now involved and tacting on an additional $300 to the regular fee. I sent a letter to them already regarding the bankruptcy, but the only response I have is…you owe the money. So do you think we should just send a certified letter stating that we cannot pay this maintenance fee, the property was included in a recent bankruptcy and we wish to proceed with the "deed in lieu of" foreclosure. Anyone????

  24. Bethany says:

    Hi,

    I am curious – is a timeshare foreclosure as detrimental to your credit as a home foreclosure?

    Thanks,

    Bethany

  25. Dave says:

    Keny, nope they do not report in Canada. I'm good!! They actually offered to buy me out. They sent me a note stating if I paid them x dollars I would be totally free and clear from this contract, suprisingly the amount is the exact amount in arrears.

    I used the thing once, after getting denied many times, for one week. They have just over $10,000 of my hard earned cash already….They aren't getting another dime from me!!

    The good news is they never even put an expiry time on their offer so if things ever change I have an email from them stating their offer :O) I see this as a great ace in the hole!!

  26. Tina says:

    Hi I bought TS by Wyndham in June 2006. still owe $10.900.. If i stop making payments to TS will this effect my credit? i checked my credit reports and the mortgage for TS is not on it. basicly what im asking is Will this screw up my credit??? what is the worst thing they can do if i stop making payments??? will this effect my mortgage for the house? thanks.

  27. keny says:

    Hi Dave,

    Did you manage to find out if being a Canadian your credit can be spoiled if you stop paying your TS debt in the US????

    thanks for sharing.

    PS: Radha, would be great to read from you!!!

  28. Paula says:

    What happened with Joey and Radha's situation? What did they do – stop making payments and if so what did their lender do? My husband and I were "sucked" into a timeshare in Myrtle Beach two years ago. I am paying monthly payments of $250 and we still owe $12,700. We built an investment home that has been on the market for two years. The current sale price is below the cost we owe to the bank. I want out of this timeshare because trying to keep our head above water on this investment home is more important to us. We aren't going to get out of it (timeshare) what we were promised, no one told me if I deposit a week that I would lose it if not deposited correctly or we didn't use it within two years. All these stories are the same and it just makes me sick to my stomach. I did talk to the Westgate Resorts and they are not willing to help me. They are only out for themselves.

  29. Gary A. says:

    I'm interested to know where each of you own. I own with Wyndham and would love to just hand over my deed. Kathy said she would ask her friends where they owned but never got back with us. Also, what happened with Radha? I too use direct withdrawal to pay my "mortgage" and maint. fees. I have contemplated many times to cancel direct withdrawal but will take a 1% hit to my interest rate. I pay over $700 a month in "mortgage" and maint. fees and still owe $35k to Wyndham. Can anyone tell their story of a foreclosure or deed in lieu as a Wyndham owner??

  30. Jay says:

    Hey, I feel for all of you out there. Denise, we set up our account on a bank draft. So that sucks cuz no matter what happens they will get their money. I asked for advised. Kathy helped me out a bit. I will be calling the timeshare people to see what we can work out or if we can change the method of payment. the one thing is that i am reading on here about people getting sued for not paying maintenance fees. Well, my deal is that i just got my maintenance bill in and am worried that they might want to hit me later with a huge bill. I will let you know what happens once i talk to them. If anyone knows of a better thing to do please let me know.

  31. Jay says:

    Thanks Kathy for the help on the timeshare! I will do that and get back with you guys on how it went. Good luck to everyone!

    Jay

  32. carole says:

    Judy,

    No.

  33. denise says:

    MY GOD!! this site has opened my eyes, just back from vegas, and yes, signed up for grandview,,,,,,were not told about the 5day period at all, it does say on the paper work, but there is that much to read. i have emailed and faxed letters telling them we want out, cant afford at, they said we were told twice about the 5day, but we were not,,,she said she will talk to her manager, after offering us, the one week, every two years that others have mentioned,,,

    this was daft i no now,,,but they really did talk you into it,,,,

    i dnt no what to do,husband wants to cancel credit card and they said the ts people can still demand the payment?

    help

  34. judy says:

    are there any good thing about owning a timeshare

  35. Carol says:

    Hi Everyone~ So glad I found this site. My husband and I purchased a timeshare back in the late 70's and paid $5000 cash for a week in March under their promise that we could bank our week and vacation wherever and whenever we wanted. The following year, we tried to go to Florida after banking our week. We gave them 5 different dates and none were available. We never used the timeshare although we did pay the maintenance fees for approximately 5 years or so. We tried selling it with no luck and finally I wrote to the company and told them that we no longer wanted the timeshare and that we were giving our week back to them to re-sell or do whatever they wanted with it.

    We had not heard anything from them since and actually thought they were no longer in business because the building was small and old. Well, last week we received a notice in the mail from a collection agency in California stating that we owed $31,481.40!!! This is the second notice we have received and we have not replied to it. I cannot believe that we are receiving this after 20+ years of not hearing a word. I wonder if another company now owns the timeshare and has decided to try and collect from the owners who have not paid their maintenance fees. I am pretty sure… if I recall after all these years, that I actually sent the deed back to the timeshare company turning over the ownership to them. I am concerned over this, however, I regularly check our credit report and it does not appear to show up now. When we bought the timeshare, we were in our early 20's and the idea of paying $5,000 for a week in March (middle of winter in MD) and being able to vacation anytime and anywhere we wanted seemed like a dream… WHICH IT WAS!

  36. Brian says:

    Hi Everyone,

    After reading through all the posts it really seems to me that the longer you have been paying on/using a timeshare the more trouble your going to have getting out of it if you just stop paying. My wife and I recently fell for the timeshare sales pitch and signed up in Vegas R_C_I, after doing research and only making two payments and the downpayment, I am seriously considering stopping the payments. 1. We don't own anything of value. 2. We only use cell phones (easy to change numbers). 3. We never want to buy a home and usually only buy used cars for cash. Now I do have great credit and my wife has aweful credit. I was wondering if I could sell my half of the timeshare to my wife outright and get my name off the deed. Then stop the payments, her credit is bad because she declared bankrupt once before. My thinking is that the TS company might see this as a lost cause and not pursue it. Anyone out there see this as logical or since I signed the original contract will they still try to come after me too. Thanks for any replies.

    • marsha says:

      Hi bRIAN
      How did this turn out for you. We are VERY recent timshare-victims and intend on not making any payments(we only made a downpayment)…What was your outcome???

      God bless

      • RCCC says:

        Marsha…please give us an update. Yours is pretty recent, so is mine. Thank you.

        • marsha says:

          Hi RCC
          Sent u a link to where all the other timeshare folks i know have issues just like ours and HAVE gotten through it and HOW ..but the moderator of this thread seemed to have removed it.

          maybe u can send me ur email and i can send u the link from there. Folks on that thread have lotttttttttttts of stories to share and most of them have been able to get out of the timeshare drama…U.S residents, canandians, europeans…

          so if ud like i can email u the link. let me know ok? I’ll be out the country for the next six days but will check whe ni get back.

          Thanks RCC and rest assured, there is an end to this vicious scamming by westgate.

  37. carole says:

    Mandie,

    Everybody keeps talking about foreclosures. I've never been offered that. They just have a law firm threatening to sue me now for nonpayment. It's for $1500. Would they really bother??!!!!

    Attorney fees, court fees, etc……will they really do that? I thought with the amount I "owed", I really wouldn't be worth the bother to them..

    Do you think I should get a lawyer Mandie? or just wait it out…..maybe they are at the end of the statue of limitations and just threatening me as much as they can until it runs out??????????

    Kevin,

    I paid my timeshare in full and paid my maintenance fees until I bought a house. Then I stopped making payments. I figured I didn't need credit for anything anymore and I would rather have a bad credit rating than continued ownership of this parasitic time share.

    But the above explains where I am right now so it is something to consider…..

    Carole

  38. Kevin says:

    I bought a timeshare from Wyndham, I already paid it in full. My question is should I stop paying the maintenance fee after buying a house or before.

  39. Dave says:

    I have recently communicated with these guys via mail (I told them I demand to communicate via mail and not telephone) they have to oblige because that is the law!!!! :o)) (no more irritating phone calls!!)

    They have said they will let me out of the contract if I pay them a few thousand dollars – let me guess, another scam!!! right!!!!

    I think I will ask them via mail, to send me all the details in writing , stating that if I pay them 'x' amount of dollars they will take back this time share, state I am not liable for any maintenance fees going forward and that all my interest and resposibilities are free and clear from this time share. I would expect this to be signed by an officer of the vacation club, any lenders and the collection firm..

    Before I pay a dime I will have my lawyer review it.

    I think it is interesting that they offered this with all the other folks out there not being able to toss away this albatross!! Maybe they realize they can't do anything to a Canadian and are just trying to get a little bit more from me……any thoughts on that???

  40. joe says:

    don’t buy timeshares, they are a fraud.

  41. carole says:

    Hi,
    I’m getting pretty scared now. I paid off my timeshare years ago. I then paid years of maintenance fees. I never used the timeshare. They took extra money from me once to sell it but they never did. I stopped making payments probably more that a year ago. Lots of calls from collection agencies. I just ignored the calls. Today I got a letter from a law firm stating they have been contacted by the “Such and Such” Financial Services (the collection agency that has been calling me). They mention adding additional legal fees, court costs and expenses. They give me the total due of unpaid maintenance fees. I would be happy to pay if it meant the end of this and I don’t have to pay maintenance fees for the rest of my life. They say I have 30 days to respond. They say if I notify them to dispute the debt that they will assume the debt is valid. They will then obtain verification of the debt or a copy of the judgement and mail a copy to me. If I request they will provide me with the name of the original creditor (like I don’t know who that is!) if different from current creditor ( I assume this is the collection agency).
    They say I have 30 days to respond.
    I live across the country from where this law firm is located.
    Will they really sue me? Will I have to fly out to the original state of purchace??
    Should I contact them? I read somewhere that I should avoid talking to collectors because it just starts the (I forget the term) period of time they can harass you all over again.
    Please, what do you advise I do??!!
    Carole

  42. Mary says:

    Hi Mandie, I am in desperate need of advice. My husband and I currently own 2 timeshares in the US(paid in full and need to get rid of). On a recent trip to Mazatlan, Mexico (Mayan group-Seagarden)we purchased a new timeshare and in return they would keep the (2) that we already own. According to the aggresive saleslady we were going to recieve a call from some timeshare company which would then takeover my previous timeshares. Today I found out we are the owners of 3 timeshares, the horror I felt to learn it is a scam, it was never written on paper, so it's her word against ours. If we choose to default on the payments, how will this affect our credit? They are affiliated with HSI, can they still come after us? We took a loan with Bank of America to use it as a down payment,and that we are going to payoff.

  43. Dave says:

    I purchased a time share from Shell. I bought it in the US but live in canada. I have decided not to pay anything more for it. They have called lots but I just ignore them. If they foreclose does anyone know if it affects canadian credit rating…I checked after 4 months of non payments and there is nothing on my credit report from date of purchase or for the 4 months of ignoring them totally.

  44. Maria says:

    My now retired parents stopped paying on their timeshare bec they can't afford it and was told it will foreclose. Can the company go after the home? I don't understand "lien on the timeshare" answer above. Sorry and thanks in advance for your reply.

  45. Kathy says:

    no, I am not sure of the name of the company, but their timeshar was in orlando. I can find out in a day or so and come back and post, I am sure that his sister's timeshare was not the same company. They got the calls, for a little bit, than an offer to make a lump sum payment, they said they could not afford it anymore and eventually they got the paperwork in the mail for the "foreclosure" and it has not affected either one's credit. We had debated on doing the same, but since we can still afford ours and do use it, it is only 90 minutes away from us so my husband can still go to work from there if need be, we decided to keep it, and the next one we buy will be a "secondhand one" instead of directly from the resort to save a ton of money, we want 2 so each of our sons will get one.

  46. Chuck says:

    Kathy, the friends you mentioned, who "just quit paying their Timeshare Mortgage" and the company took it back; are you able to name the Company? I am pretty much in the same boat.

  47. KATHY HOLMAN says:

    HUSBAND AND I ARE PLANNING STOPPING PAYMENTS ON TIMESHARE TIMES HAVE GOTTEN HARD NOW IT'S LOCATED IN MYRTLE BEACH IF ANY ONE IS INTERESTED. GOING TO CALL THEM TOMORROW

  48. Kathy says:

    Gary, I live in VA Beach and may be interested in taking your timeshare off of your hands, do you still have it, and if so, what are the details. Thanks in advance……

  49. Kathy says:

    Jay, we have some friends who just quit paying their timeshare monthly mortgage, and in the end, the timeshare took it back with no affect on their credit………they really don't care because they are just going to turn around and re-sell it, so they didn't lose a dime on it. Our friends sister did the same thing, that's why they decided to do it. We have a timeshare as well, but we use it, and are looking into buying another, but we will buy a used one, not new, and save a ton of money………

    • Deianna Wynn says:

      You can buy mine…at Vacation Village at the Parkway (Kissimmee Florida). I bought years ago, have never used, and right now, just plain fed up with RCI and their points/weeks program.

      • Mary says:

        You can buy my two, they’re in St. Thomas, USVI prime location. Purchased in 2002-2003. Purchase price for each was $11,000 + maintenance fees. Both of these TS are paid off, I’ll sell them both for $7.500, but first $5,000 must be paid to bring maint. fees up to date. Imagine, two TS in St. Thomas, OH and the best part, NO assigned weeks, a total of 406,000 points, book anywhere, anytime of the year depending upon availability. Why am I selling; when I bought we could use them for resorts AND airlines AND cruises. Now can only use for resorts. Interested, just reply to this list.

        • ron says:

          I hate to burst your bubble, but if you are talking about Bluebeard’s Castle, they usually are listed on eBay for $1, with no buyers. Those would be fully paid for, up to date maintenance fees. They are worthless, as are the other 99.9% of all timeshares (and that last .1% is questionable).

          • Mary says:

            You’re not bursting my bubble, my resort is at Elysian Beach at Cowpet bay. Next door to it is the Ritz Carlton. Prime prop. TS as a whole are selling for $1. everywhere. That’s why I stopped paying on the maint. fees and even going there. Used to be we could use points to buy air, resort condo. Now it’s resort time only, anywhere you go.

  50. Jay says:

    Hi guys, I have a question. My wife and I purchased a timeshare Last year in 2007. We thought we were getting a really great deal and so we purchased. We really did not know what we were getting into. We have been paying on the timeshare since and we haven't fallen behind. Now, the maintenance fees came in and are not what we thought it was supposed to be. I have called the resort to see if they would take it back. I told them that i know i will loose out on all the money paid on it but it's an expensive lesson learned. They said they couldn't do that. They mentioned putting the amount on a credit card or so. That's just moving my payment somewhere else and i still have to pay all the little fees. We were talking about foreclosing on the timeshare but did not know how long that would ruin our credit. Would be as bad as if someone that filed bankruptcy or not? Also, from reading on here i wanted to see if you think if i called the resort itself and mentioned that since i can't afford the place i might have to foreclose on it do you think they would budge then? Please give us some advice b/c we do not know what to do and we can't keep paying the monthly payment on the timeshare.

    Jay

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