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/

2,095 Responses to “What Happens if I Stop Paying My Timeshare?”

  1. Ogboynahi says:

    I’am one of those Canadian that bought Las Vegas Grandview resort timeshare. I still have owe them mortgage and with recent economy could no longer afford to pay the monthly mortgage and other yearly fee. I could not even afford to go to Las Vegas for vacation. I contacted the mortgage dept and express my intention to default/foreclose my mortgage. I know this will results on bad credit (which I don’t really care since my credit score is already poor due to late fees and drowning in debt). But what about legal prosecution? If I travel to US, will I get arrested? Do I need to go to court and get a lawyer? Please advise.

  2. brittney fodor says:

    My husband and I purchased a non-deed timeshare last year, and we simply cant afford it while keeping care of our children. So far we have only paid a few months and our deposit on a $8750 loan. If we can’t afford it anymore, can we simply stop paying and just lose what we have put into it or are we responsible for the entire loan now? We have not even used the timeshare yet. Is there anyway to get our money back?

  3. Bob E says:

    Here is the Timeshare scam. What you buy is worthless, not real property and actually neverending debt with the maintenance fees. The only way out is to never pay them another dime. It’s so bad that even if you paid in full, it’s so worthless that they don’t want it back for free. Imagine paying off a car and the dealer not wanting it back if you offered it to them.

    Not only are they worthless, but the vacation part has little to no value. When you call even 9 months ahead they will tell you everything is booked but they can get you into another property if you pay more. But they hold on to it and will rent it out or offer it cheap to some other sucker for a week to try to get them to buy.

    Also these condos are worth maybe $150K the 3/2 in Orlando. But you pay $20K for 1 week a year. that’s 1,040,000 for 52 weeks. On top of that you pay about $1000 a year on maintenance. That’s $52,000 a year for that unit. A mortgage to buy a unit like that would only cost about $12000 a year and you would own it.

    The whole timeshare thing is a scam, the only way to get out if not pay, you have nothing to fear but fear itself. The industry is afraid of people speaking out, it’s worse if they sue you and it gets on the news that they take back the unit and try to bully you into paying for it and they can continue their scam.

    • Christine says:

      We have a timeshare with world mark ( points only) and can no longer afford the mortgage fees and maintenance. We live in Canada and purchased in Las Vegas Nevada. What happens if we just stop paying? Can and will they come after us? And we met an RCI rep in Spain who told us just to write a letter to Worldmark and explain the situation and that’s all we had to do. Does anyone have any help?

  4. Ed says:

    We own 2 Timeshares.. The 1st we bought in Cabo, San Lucas, Mexico, Pueblo Bonito Resorts. The 2nd we bought in San Antonio, Texas from Wyhdham Resorts.
    We would like to give back/discontinue/relinquish/sell both of them. We currently pay about $1000 a year for both maintenance fees. We owe nothing on either of these resorts. We also pay another $135 a year to belong to RCI where we can “Bank” our 2 weeks & exchange them.

    Willing to stop using both of these & not pay maintenance fees.

    Anyone out there with experience doing this in either of these resorts? OR any advice on how best to do this?

    Thanks

    • Milt says:

      Have a friend that purchased a timeshare in St Thomas form the original owner. It is paid in full but she stopped getting bills for maintenance fees several years ago. Now almost five years later she gets a bill from an attorney demanding payment of almost $10k (fees, interest, etc)–it’s a Wyndham property. Anyone have any experience on whether or not they actually take these cases to court? Since it’s paid for I assume they cannot foreclose but she would like to give it back (for a nominal fee) and be done with it. Can’t seem to get any help from Wyndham’s exit program–not surprising.

  5. Gary Mathany says:

    I own a timeshare in Winter Park in CO, It’s paid for but I can no longer afford the yearly maintaince fees of $650. Besides losing the TM and the bad credit, letters, phone calls and harassment, what else can I expect? Your thoughts would appreciated. Thanks.

  6. Stephanie Dempsey says:

    My husband bought a timeshare in Virgina with his exwife many years age. About 4 years ago we paid the mortgage off but then 3 years ago my husband lost his job so we could no longer pay the maintenance fees any longer. So now its going into non-judicial to pay off the fees. So my question is since we don’t owe anything but the fees well we get the remainder of the money since there is no mortgage on it?

    • Larry says:

      Personally, I would be celebrating being rid of your timeshare and not worry about getting any change back. Yay, your DONE!

      Most times, your timeshare sells for next to nothing at Auction.

  7. Rachelle says:

    I been reading a lot on here about just stopping the payment, Tomorrow i will go to my bank to remove wyndham on auto pay, cuz i can no longer pay it no more. I am from Hawaii, I dont care about bad credit or let alone them bothering me with gazillions of phone calls, my main concern is.. Will they be able to actually sue me? I cant afford court battle 🙁 I could use some lil advice..

    PS: I still owe at least 11k on mortgage

    • Unknown says:

      Hi Rachelle,

      Being sued depends on so many factors.

      1. Where is your timeshare? Some states have non judicial, antideficiency laws meaning they cannot sue you for any deficiency or balance owing. They can just take your timeshare. Most states have non judicial only and its highly unlikely you will be sued, but it is an option.

      2. Yes, your credit will get hit.

      Just remember chasing you down and actually suing you is costly for them and does not guarantee a thing. Many times, they lock you out of the unit, rent it out and recover costs this way and finally foreclose and resell it to another sucker.

      Sometimes a mortgage really helps as this places added pressure on them to foreclose quick. Remember, it costs them money to chase you, sue you, etc. Many times the cheapest option is to foreclose and resell to someone else.

      Think of it as a juicy leach attached to you sucking blood regularly. As they fatten up, they need more blood. You can decide to let the leach suck you dry or go through some pain and a risk of infection. Only you can decide whether you want the leach removed. Remember, the leach does squirm as it’s being xtracted and really tries hard to stay attached.

    • Unknown says:

      Also do your research. I find the best site is nolo. If you do your research, you will find the average delinquency rate is 10 percent. An average timeshare has 14000 “owners”. So that’s about 1400 a year. Do you really think they can afford to sue 1400 a year? Also, timeshare add bad debt expenses to maintenance fees. This means other owners pay. So, with bad debt expenses, rentals of delinquent units, foreclosure, resales, they have a lot of options other than suing.

      One last piece of advice. If on a rare chance they sue, RESPOND TO THE SUIT. Claim misrepresentation, fraud. Make them work hard to get a judgement. You can respond without a lawyer. Once you do that, they work with you to exit the timeshare. They hope you don’t respond so it makes getting a judgement cheap and easy.

      • Shawna says:

        Wondering if anyone has had experience with Wyndham in Nevada. Looks like a non judicial state. Not sure about antideficiency.

        • Unknown says:

          Yes, as a matter of fact I have and yes it is a non judicial state

          Nevada does allow deficiencies but that means they would need to make it a judicial foreclosure.

          A judicial foreclosure is very expensive for them and ties things up for years and there is no guarantee of a return. So, they regularly opt for non judicial which takes about 90 days from start to finish and forget deficiency. It makes sense as they garner bad debt expense money from the rest of the owners/slaves/suckers so they are not out a dime and can resell it for a nice profit and rope in another owner/sucker/slave.

          Every foreclosure I have known is a non judicial/anti deficiency route in Nevada.

  8. Angelica Gomez says:

    I have a question? I live in Arizona and got a timeshare with Diamond resorts international. When me and my husband originally purchased the timeshare we only got the minimum packet which waaen’t too bad financially but when it was time for orientation they brain wash us about the dream for our 6 kids and made it seem it was the best deal they have ever seen. They took advantage of our wish to make our kids happy and up our timeshare from $120 a month to $450 and out maintenance fees are $1,700 every 1st of January. My husband lost his job and I am going through cancer treatments which has caused a huge income reduction and can no longer afford it, can anyone recommend what to do?

    • Unknown says:

      Hi Angela,

      I’m very sorry about your situation. Life event changes do make timeshares hard.

      Based on the info, you sound like you have a mortgage on it. Unfortunately, this makes it challenging. Given you have 6 kids to feed, health challenges and a laid off husband, I would check whether your timeshare is in a non judicial, anti deficiency state. To do this google

      Nolo. State. Timeshare. For example, if your timeshare is in California, google. Nolo California timeshare

      If your timeshare is in a non judicial, antideficiency state, stop paying. Yes, you will get calls and letters but after a year or two, they will foreclose and antidefiency means they can’t come after you for the difference.

      If it’s a judicial, deficiency state, things are harder and you could lose money.

      You should know they will hit your credit, but in a situation like yours that’s the least of your worries.

  9. Sonia says:

    I have timeshare in Orlando Fl. It is paid off,I am no longer working due to company laid off I had to take no earlier retire I dont get enough to pay bills and the maintenance fee it went up to over $650 my ssn cannot even cover my monthly bill. What will happen if I no longer can pay it? Can they put lein on my home? What will they do?

  10. Jessica says:

    Did anybody who stopped payment ever have wages garnished?

  11. Chad says:

    My wife and I stupidly bought a timeshare through bluegreen getting points, it is not paid off we purchased in August 2017. Owe 30,000 dollars and just got bill for outrageous maintenance fees. We cannot afford this, please tell us what to do?

    • Unknown says:

      Hi Chad

      Well, I am assuming you are an American. Because you missed the recession period which is the time you get to return the timeshare and you have a loan on it, you are pretty well stuck unless you can prove you were misled, misrepresented or lied to. If that was the case, you can file a law suit with the company. This will add more cost as now you have legal bills.

      Sadly, you’ll need to find a way to make the payments. Get an extra job, cut expenses, or whatever you need to do.

      If you own nothing especially a house, you could declare bankrupcy. However, your credit rating will be trashed. If you have any other assets like a home, they are at risk if you don’t pay.

      Once the loan is paid off, you can sell it for maybe 1 dollar just to get rid of it.

      Sorry to be the bearer of bad news. I have found the only way to truly pull the plug is to own the timeshare free and clear and then stop paying maintenance. When you have a loan attached, pulling the plug is just too damaging to your other assets and credit rating.

    • SharonaD says:

      Chad, I echo what ‘unknown’ says. One other alternative is to re-sell the timeshare (probably steeply discounted) to at least defray some of the costs. Some of the timeshare companies do report to the credit bureaus, so your credit is at stake. Wyndham is one, and is probably the largest in the world. If your timeshare debt is with the developer (e.g.Wyndham or other) and not in a separate financing form (e.g. credit card or other finance company), there is more hope that you can get a timeshare law group to handle your case and settle it. But if you (like I did) financed through a separate organization, it is very difficult. There is a cost, but nominal in comparison to the $30K debt the continually mounting maintenance fees.

      I wish you success!

    • shannon says:

      Hi Chad,

      Just wondering what happened with you and your wife’s timeshare? Did you decide to just not pay it?

  12. Jack says:

    Added more points to our blue green about a year ago. Still paying blue green. Fees keep rising (this year due to hurricanes). Our deed is at Paradise Point in Branson, mo. We have used almost every year for the last ten years: however, we are both retired and find it’s harder to meet our financial obligations. We are willing to forgo our investment just to get out of these payments and annual fees. The hit on credit doesn’t matter to us. What is the law in Missouri on foreclosure? Do they just take the deed property back?

  13. Denisse says:

    Hi all,

    I´m from Mexico and live ther, Ss of 2008 I decided to purchase a fixed timeshare in Orlando, Florida however given the dollar prices it´s getting harder and harder to pay for the loan. I sill have an outstanding balance for the next year and also anual maintenance fees. My question is what will happen if I just stop paying for the loan and the maintenance fees? Does my Immigrations status and right to travel to the US might be compromised if I stop paying? Thanks so much for your help.

    • Unknown says:

      Naw. CBP are only interested in Criminal history, not civil matters. Not paying your maintenance fees is a civil matter.

      A loan default is also a civil matter.

  14. Barb says:

    What if I purchased my timeshare in Florida (a judicial foreclosure state)? Would I be ordered to face a judge as a result of non payment?

    • Unknown says:

      Nope. Not in Florida Florida has a non judicial anti deficiency law for timeshares. Google Nolo Florida timeshare.

      This means it’s a paperwork shuffle to repossess and they cannot go after you for any deficiency.

  15. Maurice says:

    Hi everyone,
    Just like each and everyone of you, I also bought a timeshare. I bought mine at Massanutten Ski Resort or Woodstone Resort in Mcgaheysville, VA. I bought it back in November of 2015. I paid the full deposit of(roughly $1,100)and made timely payments of $168 a month for the last 15months. This past February of 2017, I called the resort to go ahead and make a full payment for the remaining balance of my account just to find out that after making monthly payments for 15 months the resort tells me that only only $180 went towards the principal. After reading some of the comments here, especially from Samteny, comments he made in March 2017; I completely stopped making payments since March 2017, now I’m receiving emails and phone call from the resort and totally ignoring it. Whatever happens I’ll keep you guys posted. Whatever happens I’m not afraid anymore, even if I go to jail about a stupid timeshare then so be it. The resort will just get a bad reputation about it. Whatever judgement a judge will impose, I will not make a single payment.

    • Unknown says:

      Good for you Maurice

      I too stopped paying on a timeshare. Actually 4 of them due to rising fees that just made no sense. How can it cost 40 k a year to maintain a 650 to 700 square foot place and 1/52 of one unit / all units of common area? In my case, I did a resale and NEVER signed a contract or received a public report. How they ever went through was beyond me. Anyway, they do send their whip cracking letters and I just send them back return to sender. If they want to sue, so be it. They always threaten this and tell you this will cost you more. In reality, it costs them more in postage, legal costs, etc. To chase you down.
      Once they foreclose, you are done. Many states have non judicial foreclose with anti deficiency rules. This means all they can possibly get is their timeshare back.

      With one of them I did write them a certified letter and told them no contract and no receipt of public report. I found even talking to them once increases their letter campaign. If you ignore them, they subside. If you call them like others suggest, they simply tell you that it’s not their department and where’s your payment? So, why bother?

      Remember, they are in the business to get paying owners not leaving it as non performing inventory forces them to take it back and find another sucker.

      Time is on your side, not theirs. Also, check they rent out your unit on Expedia, etc. And collect rent money from your week and then have the gull to want you to pay maintenance too? That’s a double dip. Google delinquent owners and you will get great information from resorts themselves on what they do.

    • Unknown says:

      Interesting. I googled timeshare exit team reviews and came across reviews at Yelp. Many of these reviews said they were asked to stop payment. One review said all they did was wait until foreclosure. It seems the cost of this service is around 4 k. So, you are better keeping your 4 k and stop paying. Save that money for a lawyer if you need to dispute their claim. Remember though, many states have non judicial anti deficiency laws which mean they can only rake your timeshare back and can’t sue you for any deficiency.

      The more I research the more I see bad advice being given like talk to them, beg them, etc versus stop paying. It all goes to credit report concerns. If that’s an issue, get a big cr3dit line or mortgage with a 7 year fixed rate and then pull the plug. That way, you left time for it to naturally repair.

      Funny how sometimes the advice given on the internet is really opposite of what you should do.

      • Bob E says:

        I think the ones that tell you to pay or something bad will happen work for the Timeshare companies and are trying to scare you.

    • Rodney says:

      Maurice.

      Can you please share what’s the latest news on this. I am also trying to get out of a place at massanutten.

      Thanks

    • Alex says:

      Hi,

      I am also trying to get rid of my Massanutten timeshare and was also advised to stop paying. How did this go for you Maurice?

      • Maurice says:

        Hi everyone,
        To most of us that comes in here looking for answers. Can I just say, Just Stop Paying. Stop being scared of what will happen. I stop paying a year ago and my timeshare is in default, my maintenance is overdue with penalty and late charges. We all became a victim of this scam that is creating to much stress in our daily lives. If only all of us that have been worrying will come together and take a stand against this resorts we could put a stop with this bad business practices.

        • Unknown says:

          Right on Maurice. And after 2 years you will get a letter in the mail saying they are foreclosing and it’s over. As a lady wrote one time. Foolishness then foreclosure.

          Btw, that’s really all these timeshare cancel services do. They take 4 k of your money and then tell you to stop paying. Just do that for free, let them send their threats and await foreclosure. Then your done.

          • Lili says:

            I have been harassed by a man wanting 3k. These were his words to me :If you quit paying you will end up in court and settling out for a larger amount than $3,000. If you’re credit is good now then put it on a 0% credit card. Pay it off $25 a month till gone. Don’t ruin your credit.

            Garbage!

  16. Ryan says:

    Hi,

    I purchased a timeshare, made 50% payment on the down in 25th May and the other 50% of the is suppose to be paid in at the end of June 2017

    I am having second thoughts of continuing with this timeshare, can I still get the 50% payment i made on the deposit back if I cancelled now.

    Thanks

    • Unknown says:

      Unfortunately no because you didn’t cancel in writing using prescribed legal approaches (usually sending a certified letter, return receipt requested) before the Recission period that ranges from 5 business days to 10 days depending on the State where your timeshare is at. Unless your signed contract says otherwise.

    • Keta says:

      What was the result of you stop paying your deposit? I owe two more payments toward the deposit and i should be done by august 30 2018 with last deposit payment and mortgage payments are to start oct.15,2018. I informed them I no longer wanted to make this decision and I want to cancel this entire agreement. Which I don’t believe it’s final until deposit is paid. They offered me a membership which was 20,000 cheaper and I also said no To that. So with the deposit not being completed what happen and we’re you able to recover what you paid into it?

    • Bob E says:

      Nope you will never see that money again. The only thing you can do is never to pay them another penny and tell them to stop contacting you. These TS companies are thieves and liars and bullies.

  17. Unknown says:

    One of the biggest things here is that the timeshare industry creates fear. Fear of credit, fear of lawsuit, harassment based on fear. The best course of action is to not be afraid. Many of you were told one thing but signed another. Why not put the ball in their court? Simply write them a certified letter once and tell them you do not agree and never agreed to them charging whatever fees they choose. Also, you agreed to pay 1/52 of a small unit plus 1/52 of the common area divided by all the unit. You never and will never agree to pay someone else’s bills through bad debt and otherwise. That is like asking your block to pay the neighbor down the street’s utility bills. Tell them to only send certified receipt requested mail and you will respond. Emails calls will be ignored and blocked and regular mail returned.

    Put them on the defense.

  18. Linux says:

    Hello guys! I was wondering if you can give me some advices, please. I made a stupid contract with El Dorado resort in July last year in my vacation in Las Vegas. However I live in Canada and I stopped paying the monthly and maintenance fees. So will this affect my credit in Canada? Please, helped me. What should I do?
    Thanks for your time.

    • R says:

      The answer is, probably not. However, you should check your credit report and, if necessary, schedule an appointment with an attorney who has expertise in these things.

    • Samteny says:

      Hi Linux,

      I just want to thank to everybody for sharing their timeshare experiences and most of all special thanks Tom and Bob, for their advises “Do not to Pay” and “Run”. I purchased a timeshare and paid the initial deposit in 2015. It was too late for me to cancel my contract but I followed what people were saying “do not pay” and “run” and which I did, I did not complete the deposit required which is payable thru my credit card. I requested a new credit card so they would not be able to process my next deposit. For so many months, I received calls, emails, collection letters and lawyer’s letters, but I disregarded them. I did not answer any call or email from them but I must admit I was so nervous in those times and did not have a good sleep. In their letter, they mentioned that for being delinquent, I will be reported to the credit bureau and that if I don’t pay them legal processing will begin. Still, I did not do anything and did not pay them even a single cent. Finally, after so many months receiving those calls and letters, I received a final letter to them that they decided to proceed with filing the Special Warranty Deed and if I don’t pay them within 10 days (for sure I will never pay them, never), my ownership of the lot will revert back to the resort and once completed, my account will be closed and credit report will reflect a “Settled” account. Thanks to all for sharing your experiences and so I just want to share my experience and hope this helps you and I live in Canada, too.

    • George says:

      Hey Linux! Just wanted to follow up with you with your timeshare situation. I’m in a similar spot. Bought in Las Vegas with Worldmark. Did your credit score take a hit?

      • samteny says:

        Hi George,

        My credit score was not affected at all since I just applied for increase of credit line and it got approved, no problem. Yes, after getting the “Settled Letter”, no more collection letters or calls.

        • Karen says:

          I don’t understand please explain how you received a settled Letter when you ignored them. Did you send something to them for you to get this letter?

    • Kay says:

      Hi. What did you finally do to get out if your TS. Also Canadian.

    • Alex c says:

      Hi I have bought same time share as u. I am in the UK. And have only paid 1sr deposit. Have u ever heard anything more from them. Thinking of just stop the payments thanks

  19. Debby says:

    My husband and I stupidly got hooked into the Bluegreen timeshare a little over a year ago. Since then he lost his job and I had major back surgery and was off work for 7 months. He is back to work but we are at the point we can not continue to make the morgage payments on them let alone the yearly payment. My husband will have to file chapter 7. So what do you think we should do? Just stop paying or what?

  20. Maintenance fee blues says:

    I have a time share that is current in payment as far as the mortgage because it is direct payment. We are behind on the maintenance fees and they keep getting more and more expensive every year. I have sent in payments to the home owners association and they have returned the checks and tell me that they have sent it to collections. That being said I still get a bill each year from them. What is someone’s advice on how to get rid of this time share and how to deal with the maintenance fees.

  21. Toni says:

    If you really want out of it then just stop paying for a year or two and then, when they finally start to bother you, renegotiate your contract. This only works well if it’s paid for, especially if you got the thing on EBay for $1. Because of all the hassles, legal issues, and, most importantly, not wanting to have to put it back into their own inventory , you can negotiate some good terms for maintenance. Just make sure they are aware that you’re willing to walk away from the whole thing.

    Note: This doesn’t work as well if you’re still on the hook with the mortgage. It only works well if i’s paid off.

  22. Heather says:

    Thanks for all the advice. My Mexican timeshare is all paid off except the annual fees and the extra maintenance fees that add up to not leaving me enough money to actually go on the vacation to use the darn thing. A few years ago I stopped paying for about 2 years, then they started ramping up the letters, e-mail and phone calls and I caved in and got current. This time I’m going to try it again. I have no use for it and I figure I have paid about $26,000-30,000 for this stupid thing and I don’t way to pay another nickel for it. I don’t care if my credit is ruined for 7 years, it would be a blessing to be able to be done with it. I figure in about 2 years they can start hounding me and then making bogus threats. The rest of my credit is stellar and I bet one default on a maintenance fee from a Mexican timeshare isn’t going to make a dent in it. They got plenty of money out of me already. I always tell friends and family- DO NOT EVER BUY A TIMESHARE! Help spread the word!

    • Sharon says:

      Heather,

      I’m at the same point! I already have a great mortgage on my house and my credit is 800+. I am willing to let me credit take a hit for 7 years just to be gone from this. I literally get sick to my stomach at hearing or reading the name. It seems that so many people are in this situation and there seems to be no way out. It is a life sentence! People who have murdered have been “punished” less for their mistake. The legislation really needs to change. I have owned mine for 30 years and it was paid off long ago. I have begged and pleaded for them to take it back and they won’t. I’ve tried selling it and even giving it away with no success. Personally, I have a moral issue doing either of those anyway because I wouldn’t wish this on my worst enemy. Seriously. People make jokes about ambulance chasers and used car salesmen, but truly, timeshare salesmen are the scum of the earth. I don’t know how they live with themselves. I paid $15k for the “privilege” of renting my unit for, what now is, over $1000. I am being penalized as an owner since you can go online and easily rent a week for hundreds of dollars less. If anyone reading this is considering a timeshare – Just say NO!

    • BERNEDETTE WALSER says:

      Heather where in mexico where you. Im thinking of doing this in cabo. how did you make out. just found out they change the contract and we signed for a life time instead of 20 yrs.

  23. Irrelevant says:

    My mother and father were given a timeshare 11 years ago at Mountainside Lodge in Whistler BC as a ‘gift’ from one of my dads clients. My father has since passed away and my mother, now retired, can no longer afford to pay her maintenance fees. She has consulted a lawyer, and the advice given was a) do NOT contact them – it is a waste of time and if anything will only be used against her, and b) stop payment and wait for the reaction.

  24. carl says:

    my bluegreen timeshare is paid for but the maintenance fees keep growing, what happens if you stop paying the fees please?

  25. Olivia says:

    already got the deed even though it’s not my name anymore.
    Same boat except mine has been paid off for years but fees are ridiculous and keep going up, they’ve offered to let me give it back for $800…. More than I want to pay to give something away that I paid over 15,000 not including on aver 900-1200 a year fees for that past 11 years and $ to bank it and $ to go to different resort and $to split my week… Ect ect

  26. Janine F Lancaster says:

    I purchased with Wyndham probably 11 years ago in Pompano Beach. I was young, 22, and circumstances arose making payments difficult. They called relentlessly for years as I did not make my payments, threatening foreclosure etc. Well, it’s been almost 8 years since I’ve made a payment. I’ve never seen foreclosure papers, however,it is a derogatory late payment on my credit report. I’ve bought a brand new car and currently getting a home mortgage. Take what you will from that.

    • Madeline says:

      I’m in a similar situation I’m at foreclosure risk right now I cut afford to make payments no more but I’m so nervous about my credit score…

    • danny says:

      I have stopped paying the maintencance fees on my Wyndham property. Its been about 7-8 months. I am in collections right now with $132 in collections fees, that will increase every month I dont pay along with the maintenance fees already billed. I have a deeded property and its paid in full. But don’t use it and even after its paid for the maintenance fees are much more than someone can find a vacation for on their own. After reading Janines post I have decided not to pay it. If I get taken to court Ill let you all know.

    • David says:

      Hi. I toohave a Wyndham account that I’d like out of. Could you contact me? [redacted]
      I’d like to know how things went for you.

    • Artty says:

      I too stopped payments well over 7 years ago. The calls, emails and letter lasted just under a year. We persevered; we had a default registered to wyndammm finance but did not affect us whatsoever because it was their own financial institution. Since then we’ve financed two cars and a second property without any impedance from the “default”

  27. Swelldan says:

    Hi all,
    Hope this will help some ppl with wyndham accounts, predominantly Australians. We were on our honeymoon & naive; we bought into trap. We paid about six months of repayments after that we stop cold turkey. They call insistently once a day, some we’re nice explaining it was part of their job whilst some were a little onmious and some times i could almost it was the same person doing a jekyll/hyde routine. They called my wife a couple of time scaring the bejesus out of her, I promptly told them under no circumstances were they to contact her and that i alone would take the calls. All in all it took close to 1 year before they place me in default however it was in default with their own “wyndham” financing company; Ha. It had no impact on my credit rating; I monitored it with a subscription to a credit rating company, before and after the ‘default’. I gone onto refiance my home loan, leased a new car. This website was a godsend and it helped me take stand. Hope this helps.

    • PM says:

      Hi there, we are Australians who purchased a timeshare in USA and found that we were misled and there was false misrepresentation from the resort. We had already made an initial down payment fee and 2 monthly instalments. If we go cold turkey and just stop making the repayments, will our credit rating be affected in Australia? Thoughts anyone? Cheers

    • Sue Fleming says:

      I hate to admit how stupid we were, falling for purchasing more points with Wyndham. After having our mortgage with them paid off we went to a “learning session” with them. Ended up purchasing more and in debt again. We can not afford to travel anymore, we are in our 60s and my husband is starting to get dementia. They put this latest purchase on Barclay Wyndham rewards credit card, so my question is can we just stop paying them? Since it’s on credit card and not directly to Wyndham don’t know if it’s the same. We have excellent credit and my husband is worried about just stopping payments. We are not buying anything on credit anymore anyway so doesn’t bother me. Any help would be appreciated.

  28. Carl says:

    I hope this makes it out for someone to read.. I’m late to the party… (a sad one at that).
    My wife and I are in the same boat with the decision to dump the “time share scam”… We only have been paying for a year now, and keep getting hit with a ton of fee’s (maintance fee’s, RCI point fee’s, RCI transaction fees, and of course the “mogtage”). We too got all caught up in the hipe of it all…. embarrassing enough we didn’t read it word for word… (that’s their tractated on rushing you to sign).
    Having said this, watch what you read, as someone has already mentioned, and It’s “my oppion”…. this will not so called ruin your credit for 7yrs! It may put a ding on it but trust me after someone who filed bankruptcy a few years ago, a year or so later we got a car loan, credit card and this dumb ass purchase to help build our credit back up. Then I started doing the math and reasearching and then realized that this wasn’t for us… I did try to contact my resort and tried to come to a resolution… with absolutely zero out come and was treated like a stupid a**!!!!!
    So, where do we go from here…..
    ~Pay some internet attorney?? OR
    ~Take the beating???
    I have been told time and time angain….
    1st) If it’s too Good to be True… Than damn it It Is
    2nd) Never Ever make a Impulse Purchase… Sleep on it for 24hrs, than ask yourself if it’s really worth it.
    3rd) You get what you Pay For….. If you buy Sh*t…. You get Sh*t!!! (My favorite)

    Had I taken this advice I wouldn’t be in this Sh*t!

    • James says:

      Just stop paying buddy. I did as have many others on these threads. Nothing will come of it. Enjoy your life again

      • TD says:

        Hi James, I’m in the same position as Carl, signed stupidly a contract of timeshare in Mexico then realizing after arriving back in the UK what I’ve done. Again, the verbal agreement was completely different from the written contract (surprise surprise). Can they chase me from Mexico here if I completely stop the payment plans?

        • TonyB says:

          We have fallen into the same trap but about five years ago, thought it was a good idea and actually had a couple of decent holidays through the timeshare, but UK economy, exchange rate and other financial factors now mean this is dragging us into debt.
          We live in the U.K. But are Wyndham owners in Orlando.
          If we stopped paying and just walked away would they be able to chase us back to the UK and go legal, would this effect us being able to visit the USA again…visions of being handcuffed at the arrivals gate and marched to some US courthouse???

          • Unknown says:

            US Customs and border patrol are only interested if you have a criminal history. Defaulting on a timeshare is a civil matter so they aren’t going to care.

            As for a US timeshare company chasing you down in a foreign country, that is highly unlikely as the legal costs on their end are far too expensive. They just foreclose and resell at a profit. As for Credit, the Credit Bureaus are not connected globally. The only impact possibly is your US credit rating that doesn’t exist if you are a foreigner.

            Sadly, the only folks financially harmed from US timeshares are US citizens or those with US credit file. Accessing foreign credit files is near impossible and extremely costly on their end.

            Just remember, chasing you down can make the endeavour so costly for them which deters action. They always threaten costs to you but going into action costs them a ton.

          • TonyB says:

            So the latest development, we have received a letter from Pinnacle Recovery Inc claiming the mortgage is past due and they are collecting on behalf of Wyndham, over $35000 plus fees.
            Does anybody else have experience of this? Just to remind that we are in the Uk and the timeshare is in the USA.
            Very worried by this latest development.

          • Unknown says:

            Not knowing your situation,, it sounds like you have a mortgage? You can go many ways. Florida has a antideficiency non judicial process and you are in the UK. The options i see are:
            1. Ignore them. However they can sue in Florida but that will be hard to collect in the UK if they get a judgement.
            2. Ask them to validate the debt in writing. Tell them you need proof they own the debt and owe the debt. Tell them you want a complete accounting of their figures.
            3. Pay them. But I personally wouldn’t.

            If it was me I would take option 1. That because of non judicial antideficiency laws for timeshares.

            Do some homework. Not knowing all the facts makes it hard what to do. 35 k seems crazy amount unless to mortgaged the timeshare to the max.

      • Bev says:

        Really? Just stop…have been considering it and your post makes me hopeful!

    • Olivia says:

      Same boat except mine has been paid off for years but fees are ridiculous and keep going up, they’ve offered to let me give it back for $800…. More than I want to pay to give something away that I paid over 15,000 not including on aver 900-1200 a year fees for that past 11 years and $ to bank it and $ to go to different resort and $to split my week… Ect ect

  29. Kimberly Cherrix says:

    We own a 2 bdrm lockoff, every year floating unit in Hawaii. The mortgage is paid in full.
    Also own a 3 bdrm lockoff, every year week 48 unit in Florida just outside DisneyWorld. Also paid in full.
    We purchased 15 years ago and both maintenance fees were under $800/ea. We have used them both a total of 3 times and have exchanged them both a total of 5 times. Now we are only 8 years from retirement and we can’t afford to fly to Hawaii and with young grandchildren, we prefer to stay inside the Disney park. As for exchanging, we are in both II and RCI and neither have properties any place we want to go. Can’t even get New York City… ever. Now the total of the feels is over $ 3500/year. We can stay almost anywhere in the world for a week at that price. We can no longer afford the fees nor do we use the properties. Since we no longer plan to ever finance anything again, I was thinking of just not paying the fee’s anymore and letting them go. We even tried selling them both for a $1 all closing costs paid… no luck.

  30. Rick Rockwell says:

    Ha! This article gave me the feeling it was written by a timeshare scam artist. Why would the IRS care if you defaulted on your timeshare payments? Answer: They wouldn’t. As long as you pay your taxes on income and capital gains, IRS couldn’t care less that you didn’t pay the thing off and finally let it go. And you can take this to the bank: The chances of ever having any capital gains from this are zero to negative. You might try to claim a loss on your taxes – but it probably won’t fly if you’re audited. It’s not business. In fact, it may be more of a red flag than anything else if you try to write it off.

  31. […] Stop Paying Timeshare Foreclosure … – Find out what happens if you are unable to keep paying your timeshare and you stop paying … Happens if I Stop Paying My Timeshare? … mortgage payment … […]

  32. M B walker says:

    Timeshare should be stop all it is they taking your money.

  33. housieboo says:

    Hi,

    My Fiance and I had bought a timeshare last year Dec 7, 2015 with Westgate in Las Vegas. We both didn’t know anything about it. Everything sounded great, because this was exactly what we wanted, we wanted to travel the world and explore new things, so we signed up with them. They said we had to pay $300 down today, then the next 3 months we have to pay $375 for the down payment, after the 3 months we will start our monthly payments for our place of $178 a month. My fiance and I said ok, that was fine and we proceeded. The third/last month we paid our last down payment of $375. For some reason, I started to look online and reviews about this place and other timeshares, I kept reading and nothing good came out of it. So my fiance and I had talked about it and we want out from this plus my fiance will now be working part time instead of full time soon, we will definitely not be able to afford it. Also, we have not paid our first mortgage payment and i dont want to after reading all the reviews about it. My question is, how do we get out of it? will it really affect our credit? Can someone please help us on what we should do. Thank you.

    • Tony says:

      You’re screwed

    • Rick Rockwell says:

      You’re going to screw up your credit since you financed it. They will hound you with the threat of default and maybe even a lawsuit and judgment. In the extremely unlikely event you could find someone dumb enough to take over the payments, the first thing you would need to do is bring all the payments – including maintenance fees – current. Then assign the title in a quitclaim deed to another entity. The only way around it – depending on how much you value your credit – is to pre-pay the principle. Once you get rid of that, you can create a transaction that will transfer the title to another entity.

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