What happens ifI quit paying my maintenence fees for my timeshare because of financial hardship?

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What happens ifI quit paying my maintenence fees for my timeshare because of financial hardship?

What happens to my credit? There is no mortgage; the company will not take it back for free.

Asked on April 6, 2011 under Bankruptcy Law, Indiana

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

So many people are in a state of financial hardship these days.  It is a very difficult time in our history.  You signed a contract on the timeshare, correct, and that contract was for the purchase as well as the continued maintenance.  If you "breach" the contract  by not living up to your end of the bargain then they can sue you for the money owed and for the breach.  One would need to read your agreement to see exactly what the situation will be.  But if they obtain a judgement then they can try and collect.  They may even have the right to foreclose.  And it will be reported on your credit.  Is it possible to try and sell the timeshare or to give it to an agency to lost it for rent?  If you have no mortgage on it then you only need to cover the maintenance fees so maybe if you list it for a good price you will get some takers.  Good luck to you.  


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