PerryM
TUG Member
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- Jun 6, 2005
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I am a relative newbie to timeshares. I only own one timeshare, and I have probably a stupid question for the experts here. I have also considered getting into the inexpensive timeshares that are basically free (save for the maintenance fees) like Denise bought.
But I always wonder, is there a real risk that if the timeshare market crashes further, and more and more timeshare owners become delinquent on their accounts, that I might end up being stuck paying more and more money beyond the maintenance fees, (or else maybe be stuck paying much higher maintenance fees), to make up for the delinquencies and the poor market for timeshares, so that I end up wishing I never bought the "free" timeshare at all? I mean in that situation, if I can't find another buyer, I can't just renounce my timeshare ownership and walk away right? Or is that situation so unlikely its not worth worrying about?
Your fears are well founded - look for timeshare owners to make the hard decision of paying the timeshare MF or paying the mortgage. Delinquency rates could soar to all time records (I'd bet on that) and the existing owners will have to pay for the folks who just walk away.
So that $1 eBay timeshare might get your adrenaline pumping but my fear is that insolvency of small timeshare resorts might just become the new topic here.
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