Canadian hoping to stop paying for HICV (Orange Lake) Timeshare

[CarlRes]

We purchased the Timeshare in Orange Lake Florida in August 2023. We are past the 10 days grace refund period for Florida and now having buyers remorse as we reevaluated and it is not worth it considering the Maintenance cost as we may not be travelling as much.
Also, the last calls as promised are not easily Bookable and not even in our choice locations. The whole process is a scam!

We still have a loan of about $6,000 mortgage to pay. And have just made 1 month mortgage payment.
We are yet to receive the Deed.
Questions;
(1) Can We just stop paying the monthly mortgage payment?
(2) Will it affect our Canadian Credit Score?
(3) Can they garnish wages from our Canadian employers.
(4) Can that affect our future travel to US as Canadian Citizens at the US border?

We do not mind losing our initial deposit. Looking forward to your experienced responses.

 

[T-Dot-Traveller]

Hi @CarlRes
Welcome to TUG / Timeshare Users Group

1) - see below
2) Cdn Credit Score - probably not - based on prior reports in TUG threads.
here is one -Canadian Stop Paying for Florida Timeshare
3) Garnish wages in Canada - No / no reports
4) Impact crossing border - No


RE # 1 -
You say you are willing to loose your initial deposit. - OK

Who is the loan with ?
You are likely going to get collection calls etc.

 

[CarlRes]

It’s at Orange Lake Resort, Kissimmee, Florida.

 

[LannyPC]

Considering all your questions, if you stop paying any more money, the worst that will happen is that you will get a bunch of annoying collection calls and letters. In order for the company with whom you have the loan to garnish your wages, they would have to go through courts and lawsuits and likely both USA and Canada to get a judgment. That's probably not worth the effort for them.

The one big caution we give to people in situations like yours is to not go seeking the "help" of these companies, law firms, or charities that claim they can get you out of your contract, sue the resort/developer/salespeople, or get you a full refund and cancellation These are usually scams.