not paying the maintenance fees

[craigfrommichigan]

what would happen if the timeshare mortgage is payed off and you stop paying the maintenance fees and taxes??

 

[DeniseM]

If you stop paying your maintenance fees they will turn you over to collections and it will damage your credit rating. You have a contractual obligation to pay maintenance fees.

Consider listing it on a number of free and cheap TS websites for $1, with the stipulation that the new owner pays the closing costs. TUG has such a board in the Timeshare Marketplace called the "Bargain Basement Board." If you list your TS for sale for $1 - $500 it will automatically be placed in that category.

A few resorts will allow you to deed the timeshare back to them, sometimes for a fee. This doesn't happen very often, but it's certainly worth checking.

Good luck!

 

[geekette]

If the mortgage is paid off and you quit paying the mortgage, nothing will happen.

 

[Stefa]

You could try contacting the resort to see if they will just take it back. Some resorts will do this.

 

[Talent312]

If the mortgage is paid off and you quit paying the mortgage, nothing will happen.

Duh... except that the OP is proposing to quit paying the MF's + taxes, not the mortgage.
The chances are that the HOA will turn the debt over to a collections agency, report you to the credit agencies as a deadbeat, and/or sue you to foreclose its lien against the unit.

In my way of thinking, spending years and a ton of money to acquire something, only to p*ss it away and end up with nothing, doesn't make a whole lot of sense.

 

[djs]

Duh... except that the OP is proposing to quit paying the MF's + taxes, not the mortgage.
The chances are that the HOA will turn the debt over to a collections agency, report you to the credit agencies as a deadbeat, and/or sue you to foreclose its lien against the unit.

In my way of thinking, spending years and a ton of money to acquire something, only to p*ss it away and end up with nothing, doesn't make a whole lot of sense.

The OP initially posted that they were thinking of stopping payment on the mortgage, and then they edited their post as that was a typo.

 

[Sandy VDH]

Your unit goes into collections and you leave the rest of the owners footing the bill for your share.

That is the worse consequence of stoping MF payment. Everyone else left gets to pay more to cover the fixed costs. I foresee it getting worse in the next year as well.

 

[lprstn]

It happens a lot more than you would like to think. Some people don't care about the ding on thier credit, and can dispute it with the credit reporting agencies. Either way, in 7 years its off the report.