Stop paying maintenance fees

[Kira]

I own (payed off, no mortgage) a 1 bd. 1 bath timeshare at Waterside by Spinnaker Resorts on Hilton Head Island. It's an even year deeded property. I have owned it for approximately 18 years. I have no use for it anymore and was wondering what would happen if I just decided to stop paying the maintenance fees?

 

[dioxide45]

Have you tried giving the timeshare away first?

 

[Kira]

No. I am going to check with the resort next week to see if they have a deed back program. We are willing to give it away, but i am sure there will be fees associated with both of those options.

 

[dioxide45]

No. I am going to check with the resort next week to see if they have a deed back program. We are willing to give it away, but i am sure there will be fees associated with both of those options.

When you talk with the resort you need to ask about transfer fees and costs. There will be closing costs, but they may be somewhat minimal (under $500). There may also be a fee to deed back. Generally for a paid off timeshare, defaulting will have zero ramifications. There is always a chance that you could get a hit on your credit, but that chance is low. It may also drag on for years if the HOA isn't actively foreclosing on defaulted weeks. The main thing that will happen if you stop paying is that the bad debt you create gets passed on to the other owners that keep paying.

 

[TUGBrian]

spinnaker has been reported to take back weeks, never hurts to ask first!

yes its likely to have a fee involved.

as for stopping payment, it really all depends: https://tug2.net/timeshare_advice/stop_paying_for_timeshare.html

 

[escanoe]

What week is it? If it is during beach season, I wouldn’t think giving it away would be a problem.

 

[Kira]

It's a floating week. We book our week at the first of the year depending on availability.