Tug Review Crew: Rookie
TUG Lifetime Member
- Apr 11, 2005
- Reaction score
- Rochester, NY
What happens if I walk away from my timeshare (deeded property)? I can't afford the yearly fees.
You risk your credit rating and a foreclosure on the ownership - also a hit on your credit report. Better to find a new owner - give it to them if needed - so you can be properly removed as owner, the Association won't have to go to the credit agencies for collection and then foreclosure and everyone is better off.
You can also check with your resort to see if they accept "deed backs" - if they do then that would be the cheapest & quickest way out. If not try to find a new owner as mentioned above. One thing you DO NOT want to do is pay one of the Post Card Companies - so called as they frequently use misleading post cards to solicit you to "be relieved of your timeshare" or "we buy your timeshare - no more fees!" or similar approach. These groups take $3000 or more to try to sell your timeshare usually using a power of attorney and, if they don't, they simply aandon it & YOU are still the owner and still have collections and froeclosure on your record after PAYING them to deal with it! Don't fall for that trap - if you must pay use the fund to "sweeten the pot" for a true buyer & be sure the deed is legally transferred to them. It is a mucjh better, cheaper and positive way to be out of your current obligations. Good luck.