Table of Contents
- 1 What happens if you quit paying your timeshare maintenance fees?
- 2 What happens if you abandon your timeshare?
- 3 How can I legally get out of my timeshare?
- 4 How can I get rid of my timeshare without damaging my credit?
- 5 How can I get out of my timeshare for free?
- 6 How do I write a letter to cancel my timeshare contract?
Failure to pay the maintenance fees results in the resort foreclosing on the property and selling it at auction to recover money owed. You may face a judicial or non-judicial foreclosure. Judicial foreclosures allow the lender to pursue a deficiency judgment for the balance due after the auction.
The resort is not legally obligated to take a timeshare back from you. If you can’t find a willing owner to take over your unit, you’ll have to put your case to the property’s manager. If you stop paying your maintenance fees, you’ll eventually be foreclosed on, which will take the property off your hands.
Can a timeshare sue you for non payment?
In general, though, if you don’t pay the assessments on a right-to-use timeshare, the HOA may sue you for a money judgment or “repossess” your right to use the timeshare. In most cases, this kind of lien automatically attaches to the timeshare once the owner is late in paying assessments or fees.
Can you just walk away from a timeshare?
You can’t just walk away from a timeshare. If you don’t stay current on your maintenance fees or your loan payment, the timeshare company or timeshare association could report you to a collection agency and ding your credit score.
Looking to Get Out of a Timeshare? Here’s How to Do It Legally
- Call the developer.
- Rent it out.
- Sell it on the resale market (expect to take a hit).
- Gift it to a friend, family member or stranger.
- Stop your payments (but expect consequences).
- Avoid scams.
How to Get Out Of A Timeshare
- Talk to your developer about buying back your property. Some developers and resorts may be willing to work with you on buying back your ownership.
- Gift your timeshare to a family member or friend.
- You may be able to cancel your ownership.
- Post your timeshare for sale.
Can a timeshare go into foreclosure?
Simply stated, if you stop making payments on your timeshare loan, you will eventually face foreclosure since a timeshare is considered real property just like a residence (note that the other owners of the timeshare property are not affected in any way by the foreclosure of your interest in the property).
What is the average cost to get out of a timeshare?
The timeshare developer won’t pay much, but you can usually expect to receive between $1,000 – $2,000 depending on the timeshare, number of points, week number etc. Other times you’ll need to pay a fee. The fee can be anywhere from $500 – $3000, but it is usually less than a timeshare exit company or law firm.
How to Get Out of a Timeshare
- Check Your Timeshare Contract. Many timeshare contracts contain a retraction or rescission period.
- See if the Company Will Buy it Back.
- See if the Company Will Take it Back for Free.
- Sell Your Timeshare.
- Give Your Timeshare Away.
- You’re Stuck With One Company.
- You May Not Use It.
- They Cost a LOT.
Write Your Timeshare Cancellation Letter
- Your name and contact information.
- The name of your timeshare company.
- The contract number.
- The names on the timeshare contract.
- The date of purchase.
- A statement of cancellation.
- The amount you paid, including a request that this amount be returned to you.
How can I get rid of my timeshare without ruining credit?
How do I get rid of my timeshare?
Say no, hang up and move on to one of the following solutions.
- Stop paying. Before you do this, take stock of your situation.
- Offer it on the resale market. You’ll get little or no money, except perhaps for a premium timeshare in a higher-end chain like Disney, Marriott or Hilton.
- Use a company to help you exit.