Have you found that your maintenance fees are always increasing and that paying for your timeshare is increasingly difficult? So, what happens to you if you stop paying your timeshare fees?
Here are at least five things that can happen to you if you stop paying the fees called for in your timeshare contract, including the maintenance fees.
And they are all bad.
1. The resort can send you into collections and you may receive harassing phone calls, communications, and letters.
2. The resort can report you to the credit reporting agencies and ruin or damage your credit.
3. The resort can send you into foreclosure and you can lose the title to your timeshare, and get stuck with attorney fees and costs of publication of the foreclosure notice. The foreclosure can be placed on your credit report.
4. The resort can file a lawsuit against you for breach of contract and try to recover all of the fees that are owed under the contract by executing on your assets after it obtains a judgment against you. The judgment will likely appear on your credit report android or damage your credit.
5. Not even Death cancels timeshare fees. The person that inherits your timeshare owes the fees. As a creditor, the resort can file a claim against your estate in probate court.
If you were lied to by the resort during your sales presentation, you may have the right to rescind or cancel your timeshare contract. Only a judge or arbitrator can cancel a timeshare contract without the Agreement of the resort.
If you believe that you were lied to you during your sales presentation, you may wish to contact a timeshare attorney experienced in timeshare law who can tell you whether or not you have a case for cancellation or rescission.
The choice of a lawyer is an important decision and should not be based solely upon advertisements.