What Happens If I Stop Paying My Timeshare?
Timeshare annual fees can be a big hassle for timeshare consumers
, since they increase considerably each year, and with the economy as it is nowadays, not everyone is able to have their payments up to date, and sometimes, some of them take rush decisions that end up affecting their financial situation even more.What happens if I stop paying my timeshare?
The consequences vary depending on the original timeshare contract. These are some of the things that could happen if you stop paying your timeshare:
- Foreclose: Under the law, a timeshare ownership is treated like a real estate and therefore, your timeshare can foreclose if you stop doing your payments. These payments do not jus include payments to the principal balance, but also the annual fees.
After a payment is first missed, the resort will give you a warning through numerous phone calls and emails. These calls can continue for months, and after a certain period without receiving any answer from the debtor, the timeshare company will start the foreclosure procedures on your timeshare.
Sometimes, after foreclosure, the resort can get a judgment against your possessions, or they can also garnish your wages, but this a long-annoying process to them, so they will try to avoid it. Foreclosure means that they have to take the timeshare back and pay for the paperwork that is done.
- Collection agency: This is probably the best answer to the question what happens if I stop paying my timeshare? When an owner decides to stop doing his payments, it is very likely that the resort sells the debt to a collection agency. The collection agency will go on your credit report and after that they will probably sue you.
Collection agencies may report you to the IRS (Internal Revenue Service), which can make future financial investments incredibly difficult. Debt collectors can be extremely persistent when it comes to recover the money you own. They will try to reach you several times each day, collection tactics are very aggressive.
BEWARE! Many timeshare resorts will not let you know that they sold your debt to a collection agency, but that doesnt mean that your credit report will not be affected.
So, if you were asking yourself, what happens if I stop paying my timeshare? Now you know some of the things that could happen, for that reason, we highly recommend that before taking any hasty decisions you should know the consequences of your actions.
Dont jeopardize your financial future
In conclusion, what occurs if I discontinue paying my ownership? Your credit score will be seriously damaged, affecting your financial future.
Timeshare resorts are like casinos: The house never loses, and they will certainly not allow you to stop doing your annual payments. The only possible way to get rid of your timeshare is by cancelling your contract.
When a timeshare contract is properly cancelled, you will not have any further strings attached to the timeshare company. Mexican Timeshare Solutions is a company that works under a contingency basis and only collects their fee if the contract is cancelled. Otherwise, no fee is charged. Contact MTS for a free consultation on your matter and assure yourself and your family a debt free financial future.
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