we purchased a timeshare and decided past the 7 day buyer's remorse period that we couldn't afford it. we have decided to walk away. other than affecting our credit score what else could be at risk?
Country relating to Question: United States
State (if USA): Arizona
contacted the company and asked what could be done. were told not much, sell but too costly.
Hi, thanks for your inquiry! I have been practicing law for 17+ years and have specific experience with issues similar to yours. I have been a stage 4 (highest) professional lawyer with the Company for nearly 4 years, and enjoy giving top notch answers to all of my customers. I am happy to share with you my decades of experience as I donate my time here. Please DO remember to only rate my answer when you are 100% satisfied with my diligence and effort in accordance with your chosen transaction. I aim to provide GREAT SERVICE. Until then, please stop and REPLY to me via the CONTINUE CONVERSATION button with the question concern you may still have. I will be happy to continue further and do everything I can to provide you with the service you seek. AND, WHEN YOU DO RATE ME POSITIVELY, PLEASE SEND ME A REPLY LETTING ME KNOW YOU ARE DOING SO, SO WE CAN ENSURE IT GETS RECORDED. THANKS!That being said...with regard to your post:
we purchased a timeshare and decided past the 7 day buyer's remorse period that we couldn't afford it. we have decided to walk away. other than affecting our credit score what else could be at risk? Unfortunately, quite a bit. Any party to any contract you signed (be it mortgage or managing association) can sue for Breach of Contract... repeatedly. So, let's say you don't pay all your obligated yourself for next year - they can sue you for breach next year. That means the judgment they will get will be what you owe, plus court costs, plus the attorney fee, plus penalties and interest. Moreover, as that judgement is not paid, it will grow, due to post judgment interest and if they seek to freeze bank accounts, lien your home, garnish wages, the amount you go goes up, because the costs of doing so (again, court costs, attorney fees, etc.) get tacked on. Then, when you then continue to not pay each year, they can, if they choose, file new suit for that new amount owed. And the cycle repeats and you can have multiple judgments against you. If at all possible, I'd seek to get rid of it - since the amount it will cost you is likely more than bad credit. I know it is not a simple thing to do, and you must be wary of any selling company that wants money upfront - you may also want to look at whether donating it is possible, so at least you get the write off and get off the hook for maintenance fees. But again, be careful. This Link was a google search result for donating timeshares. I'd be sure do my due diligence and make sure proper title transfer is made and I'd NOT pay them cash, if I am donating - whoever I determined to be legit.
Optional Information: Country relating to Question: United States State (if USA): Arizona Already Tried: contacted the company and asked what could be done. were told not much, sell but too costly. Selling, if possible, should not be costly. I suspect you mean that having someone else sell it requires you pay the seller and not from proceeds, but a flat fee before hand, that you may not get back if they fail to sell it (and if you remain the legal owner, you continue to be stuck with maintenance fees).
I hope this helps explain a bit.
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