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Roger
Roger, Lawyer
Category: Real Estate Law
Satisfied Customers: 31025
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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We would LOVE to get rid of a timeshare that costs $600+ a

Customer Question

We would LOVE to get rid of a timeshare that costs $600+ a year for maintenance. We tried to sell it to no avail. What would be the ramifications on our other properties should would stop paying the maint. fee. Thanks.
Submitted: 11 months ago.
Category: Real Estate Law
Expert:  Roger replied 11 months ago.

Hi - my name is ***** ***** I'll be glad to assist.

If you stop paying your maintenance fees, the timeshare company could foreclose on the property for the amount owed....and it operates much like a normal property foreclosure. Thus, there are many unfortunate consequences, such as your credit score being affected and also your ability to obtain credit in the future could be impacted. Also, you could face a deficiency judgment.... which occurs when the total debt owed to the lender (timeshare company) exceeds the foreclosure sale price. The difference between the sale price and the total debt is called a deficiency and you could be required to pay that difference.

Expert:  Roger replied 11 months ago.

The more favorable option would be to find someone to sell your timeshare to, or to sell it back to the timeshare company (which it often is willing to do IF there is a buyer ready, willing and able to take over).

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