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CalAttorney2, Attorney
Category: Legal
Satisfied Customers: 10244
Experience:  Civil litigation attorney for individuals and businesses.
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My wife and i own a timeshare that we want to get rid of.

Customer Question

My wife and i own a timeshare that we want to get rid of. What would happen if we just walked away. would it show up on our credit
Submitted: 1 year ago.
Category: Legal
Expert:  CalAttorney2 replied 1 year ago.

Dear Customer,

Thank you for using our forum. My name is ***** ***** I hope to assist you today.

Most timeshares have maintenance agreements that require you to pay a certain sum each year or each month (if your timeshare has this fee, you know what I am referring to). These fees are part of your contract with the timeshare company, and if you stop paying ("walk away") you are in breach of contract. The company can refer your case to a debt collection company, and can even sue you for breach of contract and get a judgment against you (it all depends on which particular company it is - some are more aggressive than others).

Regarding fees paid to relieve you of your timeshare - my advice is not to pay anyone anything until the timeshare is actually sold to someone else and the liability is no longer yours. You may end up having to pay a company or a professional something to relieve you of this burden, but they shouldn't be charging you upfront for this service.