What If I Stop Paying My Maintenance Fees?
If you own a timeshare, you are responsible for paying the monthly or annual maintenance fees whether you use the timeshare or not. Even if you've paid the initial purchase price down to $0.00, you will never pay off the maintenance fees. What's worse is maintenance fees increase at 2-4% every year. And it doesn't stop there... If you've paid your timeshare off but don't pay the maintenance fees you can't even use the timeshare until the fee balance is paid in full! So what happens when you choose to stop paying your maintenance fees other than not being able to use the timeshare?
If you stop paying the maintenance fees, the resort will do whatever they can to collect their money. They will start by calling and sending letters, then assign it over to a collections company which is most likely going to impact your credit. If you still refuse to pay, the situation gets worse. You could end up with foreclosure and legal action against you. All around, this is just not the type of situation you want to be a part of.
Debt doesn't just go away, and it needs to be paid sooner or later. Even though most unhappy owners don't want to accept it, timeshare maintenance fees are a personal responsibility and liability—until they’re not anymore. If you're thinking you want to stop paying maintenance fees, the best way is to get out of your timeshare altogether. You can do so by calling us today or emailing us with your questions. Visit our homepage for more details: www.TimeshareHelpSource.com