What could happen if you simply stop paying on your timeshare?

The Contract That Binds You With Your Timeshare!

The contract that applies to your timeshare ownership is a legal document, and therefore any consideration of transfer, payment cessation, etc. should only be done with the advice of a personal attorney specializing in timeshare exit. Beware of timeshare exit companies that advise you to stop paying your timeshare mortgage or timeshare fees and be sure any legal advice you obtain is from a licensed attorney who represents you.

Should I Stop Paying On My Timeshare?

First, any consideration of stopping your payments should be discussed with legal counsel with whom you have a letter of engagement. This is a major problem in the exit industry. There are many instances where the lawyer giving advice actually represents the exit company and not the timeshare owner. In such a case, the lawyer has a fiduciary duty to do what’s best for the exit company and not the consumer.

Second, make sure your attorney clearly explains the potential risks and/or benefits of nonpayment. Generally, failing to pay your timeshare-related fees could result in collection efforts by your resort, which could damage your credit for years to come. You could be liable for interest and penalties on what you owe, and the collection calls may start. If you still don’t pay your bills, the resort may take further steps to collect, including putting a lien on your timeshare. Ultimately, the resort could foreclose on the timeshare—severely damaging your credit and impacting your financial future. However, having legal representation can provide certain protections.

The Effects Of Falling Victim To Exit Scammers

• Hurt your wallet if a fraudulent caller asks for a deposit
• Damage your credit if someone advises you to stop paying timeshare mortgage or fees
• Cause problems with the IRS if you donate your timeshare and claim an improper deduction
• Fool you to believe you’ll be rid of your timeshare within a certain timeframe

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