Here’s What Happens If You Stop Paying Timeshare Maintenance Fees
You may have guessed the importance of maintenance fees to the timeshare industry. They are intended to support upkeep, upgrades, and property inspections. So, what happens if you stop paying your maintenance fees? This article will cover that question and offer a solution to stop paying them legally.
Timeshare purchases involve a legally binding contract, and you will default on your contract ownership if you stop paying any related payments or maintenance fees. Like many companies, if you default on your agreement, your case will likely be sent to a third-party collection agency to recover the debt owed and any new fees associated with the collection. This process can damage your credit and leave you with the stress of an outside party’s phone calls, emails, and letters. Without a resolution, your contract could eventually progress to timeshare foreclosure. Your credit report can carry this negative reflection for up to seven years and make it problematic to get a loan or to receive reasonable rates on any future credit.
This situation leaves many owners wondering, “How can I stop paying my timeshare maintenance fees without dealing with those consequences?” Timeshare contracts can be problematic; they have little room for clients, and they’re considered lifetime agreements. As a result, there are limited opportunities for timeshare owners to find a resolution by attempting to negotiate directly with the developer. Trying to resale often seems impossible due to the market’s saturation and the property’s rental availability.
Instead of not paying and ignoring your contractual obligations, find a legal way to eliminate your timeshare without having your credit suffer. To truly free yourself from a timeshare, research ways to cancel the purchase agreement. Partnering with a timeshare cancellation company gives you a clear and legal way out.
The Original Timeshare Exit Company
Timeshare Legal is a professional, full-service timeshare cancellation company. In addition to cancellation services, we offer a credit safety program. We aim to start the timeshare exit process for you without any upfront cost. Start with our online assessment to see if you qualify for a timeshare cancellation, or contact us directly to schedule a free, no-obligation consultation.