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Re: Giving up your timeshare after it has been paid in full

[Q=smoochez1] [q]They will tell you that any derogatory TS info can be removed from your CR because the TS comglamorate gets the TS back and can resell it to another perspective buyer.[/q] [b]This is called foreclosure and any type of foreclosure will affect your credit rating unless you come to some kind of understanding/agreement with the resort HOA or management to take the deed back.[/b] [q] The blurb should never have appeared on your CR in the first place.[/q] [b]Being behind on a bill of any kind, including past due maintenance fees, will appear negatively on your credit rating. A maintenace fee bill is like any other bill you owe. I don't understand why some people think just because it's a timeshare resort maintenance fee bill that they can just quit paying .... like you could just quit paying on your car note or your house note or credit card payments ... it's just not like that in the real world. When someone signs a contract to buy a timeshare (whether developer or resale) they are committed to paying maintenance fees forever or until it's sold .... it's part of the contract.[/b] [q]So sad that you have to give this up because of health reasons.[/q] [b]Yes, it is sad, however he might consider putting it on Redweek or Ebay (depending on what he owns and season owned) for what he owes in maintenance fees[/b] [q] Also sad to say, that your family finds it hard to recognize a gift when they see one.[/q] [b]Timeshares given to family members are not necessarily a good thing and I can understand why many family members wouldn't take a free timeshare with neverending (rising) maintenance fees and possible special assessments. Timeshares [i]can be[/i] considered the gift that keeps on taking.[/b] [q]and get to enjoy a week in Mexico[/q] [b]That might be easier said than done since whomever took possession of the timeshare would have to fly to Mexico, and with the high cost of airfare (and extra fees for any checked luggage) I'm not sure many people would want to take on the expenses and aggravation of flying.[/b]