Original Message:
Re: My timeshare is paid in full, but I just don't want it anymore (by John I.):
JoAnn, this topic has been mentioned and discussed on Tug. (www.tug2.com) more than once. Florida is an anti-deficiency state regarding timeshares. You can read the section on foreclosures by looking up the Florida Statutes under the "Buying, Selling and Renting" topic. Basically, the resort has to spend money filing foreclosure papers and pursuing you. But, the most they can do to you is take back the timeshare and report you to the credit bureaus. They cannot sue you for any money. You could see a drop in your credit score, but that is all. Some resorts report - some don't. The resort probably doesn't want to let you do a "deed in lieu of foreclosure" because that would set a precedent that they don't want to start. They are hoping that you just comply and start paying again. Your best bet is to ignore them and not object to any foreclosure proceedings. When the collection efforts fail, they may offer you a deed in lieu of foreclosure, which they should have offered when you called.
The state section of law to review is 721.855. You can find it on Tug in the Florida statutes.