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Re: Fairfield Problem (by Carvan A.):

jayjay In my humble opinion there's not much worse than having your credit ruined. Ruined credit can follow you the rest of your life.

BTW, mathewr3, does your company charge an upfront fee. If so we don't condone doing business with any such company. We suggest if one chooses any resale company to find one that charges no upfront sales fee, no upfront marketing fee, no upfront advertising fee, no upfront fee, period. The fee should come AFTER the sale and not BEFORE.

If your company charges no upfront fee then please feel free to list your company in the 'No Upfront Fee Resale Companies' in the Buying, Selling and Renting forum here.

mathewr3 wrote:

My name is Mathew and I am a Remax agent who specializes in time share resale. And to the best of my knowledge you can let the resort forclose on your property. Yes it does effect your credit , however you have to ask your self if the point off your credit is is more important than paying fees on something yo cant use. It is sad to hear situations such as yours and un fortunate that it happens to more and more people every day.

Mathew Bolles

In my humble opinion there's not much worse than having your credit ruined. Ruined credit can follow you the rest of your life

Ruined credit will follow you the rest of your life only if you are planning to live less than seven years. Federal law requires all credit reporting agencies to remove negative information after seven years. I can immediately think of many things worse than ruined credit including the death of a child, cancer, 9/11, and the list is long. Certainly ruined credit is bad but most credit grantors will take into consideration the factors that caused you to stop paying the maintenance fees. These factors could include poor management by the resort including failing to maintain an adequate reserve to make timely improvements thus having to charge a special assessment fee that exceeds the fair rental value of the unit in order to refurbish property. A special assessment fee in excess of the rental value effectively renders the property worthless meaning you can't give it away. I know from experience. A credit score in excess of 700 is not seriously hurt by a ding from a timeshare management company if that is the only negative on the report. I don't advocate walking away from responsibilities but by the same token advance age, declinging income, and a worthless unit can force a person to make such a decision.

CGA