Post reply
Original Message:
Donating our timeshare (by KC):
joycee31 asks in part: >> Other than ruining my credit, what's the worse that could happen if I simply stop paying for the darn thing and simply let it rot in space ?<< ================================================
The "worst" would probably be an agressive collection agency calling you day and night, at home and at work, chasing you for defaulting on your contractual obligation. Aside from just resulting in a "bad credit report", if the dollar value of the bad debt warrants such action, liens could be filed in court against other property which you own (home, car, boat, etc.). Such filed liens could potentially make it impossible for you to ever sell those items with clear title without first satisfying the filed lien (possibly plus interest and reimbursement of lien filing costs). Also, the creditor could go into court and ask for a court ordered "garnishment" of your pay directly from your employer paycheck until the debt is satisfied. The latter procedure varies considerably from state to state, but generally involves a judge deciding whether to authorize such an "attachment" and the amount of money to order withheld and sent directly to the creditor.
In any event, just walking away and hoping for some sort of magical disappearance of your lawful, contractual obligation is definitely not a strategy which I would either personally recommend or even momentarily consider.