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Original Message:
Donating our timeshare (by R P.):
Quote: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 ?
If you don't give a hoot about your credit rating then you can certainly do the above, however, depending on the resort's foreclosure procedure ... they CAN take you to court, garrnish your wages, force you to pay all back maintenance fees and force you pay court costs ... it just depends on the resort.
In your case, however, since your loan is not paid off you would also be hounded by whatever loan company the resort is aligned with due to nonpayment of the loan balance. Your case would be a double negative whammee to you.
Buying a timeshare is like buying any other big ticket item (car, boat, house etc.) ... once you sign on that dotted line you are responsible for any and all debts related to that timeshare until you sell it (it even goes to your estate after your demise and the estate is responsible for any debt owed to the resort).
My suggestion would be to pay off your loan and use, rent or exchange your timeshare until that time. After the loan balance is paid you can then try to sell it, but remember you won't get in return but about 1/4 of what you paid the developer and that is IF your timeshare is marketable at all (popularity, season, supply and demand).