Sell or not pay

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Original Message:

Re: Sell or not pay (by R P.):

carvana wrote:
Also, there should be no adverse impact on your credit for any past due maintenance fees because most resports to not report the payment or non-payment of maintenance fees to credit reporting agencies . Anyone who does not believe me should pull their own credit reports and you will see the resorts do not report the timely payment of your maintenance fees. If they do not report the good they cannot legally report the bad per Federal credit reporting laws. They report neither the good or they bad because the maintenance fee is not a personal obligation. Any doubters out there should pull their own credit reports and verify whether their maintenance fee payment record (good and bad) is reported.

Quitting paying mainteance fees:

Timeshare is treated equal to real estate in the eyes of the law, and it follows the same rules and regulations as a homeowners deed. Your timeshare can foreclose in the same way as your home if you stop making payments - and this does not just mean payments on the principal balance, it also INCLUDES YEARLY MAINTENANCE FEES.

If your timeshare does go all the way through the foreclosure proceedings you will be notified by mail that your deeded timeshare will be part of a trustee’s sale or public auction. At the given date, time and place your timeshare will be sold at a sheriff’s auction to the highest bidder. The auction is public record and this transaction will be recorded and reported to the CREDIT BUREAUS, EFFECTIVELY RUINING YOUR CREDIT FOR THE NEXT SEVERAL YEARS. This strike on your credit score can make it difficult to finance a car, obtain a loan or even buy a home.