Can no longer afford high maintenance fee.

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Original Message:

Can no longer afford high maintenance fee. (by Mike N.):

jamesm907 wrote:
What happens if I cease making payments on a maintenance fee? I can no longer afford mine. Do I need to declare bankruptcy? What will happen to my credit evaluations? Is there anything I should do?
The short answer is you will get a ding on your credit score. I could be wrong, but I believe that won't happen until the debt is handed over to a collection agency.

I'm not sure how this debt is handled in bankruptcy court, but IMO, I wouldn't declare bankruptcy just to avoid paying the MF. In this case you would have to file Chapter 7 to erase the debt, and that may have more disastrous effects.

Have you tried asking the resort to take back the deed in lieu of forclosure? Not many resorts will do this, but eventually the resort will probably get back the deed via the collection process anyway.

If your resort has any type of demand, you should be able to sell for $1 or give it away through eBay or any of the other sites.

RedWeek has a "bargain basement" area for resales ( I don't know if the fee to advertise is cheaper) I suggest you also join the TUG forum (tugbbs.com where they also have a bargain basement and a thread for bargain deals.

Good Luck