Current info on walking away from a timeshare

susanp56 wrote:

travisd40 wrote:

Sometimes it makes sense to default on timeshares. Not all companies will report to credit bureaus but the financing company handling the mortgage likely will. I have seen people default on timeshares and nothing happen and I have seen it wreck people's credit. It's a crap shoot and I don't have specific information on the resort you mentioned. Good luck.

Travis, Could you tell me how you are involved in timeshares and how you knww about this information? I would really like to talk with someone with first-hand knowledge or who knows someone in our position. Thanks

If you signed a legal contract to buy a timeshare then the resort can (and most likely will) come after you for non-payment of yearly maintenance fees.

this are really bad news for me. thank for the reply

I am currently on the same boat that you were in 2009. Would you mind telling me how are situation with Welk Resort timeshare turned out?

I am currently on the same boat that you were in 2009. Would you mind telling me how are situation with Welk Resort timeshare turned out?

vivianv15 wrote:

I am currently on the same boat that you were in 2009. Would you mind telling me how are situation with Welk Resort timeshare turned out?

The Welk resort in California is a very popular resort .... if your week is paid for free and clear and your maintenance fees are up to date then you shouldn't have any problem giving it away at Redweek's Bargain Basement.

If you are paid in full and up to date with your fees the home resort might take it back through a deed back. Call and ask.

I am a Canadian and have stopped paying maintenance fees as I can no longer afford them. Anyone have any info on my chance of being taken to court in view of the fact that I am Canadian?

Legal action can be taken against you, probably a collection process, regardless of where you live.

did it work? i was thinking to do the same thing.

stevenm286 wrote:

I own a foreign corporation domiciled in the Cook Islands which banks in Singapore. I'm considering deeding the timeshare to the corporation and when the resort wants its fees the corp just tells them to go fish. Anybody ever heard of this strategy?

Many states are changing their laws to prevent people from deeding to any entity that has no intention of paying. In fact many HOA's can refuse to allow the transfer and even if they do they can still go after the old owner for deeding it to someone that has no intention of fulfilling the MF's obligations.