jamied86 wrote:If I simply stop paying, will this eventually be foreclosed upon and ownership end? Do I need to be worried about the scare of being taken to court and wages potentially garnished, along with a the negative 7-year credit hit, that I have read is a possible tactic ... or is this just a scare tactic that will likely never be acted upon? I am ok with the credit hit that a collection agency (if it goes to collections) could impose on me, but am worried about this potentially being taken to court and being forced to pay anyway. Any assistance/advice is greatly appreciated.
Yes, if you stop paying there will eventually be a foreclosure, but likely not until some collection efforts are undertaken (efforts which you can simply ignore). However, it could be 1-2 years before foreclosure proceedings get initiated.
No, you will not be taken to court and there will be no effort to garnish wages. That does not happen for a fully paid off timeshare on which you just stop paying maintenance fees; they know that they got plenty of your money already.
Maybe, a negative credit report would be initiated at some point. If so, it would remain in place for 7 years. However, IF there is no loan default involved (only non-payment of maintenance fees for a timeshare that is already fully paid off), limited available statistics indicate that about 75% of the time a negative credit report never gets initiated at all. It's a different story when a loan default is involved; loan default creates much higher likelihood of a negative credit report.
KC
