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My girlfriend and purchased a timeshare in Mexico, stupid mistake. Now, it has become such financial burden ($377 monthly payments!). She suggested that we just simply stop paying it and forget about it. I was wondering what the consequences can be besides effecting our credit and creditors hounding us which these days is very easy to avoid with caller new-york on cell phones. We don't want anymore!!! Help!!
Unfortunately, if you still owe money on it, donating is not an option. Not all timeshares are elegible for donation, and they definitely won't take it if there is a balance on the loan. And yes, unfortunately, defaulting on a timeshare loan is similar to defaulting on a mortgage, it will definitely have a major negative impact on your credit score. If you are not concerned about your credit, this may be an option, but it will not be a quick fix. I think that there is a 7 year period before it falls off your credit report--if you want to go that route, I suggest reading the forums at ficoforums.myfico.com/ and other websites to help your score recover ASAP. 7 years is a LONG time to go!! Your options are somewhat limited, but there are a couple of ways to handle it. The best option would be to get a personal loan from your bank, or a low-interest credit card and transfer the balance to that. Timeshares are financed at a ridiculously high interest rate, so you can cut payments and save yourself a ton of money just by transferring the balance to something with a better interest rate. If that is not an option, maybe you or your girlfriend has a family member that would be willing to help? If you explain that you have made a mistake, and come up with a reasonable payment plan, perhaps there is someone that wouldn't mind assisting you-- First thing to do is call the resort's financing company and get a 30 day payout-- that way you will know what the actual balance would be if you were to pay the loan off immediately, so you know how much you need to borrow. The next option would be to continue to make the payments on time, and rent the property to recoup your funds. The maintenance fees and payments MUST be current for you to be able to do this, however! Some Mexico timeshares have what is called accelerated usage, or bonus weeks, meaning you can rent multiple weeks per year, and use all the rental funds to pay your loan down. There are a lot of companies on the internet that will try to scam you though, so be careful! Some of the more reliable sites include www.buyatimeshare.com, www.redweek.com, and www.tug2.net. The first site is a more full service site, meaning they will explain the process, assist with pricing, and help you every step of the way--while the second two are more "self service" sites where you create the listing yourself and handle all of the offers throughout the rental process. If you are new to timeshares, you might want to gather some information from the different sites before you make your decision. Once you get the balance paid down, you should be able to find a buyer on the resale market, but you have to be priced within reason so it may take a while to pay off. Hope that any of this helps you! Unfortunately, there is no quick fix-- but best of luck!!!
Unfortunately it's never as easy as not paying. There have been similar situations where timeshares can garnish wages and even take you to court for the fees owned with penalties. Of course, your credit will be shot as well. If the timeshare is paid off, you should contact Timeshare Relief and talk to them about your situation before it gets any worse.
You're about the umpteenth person who has come here with the same question. Makes me sooo glad that I just took the steak knife set and went home. The same thing that would happen if you walked away from any contract you signed. You'll be sued.
Foreclosure and severe impact to your credit. And if you don't own a home now, you won't be qualified to own one for 2-5 years. I suggest you try selling it.
Destroys your credit why not donate it to a charity.
Quite a few great answers here