If there is one thing that timeshare owners hate more than anything else, it’s maintenance fees. It’s easy to overlook when first purchasing a timeshare just how quickly these are going to add up over the years – but they can be expensive, and it will start to feel like you are paying more than you should have to in order to use your timeshare. Whether you are facing financial difficulties, or you are just tired of making the payments and want to spend that money elsewhere, you might be thinking of just walking away.

Is that a good idea? What will happen if you stop making the payments on your timeshare maintenance fees? I’ll dive into those questions and more below, so you can make an informed decision.

Some Predictable Outcomes

Let’s say, for the sake of argument, that you decide to go ahead and stop paying the maintenance fees on your timeshare. That’s not a suggestion that you should do so, of course, but let’s play out the situation to see what it may look like. Some of the things you can expect to happen are as follows –

• You’ll get a lot of calls. Once you fall behind on your payments on the timeshare, you can expect to hear directly from the developer about those payments. You will probably get both calls and letters in the mail, consistently reminding you of what you owe and how the balance is adding up.
• A foreclosure process. Yes, your timeshare can be foreclosed on, and if that happens, you will stop having access to the timeshare at that point.
• Credit damage. One of the serious impacts of not paying your maintenance fees on the timeshare is that you will see your credit score drop consistently over time. Even if you don’t think you care too much about this in the short term, you are likely to take it more seriously at some point down the road when you want to make another purchase.
• A lawsuit. Yes, it’s possible that you could be sued by the timeshare in an effort to collect what is owed on the account. The specifics of your situation will determine if the case winds up in court or not, but it is a possibility.

None of those outcomes sound particularly appealing. Keeping up with your maintenance fee payments will allow you to avoid these situations, even if you aren’t really happy about continuing to pay. Rather than stopping payments, focus your efforts on getting out of the timeshare so you will be free of the fees for good.

Consider Selling Instead

One option that would be far better than just trying to walk away from your timeshare – which isn’t going to get you very far – is to sell the timeshare. Yes, it’s possible to sell timeshares, and you have the legal right to do so as an owner. If you are able to find a buyer and agree on a deal, your time as an owner will be over and you can enjoy the feeling of freedom that comes from moving on.

You can probably sense that there is a “but” coming up here pretty soon. The problem with the plan of just selling your timeshare to leave is that not very many people are likely to want to buy it from you. There just isn’t a strong demand on the second-hand market for timeshares. Most people know that owning a timeshare comes with many responsibilities and they won’t want to get locked into that kind of commitment over the long haul. Selling a timeshare can take quite a long time to find a willing buyer, and it’s entirely possible that you never will.

That doesn’t mean you don’t want to bother trying, and it would suggest going ahead and creating some listings for your timeshare to see what happens. If you don’t pay anything to list the timeshare, and you shouldn’t, you won’t be out any money if nothing happens and you have to keep trying to get rid of the timeshare another way. Should you happen to get lucky, be sure to do all of the paperwork to complete the sale properly and then confirm with the developer after the fact to make sure you are no longer the official owner.

See If the Developer Will Work with You

Another option that is preferable to walking away from your fees is to ask the developer about just taking back the deed for the timeshare. This does happen in some situations and it’s an excellent way to get out and move on without damaging your credit or doing any other harm. Basically, instead of getting into a battle with the developer by stopping your payments, you’ll be doing the opposite – reach out to them with your intention to leave and hopefully they will work with you to find a solution that is suitable for both parties.

There are occasionally programs offered by developers where they will take deeds back from owners who want to leave. They aren’t just doing this to be nice, of course – it’s a way for them to pad their inventory and have more timeshares to sell to other people. But their motivations shouldn’t matter to you. As long as the end result is you being free from your timeshare obligation and not having to wrestle with the maintenance fees and other costs anymore, the result will be a win. Reach out to the developer in the near future, and before you fall behind on maintenance fees, and see if they can help.

Try a Timeshare Exit Company for a Solution

As a much better alternative to simply stopping the payments on your timeshare maintenance fees, consider reaching out to a timeshare exit company for help. Yes, this is a solution that will cost you some money upfront but remember – the goal is to get away from the maintenance fees properly so you don’t have to worry about them moving forward. You’ll quickly start to make up the money you spend hiring the exit company when you aren’t paying maintenance fees, meaning the service will pay for itself soon enough.

When you are looking for exit companies that you can trust, start by searching for a couple of factors. The first thing you want to find is experience. You want someone who has done this before and is going to be able to get the results you desire as quickly as possible. This is certainly not a job that you want to trust to someone who will be trying it for the first time.

The other key factor to look for is the use of an escrow account to hold your money. That’s important because it will offer you a valuable layer of protection that you wouldn’t have otherwise. If the company doesn’t get results, your money will be in escrow and it won’t just be turned over to them right from the start. Hopefully, they’ll get the job done, you can approve the release of the funds in escrow, and everyone will be happy in the end.

Frequently Asked Questions

Thinking about stopping the payments on your timeshare maintenance fees is a big financial decision, so you want to know as much as possible before making such a move. The answers below could help answer some of your lingering questions.

Q: How much will my credit score drop?

A: It’s hard to say how much your credit score will be harmed if you stop paying your maintenance fees, but it could be significant. Most likely, this is not a chance worth taking in the big picture.

Q: Will the timeshare company even care if I stop paying?

A: Absolutely. They will pursue whatever channels are available to collect the money they are owned. For now, you are under contract to make these payments and they aren’t just going to let it go without a fight.

Q: Do I have to pay timeshare assessments?
A: Yes – in the same way that you are obligated to pay maintenance fees, you are also obligated to pay the assessments that are levied. Just like with maintenance fees, if you don’t pay the assessments, those missing payments can be reported and they will attempt to collect.

Proceed with Caution

You don’t want to let the frustration that you feel over having to pay timeshare maintenance fees lead you into making a poor choice. Sure, the maintenance fees can feel expensive, but the best path for your financial future is to find a responsible way out of the timeshare that doesn’t harm your credit or cause you any other major issues. Take a moment to call us today at 833-416-8796 to get more information, or you use our live chat feature here on the website. We wish you the best of luck with whatever path you choose!