What Happens If I Don T Pay Timeshare Maintenance Fee

What Happens If I Don T Pay Timeshare Maintenance Fee – One of the most important parts of a timeshare is paying your annual maintenance fee. Timeshare maintenance fees cover routine maintenance of timeshare resorts, among many other factors of vacation ownership. So what happens if you can no longer afford the annual fee? Not making your payment option? Let’s talk about what happens if you don’t pay your timeshare maintenance fees and what alternative options you may have.

Before we answer what happens when you don’t pay your timeshare maintenance fees, it’s important to understand what they are. Timeshare maintenance fees are periodic payments that timeshare owners must make. The payments can be annual, monthly or quarterly depending on the promoter. Your timeshare management company should provide a report of the costs owners must pay each year.

What Happens If I Don T Pay Timeshare Maintenance Fee

As their name suggests, these fees are very important to maintain the timeshare. Timeshare maintenance fees cover equipment updates, unit upgrades, resort maintenance and compensation for everyone who works to keep your timeshare beautiful. This includes routine property maintenance and staff wages. Property taxes and insurance also fall under the umbrella of timeshare fees.

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Think of annual maintenance fees as the fees for taking care of your car. A car can run well for a while, but if you never take care of it, it will quickly fall apart. Timeshare works the same way, if you want it to continue to work well you will have to spend money. Because of this, owners pay annual maintenance fees. It takes a lot of work and money to run a timeshare resort!

How much timeshare owners will pay in annual fees depends on many factors. Not only does the timeshare itself affect the price, but individual resorts in the brand’s portfolio fees vary by ownership. Additionally, each unit in a given timeshare property may have different annual maintenance fees depending on the size and time of year.

The average cost of maintenance fees in 2022 was $1,120, according to ARDA’s State of the Industry report. Keep in mind that maintenance fees tend to increase every year, as seen in the timeshare industry. So what you pay in fees next year probably won’t be the same as what you paid this year.

So it’s clear that timeshare maintenance fees are very important, but what happens if you don’t pay them? If you stop paying your installments and consistently miss payment deadlines, you will default on your property. You will likely receive many phone calls and letters from the timeshare developer encouraging you to keep paying the fees.

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Multiple missed payments can be sent to collection agencies and damage your credit reports. If your property is in default, it will show up on your credit score. These penalties can be very damaging in the long run.

Many large purchases, such as a home or car, require a credit check, and seeing these issues on your report will make those purchases much more difficult. Timeshare foreclosures may not be on your credit scores forever, but they can definitely have a negative impact on your future.

Depending on the timeshare company, it may be written into your timeshare contract that they have the right to take legal action against owners who fail to pay maintenance fees. Your timeshare may go into foreclosure and you may not be able to use your property. In such cases, the resort takes ownership of the timeshare, sends the money you owe to a collection agency, and your credit report will be damaged.

Timeshare companies often claim that they can get you to pay maintenance fees, but they are usually unsuccessful. In many cases, they try to discredit the timeshare resort or developer, which will negatively affect your credit score.

Avoiding Timeshare Scams

Be careful if you get phone calls from companies telling you to stop paying annual fees. This is a timeshare resale scam that unfortunately many owners fall for every year. These companies can charge expensive upfront fees, and if you’re not in a position to pay the maintenance fees, this can have instant disastrous results. Unfortunately, there are many cases where owners empty their bank accounts or use emergency funds to pay the companies, only to never hear from them again.

In general, the best thing you can do is to continue paying your maintenance fees or talk directly to your timeshare company to find a solution.

People may be tempted to stop paying alimony for a number of reasons. Since the cost of your annual fee increases every year, you may not have the budget to spend that much money at first. Paying these annual fees can be a financial strain for some, but you are obligated to pay them under your timeshare agreement. What if you can’t afford the timeshare maintenance fees but want to get rid of them safely without damaging your credit? Fortunately, there are two solutions.

First, you can contact your developer or timeshare company. Many resorts and developers have options to take care of your timeshare if you don’t want it. In fact, timeshare companies will refund the timeshare contract directly to you!

Can You Be Forced To Inherit A Timeshare?

If none of these internal options work for you, you may want to consider the timeshare resale market. The secondary market gives you a lot of control over how you manage your timeshare. You can decide the price to sell your timeshare, set the terms and finally choose who the timeshare goes to.

Instead of paying an exit company to try to waive maintenance fees on your timeshare, you can sell it without maintenance fees and keep your credit safe.

Reselling your timeshare may seem scary at first, but it’s actually quite easy! Working with a credible reseller like Fidelity means you’ll be working with a licensed agent who can help guide you through the process.

To get started, all you need to do is create a list. We can work with you to set a price and make sure you are happy with the resale process. It’s important to keep your expectations in check when it comes to price. A timeshare is not an investment, so it may not be worth as much as you hope when you sell it, but it is the best thing to do if you want to stop paying the maintenance fees.

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One of our licensed agents will guide you through the sale of your timeshare. When someone makes an offer on your timeshare property, they will handle the behind-the-scenes details. They will make contracts between the seller and the buyer. Then, after the right of first refusal phase, you will have the title removed from your name. The buyer will become the new owner and you will be free of paying your annual maintenance fees!

Don’t know how to get started? Don’t worry, we’re here to help. Fidelity Real Estate has been in the timeshare resale business for over 20 years, which means we have the experience you need to help you through the entire process. Fidelity’s licensed agents are experts in all major resort developers, and we have an A+ rating with the Better Business Bureau, so we’re a trusted authority on the secondary market.

If you are a timeshare owner and have questions about selling your timeshare, feel free to call 1-800-410-8326 or email [email protected].

Looking for more information about selling your timeshare with no upfront fees? The video on the left will show you how! Then, when you’re ready to get started, fill out the form below to contact one of our licensed agents.

What If I Stop Paying Timeshare Maintenance Fees

Noah Belachev is a graduate of Stetson University with a Bachelor of Arts in English and a minor in Theater Arts. He specializes in content writing, voiceover and digital research. While outside Washington D.C. Born and raised, Noah has lived in Florida since 2018 and enjoys biking, cooking and traveling.

Please enter your username or email address. You will receive a link to create a new password via email. Are you starting to think that sharing your time isn’t the best investment? Sorry, but you’re right about that, timeshares are worthless. They cost too much in the beginning and require large loans that will cost you money in the distant future with interest. Even if you never live there, you are still obligated to pay regular maintenance fees, which can increase every year beyond what was initially negotiated. And, sorry to break it to you, but the money you spend on the timeshare today (and usually in 10-15 years) is money you could use for other investments. Finally, and perhaps more annoyingly, it’s not like a real second home. You can only use timeshare in a particular location at a certain time of year; So we hope you like the place enough to be flexible in your vacation plans for years to come.

So why not walk away, leave the property and never think about it again? Hang in there because you can open up a lot

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