Are you currently a timeshare owner and have you been wondering if you can stop making your payments? If you stop making your payments, then your timeshare will default and you will have negative consequences that you will have to deal with. All timeshare ownership contracts are legally binding, so when you stop making your payments, be prepared for serious consequences to come your way. Therefore, it is very important that you keep your payments paid on time. If you don’t, then your credit score will decline along with the potential for foreclosure, and other financial consequences will follow as well. People considering not making their payments can also be involved in a timeshare scam. Keep yourself safe by making your timeshare payments. Read below to learn more about timeshare default consequences.
Timeshare Payments Stopped – What Can Happen?
No matter what financial problems you are dealing with, you should try to keep your timeshare payments made. If not, you will have serious problems coming your way if you stop making your payments. Try to get your finances organized so you don’t have to deal with the downsides and long term issues that come with defaulting. Remember, when you don’t make your payments, you will not be allowed to use your vacation unit or any of the wonderful amenities that you love so much.
Foreclosure, Credit Score & Financial Consequences
Do you understand that having a good credit score is important? Anytime you want to make a big purchase such as a house or car, the lender will pull your credit score. If you have defaulted on your timeshare, your credit score will be affected. If you default on your payments, then they can sell the debt to a collection agency. At that point, the collection agency can sue you and more. When you have missed a timeshare payment, a written warning letter will be mailed. Then, your provider will email you and start calling you on the phone. If you are still ignoring their attempts to talk to you, then they can file a foreclosure. Don’t let it get that bad.
Don’t Become a Victim to Cancellation Scams
In addition, some vacation club members have become a victim to cancellation scams. Fraudulent cancellation companies prey on vacation club members making promises that they can’t keep. Remember, no company or person can cancel a timeshare membership unless you are still in your cooling-off period, which occurs days after the timeshare contract was signed. They will ask you to pay a large upfront fee, then they will be gone with the money without providing you with a timeshare contract cancellation. The truth is, a membership contract is legally binding and timeshares cannot be cancelled.
Timeshare Membership Maintenance Fees
Also, regular membership maintenance fees are also required from vacation club members. If you don’t pay your membership maintenance fees, then added delinquent and interest fees will be added to your bill. These will need to be paid immediately, because if you don’t pay them, then you will not be able to use your vacation unit. Maintenance and upkeep is an important part in keeping the resort common areas and facilities looking great and pristine all year long. To learn more about your timeshare membership maintenance fees, refer back to your contract. As you can clearly see, many timeshare default consequences will come to you if you stop making your payments on time as you have promised. Didn’t you join a vacation club so you and your family could spend quality time together at beautiful destinations in Mexico? Don’t risk that by not paying your timeshare payments.
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