Timeshares are different from standard residential properties in many ways, but in some respects, they behave in a way very similar to a home. One of the situations in which timeshares behave just like a home with mortgage on it is non-payment – if you fail to pay your dues stipulated in your contract, you face foreclosure.
If you stop paying your timeshare obligations, your timeshare management company will first try to notify you about the issue, then, if you still don’t make the due payments, they will step up their collection efforts. They might use third-party debt collectors who will make repeated efforts to get the payments done and eventually they might also decide to start legal action and take you to civil court. If the judge issues a sentence against you, the timeshare management company may levy your bank account or take a part of your wages to collect the money that you owe them. Prior to this happening ask yourself how do I sell my timeshare properly, there are many avenues you can take to avoid your timeshare property from going into foreclosure.
The above process is the worst-case scenario, though – going to court is nobody’s interest, so you can contact the management company to start negotiations for partial payments at any point. You can also decide to turn to a lawyer who has experience in handling timeshare cases – your attorney will take the debt collectors off your back and can also deal with the management company on your behalf.
Originally Posted here: What Happens If You Stop Paying for Your Timeshare
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