What happens if you foreclose on a timeshare for which you just owe maintenance fees...?

[chazpbg]

I own at Rayburn in Texas. They've had lots of problems of late (and lots of foreclosures, they say). They just now said they'll need to have a special assessment for this year.

I own unit outright, but I do pay MFs (and the occasional assessment). If I stop paying and the presumably foreclose -- they won't do a deedback at this time -- what will happen? Will there be a ding on my credit rating? (And if so, how many points and for how long?) Will I be responsible for the unpaid fees in some kind of judgment (and possibly anything else)? And if so, how enforceable will that be?

I'd especially welcome hearing from folks who have gone through this process...

 

[TUGBrian]

https://tug2.net/timeshare_advice/stop_paying_for_timeshare.html

 

[simpsontruckdriver]

When the Recession hit, my wife and I had Wyndham Points (based on Star Island). We could not pay the Maintenance Fees, and just stopped paying. A year or so later, we received a letter stating they were foreclosing on it. It's been 4 years, they never asked for any back payments, and my credit never showed anything from them.

TS

 

[lprstn]

You can start the procedure, find out who the lawyer is that is handling it, find a lawyer for yourself to work out a deed back situation. That's what we did. Or, you can just take the credit hit when it comes.