What happens if I stop making my maintenance payments on my timeshare? ?
I can't sell it and I must get rid of it. If I stop making the annual payment, what happens? Will the 'owner' repossess it or? There is no bank financing on it.
You might be able to donate it. Here is a list of charities that are currently taking donations:
http://timeshareownerscommunity.com/Charities-Accepting-Timeshares-Donations.html
Stop Paying timeshare?
1. The foreclosure will be visible on your credit history. Lenders will take it into consideration that you didn't pay a debt before loaning you additional money. You will either not get the new loan or will pay a much higher interest rate.
2. The timeshare lender will report the foreclosure to the IRS. They will show the amount of money that was still owed at the time of the foreclosure as well as the value of the property at the time it was sold.
Let's say you paid $10,000 for the timeshare, had a remaining balance of $8000 and the timeshare is now wroth $4000. For tax purposes you have a $4000 non-deductible loss (timeshares are personal use property) and a $4000 cancellation of debt income. If you are not insolvent or bankrupt, the $4000 will be added to your income in the year of the foreclosure as 'other income.' (The loan is considered separately from the property so the $4000 loss doesn't reduce the COD income at all.)
01454b Summer Bay Resort Timeshare in Orlando, FL for Sale by owner.
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10,000 Annual WorldMark Vacation Credits Timeshare $1,777.00 |
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WYNDHAM DOLPHIN'S COVE, ANAHEIM, CALIFORNIA, ANNUAL, TIMESHARE SALE $1.00 |
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2BR COCONUT PALMS BEACH RESORT, FLORIDA, ANNUAL, TIMESHARE SALE $1.00 |
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CALIFORNIA Mandalay Shores 2 BEDROOM Annual Timeshare Resale $1.00 |
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2BR EDGEWATER BEACH RESORT, OCEANVIEW, ANNUAL, TIMESHARE SALE $1.00 |
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MADEIRA BEACH Annual FLORIDA GULF COAST Clearwater Timeshare Deed Resale $1.00 |
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TWO Bedroom Annual TENNESSEE SMOKEY MOUNTAINS Gatlinburg Timeshare Resale Deed $1.00 |
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PALM BEACH SHORES Florida Annual RCI GOLD CROWN Timeshare Resale DEED $1.00 |
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Florida Disney Two Bedroom ORANGE LAKE Annual Timeshare Deed $1.00 |
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FT. LAUDERDALE BEACH Annual Floating FLORIDA Timeshare Deed Resale $1.00 |
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Marriott's Kauai Beach Club -- Deeded Annual Usage; Platinum Season Timeshare! $1,900.00 |
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2BR MARRIOTT'S NEWPORT COAST VILLAS, ANNUAL, TIMESHARE $9,250.00 |
