If I own a timeshare paid in full but want to give it up, will it go as a ding on my credit if I stop paying the maintenance fees?

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If I own a timeshare paid in full but want to give it up, will it go as a ding on my credit if I stop paying the maintenance fees?

I no longer want it. There are maintenance fees due every year.

Asked on January 10, 2012 under Real Estate Law, Arizona

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

Most likely the entity that controls the property that you have a time share ownership in very well can report your failure to make good on the mandated maintenance fees of your asset to third party credit reporting agencies.

Should that happen, there will be a "ding" on your credit report.

If you no longer wish to own this time share, you should consider selling it on the secondary market or donating it to a charity for its use as a possible "bid item" for some fund raiser. Once you are no longer of legal ownership of the time share, you no longer have the obligation to make the maintenance fee payments.


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