During this time of financial crisis, many people cannot afford to pay on a vacation home and for those owners who want to get out of their timeshares, they might ask what will happen if I walk away from my timeshare? Do not be under the false impression that there will be no consequences if you allow the timeshare payments to lapse. Just like if you stopped making payments on your mortgage or credit card, the timeshare company may also send the debt to collections and report this action to the credit bureaus. This means that you may be pursued by a collection agency for the delinquent payments, and/or may face additional fees and penalties for the amount due.
Some people believe that just because they no longer want or use the property, the timeshare resorts will just take back ownership without any consequences. This is not how it works and if anyone was allowed to just walk away from their responsibilities, there would be an abundance of vacant properties especially during these least desirable times of the year to vacation. In other words, no timeshare company is going to let you off the contract free and clear of your obligations. Even if you never intent on using the property again, you will still be responsible for the maintenance fees.
One option to a safety timeshare exit is to try deeding the property back to the timeshare company. This can be done by contacting the firm and informing them that you can no longer afford the property and that you would like to work out something by signing it back over to them. Most often, it will take some type of cash settlement but it is possible to do this. Another option is to try renting out your allotted time to the highest bidders on a number of websites like Craigslist, eBay, etc.
Instead of just stopping payments and walking away from your timeshare obligations, you may want to try and sell such vacation property. Just be cautious that when you sell your timeshare, you are not being ripped off. You should not pay a salesperson any upfront fee to sell your timeshare for you. Moreover, it even makes sense to simply give it away. Maybe a charity can take it off your hands for a tax deductible write off.