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Re: Re: Re: Re: Trying to get rid of the Grandview Las Vegas (by KC):
gabriellek15 wrote:I haven't paid mine for roughly 2 years, did they Include interest and late fees when they came after you? Have you paid anything to them up until this day? I'm hoping that my timeshare will go into foreclosure but I live in the US so I'm concerned about the consequences of not paying when they send me to collections.
Foreclosure only for non payment of timeshare maintenance fees is inevitable at some point, often after 1-3 years of non-payment, but foreclosure only for failure to pay maintenance fees is not a particularly big deal, in and of itself. If there is no unpaid loan balance involved, developers usually won't even bother going any further than foreclosure if / after collection efforts fail.
Maintenance fees are one thing, but the bigger and more problematic issue is defaulting on a loan, which will almost certainly result in a negative credit report, which will then remain a matter of record for 7 years. Historically, it was rare for any developer to ever go any further than that. However, in the last year or so there have been (unverified) reports of people claiming that legal action was initiated against them for loan default, reportedly resulting in garnishment of wages, etc. for non-payment of a loan. Such reports (some of them very recent) can be easily found right here in these RedWeek forums, but there is no way to confirm the veracity of any such reports, since forum posters are unidentified and their claims cannot actually be verified.