I am the owner of a timeshare that I have been trying to sell. I am planning on not paying my mtce. fees and taxes. I know that I will probably receive a letter from a collection agency. What happens after that if I do not acknowledge the collection letter. Will the owners of the timeshare take it back? Interested if anyone knows the answer. thanks
Do you own the timeshare outright (no outstanding mortgage)? If so, contact the property management company / owner of the timeshare to see if they will accept a deed in lieu of foreclosure (or just a plain deed <–try this first). Let them know you are no longer interested in owning the timeshare but that it is fully paid off and there are no liens on it. Chances are, they may be willing to take it back, instead of trying to pursue a collections action. However, they are going to want you to pay them to take it back (a few hundred dollars so they can have a title report run to verify there are no liens against the property and prepare the proper paperwork). Then, the management company should be able to take it back.
However, before you go to that extreme, do you have any family members that are interested in owning the timeshare? Perhaps you can deed it to them as a gift? Or try to sell it on Craigslist.org first.