Regarding time share maintenance fees
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Regarding time share maintenance fees
I have 2 years left on my 30 year time share Royal Holiday and its been completely paid for about 25 years, so Ive just been paying maintenance fees which have increased dramatically over the years. When I purchased, it was $68 per year and they said if it went up at all it would only be a few dollars every few years. Due to health reasons, I cannot travel and want to just walk away from the remaining two years. Can this affect my credit rating? I explained this to them but they insist I have to pay. I own a studio basic hotel room 1 week a year and the maintenance fee is $847. I am willing to sign the remaining 2 weeks back over to them for no compensation to do with whatever they like.
Asked on December 27, 2018 under Real Estate Law, Florida
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
1) You can't make them take the 2 weeks back--it is voluntary on their part. You can propose this, but they'd have to agree.
2) If you don't pay the fees, yes, it could be reported to and affect your credit: you will have defaulted on a legal obligation.
3) For your information, the increase you have seen is the equivalent of a 9.5% (approximately) increase per year from your original amount.
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