Legal actions for not paying time share payments

Question

if i don't pay my time share payment can they put me in jail for that the reason for not paying i'm unemployed right now and not receiving unemployment

Answer 1

Stop Paying timeshare?

1. The foreclosure will be visible on your credit history. Lenders will take it into consideration that you didn't pay a debt before loaning you additional money. You will either not get the new loan or will pay a much higher interest rate.

2. The timeshare lender will report the foreclosure to the IRS. They will show the amount of money that was still owed at the time of the foreclosure as well as the value of the property at the time it was sold.

Let's say you paid $10,000 for the timeshare, had a remaining balance of $8000 and the timeshare is now wroth $4000. For tax purposes you have a $4000 non-deductible loss (timeshares are personal use property) and a $4000 cancellation of debt income.

If you are not insolvent or bankrupt, the $4000 will be added to your income in the year of the foreclosure as 'other income.' (The loan is considered separately from the property so the $4000 loss doesn't reduce the COD income at all.)

Answer 2

if you bought a time share for lets say $15,000 then you have a bank loan. You owe the bank the money and they want it. you can only work out a deal if you call the bank.

If you're talking about your annual maintenance fee then you owe that to the time share company and they have different rules. They may not let you use your time till you're paid up. They may rent it to get the money owed.  Again ------Call them.

Answer 3

You can't go to jail over credit issues - these are settled in civil courts. It can and will hurt your credit score, though.