Maintenance
The cost of repairs and upkeep at the resort. Repair expenses are easy to understand, if something is broken it needs to be fixed. Upkeep, refurbishing, updating, or renovation usually represent similar costs.  Every resort needs to be continuously refurbished to keep it “up to date”.  Televisions are replaced with newer LCD models, beds are replaced, bathrooms are refinished, etc.  Most resorts will follow pre-defined upkeep intervals that are defined by the board.

Personnel
Salaries, wages, taxes, and insurance associated with staff. It is common for this to be the largest expense.

Taxes
Taxes can vary greatly depending on the location. At the very least a resort will need to pay property taxes. Maui assesses a special “timeshare resort” tax.

Insurance
Insurance is another item that can vary greatly. It may include hurricane, flooding, fire, liability, or other insurance.

Depreciation
An accounting expense, not a real expense, based on the assumption that real property will depreciate over time.

Bad Debts
Maintenance fees and/or taxes that owners failed to pay and the fees associated with attempting to collect the debt. Eventually the resort will repossess weeks from owners who failed to pay; Those weeks will be sold to new owners.

Deficits
A portion of this years budget may be used to pay off prior year deficits that the prior years budget failed to cover.

Supplies
Expenses commonly associated include cleaning supplies and office supplies.
This list of categories should not be considered comprehensive. Review your resorts budget to understand their operating expenses.

Either the resort or a collection agency can attempt the following: Put a lien on real property, Garnish wages, Add the delinquency to your credit report. These are extreme measures, but they are possible. Do not let it linger because it could also go to the courts where you would be assessed penalties and legal fees.

Find a way to pay it off and then get rid of the timeshare if you are not going to use it. Even bankruptcy isn’t always a way out. In the US, each debt must be called out to be included in bankruptcy – thus, if the unit was sold and there is still a balance due, you are liable for those payments.

If you know you can’t afford it, it sounds like you know you have to get rid of it. Look into trying to sell it on eBay or somewhere where you can post free or low cost classified ads on the net. Or maybe you could keep it and try at least renting it out .What happens in the event of the owner’s death? This is one of the little known problems with timeshares. If you took control of the deceased’s estate, then you are probably the person who will have to pick up the tab. The details are in the timeshare contracts. If you don’t have them, call the timeshare companies for copies.  Also, while you have them on the phone, ask them about possibly taking the timeshare back. It is doubtful that they will, but it’s worth a try. The timeshare company wants, and in some cases needs, those maintenance fees paid. Even if they agree to do, you should get a professional title company to oversee the transfer.

Other options that people try are selling or renting them. Many times these solutions do not work either as there are too many timeshares out there for sale and for rent. You can also transfer the timeshares out of your name (as the beneficiary of the deceased’s estate). This will cost money however, but the pain ends quickly rather than paying $1500 or more every year.

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