Question: What happens when you don't pay your annual maintenance fee on your time share?

Answer: Time share foreclosure. Well, first they are going to slap you with some late fees, pester you until you won't answer your telephone for fear of the collection agency the time share company sicced on you, and then finally start the time share foreclosure proceedings. You definitely don't want this to happen to you, because the only thing you are going to end up with is a hole in your credit history.

You can, however, use other people's time share foreclosure woes to your advantage, by buying their properties up at a low price. When you are considering buying a time share foreclosure deed, make sure that you think about these two things to get the best deal possible.

• Closing costs. Sometimes closing costs on time share foreclosures are actually more expensive, because the property owner wants to make up for the costs of doing all of the foreclosure paperwork. Some of them charge you for changing the title from the previous owner to them and then again to yourself. Make sure you ask if the closing costs seem high, because sometimes you can negotiate this charge.
• Maintenance fees. You should always be clear on what the maintenance fees are going to be, but definitely make sure to find out whether or not you are going to be responsible for the previous owners non-payments. If you are, is the property still a great deal?

Time share foreclosure can be a terrible experience and it can also be an experience where you get a great vacation for a stellar price. Make sure that you know what you are getting into, so you aren't forced to ruin your credit by having your property taken away from you due to a non-payment of fees.