I own a timeshare, but am having problems making the payments What happens if I just stop making the payments

I just want to know what can they do to me.
      Answer1:Probably call a debt-collection agency, which will hound you until you pay. This will ruin your credit rating, and may also have legal consequences. The best course of action is to contact the company to whom you owe money, explain your difficulty in paying, and work out a payment plan that is do-able for you.
      Answer2:1. The foreclosure will be visible on your credit history. Lenders will take it into consideration that you didnt 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.Lets 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 doesnt reduce the COD income at all.)