Original Message:
Re: Can't make payment on my timeshare. What are the consequences? Please need some help. (by Ann G):
I wouldn't be so hard on yourself for succumbing to the allure of the timeshare vacation. Most people buy a timeshare because it promises a vacation in places and accommodations that you wouldn't afford were you renting the rooms. I often try to rent comparable accommodations when I can't find a particular time or location in my timeshare ownership, but find it too costly. I own timeshares and use and rent them. I believe timeshares are coming into their own because many people see value in the vacations and flexibility they offer. I also sold the first timeshare I bought after 10 years of use at $4000 less than I paid for it, and this after using and renting it without skipping a season. It took a long time, but I did it myself without a RE agent, etc and it went very well for me and the buyer. (The value had gone up, but the buyer got a discounted price.) Not everyone wants to rent their timeshare. That's why owning a single week or two that you will use is practical. Unfortunately timeshare owners often don't realize what they own and are prey to many unscrupulous people who want to relieve them of their ownership so they can reap the benefits. Often, even companies who will rent your "points" or weeks will take a loss at your expense while they collect their commission for renting your weeks. This is another topic altogether.
Regarding the parents buying s timeshare they cannot afford, there are many traps out there. Buyer beware. But if you buy a timeshare in a popular location, that is well maintained, and that you have an interest in visiting again and again, or that you have the ability to exchange for other desirable places, you usually will be okay.