Report Abuse

Just a thought --- NOT legal advice...

Thanks for the suggestion. I just wrote the following to send to friends and family and would appreciate any suggestions or corrections, you have. Burst timeshare bubble? Google “timeshare resales” and you’ll find that currently most timeshare resales are being offered for as little $1, some for $100, and a few optimistic timeshare owners are asking for more. Some timeshare owners have even had to pay hundreds to thousands of dollars to get someone to take ownership of their timeshare! Why? Timeshares have maintenance fees and taxes that have gone up dramatically and many timeshare owners don’t feel timeshares are affordable anymore. However, the fees and taxes go on forever and the only way to stop them is to have someone else become the legal owner of the timeshare. If you stop paying for a house or car, your house or car will be repossessed. If you stop paying for a timeshare and the accompanying fees and taxes, the charges just keep piling up. Some timeshare owners, who have lost jobs and no longer pay their timeshare fees and taxes, have found that eventually their timeshare company has offered, for a few hundred dollars, to take the timeshare back in lieu of foreclosure. But this appears to happen very rarely. If timeshares were really as wonderful as timeshare companies claimed when they sold them, you’d think the timeshare companies would jump at the chance of taking back a timeshare that they could resell. By the way, if you stop paying timeshare fees, apparently the IRS will count the money you don’t pay as “income” for you, until someone else takes title for the timeshare. Moral of this story? BUYER BEWARE!!!! Note: I read on a timeshare blog that if you inherit a timeshare, you don’t have to accept the timeshare, but the decedent’s estate is responsible for any fees or taxes owed before the estate can be closed. Once current fees and taxes are paid and the estate is closed, I don’t know who is responsible for future fees and taxes. Could someone who is qualified on this topic please let us know!