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Exit Strategy (by KC):

joew413 wrote:

We have contacted the necessary people at Welk to see if there is a way out, to no avail. I'm not familiar with "deedback", can you elaborate? We have looked at a couple of those "we buy and sell timeshare" sites. I cannot find evidence supporting or denying their success. We realize we made an irresponsible decision and are now realizing that we are in a hole and are reaching for a lifeline. I dont want to make another irresponsible decision. That is why I'm here, just trying to get some helpful feedback. Thank you.

"Deedback" is when a resort agrees (and yes, they must overtly agree) to voluntarily take back a deeded ownership, usually via quitclaim deed (and usually for a fee of at least several hundred dollars). Not all resorts engage in this practice; only a fraction actually do so. For those resorts or resort "chains" that do accept "deedbacks", maintenance fees must first be fully paid up to date and there must be no unpaid loan balance associated with the interval. It seems that you may actually have already inquired into this option with the resort, perhaps only to learn that it is not an option available to you.

The (far too many) upfront fee "escape / relief / exit / release" parasites exist only to take money from people desperate to part with unwanted timeshare(s). Please don't let a frustrated or desperate state of mind cloud your judgement (...and lighten your wallet even further).

Plainly and bluntly stated, there is no easy way out. And by the way, no parasitic outfit like "Sell My Timeshare Now" is going to work either; they would merely place an overpriced listing on the web after you pay a hefty "upfront" fee, said listing ultimately yielding only "crickets".

Worst case scenario, you can decide to stop paying any further maintenance fees and just walk away. There will be a foreclosure and, if you also default on an associated loan, a negative credit report as well. That's a difficult decision, but it is yours and yours alone to make. The negative credit report "hit" will last for 7 years. In the meantime, please just continually remind yourself that anyone promising you an "exit" (after you pay them some upfront money, of course) is NEVER going to accomplish anything more than make your bank account shrink. Again, there are simply no magic beans, no secret exit doors. You freely and voluntarily entered into a legal, contractual arrangement and the hard fact of the matter is that any breach of a lawful contract you freely and voluntarily executed likely comes with consequences.

I feel for your plight, but cannot offer any "pie in the sky" false hopes. If you can't give the unwanted ownership away to a willing new "grantee", then you are squarely between a rock and a hard place with some difficult decisions to make. NONE of those decisions should involve considering paying ANY upfront money to ANY third party "exit" parasite; this will inevitably yield only total disappointment and a total waste of money to have learned that fact the hard way.

Every word above is true and accurate. There are NO magical elixirs or secret doors by which to "exit" a contractual obligation --- period, amen. I wish you the best, but "easy outs" simply do not exist, as much as you might hope or want for things to somehow be otherwise. Good luck.