Fairfield Problem

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Original Message:

Re: Fairfield Problem (by Mary D.):

stanleyf5 wrote:
jayjay wrote:
susan, if you still owe money on your timeshare, it's doubtful you can sell it to make enough money to pay off your loan if you still owe 10 years.

Your situation is sad and that's why it's so important to take a hard look before you sign on the dotted line for any long term committment for a major purchase such as a developer bought timeshare. If you merely quit paying on your loan and your yearly maintenance fees, your credit will be adversely affected.

susanf186 wrote:
I purchased with Fairfield several years ago and have enjoyed the vacations, however financial circumstances have changed and my elderly mother is going to come live with me and updating my house has now become a priority. Several handicapped features need to be put in. Does anyone know of a way to give back the contract or of any way to stop the contract. I am currently up to date on paying but still have 10 years left to pay. I am not expecting to make any money or to get any money back. Even paying a penalty fee is OK. Susan

Hi. People on TUG say that a Fairfield Timeshare is worth between $0.02 to $0.03 per point or $20 to $30 per thousand points. If you can raise the money, sell your timeshare for the best price possible. When you have the buyer signed up put the balance due to clear the title in escrow, and take your loss and get on with your life. As Jayjay says it is unlikely that you are going to be able to sell your timeshare with a 10 year debt as a liability. If you can't clear the title you are stuck. It appears you have sufficient assets that bankruptcy is not a reasonable option. One person on the internet says deed the condo back to the developer. That might work, but you need a clear title to do that, and I would suggest consulting an attorney to make sure making a gift back to the developer will be a proper transaction in your state. Stan.

========= Do some elderly owners WILL a timeshare back to the developers to clear the debt from their estate? MD