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A suggestion... (by KC):

lylew13 wrote:

Hello everyone,

I have run into a dilema with our existing timeshare...

We agreed to buying a timeshare while vacationing in Florida to Berkley Vacation Resorts... After 2 years we have come into financial troubles and can no longer afford to keep the timeshare. We have 13, 000 of principle payments, with maintenance fees still coming. We have decided to take the route of quitting payments. Though we are unsure of this because of credit ratings.

We are from Canada (if this helps)

We are seeking advice to what the best possible method to get rid of the time share completely..

Thanks in advance.

You have absolutely NO chance of selling a timeshare on which there is outstanding debt. Think about it --- who in their right mind would ever want to voluntarily take on someone else's debt??

That said, perhaps consider approaching the developer (only in writing, NOT by phone) to request their taking back a "deed in lieu of foreclosure". In this scenario, you would forfeit any and all of the money you have already paid, but you would also be absolved of all future payment responsibilities and obligations ---without incurring any negative report or harm to your credit record.

That said, uinderstand very clearly in advance that NO facility is EVER legally obligated to even seriously CONSIDER taking back a "deed in lieu of foreclosure". If they ARE willing to do so, then that is a purely voluntary (...and highly unlikely) CHOICE on their part. You can't EVER "give the deed back" unless they are overly willing to ACCEPT it back. The "acceptance" is a crystal clear and indisputable legal requirement.

I know that this is not what you want to hear and I know that you would (quite understandably) like a much more encouraging and optimistic reply, but these are simply the cold, hard facts and unvarnished truth of the matter.

I feel for your plight and I sincerely wish you good luck.