Post reply

Dumping your Timeshare (by Brian R.):

I'm new to this site and forum, so please excuse me if I should post this inquiry somewhere else . . .

I have a relative who is sinking in debt, but has still maintained (for now) an excellent credit rating. He owns his timeshare outright (paid cash on original sale). He can no longer afford all the annual fees. I've seen that "Resale Companies" are predominantly scams. I've also seen conflicting info on "Donation Companies", including large fees for even the "legit" Donation Companies.

Can anyone give any insight or input on the idea of my friend selling his timeshare for $1.00 to an older relative, with the assistance of a paralegal, and then possibly letting that older relative take the hit on their credit report if they end up not paying the fees? The older relative already has poor credit, and no attachable assets; she's a senior citizen on Social Security.

It would seem much simpler if my friend could simply hand the Timeshare over to the resort and sign it over, but I have found no instances of that ever happening in my research so far. Please feel welcome to be honest with me, as my friend and I are pretty clueless about all of this.