NEED TO RETURN TIMESHARE

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Original Message:

NEED TO RETURN TIMESHARE (by Carvan A.):

I agree totally with Ken's comment that "there are VERY few legal options to returning timehares". Having say that, I have found in life that most issues are negotiable including the terms of legally binding contracts. A "deed in lieu of foreclosure" is actually a negotiated restructuring of the terms of a contract. The Timeshare (owners association) is not required to take the deed back but often they do so because it is less costly than a foreclosure. Legally binding contracts are frequently restructured.

There are adverse legal consequences to just walking away from a legally binding contract but it never hurts to talk to your creditor. I represented an excavation contractor in Colorado who was doing very well until September 15, 2008 when credit dried up nation wide. He renegotiated all of his "legally binding" contracts and worked out mutually beneficial settlements thus avoiding bankruptcy. It never hurts to talk.

Jayjay says a legally binding contract can never be voided. I suggest she visit a Bankruptcy Court and she will see debtor after debtor being discharged from the terms of contracts including those for the purchase of boats, cars, and yes homes. Certainly those contracts can be reaffirmed by mutual agreement between creditor and debtor (e.g., the debtor reaffirms his obligation to pay the debt on his truck and the creditor agrees but this is an entirely new contract with new terms and obligations) but if the creditor refuses to reaffirm the contract is voided.

Lastly, I suggest those who have an interest in this topic read the latest issue of "Timesharing Today" where on page 30 one will find an article titled "One Person's Advice About Getting Rid of a Timeshare You No Longer Want" written by Earl Glenwright. He admits to not being an attorney and warns that his advice is "not legal advice". Most Bar Associations would disagree with that comment but never the less the article makes for interesting reading. I would suggest that anyone consult their attorney prior to following any of his advice especially the one about issuing a Quick Claim Deed to the owners associations thereby putting the ball in their court. I think that is advising fraudulent conduct but some of his other points may be of interest to you. It is the Jul/Aug issue of "Timesharing Today".