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Re: Manhattan Club Lawsuit (by Nathan Z.):

Owners need to make the decision they feel is best for them. Maybe you're tired of maintenance fees or don't like visiting New York anymore. Owning four units is probably a fairly unique situation. But make certain you obtain professional advice on all the consequences before you sell.

Selling a timeshare for $100 you bought for tens of thousands does not "help" you as much as it's helping the buyer. Sure, it should get you out of future maintenance fees. However, giving a deed in lieu of foreclosure is reportable to the credit bureaus and included on any future credit applications. If you owe maintenance fees or an outstanding balance on your mortgage which are being forgiven, those are generally reported to the IRS as taxable income. You should consult your tax advisor, but it is highly unlikely that these timeshares can be considered investments, so you can't deduct capital losses.

I can't help getting the feeling I'm watching a shell game designed to entice more sellers.