WALK AWAY FROM TIMESHARE

I CAN'T SELL ME TIMESHARE LEASE AT CLUB LAND'OR ON PARADISE ISLAND. WHT ARE LEGAL OBLIGATIONS OF JUST NOT PAYING THE ANNUAL MAINTENANCE FEES AND WALKING AWAY.

The legal obligation of walking away from a timeshare is the same as if you walked away from any financial obligation (car payment, house payment, credit card payment etc). The resort will turn your name over to a collection agency who will then hound you for your maintnance fees and if you don't oblige the resort can ruin your credit.

donaldo3 wrote:

I CAN'T SELL ME TIMESHARE LEASE AT CLUB LAND'OR ON PARADISE ISLAND. WHT ARE LEGAL OBLIGATIONS OF JUST NOT PAYING THE ANNUAL MAINTENANCE FEES AND WALKING AWAY.

Sell it to a ficititious person .

the whole 9 yards

it will cost you

but it will work

robertr269 wrote:

Sell it to a ficititious person . the whole 9 yards it will cost you but it will work

I am no attorney, but wouldn't that be criminal, as in fraud?

Why not sell it for a low price? Surely someone will buy it then. Or quit claim it to the association.

carries25 wrote:

robertr269 wrote:

Sell it to a ficititious person . the whole 9 yards it will cost you but it will work

I am no attorney, but wouldn't that be criminal, as in fraud?

Why not sell it for a low price? Surely someone will buy it then. Or quit claim it to the association.

Right on!

Is your only financial obligation the annual maint. fee? If so, how much?

There is the matter of your credit rating as well.

O.

Talk to company named "We Collect Timeshares". They will CHARGE you to take it off your hands, give you a receipt and you will be able to tax an income tax deduction sufficient to recoop your loss. (I mean the loss of the entire cost, not just the payment to WCT.

jayjay BEWARE, they will charge you a whopping fee of around $3000 to take it off your hands (rip-off).

BTW, it is not a taxable deduction unless you give your week to a charity. We Collect Timeshares (and other similar rip-off companies) are not charities.

Good point. I don't like to flirt with the IRS. As Harry Truman once said, "I don't know if [they] read the Constitution, but if [they] did, [they] didn't understand it."

C.

We had 7 weeks of timeshare. Some we gave to charities that would accept them and some we deeded back to the resort (with their permission). It cost us money, but thank heavens, we are free of future responsibilies. Timeshares are not what they use to be!

So, Howard, how does it feel to be a philanthropist? (hahahahaha) Sorry, that's the best positive spin I could do.

For the inexperienced owner, why would you give up seven weeks of ownership at little or no profit? Couldn't you rent/exchange them? All at same resort? What were the maintainance fees? Did you attempt to sell? High or low? Season?

I think we owe a responsibility to others, to explain our problems when they arise.

howardh7 wrote:

We had 7 weeks of timeshare. Some we gave to charities that would accept them and some we deeded back to the resort (with their permission). It cost us money, but thank heavens, we are free of future responsibilies. Timeshares are not what they use to be!

howardh7 wrote:

We had 7 weeks of timeshare. Some we gave to charities that would accept them and some we deeded back to the resort (with their permission). It cost us money, but thank heavens, we are free of future responsibilies. Timeshares are not what they use to be!

Why would anyone buy 7 weeks of timesharing!! Do they rent them to make a profit or what? If you pay $500, a year for your maintenance fees plus $$, I just don't think it's worth it. You can rent for a month for $2000. to $3000. somewhere. So my question is, Why do people by so many timeshares? Thanks , Pam

We previously owned 9 timeshare weeks. This was before the prolific amount of timeshare rentals (and rental sites such as Redweek, VRBO etc.) ignited via the internet.

We had retired and wanted to travel, mainly to visit the areas we had always wanted to see in the USA, and we thought timesharing was the way to go with the advantage of exchanging and also the advantage of a full size apartment in nice resorts compared to a hotel/motel room.

We bought where we liked to go within an 8 hour drive from our home and would exchange on years that we didn't go to our owned timeshares.

As time went on and maintenance fees and fees related to exchanging became financially unfeasible, we sold all of our weeks and we now rent timeshares or condos when we travel, some for less than many maintenance fees or a little above the maintenance fees without the hassles of owning.

Timesharing served our purposes when we owned and we saw many beautiful areas of this great country, but in the last few years timesharing has not been the bargain that it was when we bought with all the rising fees related to owning.

pgolfer47 wrote:

Why would anyone buy 7 weeks of timesharing!!

jayjay,

We had the same idea, but at the time, retirement was a long way away. It's amazing how time flies! Some people have bought even more than 7 or 9.

You're right about the changes in timeshares. Although Marriott Desert Springs is still worth it to me.

So I'm glad a didn't buy a bundle of TSs. I guess jons29 doesn't under stand about donating and the IRS. Here's one place where the IRS is your friend. hahahahaha

carries25 wrote:

jayjay,

We had the same idea, but at the time, retirement was a long way away. It's amazing how time flies! Some people have bought even more than 7 or 9.

You're right about the changes in timeshares. Although Marriott Desert Springs is still worth it to me.

So I'm glad a didn't buy a bundle of TSs. I guess jons29 doesn't under stand about donating and the IRS. Here's one place where the IRS is your friend. hahahahaha

Carrie;

Then fill me/us in, instead of just an LOL. I am fairly well versed in IRS procedures, but maybe you know something I don't. Care to share?

As a PS: We know an individual who owns 19 weeks, all in one location!?!

When I mentioned to call "We Collect Timeshares" I was not referring to a "charity." We Collect Timeshares charges to takeover the timeshare, BUT the loss can be deducted over 2 yrs. from your IRS taxes, thus recooping the loss. This was verified by an IRS agent before making the transaction.

Campy

I would check directly with an IRS expert on this.

I do not believe the loss is deductible unless the timeshare was given to a true CHARITY. We Collect Timeshares is not a charity and they charge you $3000 to take your unwanted timeshare off your hands ..... rip-off bigtime.

barbarac235 wrote:

When I mentioned to call "We Collect Timeshares" I was not referring to a "charity." We Collect Timeshares charges to takeover the timeshare, BUT the loss can be deducted over 2 yrs. from your IRS taxes, thus recooping the loss. This was verified by an IRS agent before making the transaction.

Campy

jons29 wrote:

carries25 wrote:

jayjay,

We had the same idea, but at the time, retirement was a long way away. It's amazing how time flies! Some people have bought even more than 7 or 9.

You're right about the changes in timeshares. Although Marriott Desert Springs is still worth it to me.

So I'm glad a didn't buy a bundle of TSs. I guess jons29 doesn't under stand about donating and the IRS. Here's one place where the IRS is your friend. hahahahaha

Carrie;

Then fill me/us in, instead of just an LOL. I am fairly well versed in IRS procedures, but maybe you know something I don't. Care to share?

As a PS: We know an individual who owns 19 weeks, all in one location!?!

I don't know more than basic investment deductions and charitable donations. For donations, you can donate something you paid, say $100 in the past, but now it's worth $10,000. The charitable write off is based on the value at the time of donation. You can sometimes get a nice placque with your name on it, or some such hoohaw, at the recipient's home base.

It's always cool to donate collectibles or things of value that have no real value to you, like old stocks and coins that have cluttered up your safe box. Collections of historical items are always good, too.

BTW, at the Desert Springs, there is a guy, possibly dead now, who bought a whole year and lives there year-round. That was in the original offering. Don't know if it happens now.

C.

robertr269 wrote:

Sell it to a ficititious person .

the whole 9 yards

it will cost you

but it will work

That is very ilegal in most states, and could get you in big trouble with the real estate commission. Folks,, this isn't a used car, its a DEEDED PIECE OF REALESTATE.