WALK AWAY FROM TIMESHARE

It took ten years, but I gave our six away advertising on Craigslist.

I did the "closing" myself.

The last one was a deedback to the resort I had been asking to do that. We had to pay an extra year's MF.

Two of the weeks I gave away were at that resort.

kathleeng155 wrote:

If we don’t have a mortgage any longer and just responsible for the annual maint , what’s the best way to dump it? Our timeshare has no market value and the company will not take it back.

To whom did you speak at "the company"? Is the company the resort, the Homeowners' Association, or the timeshare company?

I would contact the HOA and say that you will not pay another nickle in maintenance fees so it would be best for everyone involved for the HOA to take the unit back. The HOA will not want to go through the costs and rigors of foreclosure. It might ask you to pay closing costs and maybe even the next maintenance fee.

And do not go paying any of these companies that claim they can dissolve your contract.

lancec13 wrote:

kathleeng155 wrote:

If we don’t have a mortgage any longer and just responsible for the annual maint , what’s the best way to dump it? Our timeshare has no market value and the company will not take it back.

I would contact the HOA and say that you will not pay another nickle in maintenance fees so it would be best for everyone involved for the HOA to take the unit back. The HOA will not want to go through the costs and rigors of foreclosure. It might ask you to pay closing costs and maybe even the next maintenance fee.

Some HOAs will take them back right away (because they have a policy to), some will take them back eventually (if you hound them), and some will never take them back.

I am posting that fact so as to not raise false hopes.

kathleeng155 wrote:

Is it true that I don’t need to inherit the timeshare if my name is not on the deed? I never signed anything so I couldn’t be on there if I didn’t sign correct?

Can you elaborate on walking away? The company will not take it back. Tks! Do you have experience with companies who assist is dissolving the contract? I’m worried about the timeshare co going after my parents assets.

It is absolutely true that you can simply "disclaim" any unwanted timeshare inheritance, as long as your name is not already on the deed. However, it is NOT necessarily correct (nor wise to assume) that your name is not already on a deed just because you "never signed anything". In the vast majority of states, only GRANTORS sign deeds, not GRANTEES. Also, since you mention your parents, consider the possibility that your parents could have added your name to their deed; you would NOT have had to sign anything for that to happen. Are you certain that your parents did not put your name on the deed somewhere along the way, thereby making you a co-owner? Some people have put their children's name(s) on timeshare deed(s), without the children's advance knowledge or consent, thinking (very incorrectly and unwisely) that they are doing a "good deed". Although done with good intentions, it is not a "good deed" at all if / when it turns out years later that the offspring want nothing whatsoever to do with the timeshare, but still discover (to their surprise and chagrin) that they are already a co-owner, legally responsible for any and all current and future associated obligations. Each and every named "grantee" on a deed is a equal co-owner, like it or not.

You would well advised to assume nothing and instead obtain a copy of the recorded deed and verify with certainty the "grantee" name(s) on the deed.

DO NOT waste ANY time or money on entities claiming to be able to "dissolve" a timeshare contract. A contract is a binding, valid legal instrument which cannot just be magically "dissolved". Contract termination requires the full mutual agreement of BOTH parties to the contract. You can always choose to just "walk away" (in breach of contract, which may or may not have negative credit report consequences), but the whole idea of anyone unilaterally "dissolving the contract" is just a pipe dream that will never come true.

I was awarded the timeshare that was paid in full in my divorce($21000 in equity)and my ex was awarded the family residence with less equity as we had just purchased the home from his elderly Mother. It looked good on paper and seemed like I was getting a good deal. This was back in '08 and I have continued to pay the maintenance fees. I would like to sell my timeshare and at least recoup some of my equity but I not sure where to turn. It's a Presidential unit in Branson, Missouri

Equity!!!!

Funny!!!

& you own at Holiday Hills.

donak10 wrote:

I would like to sell my timeshare and at least recoup some of my equity but I not sure where to turn.

The first thing to know is where not to turn. Never, ever pay anyone a large, upfront fee to sell your unit. Those are scams. The next thing to understand is knowing what your unit is worth on the resale market. At least 90% of them out there are worth about zero dollars. The way you described your unit, it might be worth a few (and I emphasize "few") dollars. A good way to find out is to log into your E-Bay account (if you have one) and look for completed listings of similar units at the same resort. Don't put too much stock into active listings because asking prices are usually delusional and way out of line. Completed listings show what people actually paid for such units. If you see that many listings closed with low sale value or closed without attracting any bids, then that's a good indication that your unit is worth about zero dollars.

Next would be to list and advertise your unit on reputable websites such as here on RedWeek, My Resort Network, E-Bay, Timeshare Users Group (aka "TUG; tugbbs.com), or Craigslist. With Craigslist, just be careful with the numerous spam and scam attempts you will get.

If the late fees are ever collected do your fees go down???

I don't really understand the above question, but maintenance fees tend to increase each and every year by 4-6% for all owners at any given resort, sometimes by more, seldom by much less. Payment of late fees on maintenance fees previously in arrears has no bearing on basic annual maintenance fees; increases are imposed (equally across the board) upon all owners at any given property. Decreases in maintenance fees from one year to another are extremely rare.

We have a timeshare in Costa Rica, one week per year. We want to get rid of it. Options include reselling it ourselves or through a resale company, or turning it back in, which would cost $1500US in lawyer fees. Can I just not pay the maintenance fees and walk away from it? L

laurrao wrote:

We have a timeshare in Costa Rica, one week per year. We want to get rid of it. Options include reselling it ourselves or through a resale company, or turning it back in, which would cost $1500US in lawyer fees. Can I just not pay the maintenance fees and walk away from it? L

Have you tried to get rid of it yourself? I assume you have another year before another fee is due.

So, offer it for free wherever you can, and offer to give it to the "resort", even if that means the HOA. As I stated earlier in this thread, I asked one of our "legacy" resorts to take a week back for years, and they finally did, after I had given two weeks away. If the resort has a rental program, they can normally earn more than a maintenance fee if they own the week and rent it out.

One of the resorts we still own at does exactly that, and gets $900 instead of $533. They also rent out owned weeks, for a 25% commission, and in that case they earn $533 plus $225, and the owner gets their $533 back, plus $150.

A "legacy" resort can be profitable, but only if there is an HOA that has the desire to, and a responsible adult in charge.

Of course, if there is no real market or rental value for the resort or location, it's pretty much doomed, which is not necessarily a bad thing.

laurrao wrote:

We have a timeshare in Costa Rica, one week per year....Can I just not pay the maintenance fees and walk away from it?

Is it deeded property or Right-to-Use (RTU)? Since it's in Costa Rica, it's likely RTU but check your contract to make sure. If it is RTU, then it is likely just a membership that you can walk away from by stopping paying all maintenance fees. You will likely face a bunch of collection calls and letters plus a possible hit on your credit rating. But the membership will eventually terminate which is what you want.

If you have deeded property, well that's a little more complicated.

Speaking of RTU, I had a neighbor who sold timeshares, and one day during cocktail hour at his house, when the girls were doing their girl things and he and I were talking timeshares, he just exploded over a few things I said, saying, in essence, if there weren't any developers, we wouldn't have those free timeshares.

Then, later, when he was diagnosed as being terminal, they came to me to help them get rid of their Mexican timeshares, saying, "We know you know how to do that sort of thing."

(Where's the smilies when you need one?)

Of course, being the glutton for punishment that I am, and even understanding how "people like them" never appreciate what you do for them, I gave it a shot. The resort actually "spoke" to me. It turns out the weeks were RTU, with just a few years left. I found someone willing to take them, but, after all of that, my neighbors were not willing to let them go without being compensated for weeks on deposit at RCI.

So, since they were not married, I just suggested that they re-title them without the Significant Other on them. When my neighbor passed away, it seems that was the end of that.

Then, and I'm chuckling, the Significant Other asked me to make reservations with those RCI deposits for her and her new boyfriend, because "I know how to do that sort of thing."

Of course, I did.

I agree that we should get together and sue the timeshare companies. It is wrong to keep people held captive. We were told we would get one condo, but when we tried to get it, we were shuffled to a very old property and never did see the nice place they showed us during the presentation. There is no other service you buy, and yes this is a service, where you have to pay for something you don't get.

lisak880 wrote:

where you have to pay for something you don't get.

Life can be that way.

We've been timesharing for 32 years, owned ten weeks, and been on a couple hundred exchanges, and our best experience is the crappy old resort where we now own.

Because 7 lbs of flesh is enough and no one can be held for a so called debt forever.

Just say no and walk away