taking over payments

I currently owe on my timeshare deed but want out even if it means getting nothing in return. i would love to sell it but I'm pretty sure my deed isn't paying what's owed in it. so is there an option to find someone to take over ownership... nothing more nothing less. if not.... then what's my worst case sanrio. I'm pretty much at the point of stop payments and just settle for a credit hit. im concerned about legal matters. i can't even find a lawyer to read my contract to tell me that. please help!

catrinas5 wrote:

I currently owe on my timeshare deed but want out even if it means getting nothing in return. i would love to sell it but I'm pretty sure my deed isn't paying what's owed in it. so is there an option to find someone to take over ownership... nothing more nothing less. if not.... then what's my worst case sanrio. I'm pretty much at the point of stop payments and just settle for a credit hit. im concerned about legal matters. i can't even find a lawyer to read my contract to tell me that. please help!

No human being on Planet Earth wants any part of someone else's timeshare debt, so don't waste one moment of your time or energy seeking to accomplish the impossible. In addition, your loan / debt may very well not even be legally transferable in the first place. Keep in mind that with many timeshares being given away for peanuts (or even for free) these days, looking for someone else to assume your debt is just a pipe dream, plain and simple.

If you are unable and / or unwilling to pay off the loan, you can make the difficult personal decision to pay nothing further and just walk away. Almost certainly, there will (at some point) be a negative credit report after you default on the loan and that report will remain a matter of record for seven years. That's entirely a personal decision on your part, but it may be a wiser option than continuing to pay for for something which may very well be close to financially worthless (except for the actual use and enjoyment of the product involved).

Rest assured that your contract (prepared by highly competent attorneys representing the developer) is airtight and iron clad. No lawyer exists anywhere who can change that fact so, once again, don't waste your time or energy chasing the impossible. It's no surprise at all that no attorney wants to even bother reading your airtight contract.

You have a difficult decision that only you can make. You voluntarily signed a legally binding contract and you took out a loan of your own free will and choice. Now, you basically have just two options --- either keep on paying and make whatever use you can of the "product" or just stop paying and walk away --- your call. There are no "magic beans" or "secret exits" so please don't let anyone tell you different. Good luck.

one more bit of advice if you could... do you know if they will go as far as going after assets, garnishing wages so forth. i believe my contract states we have an arbitration addendum. ive been dealing with this since 2005. every time i got close to paying it off they suckered me in another one. this once makes 4. credit im willing but if beyond that i have to consider

catrinas5 wrote:

one more bit of advice if you could... do you know if they will go as far as going after assets, garnishing wages so forth. i believe my contract states we have an arbitration addendum. ive been dealing with this since 2005. every time i got close to paying it off they suckered me in another one. this once makes 4. credit im willing but if beyond that i have to consider

You have not identified who "they" are, but your "arbitration" reference prompts me to guess that it's Diamond, as I've not heard of other developers employing that "arbitration clause" tactic (which seeks to prevent you from filing any lawsuits directly against them in court).

I won't speculate on developer actions after non-payment. I will note that developers can go after assets, but generally do not do so. They are usually entirely content to just keep every penny you have paid to them over the years, foreclose, and ding your credit for defaulting on a loan --- without any further subsequent action. It's really not worth their time or expense to chase you or seek to attach your assets, particularly since you have been lining their pockets for the past 15 years now. They know full well that there are plenty of other "lucky new customers" ready and willing to "sign on the dotted line," so the chances of them bothering to chase you are very slim (but certainly not zero). Good luck.