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Barbara's Blog

Want To Exit A Timeshare?

January 27th, 2021 8:56 AM by Barbara Doeringer

So many people are owners of a timeshare, which became extremely popular decades ago.  They are the answer for many who enjoy travels in various areas or want to re-visit the same spot annually. They are much less expensive than the purchase of a condo, townhome or vacation home, but the annual fees can become burdensome, as time goes on.  And as many have discovered, disposing of a timeshare and its associated obligations is not easy.

There are timeshare exit companies, but this is not a recommended solution.  Many companies require an upfront payment of thousands and there is still no guarantee that they will sell it.  

A first move is to check with the resort itself.  You can ask for the person who handles “deed-backs” or “surrenders”, which is when you return your property to the company for a small fee.  To qualify, you cannot be behind on your dues or have a loan balance.  

An owner can just try to resell it.  But you will get little to no money for it, except for a premium timeshare in a higher-end chain like Disney, Marriott or Hilton.  If you do find a buyer, you deed that person the property.  

If you stop repaying a loan you took to buy the timeshare, the lender will try to collect and your credit report will suffer.  But if you pay the loan and stop paying the annual fees, a company may not report that to the credit bureaus.  Often, stopping fee payments will push a resort to let you surrender, since that cost is less than a foreclosure.  They will then typically remarket that timeshare.  

The best advice when dealing with the sale of a timeshare is to get proper legal advice and be well represented in the process.  It is possible to get out of your commitment when done in the proper way.  And even better advice is to invest in a vacation condo or home.  You will earn equity and can always re-sell it!  

 

Posted by Barbara Doeringer on January 27th, 2021 8:56 AM

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