How to get out of a timeshare.

Texas41:

We would like to get rid of our timeshare.  We have paid 2 different companies over $2,000 to sell it in the past, neither of which managed to do so.  Now, a company called IA is saying that they can "deed" it out of our name and no longer have the timeshare in our name or have maintenance fees.  They charge $1500.00!  We like your idea of giving it to charity,but would this remove the timeshare from our name and release us of the maintenance fees?

As you have learned by now, if you have to pay a fee up front to sell your time share, it's probably a scam.

I don't know what this company "IA" is about. If you know the full name of the company I suggest you investigate it very, very carefully on the internet, with your state's attorney general, with their home state's attorney general, and see if they really do what they say they'll do.

As for giving a time share to charity, I'm guessing that those deals are scams, too.

http://www.google.com/search?hl=en&source=hp&q=donate+timeshare+to+charity+scam&aq=1msx&aqi=g-sx1g-msx9&aql=f&oq=time+share+to+charity&gs_rfai=CbbUDozr9TLmTIZaONZOv_eAJAAAAqgQFT9BMYKM

If you call up a charity like Salvation Army, Goodwill, United Way, or any other real charity, and offer your time share I can virtually guarantee that the response will be a resounding "NO."

Try it.

I know adjuster Jack, you're right.  We are not going to pay the $1500.00...I have the name of the company at home; I will post it when I get there later.  Thanks for your honesty.  We are simply beside ourselves with this timeshare...what a SCAM...I think we are going to stop paying them and cut our losses...It will ruin our credit for over 7 years, but I cannot stand giving them another penny!  I know we will be the biggest loser in the end if we decide to do this, but right now it sure is looking like a good option...

Texas.

Texas41:

I think we are going to stop paying them and cut our losses...It will ruin our credit for over 7 years,

Before you decide to do that there are other considerations.

The TX statute of limitations is 4 years. That means, once you default, the creditor has 4 years to file a lawsuit for any balance of the loan and any unpaid fees. Once the creditor sues, it's virtually guaranteed to get a judgment unless you file bankruptcy. Once the creditor gets a judgment, the judgment is enforceable for 10 years (possibly renewable) and allows the creditor to levy bank accounts and attach non-exempt assets. Fortunately, the TX Constitution prohibits wage garnishment, so you don't have to be concerned about that.

If you can find a company that actually does relieve you of all of your obligations by taking over the ownership of your time share, that might be the way to go even if it costs you something.

Trouble is, you'll first have to carefully and thoroughly read and understand your time share contract and see if assigning ownership to somebody else (likely without the written consent of the time share company) actually does relieve you of your contractual obligations.

It wouldn't do to pay the assignee X dollars, assign the deed or contract, only to have the time share company sue you anyway if the assignee fails to pay the fees.

Dear Happy2:

First off... my condolences to your family. When you have some time I'd appreciate a response. You sound like you have a lot of experience in this area.

I posted this request for information under a new posting, requesting that any Lawyer who knows the answer respond. However, I was impressed by your resume so I thought it would be wise to ask you directly.

I am wanting to inquire if there is any legal precedence (In California or Jalisco) where a Time Share Owner has successfully sued for the return of their "Equity" in a time share?

I am also wanting to further inquire if anyone knows of legal precedent to sue the Developer for false and misleading statements at the time of the initial contract? Any lawyers out there? Has anyone won a case against a Time Share Seller or Developer?

Luckily my father-in-law was able to get out of the obligation to pay the remaining 19 weeks of his contract. However, the remaining issue is what is left in terms of "Equity". While the obligation to pay is now null and void, what remains is this "equity" issue (of $38,000), and whether or not someone can sue to get it returned, or a portion thereof.

I will look forward to reading your replies.

Happy2,

Thank you for sharing your experience. You confirm what my gut has told me from the start as I have begun investigating my mother's timeshare -- the game is rigged from the very start.  Everywhere I dig I find more hints of scam. To me it looks like the big picture game is for the Management Company to end up owning the whole property -- acquiring it basically for less than FREE. In my Mohter's case, I'm suspecting that the Management Co is or was in bed with the developer / or is perhaps one and the same --separated only by a Fictitious Business name and business structuring. Still researching, the original developer naturally I am told is no longer in business. As I research more and more I'm seeing extremely suspicious circumtances...

I urge EVERYONE here in this Forum, and everyone they can get to support them, to call their State's Attorney General's office) and ask them what they are doing to clean up the filth in the TimeShare business. The only way to justice I can see is for people to band together in this really awful situation. Otherwise it's just another tragic David and Goliath story, but David's got no sling shot... : ( 

Happy2, I hope you do right a book right away and start by submitting *many* Opinion articles to all the major Newspapers you can find. You just might find yourself a terrific and rewarding new career in consultancy to consumers and their lawyers --and help a lot of hurting people to boot. 

I believe in "do unto others as you would have them do unto you" so selling this garbage is not an option for me. I'd imagine those companies that do acquire your timeshare for a fee, are equally as heinous as the original developers (again, maybe one and the same in the big picture?) and simply scam another innocent into a purchase. 

Sorry for the typos! *Write* a book, help *right* the wrongs. 

Should I worry about not paying future fees? Can they put a lein on my Home?

We are also owners of a contract. Ours is only a small amount and it is paid up. I just want to give it back but from what i am reading it is virtualy impossible without spending over $1000. My mintenance fees are current and I am going to stop paying them. I am not worried about my credit because I don't buy anything on credit and at my advanced age I am not sure how they can hurt me. I have just started this process and would be intersted in how you are making out.

I have a timeshare now for the past 3 years and I am dying to get out of it. I just feel very trapped and have limited options because I still have a balance. I would like to avoid foreclosure if at all possible. Someone recommended that I do a deed in lieu of foreclosure. How do I go about doing that and who do I contact? I would appreciate any help that you can give me. Thanks.

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If you want to make a deed in lieu of, you would need to contact the resort direct and ask them if they will accept the timeshare. I some limited instances the resort will let you deed it to them in lieu of as long as you have no mortgage balance and usually will want all maintenance fees current. I do know the resort I had would not take ours back.

If you have no mortgage balance and your resort won't take it back there are other ways to get out of your timeshare.

Would transferring the membership to an LLC eliminate the possibility of automatic transfer to the family/kids if the owners experienced death?

Also, what recourse would the timeshare companies have with regards to maintenance fees if the timeshares were transferred to an LLC, other than collections against the LLC?

MS11111:

Would transferring the membership to an LLC eliminate the possibility of automatic transfer to the family/kids if the owners experienced death?

Probably not.

MS11111:

Also, what recourse would the timeshare companies have with regards to maintenance fees if the timeshares were transferred to an LLC, other than collections against the LLC?

Well, you might be able to transfer the ownership, but not the obligation.

You'd still be on the hook for the debt as far as the creditor was concerned.

Let's face it, a time share is like a student loan or an albatross**. You never get rid of it.

(**The Rime of the Ancient Mariner - Coleridge)

Hello!

My husband and I very stupidly got sucked into buying a time share. Now we want to get rid of it, but we're having trouble finding reputable companies to donate it to. Could you possibly send me more information?

Thank you!

Read the last 50+ posts and you'll discover how hopeless it is.

What if the timeshare company cannot find my contract?  We have requested it and they said 7 business days and it has never arrived.  When I called first, they said they did not have access to them right now.  Is there anyway to use that in order to get out of contract or not pay rising maintenance fee costs?

we used [a charity]...yes it cost you money I had a lawyer look over the contract they sent before doing this, after our timeshare was complete I emailed [company] to ask if they can pull up our contract, they emailed back saying no owner by this name, showing our their side sold. Then I waited about 2 months and just recently ran my credit report, it shows closed paid in full. I usually get a bill for the maint fees every september-october I did not receive a bill this year. When I file taxes I plan on including that and hopeing I will get back 5000 or more because it was appraised and that will cover the 2800.00 total I had to spent to donate it [to a charity that] charges fees like basically closing cost that you pay to close for a house, charges a transfer deed fee of 950.00.  I will update in febuary if we get a money back via taxes. Either way it is out of our name and off our credit report. I however am keeping all documents including the email from showing no contract in this name. FYI I used a credit card 0% for a year crossing fingers on the taxes, if I don't get enough back at least I'm rid of it.