How to get out of a timeshare.

Latest post 11-18-2013 11:32 AM by Mitchell Sussman. 63 replies.
  • 07-19-2013 4:38 PM In reply to

    Re: How to get out of a timeshare.

    I am trying to get rid of one time share out of three I have.

    How do I donate time share and who will accept it?

    Also is it true that my kids have to inherit my time share?

  • 11-10-2013 2:42 PM In reply to

    • Ebony1
      Consumer
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    • Joined on 11-10-2013
    • LA
    • Posts 2

    Re: How to get out of a timeshare.

    Your  information is very useful. I have another question. My daughter is getting a divorce and her husband wanted to sign a quick deed giving her the time share. i told her to get back with him and if he doesn't take the time share that she will take hime to court and get half of everything. He said that he would get with his lawyer. They sent a Settlement  and in it is said

    The party own a timeshare that has no equity. The party have jointly agreed to no longer pay on this timeshare with the understanding that it will eventually go into foreclosure thereby affecting the credit of both parties.

    Is this something that is going to get her out of this timeshare or something a judge will approve. What should she do to protect herself.

     

    Thanks

     

    Henry

  • 11-10-2013 3:21 PM In reply to

    Re: How to get out of a timeshare.

    Ebony1:

    The party own a timeshare that has no equity. The party have jointly agreed to no longer pay on this timeshare with the understanding that it will eventually go into foreclosure thereby affecting the credit of both parties.

    Is this something that is going to get her out of this timeshare or something a judge will approve. What should she do to protect herself.

    By itself, that won't protect her from the timeshare company suing, getting a judgment, and attaching assets (such as money in her bank account) or garnishing wages, as allowed by the laws of her state.  Whether the timeshare company WILL do any of that is unknown, but it CAN.  I think it can do that repeatedly, as new defaulted balances build up.

    I don't know if they can get a judge to order the timeshare to be returned to the timeshare company, but if that happened I would guess that would take her off the hook.

    Have they contacted the timeshare company about a deedback?  Have they tried advertising it for sale (for $1) on TUG (www.tug2.net) or Redweek (www.redweek.com) or craigslist?

  • 11-10-2013 3:21 PM In reply to

    Re: How to get out of a timeshare.

    With regards to the time share, there is nothing she can do to "protect" herself.

    They are both obligated to the time share company no matter what their agreement is between themselves.

    Signing that agreement is no worse or better than not signing it at all because the time share company will come after both of them anyway.

    A better idea would be to unload it before they finalize the divorce. As you can see from previous responses there are companies that will accept ownership and obligation of the time share for a fee. It will be well worth them paying that fee together rather than risk a potential lawsuit, judgment, garnishment, and possibly bankruptcy over it.

    As for everything else, I hope to heck she has a lawyer of her own to make sure she gets what's rightfully hers instead of being one of those women who walk away with nothing just to get it over with.

     

    • The right of the people 
    • to keep and bear arms,
    • shall not be infringed.
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