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LawTalk, Attorney
Category: Bankruptcy Law
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Experience:  I have more than 25 years of experience in the practice of law.
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I bought a timeshare 6 years ago and no longer want it. About

Resolved Question:

I bought a timeshare 6 years ago and no longer want it. About 4 years ago I did a bankruptcy but it was not put on the bankruptcy and I don't know why. Last year I purchased an additional 20 points but I now realize I definatly don't want it. Is there anyway of getting rid of this timeshare or can I still put it somehow on previous bankruptcy even though I purchased an additional 20 points.
Thank you.
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  LawTalk replied 5 years ago.

Good morning,

I'm very sorry to hear of your dilemma.

The sad reality is that you don't really have any options. If you default on the contract, the association can sue you for the annual maintenance fees as they come due, and if there is still a mortgage on the timeshare, the mortgage holder can sue you for breach of the contract. The lenders and the timeshare associations don't want the properties because they simply can not be sold in many instances----even some fully paid for timeshares can't be given away. There are hundreds of companies who promise to sell your timeshare for you and for the most part they are rip-offs----don't throw good money after bad.

Timeshares are almost impossible to sell these days---even if they are fully paid for. This is because it is generally less expensive to rent a timeshare for a week than it is to pay the annual maintenance fee for that week. I know, as I own a time share, but I generally just rent from other owners when I go to places other than my own unit.

You can try selling it on eBay. You won't likely get anything for it, but getting rid of it may be enough. Many timeshares are available on eBay for just 1 cent, because they are so difficult to get rid of.

You might also consider approaching a church or other non-profit and perhaps they could raffle it off or place it in a silent auction, and you could claim the donation as a tax write-off.

I understand that you may be disappointed by the Answer you received, as it was not particularly favorable to your situation. Had I been able to provide an Answer which might have given you a successful legal outcome, it would have been my pleasure to do so.

I wish you the best in 2011.

Because I help people here, like you, for a living---this is not a hobby for me, and I sincerely XXXXX XXXXX abiding by the honor system as regards XXXXX XXXXX I wish you and your family the best in your respective futures.


Would you be so kind as to Accept my Answer so that I may be compensated for assisting you? Bonuses for greatly informative and helpful answers are very much appreciated. Thanks Again,

Doug

LawTalk and other Bankruptcy Law Specialists are ready to help you
Customer: replied 5 years ago.

Is is possible to do a foreclosure on a timeshare if you no longer want it? Thank you

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