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We own one week of one studio timeshare in Pompano Beach, FL. Apparently, it was hit by Hurricane Wilma in 2005. We received an assessment of $1,200.00 a couple of years ago. I unwillingly paid because I didn't want any negative reflection on my credit. Yesterday I received another assessment for another $1,000.00. They claim that they had to not only repair, but also bring "up to current code". My "mortgage" on my week has long since been paid. We have never stayed at that resort. We have "exchanged" it in the years past, but would love to be rid of the whole thing. Do I need to pay this latest assessment? How can I get out of this money trap? I would sign it back over for free just to not have any further financial obligation.
State/Country relating to Question: Florida Already Tried: Years ago I paid a "sell your time share" service who stole my $500. and did nothing in return (lesson learned). Called when we received bill for 1st assessment and was told that we were financially obligated to pay. Too broke and afraid not to pay. Just received latest assessment bill. They want at least 50% by Oct. 25, 2009. Balance in Jan. 2010 I think.
You should seek to return it to seller, sell it in open market, use a broker in either of the preceding options. Those are the limited options including confirming the basis for the assessment to make sure they are legit.
I would be willing to give it back to the seller @ no charge, just to be rid of any future obligation. Is that a possibility? What steps do I take to make that happen?
That is a possibility and one that can be pursued directly or through a lawyer. Consider first if a broker can market it without your taking such a loss.
Directly? Should I just contact the company that sent me the invoice for the assessment? What department/position should I contact?
Contact the agent who sold it to you preferably or his supervisor.
If they agree to take it back, there will be papers to sign. Should I have a lawyer look over them to be sure we are completely released of any future obligations? If so, in Florida or Georgia (my residence)? Any recommendations?
You should have a lawyer look it over primarily to make sure you are released from further obligations. You can use a lawyer locally which you can find on www.lawyers.com Kindly accept my answer.
Attorney
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