How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask P. Simmons Your Own Question
P. Simmons
P. Simmons, Lawyer
Category: Real Estate Law
Satisfied Customers: 33894
Experience:  12+ yrs. of experience including real estate law.
11181181
Type Your Real Estate Law Question Here...
P. Simmons is online now
A new question is answered every 9 seconds

How can I get out of my owner financed time share contract

This answer was rated:

How can I get out of my owner financed time share contract I bought last May in Las Vegas?
Thanks for the chance to help. I am an attorney with over 12 years experience. Hopefully I can help you with your legal question.

The contract is what is going to limit you.

If you have a contract, your obligated to the contract.

The best way to "get out of this" is to either

1. Sell the interest to someone else so you can pay off the debt

or

2. negotiate with the seller to cancel the contract...perhaps you can get them to take back your interest if you pay them...sometimes this is possible...but its up to the company to agree or not.

Short of that, you can stop paying...but it sounds like you may already be there...if you do, then understand the seller could sue you for breach of contract and take steps to garnish (take) your income or assets.

There is no "magic bullet" for these contracts...the timeshare owners are having as hard a time as anyone in this down economy...they are struggling to keep alive...and will do what they can to force you to pay this contract. The best way to resolve is to negotiate with them to resolve.

You can consider bankruptcy as well...though that is a fairly extreme step to deal with a timeshare...it would remove the debt.

P. Simmons and 4 other Real Estate Law Specialists are ready to help you

Related Real Estate Law Questions