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.
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