What is a timeshare?Timeshare is a type of ownership, a right to the use of a property. It is also a term used to describe these kinds of properties. Timeshare properties most commonly are resort condominiums. Usually multiple individuals hold the rights to use the property. Each person is given a period of time to use the timeshare. A typical amount of time is one week.
How can I get out of a timeshare?Getting out of a timeshare may prove to be problematic. There are some options that you could consider. The first option would be to see if the selling company would purchase it back from you. If that doesn’t work out try speaking with the other owners of the timeshare that are close to your “week” and inquire if they would like to purchase your share. You could meet with a real estate broker and have them try to sell your timeshare. The broker would more than likely charge a high commission and they are very selective in which timeshares they choose to sell. You could also try selling it yourself either via newspaper or online. You could also donate it to a charity. You would need to check if they would take it as a donation first. If you are able to donate the timeshare, you can deduct its fair market value and often times the fees to transfer ownership.
I can no longer afford my timeshare mortgage. What happens if I just stop paying it?Before you stop paying on your timeshare mortgage, go over your contract a look for any clauses that may give you an option to get out of the timeshare contract. If you do not find anything in the contract then you may want try to sell the timeshare at a reduced price. You could even contact the company that sold you the timeshare and check if they are willing for you to deed your interest in the timeshare back to them.
If you just stop paying the timeshare mortgage then you will risk the timeshare going into foreclosure and losing your interest in it. Other fees and cost may also be tacked on. Something else to consider is your credit. Non-payment or a foreclosure could have a negative effect to your credit.
If you are delinquent on payments for a timeshare in Mexico, can they turn it over to a collection agency in the United States?The timeshare is in Mexico, but since you reside in the USA the collection agency and attorneys for the timeshare can try to collect the amount from you. Two things could ultimately happen. One, you could be part of a collection lawsuit which could expose you to garnishments and liens. Two, try to settle the debt with a reduced lump sum or perhaps make low monthly payments until the settlement is paid off in full.
Can I quit claim my timeshare back to the company I purchased it from?You can quit claim the timeshare interest back to the seller but the seller has to be willing to take it back. This is not normally a good option of disposing of the timeshare as the seller is typically unwilling to accept the transfer of the property. The owner of the timeshare will need to transfer the timeshare to someone or entity that is willing to take ownership of the timeshare.
Having the right information and understanding of timeshare laws can help when dealing with questions regarding timeshares. Experts can help answer questions about timeshare foreclosure or getting out of a timeshare. Get the answers fast and affordably by asking an Expert online.