Timeshare

we bought a timeshare in texas. it is not working out the way they said it would and we want out. if we default on the loan can they legally make us pay? will it affect our credit to buy a new home in the furture?

The purchase of a timeshare is like the purchase of other real estate, in most cases. If you fail to pay, things can get nasty. They can ruin your credit, sue you, etc.

I suggest you try to contact a timeshare resale office to see if they want to take it off your hands for what you owe on it. Sometimes, the timeshare association will take back your weeks, but not always for what you owe on them.

In all my experience dealing with real estate and the law, I have never seen a timeshare deal end on a positiive note. I'm not saying that all timeshare deals are a bad idea... well, yes, I am saying exactly that. Timeshare deals are just plain bad for those who buy them...

If you can get an offer to get out, take it and move on.