How do I get rid of this money trap called a TIMESHARE!!!!

[HevyHalr]

I have owned my timeshare for several years now. I purchased this money pit back when I was stupid and single "thinking" at the time that it was the greatest thing. Well this is what I get for thinking. Since then I have gotten married and my wife and I enjoyed being able to use it. Well this all went down hill back in the start of 2010 when I lost the best job that I ever had do to the bad economy. The company was forced to close their doors. Well needless to say I went on unemployment for a while, but did find another job pretty quickly. The downside is that I'm not making no where near the same money, but hey I have a job right. With my wife going to school full time and only working part time, we have to liquidate all the non-essentials.
We have spent over $1000 on listing companies "crooks", trying to sell it. Did not get one offer. We are to the point now that we couldn't afford to pay our yearly maintenance fees of $1000 this year. The monthly payments are payed up to date. I still owe quit a bit on my mortgage with them unfortunately.
Enough of the BS, I guess what I'm getting to is what can I do? I know it will hurt my credit, which I do have good credit, if I just stop paying on it. I heard of something called "Deed in Lieu", could this help me? What would something like that cost? Would they "timeshare thugs" be able to garnish my wages if I don't pay? If I do the deed in lieu, how long would that stay on my credit apposed to a foreclosure?
We don't want to pay out any more money to agencies to help us sell it simply because we just don't have it. Any advice would be greatly appreciated. I'm sure we aren't the only ones in this ever sinking hole with a timeshare. Thanks for taking your time and reading this. Sorry for going on and on, but I'm just very frustrated with this and don't know what to do.What is the name of your state (only U.S. law)? KYWhat is the name of your state (only U.S. law)?

 

[justalayman]

Timeshares are the herpes of the real estate world. You can't get rid of them and they just keep causing pain but they won't kill you.

"Deed in Lieu",

that is just simply you giving title to the mortgage lender in exchange for them cancelling the debt. Unless the mortgage lender is willing, it is not a possibility. Have you asked them?


Your actions are limited.

You can sell the place, which you have already tried.

You can sell it for a loss with you paying the difference between the selling price and the amount owed.(probably not a possibility either for you)

You might try a short sale; that is where you sell it for less than you owe with the lenders permission to release their security interest. You need to be careful with that though. Just because they released the security interest, it doesn't mean they have written off the balance of the loan so you could still owe the difference.

you can let it go into foreclosure BUT that doesn't mean the lender has to foreclose and until they do, you continue to accrue not only the mortgage debt but also any fees that come along with the unit.

a problem with a foreclosure is; the lender can still come after you for the difference between the loan balance and what they get from selling your interest.

if the foreclosure results in a judgment, it will remain on your credit report for as long as a judgment is good for in KY. If there is no judgment, the report will last for 7 1/2 years from first delinquency.

 

[Proserpina]

Timeshares are the herpes of the real estate world. You can't get rid of them and they just keep causing pain but they won't kill you.

I have to write something because there's a character limit.

But really, I want to do the "in complete awe" emoticon. Except we don't have one here.

 

[Isis1]

I have to write something because there's a character limit.

But really, I want to do the "in complete awe" emoticon. Except we don't have one here.

It sure got a horrified giggle out of me.

I do have one question. OP, have you tried renting it out instead of just selling?

 

[LizzieB]

Either use the week(s)... lease the week(s) or trade the week(s).

You're paying for it... might as well get some value out of it.

Where is this place? And I guess you already learned, you never pay for anyone to list your little slice of paradise.

 

[justalayman]

I have to write something because there's a character limit.

But really, I want to do the "in complete awe" emoticon. Except we don't have one here.

thank you. I try to bring a little humor to everybody's life that I touch.

 

[NC Aggie]

I wish I could offer some advice on this topic, but I don't have any. I would really be interested in hearing some good advice on this topic though because your situation with your time-share sounds very similar to my in-laws. They've had theirs for almost 15 years now and it's paid for. However, the maintenance fees are absurd, no longer desire to use it and they've wasted money with listing agents trying to sell it as well. I think they're almost at the point where they would give the thing away if they could walk away free and clear.

 

[Andy0192]

Search on the timeshare users group forum - Timeshare Users Group - The first and largest online community of timeshare owners providing timeshare resort reviews, timeshare ratings, FREE timeshare advice and FREE Timeshare Classified ads!

You'll find out if there is any market for selling your timesnare, and what you might be able to do to lessen the blow.