How Can I Get Rid of My Timeshare, Which I'm Still Paying For, W/out Ruining My Credit?
I need to get rid of my timeshare property because I cannot afford it anymore. The monthly payment is taken right out of my credit card & its killing me. I need to get out of this promptly but I’m afraid that my credit will take a hit. Noone is buying nowadays so what can I do????
If it’s truly ruining you financially, you can consider bankruptcy or foreclosure, if the loan is a mortgage on the timeshare. This will give you time to get your finances in order, but your credit will be ruined for 7 years. That may be a small price to relieve some of the stress and give you some time to think about what needs to be done. You’ll need a bankruptcy attorney.
If your timeshare has a mortgage, it will be nearly impossible to get rid of.
In the past, I’ve recommended against bankruptcy and foreclosure, but it sounds like you’re desperate for a solution to your timeshare that doesn’t exist. BK or foreclosure were created for a reason. Many people have come out of them stronger in character and financial knowledge.
Lower the price until someone does buy it.
Nothing. If no one will buy, then the only way to get rid of owning it is to give it to someone, as a gift. But even that will not get you out of being required to make the monthly payments. Even if you give it away as a gift, you will still have to make the monthly payments or your credit will be ruined.