Is There a Legal Way Out of a Timeshare Contract?
My husband and I simply CANNOT afford our timeshare anymore, and we owe more than it will sell for, so selling it will not help much b/c we will still owe a monthly payment to them for the difference. Also, we are moving to a different state on Federal orders from the Army. Is there anyway to get rid of this thing?!
Those contracts are iron clad. They make a lot of money with them.
You need to come up with a plan, you can not back out.
sell it. it is pretty much your best bet… if you can’t afford it any more and it is just eatting away at your financial state… sell it. cut the losses. "Getting" out of it would only make it harded of the other owners of your time share.
just because you are moving doesn’t give you the right to give it back, etc.
Timeshares are a very bad investment as you have found out.
See if you can deed it back to them. They will just resell it.
My sister and I had the same problem. So when the Timeshare company offered to buy it, we took their offer. Luckily we had had owned? it for a while, so we didn’t lose money on the deal.
We were just happy to get out of it. We did use it, and enjoyed it, as it was only a couple of hours drive from our homes.
But it just got to expensive as you well know.
There are companies that advertise all over, on the buying and selling of timeshares. But I would be careful about those. As you are unlikely to get a good deal.
Google Timeshare sales, as their are several on the web, and I think yahoo, has a real estate section covering TimeShares.
I am not sure, if you will get what you paid for it, but it will be a big relief just to get out from under. You may want to check with your Tax Preparer, on how you can use that loss to save on paying taxes.
Once the unit is no longer yours, you won’t have to pay those monthly payments, but on that, I’m not sure of the legal issues on that. Hopefully some others will have better answers for you on that issue.