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Esteemed Contributor
Posts: 6,502
Registered: ‎03-09-2010

Timeshare Exit Help

We want to get rid of our timeshare. There is no mortgage on it, but of course there are maintenance fees. Ours is one that can be used around the world owned by a major timeshare company. The past few years every time I've called, I couldn't get in. We couldn't change locations, so we just gave up. Then we went to a dinner. The "counselor" we had curtly told us the reason we couldn't get in was because we were asking for a unit we didn't qualify for - but no one EVER told us that! For a monthly fee, we could qualify for their top level, and of course she recommended that. We ALMOST went for it, but left without signing one of the papers. Of course they contacted us, but after reading the paperwork over we were done. We were glad we had missed the one paper. 

 

Then there is the fact that if anything happens to us our children would be responsible for the maintenance fees. 

 

The company will not buy it back from us, and I understand most organizations will not accept a donation of one. 

 

I'm skeptical about some of these companies that say they will get us out of it. A co-worker had a horrible experience with one that took him years to get out of and he finally had to hire a lawyer himself. They do contact us all of the time. I ignore them.

 

We kind of resigned ourselves to the fact that we are out all of the money we've put into it, including paying the mortage in full. We were young, it sounded great, and we didn't investigate it enough. 

 

Our friends have one they're really happy with, but it's a private lodge that they go to every year (there is only one location). They get the same unit, and have made lots of friends there. I can see how that would work. 

 

I would really appreciate any advice you can give me? Are there any organizations that really do help? Or should we just hire a real estate attorney? TIA! 

Trusted Contributor
Posts: 1,387
Registered: ‎10-07-2013

Re: Timeshare Exit Help

There are companies that claim they can get you out of a timeshare.  You see them advertised on TV.  Be very, very careful before you sign anythig with them.  You probably could call or go on line to the Consumer Protection Office where you live (NOT the BBB) and see if there's a complaint history.

 

You may have to contact a real estate attorney and see if he/she can help.  Unfortunately, timeshare contracts are ususally written in iron-clad language that leaves few if any options for the owner.  You probably are out of whatever money you put into it.  If you can get out with losing just that amount, you'll be lucky.

Respected Contributor
Posts: 2,829
Registered: ‎11-03-2018

Re: Timeshare Exit Help

I would look for a reputable attorney that specializes in cancelling timeshares.  

 

I don't think you'll be able to recoup your money though.  

 

Good luck!

Respected Contributor
Posts: 3,802
Registered: ‎03-14-2010

Re: Timeshare Exit Help

[ Edited ]

As the other ladies mentioned it seems like using a lawyer would be the best way to approach exiting.

 

I also own a timeshare. But we are very happy with it. So I am not much help. In fact the other day I planned our vacation for this year.

 

We have a friend who owned a timeshare. They were trying to get out of it and hired a company. Last I heard, they had not been sucessful.

 

If you don't mind - I don't understand some things. You said you couldn't change locations. So unless you "up your timeshare" you can only stay at one place? And that place is booked, so you can't get in. Is there a timeframe that you can start booking at that resort?

 

Since they never told your about qualifing for a unit. Is there some way you can prove that? I am back to - I think talking to a lawyer would be most helpful. My timeshare ends in 2041(or sometihing like that) does your timeshare end?

PS - On Facebook there are several different pages for the timeshare where I own. They are not "run" by the Company that owns the timeshare. So you can go to these pages with any questions or concerns. Maybe find a group of people who own where you own either on Facebook or on line and chat with them. Hopefully someone was sucessful with dealing with the company.

Respected Contributor
Posts: 3,005
Registered: ‎11-24-2011

Re: Timeshare Exit Help

redweek.com has a good article on the best ways to rid yourself of an unwanted timeshare. 

Valued Contributor
Posts: 850
Registered: ‎03-02-2016

Re: Timeshare Exit Help

[ Edited ]

If the resort you own at itself does not have a resale department then go to a RE lawyer.  That would be your best bet.  We own in 3 timeshare resorts. And I say own. We have the deeds to all 3. We purchased our first one in 1981. We love them. They have saved our family so much money and we have traveled all around the world when we did exchanges.  From reading your post it seems as though you purchaced in a low level time frame. You would only be able to exchange in that same low level time frame. Nothing higher.  Makes sence to me.   I would not go with those "as seen on TV" timeshare sellers. They would most likely take a large cut of your sale price. Go with a lawyer instead as has been suggested in previous posts.

Regular Contributor
Posts: 196
Registered: ‎04-30-2010

Re: Timeshare Exit Help

As others have said be careful.  My BIL owns 2 with a major company.  His wife was terminally ill and he received a phone call supposedly from that company offerring to buy one back.  I told him NOT to send any money but he did believing it was legit.  He was out over $4000 as they said they needed money for transfer fees.  I do think the company was involved in the scam.  He filed a complaint with the Feds but nothing came of it. I had told him why would they pay thousands for this when there are so many going for next to nothing as the people just want to get out.  

 another BIL owns one as well and has "upgraded" several times to over $100,000.  He is now a "VIP".  What a laugh whenever he calls he can never get where he wants to go.  He drank the Koolaid and then some.  He could have taken a couple really nice first class vacations every year and spent less.  His kids dont want it either as they have jobs and kids and no time.  Not to mention the maintence fees.  

Honored Contributor
Posts: 25,950
Registered: ‎03-10-2010

Re: Timeshare Exit Help

I don't know what to say except good luck.  I work for a law firm and we handle estates.  We have had several estates where the decedent had a timeshare and it's a nightmare to deal with.  99% of the time we end up filing a motion with the Court to abandon the asset,  we file a rejection of a claim for any fees, we send a copy of the Court entry to whoever we need to at the timeshare company and that's it. We have no idea what happens to that unit from there but the estate and family are done with it.      

Honored Contributor
Posts: 14,942
Registered: ‎03-10-2010

Re: Timeshare Exit Help

@beach-mom   can I ask you how you came  to purchase this?  Did you go to one of those get togethers where they offer you a free gift? I heard that they drill you to death and you get to a point where you give in like a zombi  and sign up for the dreaded time share.

 

I have heard so many horror stories about time shares that I never  fell for it.

Respected Contributor
Posts: 4,915
Registered: ‎03-16-2010

Re: Timeshare Exit Help

This thread reminds me of a conversation we were having with a dear friend and former neighbor. We watched two of his children grow up and he told us  they are now very successful young men living on opposite coasts--one selling timeshares and the other helping people unload them. We then said "so basically they are both crooks!"