If you have a timeshare that you'd like to get rid of, then you've come to the right place. Unfortunately, for most people, there are just no good options.
It often starts out as what seems like an easy way to get a free gift and ends up being a prison of wall-to-wall debt. While they aren't the best, there are still some options to explore.
1. Talk To The Timeshare Company
If you don't owe any money on your timeshare, there's a chance the company that sold it to you will take it back. They call this a "deedback" or surrender. You'll have to swallow the loss, and sometimes, even pay for them to take it, but it does get you out of future costs.
This can depend on where and when your timeshare is and how much they can get for it. Not all companies do this but it's worth looking into.
2. Sell It To Someone
If your timeshare is in a good location, there may be somebody willing to buy it from you, but don't hold on to the idea of getting back what you paid, because that's very unlikely. Most people who go this route are just happy to find someone willing to take it at all. There are timeshare specific sales sites online or you can advertise on places like Craigslist or Facebook.
3. Rent It Out
Again, this can be a decent option for some but it will depend heavily on where it is. Most people can't rent theirs for enough to cover the yearly costs but it can offset the bills a bit while you figure out what to do next. Many of the same sales sites have rental sections too, so that can be a good place to start.
4. Bankruptcy or Foreclosure
Another option is to simply stop paying the bills and let it go into foreclosure or file for bankruptcy to get out from under it. Obviously, this also isn't a way out for everyone but it should still be on the list.
For younger owners who need to keep their credit score high for the future, this can be a pretty tough sell. There's no way to really be sure how the company will react as some just resell and others will really go after you for the money. For older owners who are unlikely to need much credit in the near future, it might be a more reasonable avenue.
5. Give It Away
As a last resort, many end up trying to give it away. Some list them for a dollar online and take the loss while others try to donate to a charity. While charity does seem like a good option, most won't accept it because of the costs they'd inherit, and many who have done this didn't even get the tax break they'd hoped for.
This can be a very long, difficult, and frustrating process. It can help to contact a lawyer who specializes in timeshares if that's a financially viable option for you. If not, do your best to research the specifics of any option you consider thoroughly.
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Our team of highly skilled professionals will evaluate your current situation to see if you may qualify for one of our debt relief programs. You don’t have to struggle with high-interest credit card debt any longer.