But mortgage payments, maintenance fees, and other costs continue. Like most property that you might own, getting rid of it isn’t that simple - especially when there are far more sellers than buyers.
Timeshare broker Larry Hayden, who runs Timeshare Resales Worldwide, said the burden of expenses is so great that many owners are willing to just give away their timeshares. And they are so desperate to unload the properties that they will pay up to $3,500 to companies promising to relieve them of their obligations
Hayden cautioned that lawyers and companies making such claims cannot guarantee success - creating the potential for you to still have the timeshare and end up deeper in the hole. Selling is about the only realistic option to part with the property, he said. But with thousands of timeshares listed for resale, that is clearly a challenge.
“Other than selling the timeshare, I know of no proven way to get released from the obligation of the maintenance fee assessment,’’ Hayden said.
Lisa Ann Schreier, an author, consultant, and self-proclaimed “Timeshare Crusader,’’ said owners can try to rent the property or donate it to charity. The few groups that accept donations only want certain properties and require that they are not in arrears.
With Hayden’s website alone listing more than 10,000 timeshares for sale, it’s likely to take a long time to sell a property. So, beware the promise of the quick fix and the demand for upfront cash.
In the meantime, Hayden suggests giving the vacation time you don’t to friends and family.
