Facebook Rss Twitter Youtube MSN

Dear Liz: I have tried to sell my time share on different occasions. If I stop paying my assessments and taxes because I do not wish to use my time share any more, will that be detrimental to my credit?

Answer: Typically, your delinquent account will be turned over to a collection agency. Not only will your credit scores take a hit, but you may be subject to nasty collection calls as well.

If your time share is paid for, you might consider giving it away. Some people have successfully gotten rid of time shares by listing them for $1 or so on Craigslist or eBay.

If you still owe money on the loan you used to buy the time share, though, giving it away is probably not an option unless you’re able to pay off the loan first.

Related Posts

Categories : Credit Scoring, Q&A

3 Comments

1

An easy way to get rid of an unwanted time share that is all paid for is to deed it back to the resort, if it will take it, and many do. You’ll probably have to pay the closing costs, and it can sometimes take a while, but it’s more of a sure thing than listing them for $1 on Internet sites. I’ve successfully gotten rid of 2 out of 3 of my parent’s time shares this way.

2

Thanks for the suggestion. This is often an option when the projects are still in development and all the units haven’t been sold. (Your parents had three? Good heavens. The salesmen must have LOVED to see them coming.)

3

Also, there are a lot of timeshare user/owners on Tug2.net, they are very helpful in giving you tips on how to sell – just know, you will not get the 10k or what have you, that you bought it for. Also, it will cost about $500 in closting costs & transfer title to get it out of your name on to another owner. You may be able to sell it for what it will cost you to get it out of your name, or you can just pay it yourself to make it a quicker sell. Check out Tug2 and visit the message forum.