Dear Liz: We want to get rid of our timeshare after having it for more than 20 years.
We gave the exit company $5,000 to help us, but all they did was tell us what to do, and it was going to cost more money. Renting it would probably be a nightmare, and we don’t want to leave it to our kids, as they couldn’t afford the maintenance fees.
We are 76 now, and having to come up with those fees every year is hard. Would it be wise to just stop paying the fees and let them take it back by default? We paid off the timeshare years ago. Can they hurt our credit rating?
Answer: Probably, but that may be the best of bad options.
You’ve already discovered that there are plenty of scamsters and unethical companies willing to take advantage of people desperate to get out of their timeshares.
The information you got for $5,000 was probably available for free on sites such as the consumer advocacy site Timeshare Users Group and RedWeek, an online marketplace for timeshares.
If renting isn’t an option, consider selling your timeshare. Both TUG and RedWeek allow owners to advertise their timeshares for sale or rent. Just don’t expect to get back more than a few cents on the dollar of what you paid, if that. In fact, some sellers offer to pay the maintenance fees for a year or two as an incentive to get rid of low-value timeshares.
The reality is that most timeshares will be hard to sell. If you’re contacted by anyone promising to connect you with a buyer for a fee, that’s another scam. Carefully read the information on Timeshare Users Group about selling timeshares before you begin.
You can also try contacting the developer to see if it will take your timeshare back. Few developers have formal programs that allow owners to give up their shares, but some will do so on a case-by-case basis. If age or illness prevents you from using the timeshare, be sure to mention that.
As a last resort, you can stop paying the fees and be subject to foreclosure. Your scores may indeed plummet if the developer turns you over to a collection company, and you could be subject to a lawsuit, although timeshare expert Brian Rogers of Timeshare Users Group says few developers want to sue older people who can no longer use their timeshares.
Stay vigilant throughout this process. Criminals maintain databases of people who have fallen for scams so they can be targeted again and again.
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