Help to get out of it

[timesharenewbie Junior Member Find all posts View Profile Close timesharenewbie]

My friend owns two timeshare. He is having financial problem and he just wants to give them up and therefore do not have to keep paying the yearly maintenance fees. He has stopped paying them but the management company is going after him and threatening with collection.

What is the best way to do it? He is willing to just give up the timeshares. He is a 83 years old man and he needs help to deal with the situation.

Please advice.

[ace2000 Senior Member Find all posts View Profile Close ace2000]

My friend owns two timeshare. He is having financial problem and he just wants to give them up and therefore do not have to keep paying the yearly maintenance fees. He has stopped paying them but the management company is going after him and threatening with collection.

What is the best way to do it? He is willing to just give up the timeshares. He is a 83 years old man and he needs help to deal with the situation.

Please advice.

First, you have to do a little research and see if the week is worth anything at all on the resale market. It'd be a good idea to search on eBay under timeshares and see if a similar week has brought in any bids. If you see that it's worth anything then list it on eBay, sell it in similar fashion and be done with it.

If it's basically worthless then have the owner contact the resort and ask if they will take the week back. Some will and some will not.

Good luck!

[timesharenewbie Junior Member Find all posts View Profile Close timesharenewbie]

First, you have to do a little research and see if the week is worth anything at all on the resale market. It'd be a good idea to search on eBay under timeshares and see if a similar week has brought in any bids. If you see that it's worth anything then list it on eBay, sell it in similar fashion and be done with it.

If it's basically worthless then have the owner contact the resort and ask if they will take the week back. Some will and some will not.

Good luck!

What else can they possibly do in case the week is worthless and the resort refuses to take it?

[BoardGirl Senior Member Find all posts View Profile Close BoardGirl]

ruin his credit. Perhaps at his age he doesn't care? But if he's already having $ problems, might already be bad credit risk.

If he's already past due, then he probably doesn't have the ability to rent them out? It's worth checking, even if he can't rent for fees, maybe offset some of it.

Sorry to hear of it. Hope he can manage to unload them.

[rikkis_playpen Diamond Club Contributor Find all posts View Profile Close rikkis_playpen]

I'll be happy to give him a free cma for the property, so at least he'll have an idea of what value (if any) it may have.

Do follow ace2000's advice on contacting the resort itself and requesting a deed in lieu of fees owed. There aren't many resorts that are currently accepting deedbacks, but you don't know unless you ask!

Also, you can encourage him to visit here and post information about what he owns (and the balance due) in the freebies section. Perhaps he'll find someone willing to take over the ownership if it does have some real value.

[1950bing Senior Member Find all posts View Profile Close 1950bing]

Why would a timeshare salesman sell this man something that is wortless ?
scumbag