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Home > What do you think? Timeshare Trouble.

What do you think? Timeshare Trouble.

August 9th, 2010 at 06:08 pm

We have friends, a couple close to our age, who bought a timeshare. It is the kind where you own a piece of it, not the points type.

Anyhow, I was just talking to my friend (wife) and she was telling me how they didn't know what to do with it. I didn't quite know what advice to offer her. I thought about posting in the forum here, but I've never "been" there.

Here's the situation, as she told me:
They bought into this timeshare property, very nice, thought they'd use it a lot/often. Bought in May 08, have not used it once! $200/mo payments. Owe about $10,000. Having a harder time paying for it now given less work/less money. Would like to be out from under it, but how? She said they can't sell it unless it's paid off (??) Unable to pay it off. If they stop paying: down goes their credit scores.

Is there foreclosure on a timeshare? Short sale? Tax repercussions? What would you do?

Any advice I could pass on?

Posted in This and That | 4 Comments »

4 Responses to “What do you think? Timeshare Trouble.”

  1. creditcardfree Says:
    August 9th, 2010 at 06:30 pm 1281378635
    1281378635

    I honestly don't know how these things work. It seems it could be sold to someone without being paid off. The proceeds from the sale would pay off the debt.

    Go ahead and post on the forums: there are more people over there and you might find someone who 'knows' more about this!

  2. MonkeyMama Says:
    August 9th, 2010 at 09:03 pm 1281387824
    1281387824

    You actually can foreclose on a timeshare. It may be the best solution. I do not know for sure (if it's the best idea) or how to go about it, but I did have a client with a timeshare "foreclosure." It wasn't even a taxable event because the property was worth less than amount of the debt forgiven (I believe that was why - not 100% sure).

  3. campfrugal Says:
    August 10th, 2010 at 11:48 am 1281440901
    1281440901

    I believe there are somewhat reputable companies out there that actually deal in selling timeshares. Maybe she should google "sell my timeshare", see what she comes up with and then re-google the name of the company to see if it is reputable.

  4. Looking Forward Says:
    August 11th, 2010 at 06:43 pm 1281552213
    1281552213

    Thanks for the advice. I have posted in the forum too.

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