Q1: I have received phone calls about someone wanting to purchase my timeshare. Is this legitimate?
A: Almost always NO. Once in a while, if you have it listed, an individual might call you interested in your timeshare, but usually it is a company claiming to have a client who wants to buy it. They don’t mention any cost to you at all…at first. They hook you with the idea of someone paying a large amount of money for your ownership and then before they can close on it, they need you to pay closing costs usually in the range of $2000 or higher. Hang up the phone!
Q2: Can I walk away from my timeshare?
A: You can walk away from any financial obligation as long as you are willing to face the consequences of a foreclosure and your credit getting hit, although the bankruptcy laws changed and made it harder to walk away from your debt. If it is a deeded property, you have a debt forever in maintenance fees and taxes and that deed is attached to your estate. If this is a concern, you should call us and we can go over some of your options. We would need to ask you some more questions, but you need an EXIT STRATEGY…NOW!
Q3: Can I donate my timeshare?
A: Charities sometimes accept timeshare donations, but they must be able to convert it into cash by resale or rent to benefit. Charities would assume the same maintenance fees that the donator was obligated to. If a charity will accept it and try to sell it, they would require you to keep it in your name and for you to keep paying the maintenance fees until it is sold.
If the timeshare is sold within 36 months of the donation, the cash received will determine the income deduction. If it is not sold, a maximum of $5,000 can be deducted without an appraisal. If you are truly wanting to help a charity and not just pawn off your debt, then we suggest you sell it on your own and donate the money from the sale.
Q4: When my resort comes up with a new program or when they changed to points, why was I forced to change with it?
A: You are not forced. A resort cannot make you spend more money to upgrade into a new system. For example, if you are a fixed week owner and the resort has changed to points, they cannot take away your fixed week. You purchased that week and it is yours. As long as you always go that week, then you have what you want. But if you have a floating week, your availability will shrink due to points owners being able to book nightly. You will have a much harder time finding seven days in a row that hasn’t been gobbled up by the nightly travelers. They can’t make you change, but you can’t stop the other owners from changing with the times and that’s why your availability could be affected.
Q5: If my resort has a special assessment, am I required to pay it?
A: Yes, if you are deeded. You are responsible for the assessments just as you are the maintenance fees. If you are non-deeded or in a lease, then the answer is no.
Q6: If I was lied to about my purchase, can I get out of it?
A: This is case by case. If you still owe money on your mortgage, and it was egregious enough, then yes, it is possible. Timeshare companies do not support their sales reps if they lie and its important to remember that the salesperson lied to you, not the company. Yes, the salesperson is an agent of the company, but the companies want the product to be sold cleanly, so they have a vested interest in your satisfaction. But because you have a three-day rescission period, it is hard if you wait. The sooner you start the process, the better.
If you have waited for over a year or more to fight it or if the resort company did not help you cancel your contract, then there are other options. We would need to ask you more questions before we could recommend a course of action. Contact Us.
Q7: Can I rent my timeshare?
A: Some companies allow it and some do not. They usually don’t have a problem if you rent, but there have been documented cases where a person will buy up a bunch of points and create a rental company. That is why most resort contracts make you initial that you are purchasing for personal use and not for commercial purposes.
The company can stop you from renting your time. Some have rental programs that they control, but they will usually keep 40%-50% of the profit. Also, the resorts are usually renting their time, so they don’t need you as competition!
Q8: If I use VCS to relieve me of my timeshare, how long will this process take?
A: It could take up to 12 months for the process to be complete, but in most cases it takes less time.