• The TUGBBS forums are completely free and open to the public and exist as the absolute best place for owners to get help and advice about their timeshares for more than 27 years!

    Join tens of thousands of other owners just like you here to get any and all Timeshare questions answered!
  • TUG is asking for recent reviews of older resorts, earn a free year membership!

    Read more here
  • TUG has now saved timeshare owners more than $17,000,000 dollars just by finding us in time to rescind a new Timeshare purchase! A truly incredible milestone!

    Read more here: TUG saves owners more than $17 Million dollars
  • Follow the TUG Member Banner as it travels the world on vacation with Timeshare owners! Also sign up to get the banner sent to you so you can submit a photo of your vacation with the banner to share with TUG! Banner Thread
  • Sign up to get the TUG Newsletter for free! Join tens of thousands of other owners who get this every week! Latest resort reviews and the most important topics discussed by owners during the week!
  • Our official "end my sales presentation early" T-shirts are available again! Also come with the option for a free membership extension with purchase to offset the cost!

    Read more Here
  • A few of the most common links here on the forums for newbies and guests!

Need Help!

nikkip

Guest
Joined
Jan 31, 2012
Messages
1
Reaction score
0
Points
0
Location
Cocoa Beach FL
Hello,
We were totally unaware of what time shares were, but the salesman was very good and talked us into it. That was in December. Now, We are supposed to start making payments but have a family emergency now and found out that we don't qualify for legal help because we own a timeshare. If anyone out there could tell me Is there a way out? Should I start making my payments in the meantime? I have no idea what to do but wish I wouldn've known this before we signed the papers. If you know of any options I'd luv to hear them! It is in a nice resort in Cocoa Beach FL. Thank u! :confused:
 

aliikai2

TUG Review Crew: Veteran
TUG Member
Joined
Jun 6, 2005
Messages
2,121
Reaction score
3
Points
398
Location
Yuma Arizona
The sad and hard truth is

After the cooling off period, you own it. The current resale value is around 0%-10% of what you paid. This is one of those life lessons that cost, and that you never forget.

Greg

Hello,
We were totally unaware of what time shares were, but the salesman was very good and talked us into it. That was in December. Now, We are supposed to start making payments but have a family emergency now and found out that we don't qualify for legal help because we own a timeshare. If anyone out there could tell me Is there a way out? Should I start making my payments in the meantime? I have no idea what to do but wish I wouldn've known this before we signed the papers. If you know of any options I'd luv to hear them! It is in a nice resort in Cocoa Beach FL. Thank u! :confused:
 

Passepartout

TUG Review Crew: Veteran
TUG Member
Joined
Feb 10, 2007
Messages
25,677
Reaction score
12,920
Points
1,149
Location
Twin Falls, Eye-Duh-Hoe
About the only solution I could come up with is to transfer ownership to someone else- preferably who will take over the payments. Unlikely, I know. The sad truth is you had 5-or 7 days to read the contract and rescind. That you didn't do it is your problem. We are truly sorry for your family emergency, and wish there was a way we could help, but there are no magic bullets.

If the situation is dire enough, you can (a) declare bankruptcy, and liquidate this as well as most of your other assets, or (b) the solution many- if not most TUGgers who've found themselves the proud owners of an unintended timeshare. Learn how to use it. If it's a financial burden, learn how to rent it to cover most of the Maintenance Fees. Unfortunately, the purchase price is pretty much water over the dam. It's gone. You can't even give the TS away without it being paid for.

Sorry. We wish you'd found us sooner. Welcome to TUG!

Good Luck

Jim Ricks
 
Top