Need Help!

[nikkip]

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!

 

[aliikai2]

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!

 

[Passepartout]

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