Need to exit out of my timeshare but don't know how

[savannahjules]

Hello! I'm new here and glad to find TUG! I stumbled across TUG while researching solutions to my problem with ownership. I need advice, please! I have a Diamond Resorts timeshare since 2007. It's almost paid off but I also owe a huge unpaid assessment fee that spans over several years. When I bought this in 2007, my income was considerably much higher. Unfortunately, my career and the income I once had are now gone and this happened in 2008. I work full time 6 days/week but still lacking enough income to keep my timeshare. Diamond Resorts won't let me out. I've contacted Timeshare Exit Team. I think they're legit but I have more questions for them and haven't agreed to anything. I owe roughly $14,000 in unpaid assessment fees. There is no way I can pay it. Not even half of it. I need to find the best solution, if any one has one. Thank you in advance!

 

[LannyPC]

Sorry to hear about your plight. I feel your pain. When did you stop paying assessment fees? I ask this because $14,000 in unpaid fees is a lot. It either took you many years to accumulate this or you pay thousands of dollars in fees each year. If it took a long time to accumulate this, I wonder what happened each year that you did not pay. Did you just ignore the bill each year?

You mentioned Timeshare Exit Team. I doubt they will be able to help. If you can't afford to pay your MFs, how will you afford TSET's fee?

Diamond has a system in place for giving back unwanted TSs but you have to be current with your fees.

 

[VacationForever]

Are you really sure that you still have the timeshare? It is unlikely that the timeshare company would have not taken action to foreclose on the timeshare if you owe that much on assessment/maintenancce fees which goes back to 2008. Did you write to them and indicate that you do not have the ability to pay the fees and please take it back?

 

[TUGBrian]

id certainly imagine that if you are 14,000 in arrears, they have already likely taken action to foreclose and or report this delinquency to your credit.

if you cant pay, you cant pay...and thus your ownership will be terminated eventually...now its just a matter of what sort of consequences will be involved with your default.

 

[Passepartout]

Whatever you do, don't contract with 'Timeshare Exit Team', or any other similar 'get you out of your timeshare' outfit. At this I'd check your credit agencies and see if Diamond has already turned you over to collection. If so, let them foreclose. Your credit has taken it's hit already. Your timeshare has no value, so stop worrying about it. Offer the deed back, but if you can't pay, you can't pay. Let the chips fall where they will. I'm sorry for your change of fortune. Best Wishes.

Jim

 

[theo]

Whatever you do, don't contract with 'Timeshare Exit Team', or any other similar 'get you out of your timeshare' outfit. At this I'd check your credit agencies and see if Diamond has already turned you over to collection. If so, let them foreclose. Your credit has taken it's hit already. Your timeshare has no value, so stop worrying about it. Offer the deed back, but if you can't pay, you can't pay. Let the chips fall where they will.

"Offering the deed back" would not appear to be an available option in the OP situation with both a remaining loan balance and $14k in unpaid fees amassed over some number of years now. Otherwise, I certainly agree wholeheartedly with the advice to steer clear of Timeshare Exit Team --- and any and all other such useless upfront fee "relief / escape / exit / release" (substitute interchangeably) charlatans.

At $14k in the red (plus unpaid loan balance), if foreclosure has not already occurred then it might be the best option for the OP to just let it inevitably happen and take the credit hit on the associated loan default. No sense sending good money after bad now, at least IMnsHO.