Unloading
your timeshare
It’s no secret that the economy has been struggling
over the past few years. As well, some timeshare
owners have had difficulty paying for the mortgage as well as the maintenance
fees associated with it. Owners have
tried to find ways to sell their timeshare, whether legit or not. Unfortunately, timeshares cannot be tossed
aside and forgotten.
Let’s say a family of 4 owns a timeshare and has
recently fallen on hard times financially.
The family has discontinued their mortgage payment as well as paying for
the maintenance fees on their timeshare.
Not only are they defaulting on a mortgage, but they are also leaving a
mark on their credit report for doing so.
The IRS is also notified when a timeshare is considered a foreclosure. For example, the amount of money still owed
on the timeshare could be listed on your tax return as other income. If this happens, you may owe taxes as a
result of this other income. The last
consequence of abandoning your timeshare is that when your timeshare is a deeded
ownership, the other owners will be required to pay higher maintenance fees to
cover your share. If enough of the
owners default or disregard their timeshare, there will be higher costs for the
remaining owners.
So how do you successfully “unload” your
timeshare? Well, if your timeshare does
not have a mortgage on it any longer, you can try selling it back to the
resort. Of course they have the right to
refuse which leaves you with an unwanted timeshare that you are paying
maintenance fees on continuously. What
do we suggest? If you decide that you
can no longer afford your timeshare, contact a licensed broker at a timeshare
resale company such as www.timesharebrokersmls.com.