Feeling Stuck with a Timeshare?
This trend of "buying" a timeshare has always rubbed me the wrong way. I don't know if it's the Realtor in me or just my analytical thinking that kicks in, but I never thought this was a good idea. As an avid traveler and licensed Realtor, I thought I'd provide my thoughts on this subject. I remember listening to the spiel when I was in my 30s and was not convinced this was something that would benefit me. So, I did what comes natural...I shut it down with all my analytical questions and WIIFM (what's in it for me) questions. After the salesperson stumbled and searched for legitimate answers, I was asked to leave 🤣 Gladly! Let's be real, you never own anything AND you continue to pay annual fees for your lifetime, AND they may possibly be passed on to your children. Besides, you're only given a certain amount of time to utilize YOUR "investment" each year. How does that favor the consumer?
The first (and only, in my opinion) thing to do is stop paying! Yes, it's possible that your credit may be affected, but if you're just paying fees, the resort will most likely let you surrender since that may cost less than foreclosing. If not, the points off your score cannot compare to the disposable income you'll now have and not need to utilize credit as much. Besides, I'm sure creditors are used to and understand this kind of blemish on credit reports, especially now! Secondly, you can try to resell it. This may be difficult because of the numerous timeshares trying to be sold/dumped. Last but not least, DO NOT use an exit company to help you get out of it. The fees you pay them are not worth it for something you could do yourself. And sometimes, they ask you to pay fees upfront (red flag).
I hope you find some of this info helpful; however, use your own judgment when ditching that timeshare.
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