Times are tough at the moment, with a lot of us having a hard time juggling our mortgage, paying the bills and keeping the gas tank full. At the same time, people are being laid off by the thousands and wave after wave of home foreclosures are sweeping across the country. If you happen to own a timeshare, then things are even worse. The maintenance fees keep going up every year and owners are frequently invoiced hundreds or even thousands in special assessment fees. Now is the time to get rid of your timeshare before the added expense causes even more economic stress on your household.
If your timeshare is financed, then you’ll want to pay everything off as soon as you can. This will get rid of those interest payments which can be very high on their own (and unlike the interest payments for your primary residence, these payments are not tax deductible). Additionally, you’ll find it difficult, if not impossible to sell your timeshare if there is still a mortgage on the property. With so many other timeshares on the market that no longer have mortgages, it is extremely unlikely that you’ll find a willing buyer.
The timeshare resale market has historically been a difficult one for sellers. In a report by the FTC, only 3.3 percent of timeshares listed have been sold on the resale market over the last 20 years. Attempting to sell it in today’s economic climate may prove even more difficult. You may end up waiting for a long time even after spending good money on advertising and broker fees. It’s time wasted that you can ill afford not knowing if a special assessment is on its way.
You could try to rent your timeshare. Even if you are able to rent it, the income may not be enough to pay for your maintenance fees or that surprise special assessment. Is losing money and not going to your timeshare resort worth the hassle?
Furthermore, fewer charities are taking ownership of timeshares because of the inherent cost and liabilities. Again, like selling, donating your timeshare may take too much time to find a proper charity that will take it. Unfortunately, the clock is always ticking and the next timeshare bill may be just around the corner.
If your checkbook cannot handle a sudden $1,000+ special assessment with the possibility of future fees, do your best to part with your timeshare as soon as you can. As you have read, trying to discard it yourself may or may not quickly end in success. Meanwhile, the time spent waiting will only build more stress on yourself. So, if you want a fast solution, go to a timeshare transfer company to get relief from your timeshare today.
A timeshare transfer company can get the timeshare out of your name so that you won’t be responsible for any further assessments or maintenance fees. Of course, there will be a fee for this service but when compared to the cost of owning a timeshare, it’s a small price to pay. The transfer can be done very quickly and once the contract is signed, you won’t be liable for any expenses related to the timeshare.
It’s important to choose a timeshare transfer company which is reputable. Look for companies which have been around for a minimum of 4 years, since this will help you steer clear of those companies which are run by dishonest operators. Also look into how the company is rated by the Better Business Bureau. No company will be entirely free of complaints — but you should check if complaints from customers have been resolved by the company and that the BBB gives the company a good rating.
Whether you go with a timeshare transfer company or sell it on your own, when you get rid of your timeshare you also free yourself from a financial burden and a great deal of stress. This lets you turn your attention to the important task of keeping your home!
Want to get rid of your timeshare? Find out what over 31,000 other distressed owners did with their unwanted timeshares. Contact Timeshare Relief for more information. Call 1-866-797-0535 and sign up for a free consultation right now.
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