Legal Question in Real Estate Law in Florida
Timeshare
I have a timeshare that I can not afford to keep. I have tried to give it away,no takers
Is it possible to sign this back to the timeshare resort.What would happen if I just stopped paying the maint fee?
2 Answers from Attorneys
Re: Timeshare
They may be willing to take the deed back.
Re: Timeshare
If you stop paying the maintenance and there is a mortgage, the noteholder can foreclose on the unit and ruin your credit. If there's no mortgage, they can attach a lien against the unit and ruin your credit. You should try to sell the unit on ebay. Lots of people sell their timeshares there for $1 just to get rid of them.
For all potential timeshare purchasers: Buy your timeshares on the secondary market (resales) or don't buy them at all! There's no reason to pay 2-10x the timeshare's worth just because they gave you a pair of tickets to a show! Good luck!
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