Legal Question in Real Estate Law in Florida

I have a timeshare that me and another friend signed up for. We have never used the timeshare, and I need to get rid of it since it is coming out of my bank account monthly for the last 5 years. When I looked at the interest and the amount I've paid over the years, it has been ridiculous, I still owe the same amount.. I can no longer afford to have this monthly deduction. My friend is not on the lease as she paid the initial down payment of 1200. Since the past 5 years, I've paid 1250 a year. I' have written to the company and asked for a quit claim as I have no interest in this property anymore. I've never used it. Each year they state that they will rent the property and credit my account. That has not happened. What can I do?


Asked on 3/14/10, 1:55 pm

1 Answer from Attorneys
David Labovitz Labovitz Law Firm, P.A.

There is usually very little incentive for the timeshare property to let you out of a deal. There are plenty of them for sale and they definitely don't need your unit back. If you stop paying on it and let it default, sometimes you can negotiate a deed back rather than them having to incur the expense to foreclose. You could obviously try to sell your timeshare (I assume at a loss) or take initiative to get it rented on your own to cover some of the costs.

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Answered on 3/19/10, 2:08 pm


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