Legal Question in Credit and Debt Law in Georgia

You don't. Contracts are binding and there is no "oops" in law. If you make the mistake of buying a timeshare (and few real estate deals are worse financially than timeshares), you are stuck.

(The only exception is a few states give a very short period, generally a week or less, to undo the transaction).

You MIGHT find a charity to accept it as a donation or a reputable service to give it away. There are probably more scams than legitimate services so you would need to pay a lawyer to make sure everything is legitimate. Otherwise, enjoy it if you are paying for it.

I respectfully disagree with some of my collegues. I have successfully unwound time share deals based upon the contracts involved. It's a complex topic. If you'd like me to review it for you, please feel free to contact me through my website kaidenlaw.com.

We are a Georgia Consumer Advocacy Law Firm. We represent the little guy.

Robert Kaiden, Esq.

It depends. I also have managed to get my clients released from a timeshare but it will depend on your circumstances.

If you are current on your bills, the timeshare company is not going to cut you any breaks. Most of them don't have a "buy back" program. Some may try and steer you to a realtor. If you go with a realtor, never pay anyone up money upfront. There are scads of people who promise to sell your timeshare and they will take your money and do nothing. So if you use a realtor, make sure they are a true realtor and get paid a commission at the time of closing, not upfront.

If the timeshare is paid for and you don't want to use or can't find a realtor to sell it, you have 3 options: (1) either try to sell it yourself; (2) donate it; or (3) transfer to someone who actually wants it.

If you are going to sell it on your own, go to www.tug2.net (the Timeshare User's Group)., They have a lot of information. You can try to sell it on eBay or a similar site, but realize that you are not going to get out of it whatever you paid. Timshares don't appreciate in value like other land.

If you donate, try www.donateforacause.org. They do not accept all timeshares. You will have to apply and pay a small fee. If they accept your timeshare and sell it, then the proceeds will go to a charity of your choice and you will at least get a tax write off

Some companies allow you to transfer. I view timeshares as horrible albatrosses - you don't want to saddle someone with it. However, if you have a friend or family member who actually wants it, then give it to them.

The laws in the state where the timeshare is located will govern the timeshare company's remedies. For example, if the timeshare is in South Carolina, the laws provide for foreclosure but no deficiency. In such a state, it may make more sense to allow the timeshare company to foreclose or agree to have you do a deed-in-lieu of foreclosure. The timeshare company keeps whatever you have paid, but at least you get rid of the timeshare. And if you are having financial problems, chances are your credit is already affected and this will not lower your credit score too much more. Other states have different rules so check with a timeshare attorney before you do something like this.

Whatever you do, don't pay a company thousands of dollars to take the timeshare off of your hands.

All of this assumes that you are outside of the cancellation period. If you went down and were pressured into buying one of these things and are still within the cancellation period, then cancel now. You have to follow the instructions in your documents exactly if you want to cancel. Some companies require the cancellation to arrive within the cancellation period and some just require that your notice of cancellation be postmarked.

Don't be cheap and don't take chances. Use FedEx, UPS or some other overinght delivery service. Fax your notice as well. You want to make sure that it arrives there in time.

If you have any questions, talk to an experienced attorney about this and allow him/her to assist you.

Be wary of, and thoroughly check out, solicitations from anyone who make promises to get you out of a timeshare for an upfront fee.