Monday, October 17, 2022 / by Becky Trujillo
Tapping Out of Timeshares
Tapping Out Of Timeshares
When you finally decide to get rid of your timeshare, you’ll quickly learn that it’s not as straightforward as you’d hope. It can be complicated enough that there are scam companies that supposedly specialize in helping people get out of timeshares. Rather than taking the risk of dealing with a scammer, here are two ways to try to get out of a timeshare on your own legally and safely in ways that won’t hurt your credit.
1. Find out if the resort has a “deed-back” program. These allow you to return the deed to the resort, but you’re not selling it—you won’t get any money, and some resorts may even require you to pay a fee to get out of the timeshare.
2. Sell the timeshare. There’s a resale market for timeshares, although you won’t make money this way, either. Unlike other properties, timeshares don’t appreciate in value. Two sites to try are tug2.com and redweek.com. Be very cautious about using a third-party company to resell your timeshare, as this is an area that’s rife with fraud.
Some sources on this topic mention that simply by not making timeshare payments you’ll eventually be foreclosed upon and can get out of the timeshare that way. Doing this, however, can have significant negative effects on your credit.