timeshare deed-in-lieu

We owned a timeshare in Mexico at the Westin Regina. 3 years ago we notified the resort that we no longer wanted the time share and that they could have it back. They said they would send papers to sign to release. Nothing ever came. We decided not to pay the maintenance fees. After several months of harassing calls they sent the bill to collection. This had little impact on our credit. It dipped slightly for the first year. Since then we have refinanced our home twice and have purchased a car. When you are dinged for not paying a $1200 yearly fee I can't imagine in this economy that these individuals would be penalized so severely for a timeshare fee. We have another one that we will be letting go in Hawaii this year. We have owned it for 10 years and now the fees are more expensive than staying there for 1 week. To keep paying is just not fiscally sound.

we need a Class Action Lawsuite

Doubt that such a suite (sic) would work.

Hey, I purchased a timeshare with my domestic partner at that time and she is now planning to go into foreclosure on her home and no longer wishes to pay for her half of the timeshare because her credit is already shot with a prior bankruptcy and the upcoming foreclosure on her home. Her lawyer stated that it would be silly to not foreclose on the timeshare as well, but I am the one left wondering how this will work. Is there any way to separate our shares of the timeshare or put this thing in her name before it goes into foreclosure so I don't take the hit on my credit? Or am I simply stuck between a rock and a hard place?

Hi Joe,

If your name is on the mortgage docs of the timeshare, then the foreclosure will have a negative affect on you. However, if your name is not on the mortgage of the property, then the foreclosure will have no affects on you.

Yes, rock is here, you are here, and hard place is here...all you can do to try to save the timeshare and your credit, etc. is to continue to pay it - even her share of it. You can ask her to turn over to you her share, and that will vest title in your name only and you'd save the trouble of suffering from her credit woes.

That, of course, is assuming that you want to keep the timeshare to begin with.

Stop buying things you can't afford. How's that for an idea?

Great!! :)