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What is best way to release us from further timeshare maintenance obligations?

Posted on: 24th Dec, 2008 12:26 pm
my husband and i bought several timeshares over ten years ago in orlando, fl. each week cost $22,000 at the time that we paid in full up front. since then, we have incurred maintenance fees of more than $1000 a year - which we have out of obligation paid although never used the property in any capacity;we have never rented, loaned, or used these timeshares. over the course of the last few years, on three separate times we have paid "timeshare" resale companies up front ($695 each time) to "auction/sell," these properties for minimal amounts just to get rid of this obligation, whereby we received absolutely no offers/assistance once they took our money (another scam in and of itself). i am just trying to get out from under this obligation without hurting our credit, as i we are in the military and do not have the lattiutde to use these nor continue worrying about associated costs. presently we live in alaska, and someone advised us to use a quit claim deed and send it back to the timeshare company (westgate resorts). if we do this, can they continue to send maintenance bills and harm our credit? they have more than sucked us dry - over $55,000 in the last ten years with no usage by us and we can ill-afford to continue this ludicrousy. must we do this before 1 jan 2009 to prevent them from coming back and charging/obligating us for 2009 fees?
Hi awallace,

As far as I know, you can sign a quitclaim deed and give back the property to the timeshare company. You will have to notarize and record the quitclaim deed at the county recorder's office where the property is located. However, you should note that signing a quitclaim deed will not release you from the liability of paying the debts, if any.

Wish you a happy and healthy Christmas.

Thanks
Posted on: 24th Dec, 2008 07:00 pm
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