Peter Greenberg: I Want to Get Rid of my Timeshare!
By: Peter Greenberg | Source: Peter Greenberg | Date Posted: 2008-08-28
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Q: I foolishly purchased two timeshare weeks many years ago and want to get rid of them. I've lost a lot of money trying to get them listed but have never heard back after they cashed my checks. I know there must be others in this situation who keep paying yearly maintenance fees to avoid legal trouble. If I just stop paying the maintenance fees, what is the worst that can happen to me?
Please help!
-Marion, Richmond, Va.
A: Timeshares have notoriously bad history when it comes to resale. But stopping maintenance fees could easily destroy your credit and be considered a breach of contract. Instead, continue paying those fees while you search for a financial solution to unload that time-share. If you can't sell it—and in this market, that's a reasonable possibility— we've got information on that here.
Otherwise, you could donate your timeshare to charity. Companies like DonateForACause.Org will take your timeshare, donate it to charity, and give you a tax deduction equal to the size of the current market value of your timeshare. A 501(c) not -for -profit organization, DonateForACause lets you choose the charity to which you would like to donate and will pay all legal fees to sell the time-share. If your time share is deemed worthy of resale, all proceeds will go to your charity. The only possible cost to you is a $25 charge if you no longer have the deed to the property ($75 if the owner is deceased).
Also, you can donate directly to some organizations. For example, as of 2005, the National Foundation for Cancer Research will take your timeshares directly and will give you a tax deduction ranging from $3,000–5,000 for each time-share you donate. The only catch is that your time-shares should be free and clear of any mortgages and be located in the U.S., Canada, Mexico, or the Caribbean.
Please help!
-Marion, Richmond, Va.
A: Timeshares have notoriously bad history when it comes to resale. But stopping maintenance fees could easily destroy your credit and be considered a breach of contract. Instead, continue paying those fees while you search for a financial solution to unload that time-share. If you can't sell it—and in this market, that's a reasonable possibility— we've got information on that here.
Otherwise, you could donate your timeshare to charity. Companies like DonateForACause.Org will take your timeshare, donate it to charity, and give you a tax deduction equal to the size of the current market value of your timeshare. A 501(c) not -for -profit organization, DonateForACause lets you choose the charity to which you would like to donate and will pay all legal fees to sell the time-share. If your time share is deemed worthy of resale, all proceeds will go to your charity. The only possible cost to you is a $25 charge if you no longer have the deed to the property ($75 if the owner is deceased).
Also, you can donate directly to some organizations. For example, as of 2005, the National Foundation for Cancer Research will take your timeshares directly and will give you a tax deduction ranging from $3,000–5,000 for each time-share you donate. The only catch is that your time-shares should be free and clear of any mortgages and be located in the U.S., Canada, Mexico, or the Caribbean.
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