I Want to Get Rid of my Time Share!

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.

Time shares 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.

According to the American Resort Development Association (ARDA), make sure to check with your resort management company and ask if it offers a resale program or if it’s affiliated with a broker that handles resales. If it does, you can ask to see the statistics on past resales. If your timeshare is in a resort area, a broker in that area may handle resales, but keep in mind that commissions will run anywhere from 10 to 25 percent. You can also look for a broker in your hometown. If you plan on using a broker, make sure he or she is a licensed real estate broker, and it’s also a good idea to ask for references and to speak with past sellers.
 
The other alternative is using a Web site like www.sellmytimesharenow.com. When using a Web site, it's especially crucial that you do your homework before working with them. Good ways to check them out include the Better Business Bureau (you can search online at bbb.org). Also, find out if they're a member in good standing with ARDA or CRDA (its Canadian counterpart). For more information, visit www.arda.org or call 202-371-6700.

Otherwise, you could donate your time share to charity. Companies like DonateForACause.Org will take your time share, donate it to charity, and give you a tax deduction equal to the size of the current market value of your time share. 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.