Home  Personal-Finance Get Rid of Your Timeshare and Use The Money To Pay For Your Home
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Get Rid of Your Timeshare and Use The Money To Pay For Your Home |
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Written by BobbyKippHernandez
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Sunday, 11 October 2009 |
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During these harsh economic times, it's stressful enough to think about how to pay for your home mortgage, putting food on the table, and filling up the gas tank. So, as foreclosures reach all-time highs and thousands of people are losing their jobs each month, timeshare owners have actually been billed special assessment fees for hundreds, and in a number of cases, thousands of dollars. When added to rising maintenance fees paid every year, homeowners should consider getting rid of their timeshare(s) before it's too late.
by BobbyKippHernandez
During these harsh economic times, it's stressful enough to think about how to pay for your home mortgage, putting food on the table, and filling up the gas tank. So, as foreclosures reach all-time highs and thousands of people are losing their jobs each month, timeshare owners have actually been billed special assessment fees for hundreds, and in a number of cases, thousands of dollars. When added to rising maintenance fees paid every year, homeowners should consider getting rid of their timeshare(s) before it's too late.
If your timeshare is financed, then you'll want to pay everything off as soon as you can. This will get rid of those interest payments which can be very high on their own (and unlike the interest payments for your primary residence, these payments are not tax deductible). Additionally, you'll find it difficult, if not impossible to sell your timeshare if there is still a mortgage on the property. With so many other timeshares on the market that no longer have mortgages, it is extremely unlikely that you'll find a willing buyer.
The timeshare resale market has historically been a difficult one for sellers. In a report by the FTC, only 3.3 percent of timeshares listed have been sold on the resale market over the last 20 years. Attempting to sell it in today's economic climate may prove even more difficult. You may end up waiting for a long time even after spending good money on advertising and broker fees. It's time wasted that you can ill afford not knowing if a special assessment is on its way.
You could try to rent your timeshare. Even if you are able to rent it, the income may not be enough to pay for your maintenance fees or that surprise special assessment. Is losing money and not going to your timeshare resort worth the hassle?
Many charitable organizations no longer accept timeshares as donations because they know of their long-term cost and liability. So, like finding a proper buyer, you may end up spending a good deal of time finding a charity that will accept your timeshare. There's no guarantee with donation and the timeshare bills will not wait for you.
If you'd like to avoid these surprise charges for special assessments (which can be in the thousands of dollars), then you'll want to get that timeshare of your hands as quickly as possible. Trying to handle the sale on your own can have mixed results; and the longer you wait, the more fees you'll end up being assessed with and the more stressful the experience will be. The best way to go if you want to get rid of your timeshare in short order is to work with a timeshare transfer company to get rid of your timeshare right away.
These timeshare transfer companies will get your name off of the timeshare so that you will no longer be liable for any of the maintenance fees or special assessments. You'll need to pay a fee to the transfer company of course, but it is far less expensive than continuing to own your timeshare and can be done quickly. You sign a contract and following this, you will no longer bear financial responsibility for the property.
It's important to choose a timeshare transfer company which is reputable. Look for companies which have been around for a minimum of 4 years, since this will help you steer clear of those companies which are run by dishonest operators. Also look into how the company is rated by the Better Business Bureau. No company will be entirely free of complaints -- but you should check if complaints from customers have been resolved by the company and that the BBB gives the company a good rating.
Regardless of how you get rid of your timeshare, once it is gone, you will never have to worry about another maintenance fee or special assessment ever again. You'll be able to turn your focused attention to the necessities, like your home.
About the Author:
Want to get rid of your timeshare? Discover how over 31,000 other timeshare owners solved their timeshare dilemmas. Contact Timeshare Relief for more information. Dial 1-866-797-0535 and request a no-cost consultation right now.
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