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Owning a timeshare requires paying monthly maintenance fees and dues, and foreclosure can damage credit. To avoid foreclosure, sell the timeshare, contact owners directly, list it for less, gift it to someone, or donate it to a non-profit organization.
Owning a timeshare means making the monthly maintenance fees and paying homeowners association dues and property appraisals. However, if you’re having trouble making your monthly payments for any reason, you might be tempted to let it slide, especially if most of the loan has already been paid off. This is not recommended, as letting a timeshare go into foreclosure can be very damaging to a credit rating.
There are ways to avoid timeshare foreclosure and keep your credit in good standing. One of the best methods is to get rid of the timeshare altogether by selling it to another investor or back to the homeowners association. This is made easier if you own a timeshare in a desirable location or with a popular resort. In this case, it shouldn’t take long to download the timeshare.
When trying to keep your timeshare from going into foreclosure by the homeowners’ association or developers, sometimes the best approach is to contact the owners directly and let them know you’re having trouble making payments. In many cases, homeowners may have dealt with this issue before with other investors and can suggest ways to handle this issue to avoid timeshare foreclosure which is undesirable on both sides. Sometimes they are even willing to help you sell the timeshare to another investor who has asked to buy one.
If you are dealing with a timeshare in an undesirable location, consider listing it for less than what you paid. Advertise your timeshare with low-cost or free online sources and offer to cover some of the transfer costs to get a better response from investors. If you have a timeshare in a warm climate, be sure to advertise in the fall and winter months when investors are most likely looking for a vacation spot.
Timeshare foreclosure can be avoided by gifting it to someone. Form a deal with a friend, colleague, or family member to give them the timeshare so that the payments can be taken over by someone else. Your responsibility will be to draw up a contract for the transfer of the timeshare and ensure that all taxes and dues are paid upfront. This can be a great way to avoid timeshare foreclosure.
If you can’t sell your timeshare and want to avoid timeshare foreclosure proceedings, consider donating it to a non-profit organization and then taking a tax break. There are a number of non-profit organizations that accept timeshares in order to raise income to support their causes. However, you should make sure that all homeowners association payments, taxes, and dues are up to date before donating.
Smart Assets.
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