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Shedding a timeshare... (by KC):

jessicar315 wrote:

I have asked my resort in Virginia beach to take their deed back and they told me it's not something they do...I've attempted to sell it twice and been scammed. I've tried to find attornies to help me but most don't do that type of specialty. So what am I to do with a timeshare I can't afford and haven't made payments on and they want foreclose on me?

NO resort is ever REQUIRED to accept a deedback. Some will, but most won't. It's a individual resort HOA decision. Any HOA accepting "deedbacks" will obviously first require that the timeshare be fully paid off and that all maintenance fees are completely up to date --- sometimes even requiring ADVANCE payment of a year or two of maintenance fees.

I have met Mike Finn in FL and he is is a competent and honest attorney and a strong consumer advocate, but the fact remains that NO attorney possesses any secret process by which to magically get someone out of a legally binding contractual obligation. Period.

If you cannot afford your timeshare or its' fees, simply allowing them to foreclose is always an option, although one in which you will lose ALL of the money paid in so far and there will most likely be a negative credit report "hit" if there was a loan involved on which you default. You really can't even give a timeshare away for free if there are still unpaid maintenance fees or a unpaid loan balance.