Drop Your Timeshare Payments, Save Your Home
Articles - Lifestyle
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 you are financing your timeshare, you must pay it off as quickly as possible. First, you'll end your interest payments that make your timeshare even more costly. Remember, these interest payments are not tax deductible like the interest payments for your primary home mortgage. Secondly, by having a mortgage on the timeshare, the likelihood of getting an offer is the same as seeing flying elephants. There are simply too many timeshares for sale on the market without mortgages.

It's always been tough to resell a timeshare; a report from the FTC tells us that only 3.3% of timeshares listed by owners have been sold in the last twenty years! Given the state of the economy at present, a timeshare is an especially tough sell. You may have to wait a long time to sell your timeshare -- and you'll have to pay for advertising and broker's fees, even as you continue to pay for maintenance and special assessments! You need to get rid of that timeshare right away to be rid of this financial burden.

If you're thinking about renting out your timeshare, realize that a special assessment bill could be on its way to your mailbox. The net effect would be losing money and you wouldn't even go to the resort!

Many charitible 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.

To keep from having to pay those hundreds, perhaps thousands of dollars for special assessments, you need to get rid of your timeshare. You may not be able to sell your timeshare quickly enough to avoid being hit with these charges and the longer it takes the more stressful and expensive it will be. If you need to be rid of your timeshare quickly, then your best bet is to get in touch with a timeshare transfer company.

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.

You'll want to choose a timeshare transfer company which has been in operation for at least four years; this will weed out the fly-by-night operations. You should also look up any company you are thinking of working with at the Better Business Bureau. Of course, no company has a track record which is completely free of complaints; but you should make sure that complaints have been addressed by the company and that it is highly rated by the BBB.

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.

DISCLAIMER: This article is provided as information only and is not to be taken as financial advice.

Work with the best, most proven and reputable timeshare transfer company in the industry, Timeshare Relief. Find out what over 20,000 other distressed owners did with their unwanted timeshares. Click on www.StressedTimeshareOwner.com or call 866-797-0535, and sign up for a free consultation.