Given that I cannot possibly afford to continue paying a timeshare mortgage and POA monthly fees, what options do I have?

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Given that I cannot possibly afford to continue paying a timeshare mortgage and POA monthly fees, what options do I have?

Also have a mortgage on my condo that is my primary residence. Obviously did not make a good decision when I bought the timeshare but should have never been given the loan with the information they had.

Asked on July 2, 2012 under Real Estate Law, South Carolina

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

With owing the mortgage there are less alternatives for you with a time share.  You could try and approach the developer's association about deeding back your timeshare to them but it is unlikely that they might do that (like a deed in lieu of foreclosure with real property).  Otherwise can you try and sell it?  Defaulting will be a nasty mark on your record, so to speak.  Or at least rent it to defer the costs for a bit until the market swings?  If you owned it out right you could give it away or even donate it to a charity.  But the mortgage hampers your choices.  Good luck.


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