How do I legally get out of my timeshare if I can no longer afford it?

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How do I legally get out of my timeshare if I can no longer afford it?

Asked on April 2, 2012 under Real Estate Law, Maine

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

You are bound by the time share, financing, and other agreements you signed. Not being able to afford a time share provides no basis for escaping your obligations. If you are receiving what you are paying for (e.g. there was no fraud--you are getting the use, unit, amenties, time, etc. you are supposed to), then you most likely cannot "get out of" the timeshare. You instead should look to find someone to purchase it from you (or rent out your week(s) to cover your costs); if you are truly in desperate financial straits, you may need to also consider bankruptcy as an option.


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