If I can’t afford my timeshare anymore is there a way to get out of it?
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If I can’t afford my timeshare anymore is there a way to get out of it?
The resort has a deedback program but the mortgage has to be paid in full first. Any other options?
Asked on December 2, 2015 under Real Estate Law, South Carolina
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
The law does not give you any way out of a timeshare (or other purchase) unless you can show that the purchase was procured by fraud: that is, that the other side knowingly lied to you about something significant, which you relied upon in making the purchase. Otherwise, you only have such ways out of the timeshare as the timeshare agreement itself gives you, and you need to comply with all terms and requirements of the agreement (e.g. of the deedback program).
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