If I own a timeshare and can no longer make the monthly payments, what can I do?

Get Legal Help Today

 Secured with SHA-256 Encryption

If I own a timeshare and can no longer make the monthly payments, what can I do?

Asked on October 23, 2012 under Real Estate Law, Florida

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

You don't have alot of options: your legal obligation to pay has nothing to do with whether or not you can pay. If you don't pay, you'll be in default on your obligation and could lose the time share and also be sued for the remaining balance of what you owe under the contract. Your options:

1) Double check the time share agreement: if you have the right to terminate your ownership (even if you have to pay a penalty) under it, you may want to take it. However, you'd only have this right if the time share agreement gives it to you.

2) Sell the timeshare to someone: even if you have to sell it at a loss, that may be better than defaulting on the entire thing.

3) Can you rent out your time slot to cover at least part of what you owe?

4) See if you can negotiate with the seller (or a lender, if you borrowed/financed) to reduce or stretch out your payments.

5) If all else fails and you can't pay, then you will need to default and may at that point wish to consider bankruptcy if this debt is unsupportable for you.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption