If I own a timeshare and can no longer make the monthly payments, what can I do?
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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 12 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.
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