Get Rid of Your Timeshare, Your Home & Family Mean So Much More
With the current economic slump, an increasing number of people are having difficulty paying their mortgage, keeping up with their bills and the increasing prices of food and fuel. Worse yet, thousands are finding themselves out of work each month and a lot of homeowners are in danger of losing their homes to foreclosure. If you have a timeshare, it can be especially tough with maintenance fees increasing annually and special assessments in the amount of hundreds or even thousands of dollars can come at any time. It’s a good idea to rid yourself of your timeshare now before things get even worse.
If your timeshare is financed, then you’ll want to pay everything off as soon as you can. This will get rid of those interest payments which can be very high on their own (and unlike the interest payments for your primary residence, these payments are not tax deductible). Additionally, you’ll find it difficult, if not impossible to sell your timeshare if there is still a mortgage on the property. With so many other timeshares on the market that no longer have mortgages, it is extremely unlikely that you’ll find a willing buyer.
It’s never been easy for timeshare owners to resell — a FTC report reveals that over the last two decades, a mere 3.3% of timeshares listed for resale have actually been sold. With the current economic climate, it’s even tougher to sell and it can take a long time; during which you’ll have to pay for advertising and broker’s fees! With those special assessments coming ever more frequently, you can’t afford to wait a second longer than absolutely necessary.
If you’re thinking about renting out your timeshare, realize that a special assessment bill could be on its way to your mailbox. The net effect would be losing money and you wouldn’t even go to the resort!
What’s more, charities have known for years that timeshares are not assets. So, many of them have stopped accepting timeshares as donations. Similar to the sale process, finding an organization to even take your timeshare for free will take time. But, time is not on your side when the timeshare bills keep coming.
If you’d like to avoid these surprise charges for special assessments (which can be in the thousands of dollars), then you’ll want to get that timeshare of your hands as quickly as possible. Trying to handle the sale on your own can have mixed results; and the longer you wait, the more fees you’ll end up being assessed with and the more stressful the experience will be. The best way to go if you want to get rid of your timeshare in short order is to work with a timeshare transfer company to get rid of your timeshare right away.
A good timeshare transfer company will guarantee the transfer of a timeshare out of an owner’s name so that the owner is no longer responsible for any fees associated with that timeshare. This service is performed for a fee. The transaction is quick and should be binding the minute that you sign a contract. In other words, any fee that is mailed to you after the contract is signed should go to the transfer company and not to you. Your financial responsibility for the timeshare will be lifted upon signing the contract.
You’ll want to choose a timeshare transfer company which has been in operation for at least four years; this will weed out the fly-by-night operations. You should also look up any company you are thinking of working with at the Better Business Bureau. Of course, no company has a track record which is completely free of complaints; but you should make sure that complaints have been addressed by the company and that it is highly rated by the BBB.
Whether you go with a timeshare transfer company or sell it on your own, when you get rid of your timeshare you also free yourself from a financial burden and a great deal of stress. This lets you turn your attention to the important task of keeping your home!
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