I have a timeshare that I really cannot afford, I am in good standing now but I will fall into debt soon.?

Question

Currently I own a timeshare that is a hefty monthly cost and the yearly maintenance fees are high as well. I have looked into selling it but any company that I talk to has no garuntee of sale and I have to pay them anywhere from 800-1000 up front. If they don't sell it, then I am out the money I gave them. I have been on time every month since I have owned it but it is really hurting my pocket book. Also, my current contract job ends in December of this year and I relaly don't know where my next job is going to be or when I GET a next job. So I don't want to have this hanging over my head and get myself into a position where I CANT pay it. Any help getting rid of the timeshare would be great. I have been thinking of voluntarily calling the company and telling them that I cannot pay it anymore and see what happens. But I really dont know. HELP!

Answer 1

If you know you can't afford it, it sounds like you know you have to get rid of it. Look into trying to sell it on eBay or somewhere where you can post free or low cost classified ads on the net. Or maybe you could keep it and try at least renting it out for the time being until your job status becomes more stable. At least if you had to move, the cost of having 2 places wouldn't all fall on your shoulders.

Answer 2

its a very bad idea to call them and say that

firstly, they don't care why you can't pay or maybe even who your are

Secondly, they just want the money

they might just say to themselves, he or she can't pay, lets repo it now and save hassle later , if they can do that

instead think like this: you have to sell it
it costs $1000 upfront to maybe sell it

how many times (average) are you likely to have to pay the $1000 to really sell it, ask the realtor maybe, get some guarantee they can sell it in 6 months or whatever, or try to sell it yourself, then borrow the few thousand if you have to, then when it sells pay it back.

Answer 3

From where I'm sitting, you about HAVE to sell, one way or another. And the sooner the better. You don't need that debt hanging over you.