It’s no secret that the economy has been struggling over the past few years. As well, some timeshare owners have had difficulty paying for the mortgage as well as the maintenance fees associated with it. Owners have tried to find ways to sell their timeshare, whether legit or not. Unfortunately, timeshares cannot be tossed aside and forgotten.
Let’s say a family of 4 owns a timeshare and has recently fallen on hard times financially. The family has discontinued their mortgage payment as well as paying for the maintenance fees on their timeshare. Not only are they defaulting on a mortgage, but they are also leaving a mark on their credit report for doing so. The IRS is also notified when a timeshare is considered a foreclosure. For example, the amount of money still owed on the timeshare could be listed on your tax return as other income. If this happens, you may owe taxes as a result of this other income. The last consequence of abandoning your timeshare is that when your timeshare is a deeded ownership, the other owners will be required to pay higher maintenance fees to cover your share. If enough of the owners default or disregard their timeshare, there will be higher costs for the remaining owners.
So how do you successfully “unload” your timeshare? Well, if your timeshare does not have a mortgage on it any longer, you can try selling it back to the resort. Of course they have the right to refuse which leaves you with an unwanted timeshare that you are paying maintenance fees on continuously. What do we suggest? If you decide that you can no longer afford your timeshare, contact a licensed broker at a timeshare resale company such as www.timesharebrokersmls.com.