Given that I cannot possibly afford to continue paying a timeshare mortgage and POA monthly fees, what options do I have?
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Given that I cannot possibly afford to continue paying a timeshare mortgage and POA monthly fees, what options do I have?
Also have a mortgage on my condo that is my primary residence. Obviously did not make a good decision when I bought the timeshare but should have never been given the loan with the information they had.
Asked on July 2, 2012 under Real Estate Law, South Carolina
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
With owing the mortgage there are less alternatives for you with a time share. You could try and approach the developer's association about deeding back your timeshare to them but it is unlikely that they might do that (like a deed in lieu of foreclosure with real property). Otherwise can you try and sell it? Defaulting will be a nasty mark on your record, so to speak. Or at least rent it to defer the costs for a bit until the market swings? If you owned it out right you could give it away or even donate it to a charity. But the mortgage hampers your choices. Good luck.
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