How do you legally walk away from a timeshare that you never use but can’t sell?
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How do you legally walk away from a timeshare that you never use but can’t sell?
My 80 year old mother has 3 timeshare properties that she never uses, has been unable to sell, but has to continue to pay taxes and maintenance fees. How does she go about getting rid of them?
Asked on November 14, 2011 under Real Estate Law, Missouri
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Good question. Some options are to offer to rent the time share for a certain period of time which could pay for the maintenance fees and taxes. Another option is to post an online ad to trade the time shares for something of value.
If your mother does not want to continue paying the taxes and maintenance fees on the time shares, she can cease making the payments and the owner of the complex with the time share can foreclose on the time shares for lack of property tax payments and maintenance fees.
Another option from a possible tax advantage is to deed the time shares to a charitable organization to use for the charitable organization's purposes such as an auction item for a fund raiser.
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