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Timeshare cancellation
Anonymous2 views1 answers
have had a time share for the past 2& a half yrs. just recently paid the owners advocate $1,000 to get my timeshare canceled. documents that timeshare sent to me said i could give it up voluntarily but still be liable for the mortgage. the owners advocate are telling me they cant do that. So i am stuck between both of them not knowing what to do. this has already been reported to the credit agency's because the owners advocate told me to stop making payments to the timeshare so we did. so is their some one out there that could HELP me with this situation. is there any truth to what the owners advocate is saying. And is their any truth to what the timeshare is trying to pull. THANK YOU. PLEASE HELP
I don't think your owner's advocate's advice is any good, since your failure to make payments was done without an agreement from the timeshare company and resulted in a negative credit report.
Timeshares are such notoriously bad buys, I can't believe any of them have ever sold, even when the economy was good.. This horrible reputation, and the reputation of the high pressure salepeople who get you to listen to their long, smarmy, unctuous, free gift-laden presentations, is unequivocally lousy, and so I thought, so well known. The timeshare contracts are drafted to trap people once they've impulsively signed them. These contracts are lengthy and have the buyer warrant that you know what you're doing, fully understand what the deal is, etc., etc.. But that understanding never seems to be the case, because so many people then find themselves unable to sell, rent, or even give these timeshares away as they discover that they're not easy to use, and the maintenance costs are high and can increase.
So it comes back to your contractual rights and remedies, if you have any. What does your timeshare purchase agreement say about cancelling it, was there a rescission period? after 2 1/2 years you are no doubt well past it, and you're probably also too late to claim a breach or that you were defrauded, but these possibilities are things you should discuss with a lawyer.
And what about your contract with this owner's advocate, what were you supposed to get for your $1000? Does this person have a license or any other credentials, and if so, for what?
Have you tried selling or renting the timeshare on the internet or through a broker?
If your credit situation is bad enough, and you have other debts, it's possible that filing for bankruptcy protection is one of your better options.
See a lawyer that has experience in real estate (and maybe also in bankruptcy if applicable). Before you see the lawyer, verify their bar status with the FL state bar association, or better yet find one through a personal referral if you can. Don't listen to any more uncredentialed people like "owner's advocates."
Disclaimer: Please note that this answer does not constitute legal advice, and should not be relied on, since each state has different laws, each situation is fact specific, and it is impossible to evaluate a legal problem without a comprehensive consultation and review of all the facts and documents at issue. This answer does not create an attorney-client relationship.
