Get Out of Your Timeshare for Good DonateMyTimeshare.org makes it easy to donate your timeshare to a worthwhile 501c(3) charity and to feel good about getting rid of your timeshare, because it benefits a good cause. Best of all, in most cases, you can donate a timeshare at no cost to you.
What is the process for donating a timeshare?
- Firstly,you must first determine the Fair Market Value of the timeshare. Understand that timeshares,even Club Wyndham and Hilton Grand Vacations,depreciate rapidly and immediately upon purchase.
- Secondly,you’ll need to hire an appraiser to prove the value of your deed.
- Lastly,your timeshare must be paid in full with the resort or resort’s lender.
Sign a consent form giving permission to the broker to sell your timeshare and donate the proceeds to charity. 5 Sign the new deed after the broker has sold the timeshare and closed the sale. It usually takes three to four months from the time you donate to close a sale.
- 1 What charities will accept timeshares?
- 2 Is donate my timeshare legitimate?
- 3 How do you give away a timeshare?
- 4 What happens if you just stop paying for your timeshare?
- 5 Can you just walk away from a timeshare?
- 6 How do I get rid of timeshare maintenance fees?
- 7 Where can I sell my timeshare?
- 8 Can you give a timeshare back to the resort?
- 9 Can I refuse to inherit a timeshare?
- 10 How much do lawyers charge to get out of a timeshare?
- 11 Why is it so hard to get out of a timeshare?
- 12 Are timeshares hard to sell?
- 13 Do you ever pay off a timeshare?
If your answer is yes then, you can simply choose among these charitable organizations that accept timeshares as donation:
- Helping Hands Across America.
- Donate For A Cause.
- The Charity Group.
- Gifts for Sight.
- SNHU Timeshare Donation Program.
- The American Kidney Fund.
- The Florida Veterans Assistance Association.
For those who qualify, donating your timeshare with donatemytimeshare.org means a guaranteed transfer of ownership. We will take care of the entire process from initial paperwork to working the closing company. Working with DonateMyTimeshare.org is also a sure way to avoid a timeshare resale scam.
Give it back: Contact the developer or resort management. Tell them you want to quit-deed the property back to them. In other words, you are willing to give away your timeshare in exchange for the future savings of not having to pay your membership.
If you stop paying on your timeshare loan, you face foreclosure. Foreclosure is the process whereby the lender files to take possession of the property and sell it at auction to recover the money you owe. Your contract authorizes the trustee to sell the timeshare in the event you stop paying on it.
You can’t just walk away from a timeshare. If you don’t stay current on your maintenance fees or your loan payment, the timeshare company or timeshare association could report you to a collection agency and ding your credit score.
The only way to get rid of your timeshare maintenance fees and the other special assessment fees altogether is to get rid of your timeshare. Because as long as you own the property, there’s really no way to end the yearly onslaught on your bank account.
To start with, you can use sites like eBay, Craigslist and Timeshare Users Group. Also, look for “sold” listings. They’re a more accurate indicator of price than one that’s only listed (which is often the wishful thinking of what an owner wants to get for their timeshare).
The resort is not legally obligated to take a timeshare back from you. If you can’t find a willing owner to take over your unit, you’ll have to put your case to the property’s manager. Your other option is to try to give the property to someone else or sell it for whatever you can get.
If you are either left a timeshare in a will or are the legal heir of someone who owned a timeshare and died without a will, you may choose to refuse to accept your inheritance. In legal terms, this is generally called “ renunciation of property.”
On average, the cost of professional cancellation services is around $4,000. This typically gets you a team that will work with your timeshare company on a settlement or manages the resale process for you.
In addition to higher interest rates, timeshares can also be hard to sell because most timeshare contracts financially obligate the timeshare purchaser to pay lifetime maintenance and special assessment fees. Maintenance fees tend to cover various operating costs and are similar to a condo’s HOA fees in that regard.
Why is selling a Timeshare so tough? The main reason is quite simply, supply and demand. The supply of timeshare resales greatly exceeds the demand for resales. There are hundreds of Timeshares for sale right here on TUG, and eBay from owners who are just looking to get out of their annual Maintenance Fees!
Usually if you buy a deeded timeshare, there’s no expiration date. This means you’re paying the maintenance fee indefinitely, even if you don’t use the property every year. And maintenance costs rise with inflation.