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.
Sign a consent form giving permission to the broker to sell your timeshare and donate the proceeds to charity. 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 legit?
- 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 Can you give a timeshare back to the resort?
- 8 Do timeshares affect your credit?
- 9 Can you join RCI without owning timeshare?
- 10 Can I refuse to inherit a timeshare?
- 11 How much do lawyers charge to get out of a timeshare?
- 12 How much does it cost to transfer ownership of a timeshare?
- 13 Why is it so hard to get out of a timeshare?
- 14 How much does timeshare exit team cost?
- 15 Are timeshares hard to sell?
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.
Timeshare donations can be tax deductible, and help consumers avoid the pitfalls of selling their timeshares – the unnecessary cost of listing services, brokers fees, and scams.” … It certainly looks legit, and it’s easy to see why this seems like an appealing option to many timeshare owners.
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.
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.
Timeshares allow you to own a portion of a property to use for vacation purposes. Most of the companies that finance timeshares report your payment history to credit bureaus. If you fall behind on your loan or maintenance payments, it can have a serious effect on your credit.
I confirmed with RCI that anyone can have an RCI account even if you do not own a timeshare! There are many benefits to depositing a timeshare but having an RCI account will allow you access to RCI Extra Vacations. In order to Join RCI, the initial cost for a one year membership is $99.
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.
Timeshare closing costs typically range from $300 to $500 for a comprehensive transfer of timeshare ownership and associated closing activity. These fees cover the services of the closing company but do not include additional recording fees or taxes.
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.
Timeshare exit companies typically charge upfront fees ranging from $2,500 to $10,000 and promise a money-back guarantee if they don’t get an owner out of a contract within 12 to 18 months, although some firms work on a longer timeline of 36 months.
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!