Getting out of a time share

[xspeedy]

This one is for my FIL. He adopted a time share from his FIL decades ago, and after many years of just paying for it and not having used it, he wants out. It wasn't that expensive for a long time, but now special assessments are happening and the regular fees are going up. The property isn't a very good one (in DuBois, PA) and he know he aren't going to get any money selling it. I think we are all concerned that the kids could get stuck with it via a general will or whatever. Apparently there is some procedural stuff to keep us from inheriting this money grab (the gift that keeps giving). My FIL wants out even if it means paying some transfer fees. I never realized how bad time shares were and how hard they are to get rid of. There are also a lot of scammers out there that try to sell a service to help you get rid of them and want money up front.

Has anyone gone through or know the best way to just get out of one of these? From my Googling, these seem like the options:

• Try to persuade the company to do a deed back where the owner pays fees to transfer the property back. This often has mixed results as many don't want them back. I'm doubtful.
• Donate the property to a charity that takes time shares. This one has mixed results as charities only want time shares that are desirable. This one isn't and I don't think any will take it.
• Stop paying and put the burden on the property to collect. I imagine it would go to a collections agency that will nag for a couple of years and then go away. I doubt they would go through the expense of a cross state lawsuit, but who knows.

I wondered about just giving it to a homeless person, but apparently there may be rules around that. Anyway, my advice is to stay away from time shares. Don't even go to those things where they offer you a free stay or lunch or whatever. Not worth it.

 

[goblin]

You should consult a professional. However, a good start would be to dig out John Oliver's Last Week Tonight episode on timeshares (search for "Timeshares: Last Week Tonight with John Oliver (HBO)"), and see if he gives any pointers. He's not for everyone, language and all, but his analysis and advice is usually top notch.

 

[xspeedy]

You should consult a professional. However, a good start would be to dig out John Oliver's Last Week Tonight episode on timeshares (search for "Timeshares: Last Week Tonight with John Oliver (HBO)"), and see if he gives any pointers. He's not for everyone, language and all, but his analysis and advice is usually top notch.

Thanks. I'll look that one up. He is funny. My FIL has consulted with a relative that practices, and he gave him an interesting option but it needs some digging and may take a couple of years. It almost seems like attorneys don't want to be bothered with these just knowing they are a hassle. I was hoping some folks on here may have dealt with this and might have some guidance and success rate. I'm curious to know if some just stopped paying and what the results were.

 

[RhondaHonda]

Nothing to offer just following because I find it interesting. Good luck, I know some people that have inherited them an are currently paying the fees but it’s only been a few years of fees for them.

 

[dishdude]

I can't believe there's a timeshare in DuBois, and someone actually bought into it.

 

[Sequoiasoon]

No clue on the combinations but this is advertised daily on 1010 WINS news radio.

Wesley Financial Group - time share exit team

 

[JayhawkRoy]

My BIL used a law firm (not his regular one) to get rid of two time shares. He was happy with the results. Don't know costs, but it involved some technicality that required the timeshare company take back the property and release him from all future obligations. He has since passed and my sister was not involved in the process so that is all I can offer.

I never thought they were a reasonable deal, so I never bought into the concept mentally or with real $$$.

 

[ripcord]

We have a timeshare membership and use up our "points" every year. It's cheaper than renting Airbnb's but I would never sign up for one if we didn't already have it.

 

[K-Man]

No clue on the combinations but this is advertised daily on 1010 WINS news radio.

Wesley Financial Group - time share exit team

Their ads air on stations in my area too.

 

[ripcord]

My daughter in law quit a paralegal job at one of those timeshare focused law firms. She said that she saw them cause clients more problems than they solved and didn't really provide any value a lot of times.

 

[THORROMIG]

OMG, that is all I hear on this one radio station I listen to from LAWERS. Its a great radio station besides.

 

[k1xv]

I guess you could leave your timeshare in your will to your least favorite relative.

 

[K-Man]

Unfortunately, people learn the hard way that timeshares are not "buying property", nor are they an "investment".

The late Robert Bruss warned numerous times in his real-estate columns that timeshares are not proper real estate, but are simply getting future vacations at great expense. For the amount people are paying in monthly fees and special assessments, they could just go to a four-star hotel in the same area as the timeshare.

It seems to be mainly those over 50 who bought into timeshares. Younger people typically want no part of them. Unfortunately, every family can be affected by trying to get rid of one Grandpa bought 40 years ago.

Note that Dave Ramsey has gotten in some hot water over plugging a timeshare exit company accused of fraud. Some of these exit companies are as bad as the timeshares themselves. I don't know what to make of the other company running all those radio ads these days.

 

[goblin]

No persistent ad I've ever heard on 1010 WINS has ever been for a decent business. They've always struck me as shady stuff.

 

[k1xv]

The timeshare sellers offer a free weekend vacation at some resort location, during which you are required to sit through a sales pitch for a timeshare at that property. Naive people sit through these high pressure sales pitches, which can get as intense as a police interrogation seeking a confession. Just as there is no free lunch, there is no free weekend vacation at a "resort".

 

[goblin]

The timeshare sellers offer a free weekend vacation at some resort location, during which you are required to sit through a sales pitch for a timeshare at that property. Naive people sit through these high pressure sales pitches, which can get as intense as a police interrogation seeking a confession. Just as there is no free lunch, there is no free weekend vacation at a "resort".

We've been at one, in Myrtle Beach, invited by friends. They were the ones that got through the pitch.
They are both financially extremely responsible and knowledgeable, and sat through it heroically. Their feedback was that it was really nasty and that less knowledgeable people could fall for it.
Their trick was to get set on a location they knew the company had no properties in (somewhere in the Balkans), and then say "we'd love to, just find us a place there".

 

[The_Jeff]

Depending on the state, beneficiaries of an estate can refuse part of or all of what they're supposed to get.

 

[AZjeff]

The property isn't a very good one (in DuBois, PA) and he know he aren't going to get any money selling it.

That would be Treasure Lake. We lived in DuBois before discovering the Southwest. The time-share buildings were tired when we moved 20 years ago. There are no attractions in the area unless you're looking for solitude in the woods, well the 2 lakes are nice if you like fishing and canoeing. Had no idea the time shares were still operating, Treasure Lake was started as a resort property and morphed into the biggest residential development in the region complete with the dreaded HOA.

There are legit companies and attorneys that deal with this. Not sure why someone would want collections places bothering you for years and dinging credit if it can be done cleanly for a bit of money.

 

[ATex7239]

The timeshare sellers offer a free weekend vacation at some resort location, during which you are required to sit through a sales pitch for a timeshare at that property. Naive people sit through these high pressure sales pitches, which can get as intense as a police interrogation seeking a confession. Just as there is no free lunch, there is no free weekend vacation at a "resort".

Didn’t go to a vacation resort one. But my ex dragged me to a half day seminar one. I was young and didn't know better. I figured out it was basically a con job when they presented their fun math and made it hard for you to leave. I left as fast as possible.

 

[xspeedy]

That would be Treasure Lake.

That is the one. My wife’s family is from Pittsburgh and it was trash back in the 90s when they last went. Just check out the resort amenities!

https://vacatia.com/timeshare-resorts/dubois-pennsylvania/crown-resorts-at-silverwoods