Expert: Karyn Foley - 8/30/2006

Question
Thanks for your reply.  The taxes are part of the maintenance fee.  It is a time share condo.   The week trade has not worked out for me because I own week 3 (Jan 20~27) and that is not a great week at the beaches in NC.  I am willing to try and give it away, if I could find someone who would take the liability.  Any suggestions?
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Followup To

Question -
I have owned a condo for the past 10 years.  I have tried unsuccessfully to sell it for the past 3 years.  The condo is paid off, but I have stopped making payments on the maintenance fee.  I would like for them to repossess this condo and get the maintenance payments off my back, as I never use the week/year that I have.  Any advice?

Answer -
Dear David:  Depending on the laws of your state, your county, your city and your condo association, you may or may not be able to do what you wish.  Under some statues, you might only accumulate fines that would be paid off at the time of the condo selling.  That would not serve your purpose.  I find it difficult to believe that you cannot sell at any price under any terms.  Why would you want to ruin your credit by a repossession or foreclosure?  Who is paying your taxes?  Is this condo a vacation type share plan?  Maybe, if so, you could make it worthwhile for yourself by trading it every year with some one else for a different destination for yourself. Exchanging sometimes works for people such as yourself who stop wanting to use their own place again and again.  Are you able to lease it out?  Since I do not have the complete information, I cannot give you complete and perhaps accurate answers.  Are you able to donate your share to a charity?  If you have investigated all of this, perhaps you need to advice from your accountant or an attorney, just to get it off your back once and for all without any negative repercussions to come back and bite you.  Good luck to you and let me know what happens, or give me some more information for me to make a more definitive response.  Karyn Foley

Answer
Dear David:  Place ads in local papers as a give-a-way, or in the Wall Street Journal if the share is out of the country.  Perhaps charities would be willing to take it as they could use it as a fund raiser.  Rent it just to get the maintenance fees paid for.  Your accountant may have some suggestions as well.  I guess this is why these time shares are not a good idea, but we only seem to learn by making mistakes. I am sorry you are going through this, but perhaps even a real estate attorney can steer you in the right direction, sorry, Karyn