You are here:

Time-Shares/walking away from a timeshare

Advertisement


Question
i am partners with my parents in a Orange Lake (Holiday Inn). we owe 38k on this, my parents our in there 70's and 80's, we did not know there finical state at the time buying it, now they can not make the payments and i can not afford to make both. what our the options, i am in my mid 50's and have 700+ credit score and like most Americans up to my ears in deit. how will this affect me and my family in the short term and long term, to make matters worse, i have a 50k ballon do on our house in 2017.

Answer
Pat,

There are companies that can work with you to get out of your mortgage. It might make sense to contact one of those companies, or the resort directly. Just be sure to make sure they are licensed with whatever state they are in and are rated well with the BBB.

Time-Shares

All Answers


Answers by Expert:


Ask Experts

Volunteer


John Kushman

Expertise

I can answer any questions regarding the timeshare industry, developer sales, resales, vacation clubs, donation, liquidation, listing, for sale by owner, RCI, II, SFX exchange. Anything related to timeshares or campground memberships or fractional vacation real estate

Experience

I have been in the industry for 7 years. I started selling timeshare for a developer in South Dakota. I then transitioned into the escrow side of the resale market and I am currently the VP of Sales and Marketing at Resort Closings, Inc. Resort Closings Inc is the largest timeshare escrow service in North America. It provides full service timeshare transfer as well as sales.

Education/Credentials
High School Diploma. 3 years of Higher Education.

©2016 About.com. All rights reserved.