Time-Shares/Voluntary turn in?
Is there such thing as voluntary turn in of a timeshare? I have one that I have been faithfully paying the mortgage payments on for 3 years. I was led to believe I was getting a fabulous deal because the previous owner had turned it back in. I still owe almost the entire sale price after 3 years. They got me there by offering money to hear their 1 hour presentation and 5 hours later I finally was talked into this "special deal". I have not been happy with the experiences I've had, it's been a huge disappointment. But I felt I was committed. Now, I lost my job and can't afford it anymore. What can I do?
Firsts, call your lender, explain you have lost your job. They may require proof, they may have a program to help you out. The drawback is, they may require you to become past due on your account to help you out. What you are referring to when you have a mortgage on your timeshare is a deed in lieu of foreclosure.
Is it going to be easy, no. Is there some pain you will suffer, yes. Will it hurt your credit, most likely. But first, you have to call the lender on your timeshare.
Hope that helps you