Expert: Andreas Rossler - 11/6/2007

Question
Hi- I have a fairshare plus by wyndham timeshare which my husband and I purchased in April 2007. First off we are in the process of a divorce and neither one of us can afford it separate. the monthly cost is $220.04 and property tax is 27.72.  According to our agreement we are not tied down to a specific week of the year- and use a point system.  The address noted on the deed is in Orlando Florida. The total sale price is $13,049.00 and the outstanding balance on this total is 11565.15.  What options do I have? Will a quit claim deed be what solves my dilemma of wanting to get rid of the timeshare?I can be emailed at muneca703@yahoo.com.

Answer
Well, let's explore some options.

Selling - you're lucky to resell a timeshare for 50% of what you paid.  Given the loan balance, it will not sell and cover the loan.  So, what ever you do, don't pay someone an up front fee to sell - those are all scams - period.

Donate - can't donate it for the same reasons you can't sell it.  Nonprofits do not want a timeshare, they want the money from selling it and will go to a broker to sell.

Also, just to let you know, if you get behind in maintenance fees or payments - a sale would not be possible unless those are brought current.

Basically, your only option is go through the foreclosure process.  You can call the company and see if they will work with you on this, but most likely they will not care at all about your situation.  However, give them a call and see if they will work with you.  Be extremely firm and tell them:  you can take it back peacefully, or you can foreclose, either way there is no possibility of you getting another dollar from us.

I would suggest this possibility:  transfer the ownership into one name, so only one person takes the credit hit.  See if you're ex will take ownership.  When you quit claim it to him, be sure to get proof of the recording - and most importantly, after it is recorded, notify the resort with copies of the proof of recording that you are no longer the owner.  The problem might be that the loan document you signed cannot be transfered (they do this on purpose to keep you both on the hook).  You have to see if you can't get the loan transferred just into your husband's name.  If you quit claim, have proof of recording, notify the resort, and transfer the loan - you will be truly free of this and it can't affect your credit.

I wish I had better news, but given the loan balance, I don't see any good options.