Laura clark
Member
Hi everyone,
Last year my partner and I made the mistake of buying into a timeshare, and it’s turned into a nightmare. Everything the sales team promised us turned out to be false, but of course, we only learned that after the rescission period had passed. When I contacted the company to explain that we were misled and wanted out, they told us they don’t offer buybacks. The only “options” they gave us were to rent it out (which doesn’t even come close to covering the mortgage or maintenance fees) or try to sell it which, as you can imagine, isn’t realistic.
At this point, it feels like the only real way out is to stop paying, since the financial burden far outweighs any supposed benefits. Every third-party company I’ve come across basically says the same thing while also asking for thousands of dollars just to “help,” which usually amounts to sending a letter.
I’ve read that a timeshare foreclosure might not carry the same weight as a traditional real estate foreclosure on a credit report. Supposedly it still shows up, but lenders may not view it as negatively when considering you for future credit. Has anyone here gone through this? Is that actually true, or is it just wishful thinking?
Last year my partner and I made the mistake of buying into a timeshare, and it’s turned into a nightmare. Everything the sales team promised us turned out to be false, but of course, we only learned that after the rescission period had passed. When I contacted the company to explain that we were misled and wanted out, they told us they don’t offer buybacks. The only “options” they gave us were to rent it out (which doesn’t even come close to covering the mortgage or maintenance fees) or try to sell it which, as you can imagine, isn’t realistic.
At this point, it feels like the only real way out is to stop paying, since the financial burden far outweighs any supposed benefits. Every third-party company I’ve come across basically says the same thing while also asking for thousands of dollars just to “help,” which usually amounts to sending a letter.
I’ve read that a timeshare foreclosure might not carry the same weight as a traditional real estate foreclosure on a credit report. Supposedly it still shows up, but lenders may not view it as negatively when considering you for future credit. Has anyone here gone through this? Is that actually true, or is it just wishful thinking?