Ways to Escape the Timeshare Trap

Give it back: One big shock some timeshare owners face comes when they hit the point at which they just want to get rid of their timeshare and don't care if they get any money for it. Many have found that the timeshare resort often won't even take the timeshare back for free. Why? The timeshare resort knows it'll have just as much trouble selling the unit as you, and it would rather continue to collect your maintenance fees than take back the timeshare.

Still, trying to hand back a timeshare property for a complete loss can be worth a try when owning the property becomes onerous. There are some things you can do to make the timeshare resort more willing to take it back.

If the timeshare resort refuses to take your unit back when you first offer, explain to them it will be in their best financial interest to do so. They may play hardball, and you may have to do the same. While you shouldn't do anything illegal, you do have the right to use every legal persuasion. You need to convince the business that it's not in their best interest to have you continue to pay the fees.

If the resort has bulletin boards, post fliers advertising your unit at a deeply discounted price. Resorts don't like to see these ads because it makes the resort look like its units are worth much less than what they are charging. Sit out on the public street in front of the resort with a huge sign advertising your unit (or pay someone to do it).

Again, it's hard for a resort to make sales when potential customers see that they can get the units for a lot less. Because it's a business, a resort may be willing to concede and take back your property if you become enough of a pain that the resort determines it stands to lose more money in lost sales than it will make off your fees.

While it is not easy to sell a timeshare, it's also not impossible.

It will take time, determination and a willingness to realize that you will lose money (mark it up as a financial lesson), but with a bit of hard work you can get those maintenance payments off your budget and free up the money for more important financial needs.