I have a timeshare that a can no longer afford to pay for. The financial services department of the resort says it will count as a foreclosure and is very bad for my credit. Is this just what they say to get you to pay? What’s the worst that can happen?

2 things will happen.

1. The foreclosure will be visible on your credit history. Lenders will take it into consideration that you didn’t pay a debt before loaning you additional money. You will either not get the new loan or will pay a much higher interest rate.

2. The timeshare lender will report the foreclosure to the IRS. They will show the amount of money that was still owed at the time of the foreclosure as well as the value of the property at the time it was sold.

Let’s say you paid $10,000 for the timeshare, had a remaining balance of $8000 and the timeshare is now wroth $4000. For tax purposes you have a $4000 non-deductible loss (timeshares are personal use property) and a $4000 cancellation of debt income. If you are not insolvent or bankrupt, the $4000 will be added to your income in the year of the foreclosure as "other income." (The loan is considered separately from the property so the $4000 loss doesn’t reduce the COD income at all.)

My uncle wants to give me his timeshare in Reno. I live in New Jersey. I took a liking to cruising over land based vacations. I would like to take it but need to know the pitfalls. If I decide later after I have taken it can I just surrender it without any credit damage?

The ease of renting your Reno Timeshare is determined by the quality of the property. If it is in a highly desirable building you may be able to trade for Cruise based time shares. It really depends on the quality of your property. If your property is in demand it opens all kinds of doors for you and resale should be possible etc, good luck

I recently put a down payment on a timeshare in Mexico but changed my mind 4 days later. I notified by credit card company and they are helping me dispute it but I was wondering how binding the contract is considering it was signed in Mazatlan Mexico. Is there a grace period to cancel without any penalty? If my credit card company is able to get the payment from going thru am I home free? What can the people I bought the timeshare people do to me legally? What are my rights? They told me I can’t cancel the only thing I can do is down grade the timeshare purchase to a less expensive one or forfeit the down payment? Do you have to be a certain age to buy a time share in Mazatlan Mexico?

Timeshares sound great in how they present them. But in all reality they aren’t exactly what they seem…….look at HOW many people are trying to "sell" theres because they can’t do what they want or even close to what they want.

Wish you the best of luck, but really they make it look so great when in reality there is only ONE I know that I have heard anyway that is ok. The rest a big scam………

Best of luck to you. I am sorry, but I’m not sure the legal parts of this matter.

I want to start attending timeshare presentations and see what they are all about. How do I find out abotu them? How do I get on a mailing list? Does anyone know of any websites? Thank you!

call 407-345-0000 and book a vacation through westgate resorts in orlando,FL not only will you get a chance a take a timeshare presentation but you will get to stay at a 5 star resort for cheap. its well worth it… for more info email me

mcoop07@gmail.com

I would like to go to London, Barcelona, Athens, Paris, Rome, OR Milan for a couple of weeks. How much would a timeshare cost? On average. And where can I find them? For two weeks is a hotel cheaper?

It is a risky business. Personally I am against this kind of holidays, but plenty people are buying and using it.
You can find plenty of companies on net advertising, renting and selling a timeshare. Read carefully before you decide:

http://www.uscg.mil/legal/la/topics/real_estate/time_share.htm

http://www.ehow.com/how_4751_buy-time-share.html?ref=fuel

Here you can find first hand questions/answers :

http://answers.yahoo.com/search/search_result;_ylt=ApJRfqN06nNfIjygexq1O0npy6IX;_ylv=3?p=time+sharing

Timeshare was purchased in the 1980′s and we want to transfer the title / deed to another member of the family. I assumed since it was a deed, any title company could do it, but I haven’t found one yet that has a clue. Does anyone have any experience with this?

The title insurance companies do not want to insure all the deeds. One timeshare condo might have 52 people who all have one week of usage. The entire complex might have 1,000 owners.

Get the old deed to the timeshare from when you bought it. Get a blank deed or just use a blank piece of paper and copy the words by hand.
Take Line 2 ( Grantee) from the old deed and enter it on line 1 (Grantor) of the new deed.
Write the new owner’s name on Line 2 of the new deed.
Copy the Legal Description from Line 3 of the old deed to Line 3 of the new deed.
The people on Line 1 of the new deed…. sign on the bottom in front of a Notary Public.

The title has now been transferred. The new owner can pay $10 to record the deed at the County Recorders Office.

I am thinking of buying a timeshare and I was wondering if anyone owns from Interval International. How much did you pay? Was it worth the money? And how easy is it to exchange for different locations around the world? Does anyone else own from a different company?? Please share your stories. Any help would be great. Thanks!

I really don't like the idea. Given the great lengths they go to sell these things, I just don't see how they can be so great. I'd rather pay for a vacation each year in a location of my choice and go online and get a great deal. I don't want to invest money in something like this. But that's just me!

when my family was in mexico, we were introduced to the idea of a vacation timeshare. to anyone that owns one, does it actually work? how easy is it to exchange your weeks or to rent them? My family goes on vacation for at least 5 weeks or more each year and we like staying in nicer hotels. Should we buy a RCI timeshare? Where should we buy a vacation timeshare? THANKS a bunch :]]

Timeshare is definitely for people with NO FINANCIAL problems and when doing it for the RIGHT reasons and under the RIGHT CIRCUMSTANCES it can be a GOOD THING.

BIG "NO,NOS" IN TIMESHARE:

*If you normally spend less than $100 USD a night for accommodations then timeshare is NOT FOR YOU
*It is not a financial investment
*Don´t buy if you plan to rent it
*Don´t buy if you plan on reselling
*Don´t buy if you plan on exchanging often
*Make sure you can afford to travel at least one week a year
*NEVER BUY FROM THE DEVELOPER

THE RIGHT CIRCUMSTANCES:

*This system makes vacation home ownership possible for many people who cannot afford a second home or who otherwise would not be able to enjoy such resort facilities. Timeshare is an investment in lifestyle, in future holidays, in family time together, and when viewed that way it can be a good investment indeed.
*Get it in an area the you LOVE and that you would visit every year without a problem
*Get it in a very nice Resort (where normally people would pay at least $200 a night)
*Get it in the resale market (it would cost you less than $1000 USD) so all what you have to spend is the maintenance fee.

HERE ARE THE NUMBERS:

$200 USD a night (in a decent resort) x 6 nights = $1200 USD

Maintenance fee in a NICE RESORT x 6 nights = $700
*Maintenance in a "decent resort" x 6 nights = $400

A neighbor owns a vacation timeshare condo in TX. They have spent about 5 months off and on at this place this year. The rules say they get one week per year. When I asked about that she says they have bonus time but won't go into details. Is it really possible to get that much time? How does that work? Thanks!

You get as many weeks as you buy. You buy a timeshare by the week. You can also rent other peoples weeks if they are available.

We are going to donate our timeshare with the proceeds going to St. Jude Childrens Hospital. My question is, the donation company is asking for too much personal information to complete a 8282 IRS donation form. Is there anyone out there donated their timeshare? Were you asked to suppy personal info? We own the TS outright. What are the tax benefits, is it worth it?

Donating a timeshare is a quick way to resolve your real estate burden. There are no upfront fees, the charity will handle the timeshare transfer process for you, and it is taken care of quickly. Many charities will let you start the process online, and then contact you to finish up all of the paperwork. And of course, you will have the knowledge that your donation went to help a worthy cause.

One of the main advantages of donating is the tax write-off benefit. While you will generally receive more money if you sell your timeshare, if you like the idea of donating, you will still get some financial benefits. Once the timeshare transfer is complete, the charity will send you a receipt as proof. There is usually not a dollar amount attached, which is what you will need to determine yourself. Keep in mind that if the fair market value of your timeshare is over $5,000, you will need to get an appraisal to claim that amount on your taxes. You will need to pay for the appraisal yourself, which is often in the $300-$500 dollar range.

In order to have a smooth transfer of the timeshare over to the charity, there is some paperwork and initial information you will want to collect. You will want all of the resort contact information, and additional paperwork, such as any exchange agreements. The deed to the property, the membership agreement to the resort, and any financing information, if it is still being financed, are also necessary. You'll also want to gather your maintenance fee information and any real estate taxes.

If you decide to donate a timeshare, instead of selling, you will, in many cases be saving yourself from the time and hassle involved in advertising and marketing your timeshare. In many cases, you will be receiving a tax benefit, plus the gift of donating to charity. While you may not receive the full amount of money you would from selling, you will gain piece of mind.