Second Thoughts on Timeshares
REM #A151
By Ilyce R. Glink
Summary: A reader purchased a time share and wants to opt out. Ilyce advises him on what his options are.
Q: Hi, I have a question I hope you can answer. My husband and I attended a vacation ownership presentation on 2/25/01 where we purchased a timeshare.
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We paid $799.00 as a down payment and are scheduled to begin making monthly payments in May 01. I am now seriously reconsidering this decision. Can I get out of this now without paying anymore money? I realize that I may not get back what I have already paid, but at this point I will consider that an expensive lesson. I just don't want to get too deep into something that I already don't have a good feeling about. If you could give me an answer, I would very much appreciate it!!!
A: If you signed a contract, I doubt very much whether you can cancel it. But seek the advice of a real estate attorney immediately. Timeshares are a horrendous business for consumers as there is typically is no ability to resell or even abandon the property (without causing huge problems for your credit history).
I hope this lesson doesn't turn out to be too expensive, but you'd better move on it NOW!
NOTE: This column is distributed by Real Estate Matters Syndicate, PO Box 366, Glencoe, Illinois, 60022. This column may not be resold, reprinted, resyndicated or redistributed without written permission from the publisher.
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