In one of our weeker moments a couple of years ago, we bought in to a timeshare unit in Gatlinburgh, Tennessee. We placed the monthly payments to one of our credit cards with the notion that we would just let it build through out the year and then pay it off every year with tax money.
Well, we have had some rough times over the last year or so and we had to use the credit card for things like septic tank pumping and other emergency needs.
When we first bought the timeshare, we had that card coimpletely paid off and knew that we would only be putting about $1500 through the year with the timeshare.
Now the card is completely maxed out and there is no room for the monthly payments on it and I do not have the disposable income to pay the extra $133/month out of pocket.
Now, when we bought the timeshare, they did not do a credit check and they do not report it to the credit bureaus. In other words, it does not show up on my credit report that I have it.
That being said, can i just tell them to take the property back without fear of it showing as a repo or foreclosure on my credit report?
Are there any legal means of getting out of the property without having to pay a huge amount out of pocket?
I have checked into a couple of the timeshare resale deals on the internet and one that does not advertise on the internet. After further checking into the major one on the internet, I found that they do not have a satisfactory rating on the BBB website. This one is Timeshares Only.
the other timeshare reseller I checked in to has a very satisfactory rating and I would list with them, but they want $599 up front to carry the property. Which I do not have disposable.
If any one has any help or information concerning this, I would greatly appreciate it.
I know this is not technically
debt help, but everyone here is very knowledgable and I feel that someone somewhere on here can help me.
If this is the wrong place, please feel free to move it to the correct forum, just let me know where it is placed please.
Thank You