Investment Advice

BOB BRUSS

Hour Is At Hand To Get Out Of Your Time Share

DEAR BOB: I own a Florida beachfront timeshare, owned for more than 20 years. I want to sell it, but last year the complex was damaged in the hurricanes. My timeshare has a large special assessment and maintenance fees outstanding. What are my options to get out of this and not pay the outstanding charges? – Kenneth J.

DEAR KENNETH: Your situation is another example why I do not recommend timeshares. It appears you stopped paying the maintenance fees and the special assessment. Because your timeshare probably has little or no market value, you might offer to quit claim deed your timeshare to the homeowner's association just to get rid of it. However, most timeshare associations refuse to accept such deeds, especially if the complex has hurricane damage and unpaid fees.

Your biggest risk is the association might sue you for unpaid charges, obtain a judgment, and then try to ruin your credit if you don't pay. For details, please consult a Florida attorney experienced in timeshare law.