How to get rid of timeshare?

Resurrect her parents.

Can you convert them into points?

My grandparents were / are big into timeshares. In 2008, I think they owned around 50 / 60 of them. They would rent them out and also go on probably 15 / 20 trips a year. They made decent money off doing this of say something like $40k a year.

But then 2008 happened and they figured out it wasn’t the best financial investment, although they’ve allowed our family to take a lot of trips together. Over the past few years they’ve been trying to offload them and have sold a few of them, but have had better luck in converting to points. They still do okay with the ones they own now.

However, as a family we are pretty close to having a big problem. They are in their 80s, still own probably 40, and pretty much refuse to “teach” us how to manage these things. Soon we (mostly my parents) are going to be dumped 30 / 40 timeshares with yearly fees around $50k and have no idea how to manage them or offload them.

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what would happen if you just stopped paying?

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That's what I'm wondering. Does it destroy your credit, or would the company merely just take back that ownership?

My father-in-law has always been into that timeshare stuff. Me...I've avoided it like the plague. Always sounded like some ponzi scheme where I would get screwed.

I haven't seen this topic before. Looking forward to the responses.

There are radio commercials on how to unload. Not sure if it's these guys or not. I'd be careful.

LINK /

I’m no expert, but this has always interested me.

The short answer is to give it away.

Google it.
LINK

The contract lasts into perpetuity. It's been in the family around 25 years. We would happily give it away if we could find any takers. If we quit paying, it would end up going to collections and tank our credit. We have other assets so we're not sure how to get out of it without affecting those. We've started talking with Time Share Exit Team which is who Dave Ramsey endorses. Their process costs $4000 and takes up to 3 years. That's what we're going to end up doing unless we can find any other option. I get a little worried though because they consider having it foreclosed a successful exit. Any advice is definitely appreciated.

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My wife inherited a timeshare from her parents that we've been paying the maintenance fees on every year.

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So your wife inherited a contract that she has never actually signed? I am ignorant so please forgive me, but how can these obligations be legal binding if you weren’t the one who agreed to (and signed) the contract?

Bless your soul.

Yeah I’m wondering this myself because I’m pretty sure my wife’s parents have a timeshare as well. No way would I just take over the payments after they die