The good news: No one has to inherit an unwanted timeshare. “Timeshare companies sometimes assert they will chase offspring and heirs for debts, [but] I have never heard even one anecdotal story of this happening,” says Jeff Weir, chief correspondent for RedWeek, a timeshare rental and resale site.

What happens if you don’t pay your timeshare bill?

If you stop paying it, the timeshare company will do whatever it takes to collect. They’ll make phone calls and send letters, then they’ll assign it over to (you guessed it) a collections company. If you still don’t pay, the situation sinks even further into foreclosure and possible legal action against you.

When did my parents purchase a timeshare in California?

En español | “My parents purchased a timeshare more than 30 years ago,” began the email from Kim Seney, a recent retiree from Northern California. Over the years, I’ve gotten so many questions like this that I knew what was coming next. Seney was hoping to help her widowed mother unload the timeshare and the $1,200 in annual fees that came with it.

Is there a way to get out of a timeshare?

Avoid using timeshare exit companies that require upfront payments. En español | “My parents purchased a timeshare more than 30 years ago,” began the email from Kim Seney, a recent retiree from Northern California. Over the years, I’ve gotten so many questions like this that I knew what was coming next.

How many people in the US own a timeshare?

Almost 10 million households own some sort of timeshare, according to the American Resort Development Association. About 850,000 of them (based on a pre-pandemic estimate) would like to sell within two years. Some, like Seney’s mother, Joann Johnson, 85, can’t travel anymore.

Are there any problems with a timeshare contract?

Let’s continue now that you are locked into a perpetuity contract one of two things happened The problem is with the latter group.