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    vinokot's Avatar
    vinokot Posts: 2, Reputation: 1
    New Member

    Oct 30, 2007, 09:02 PM
    Time share lease in the Bahamas
    I have a 30 year lease I bought for about $15000 in 1986. The property is based in the Bahamas. Lease expires in 2026. The maintenance fees are killing me. I want to get out of it . The time share company won't allow it so they can keep sticking me with the maintenance fees and special assessments. The company is based in Virginia.

    How do I get out of this without ruining my credit.

    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
    Uber Member

    Oct 31, 2007, 05:26 AM
    Hello v:

    It does't matter what the time share company says. What's important is what your lease says. If it doesn't allow you to sell it or discontinue it, then maybe you can't.

    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man

    Oct 31, 2007, 06:15 AM
    In most undeeded time shares, if you default on your contract, the time share operator can just take back the week and resell it. So there should be no issue about defaulting. If you are still paying on a laon you took out to purchase the share, you could still be held responsible for it.

    However, if the resort is fully sold out and there is no longer sales going on, they might be able to hold you to it.
    vinokot's Avatar
    vinokot Posts: 2, Reputation: 1
    New Member

    Oct 31, 2007, 10:26 AM
    Time share lease in the Bahamas
    According to my contract if I default on my maintenance fees they can send me to collections. It also states that the contract would be void. Does this mean that I can get out of this lousy deal by just defaulting on my fees? This is a 30 year lease and they are really sticking it to me with mainainance fees and special assessments.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man

    Oct 31, 2007, 11:07 AM
    Please don't start a new thread. I've combined the two threads.

    If you have paid off the cost of the contract and all that is left is the annual maintenance. Try writing them a letter telling them you are defaulting on the contract and advise them to take back the week and resell it. You should be up to date on the maintenance cause they will come after you for back maintenance.

    If you do that, even if they come after you a judge may not allow it, telling them they can double dip. They've already been paid for the week so they can resell it and get paid again.

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