How do I get rid of a timeshare without ruining my credit?

If you're looking to get rid of your resort ownership, one of the best options is to sell it. In fact, if you're looking to say goodbye to your timeshare, selling it is a great exit strategy. Plus, it's one that won't harm your credit report.



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To get out of a timeshare legally, consider these options:
  1. Use the rescission period.
  2. Call the timeshare developer.
  3. Rent your timeshare out.
  4. Sell your timeshare on the resale market (but expect to take a hit).
  5. Gift your timeshare to a friend, family member or stranger.


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Ask the Resort to Take It Back If you missed the recission period, there are still ways to get out of your timeshare. Some are surprisingly simple, like a timeshare deed-back. This is a legal, low-cost way to give the property back to the resort.

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A timeshare is not an investment, it's a vacation. It's also an illiquid asset that is likely to lose value over time. Ultimately, timeshares are like swimming pools, if you buy one, do so because you love the idea of owning it, not because you expect to make a profit.

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It's not just about investing well, it's about avoiding the financial mistakes that undermine so many well-meaning, but misguided people. One of these mistakes is getting caught in the timeshare trap. While timeshares may seem attractive at the outset, over time they can become real wealth traps.

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Depending on the timeshare company, it may be written in your timeshare contract that they have the right to take legal action against owners who don't pay maintenance fees. Your timeshare may go into foreclosure and you will no longer be able to use your ownership.

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