Grandview Timeshare and hardtimes

[wildaces123]

Hello TS4MS members!
Luv the site!

My question to all of you is;
My wife and I purchased a TS at the Grandview in Nov 09.
We financed it with Eldorado Resorts corp.
We had full intentions to Pay if off quickly and use the timeshare.
We are well passed the 5 day rescind/revocation period.

Now the recesion has caught up to us. My wife has lost her job and we will not be able to continue to make the payments for the mortgage.

It there anyway for us to get out of this TS with minimal financial or credit impact?

Any help with this is will be greatly appreciated.

FYI..We are living in Alberta Canada.

[Glitter Brunello]

I'm sorry no one responded to this yet, you are unfortunately in a similar boat to many. I would start by seeing if you can get the resort to take it back. Depending on how much you've already paid, you never know, it might work, particularly if you think you were the victim of deceptive sales practices and make enough noise about it. But some resorts won't even take back fully paid for weeks, because they want the ongoing maintenance fees from owners.

Whatever you do, do NOT pay any upfront fees for any company to "take it off your hands." It's not off your hands until it is out of your name, and that includes the loan. The sad truth is it's unlikely you'll be able to unload it in this market if you owe enough you are having trouble paying.

It is a shame that developers take advantage of people and talk them into taking on debt for what is supposed to be vacation. Buyer beware, but they are slick.

I don't know enough about the credit impact or how to minimize it to comment - but again, DO NOT pay anyone up front to help you out. I'm sorry it's turned into such a burden.

[acoustifunk]

Good luck!