Timeshares and escaping them

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Guest: We’ve had a time share for quite a few years paid for what now we are still paying maintenance full time.

Justin: Yeah. I’m wondering how can we get out of the,

Justin: yeah, it’s one of the most difficult things in the world to get out of. We’ve done them before, so, um, I’ll call you after the show. There are ways to do it, but they are very, very difficult. Where’s the timeshare at?

Guest: Uh, [inaudible]? Florida.

Justin: Okay. So Florida is a, a foreclosure state. So we’ll uh, hang, you know, we’ll get your number and we’ll give you a call and we’ll take care of it. We’ve done those before, but uh, right now, so before the break we had a question from a caller. Milton, he was asking about a timeshare. This is one that we get all the time. I mean, I hate to say, hey, I mean, I guess if you use a time share, it can be a good investment, but it’s really the only thing I can think of. It’s, it’s a lifelong commitment that you simply cannot get out of your, you’re locked into those fees. You’re locked into those association dues forever. And there’s no way to get out of them. So well we’ve been able to do is we’ve set up a way and we have some relationships with some of these companies and we’ve been able to negotiate people out of them.

Justin: It’s not an easy process, but a, it can be done. They’ll tell you there was no way to do it, but we’ve actually had success in getting people out of it. But, uh, it’d be rarely when you do those, right, mark? I mean, that’s just.

Mark: Oh yeah,

Justin: they’re Ironclad

Justin: there’s a reason. There’s always commercials talking about people being stuck in them.

Justin: I mean, when we first started doing them, people came in and they, you know, we’d look at these and I said, why don’t you sell them? And then you look online and people are literally trying to give these things away and they can’t give them away because you’re not giving it away for free. You’re giving it away for a lifelong commitment to pay, you know, $1,000 a year for the maintenance duties. And those things are never going down. So yeah,

Mark: they’re going up typically

Justin: They only go up. They never seem to decrease. So it be wary of those. If you have one and you’re trying to get out of it, you give us a call and we can absolutely help you do that. Um, most of the time it’s, it’s a negotiation to tell them, hey, listen, we’re either, you’re either going to help us do this or we’re going to force you to foreclose on this one way or the other. You know, it’s a lot of, it’s depends on what the state is and what the process is, but there are ways out of it, but they do not make it easy on you and it’s definitely not within that contract. So be careful of those.