Donating time share is risky

Lawsuit possible if new owner fails to pay assessment
Published on Sep 13, 2011

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by CareyBot

DEAR BENNY: Many people talk about how to get rid of a time-share unit. I went to a meeting where the broker wanted $4,000 to assist me. I left the meeting and did not pay anything. A nonprofit organization was having a fundraiser and auction, so I donated the time share to that organization. It sold for $800.

The bidder was happy; the nonprofit was also happy because it received the $800; and I received the tax deduction by way of a statement from the auction organization. --J.Z.

DEAR J.Z: You may have been lucky, but let me ask a question: What happens if the successful bidder decides not to make any payments to the time share -- either the monthly (or quarterly) assessment or payments on the promissory note that you signed when you boug