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Many people are thinking the same thing, they are not as popular right now as more and more folks opt for STAYcations vs. traveling so even swapping out of your time share to another location is occurring less and less.
The time share can be sold the same way you can sell other property, you are selling your interest usually something like 1/2700 th% of ownership; to another person looking to buy, you may also find that the value has dropped, right along with home values. This is a result of that lowered demand I mentioned earlier.
There are some website out there that swap and trade time shares your best bet may to be google them and check them out to see if any of them work for you or to see if there are local traders in your area.
By “get out”, I assume you mean you no longer want to own it?
If that is the case, you will need to sell it. If there is a loan on it, you will either need to sell if for more than you owe, or bring the difference in price to the closing to fully pay off the lender. Very similar to selling a car in that respect.
Begin by talking to the management at the location – they will likely have a recent list of sales, prices, and potentially, the brokers that assisted in the sale. Find out what is involved in transferring the deed (if deeded) to another person – often, there is a transfer fee. You do not generally HAVE to use the broker – you can market and arrange for sale on your own, if you prefer, according to the resort’s guidelines for sales. Make sure that the resort does not have a first right of refusal, or a right to buy your unit before anyone else, if you are selling.
If you cannot make your payments, and cannot sell the unit, contact the lender to see if hardship payment arrangements can be made. Ask if it would be possible for a new owner to “assume” your debt – to take it over – without penalty, if you could find a willing party. Contact the resort to see if there is a way to make payments on your dues. Like being unable to fulfill any obligation, though, this method may have a derrogatory effect on your credit.
If you simply stop paying, a deeded unit will likley fall into foreclosure – MUCH worse than a workout above for your credit. The unit will be reposessed or redeeded, often to the resort, and you may be held liable for their losses in court or otherwise.
How does somebody get out of a time share?