Willing to live with lowered credit rating. But what are the repercussions? I want to walk away from the large contract (which has already been "sold") and never use the time-share. Too late to opt out . Secondly, any suggestions on how to walk away from the yearly maintenance fees that the resort assesses. What happens with that situation?
If you just want to get rid of it and you don’t care about money, you may be able to donate at
http://www.donateforacause.org
You’re looking at a world of hurt here. Forget about just your credit rating being ruined. You will still owe the money. If they foreclose, you will still owe the difference between what you owe for the place and what they sell it for. I guarantee you they will sell it for a lot less than what you paid for it. They will hound you forever for this money. Time shares have to be the worst investments out there. I have to ask what were you thinking when you bought it. Trying to sell it on your own will be the least painful option, but there’s no easy way to get out of this mess you put yourself into. I promise you, there will be no "walking away" from this deal.
Check out http://www.redweek.com – they have a resource section that may answer your questions, and they can help with selling. Or, you can investigate exchanges through them. And, you could consider using redweek.com to help you rent your unit,which would help you financially until you sell it.