Sell or not pay

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Original Message:

Re: Sell or not pay (by Edward M.):

ken1193 wrote:
edwardm109 asks, quoted here only in pertinent part:

>> A person has told me that if I can't sell it just stop making payment as it will not affect my credit since it was financed in house & not through a bank.....<< ======================================

As has already been correctly related to you, bad debt is bad debt and bad debt WILL certainly be reported to the credit agencies at some point. Simply ignoring your financial (and contractual) responsibiulity is NOT really a smart or viable option to even seriously consider. Even if the resort foreclosed on you for non-payment, thereby terminating your ownership and associated responsibilities, they would STILL report that foreclosure action to the credit agencies as an unpaid debt. You don't want to have the word "foreclosure" appearing in your credit report if/when you go to apply for a home mortgage. That's a black mark you don't want and which will follow you around forever. .......

The Orlando / Kissimmee area is very overbuilt (but they still keep building there anyhow) and there are hundreds and hundreds of timeshares offered for resale there, most of them offered "free and clear".

My suggestion would be to: 1. Be sure to at least keep up with your maintenance fees, if you possibly can. To do so shows "good faith".

2. Contact the resort at (407) 396-8523 and ask to speak with someone in their sales / resales office. (Don't expect informed or correct answers from a desk clerk whose job it is to just answer the telephone). Once you reach someone knowledgeable and in authority, ask if they will "take back" ownership of your week and release you from the contract, acknowledging (and obviously keeping) whatever payments you've made to date. The answer is most likely no, but it's worth at least asking the question. (This recommendation assumes that you are still making payments on your financed purchase?).

3. You can't possibly sell a financed week which still has debt remaining, since there are so very many Orlando / Kissimmee resale weeks available "free and clear" anytime on the Internet for just a few dollars. You may actually have to advertise to GIVE the timeshare away to someone willing to take over your payments. Your debt amount would obviously have to be less than a "free and clear" resale purchase would be in order for this option to even be a remote possibility).

I'm sorry not to be able to give you good or happy news here, but your objective as a (presumably young) new parent is likely to just "get out" of this obligation and take care of your family. Start with the resort phone call mentioned above......

P.S. Someone suggested rental as an option for you to at least stay afloat. That's not bad advice, but you must remember that this a geographic area where there is just SO much available for sale and for rent at ANY time that you would be competing with many, many others. In short, you may not actually find a renter at all.....

Thank you so much for taking your time & explaining as I do agree with you. I really can't afford to ruin my credit so I will just have to deal with it. I use to flip properties but now that the markes sucks this really does not help. I'm going to sell one of my properties that I have left ( currently renting ) and I guess with that profit I will just pay it off. I will just have to deal with it now untill I finish paying this off.. I kind of regret buying this timeshare, do you really think a timeshare is worth having ?