New time share owner - want out!

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Original Message:

bought a timeshare 2 years ago and now? (by KC):

gwendolynl2 states / asks in relevant part: >> So we are behind on payments and we have tried to call and talk to them, but all they want is money. So my question is what would happen if we just didn't pay it anymore? <<

Your post indicates (by the words "behind on payments") that you apparently financed the timeshare. If that's the case and you stop making loan payments you will, in essence, be defaulting on a loan. In such an event, interest will continue to accrue, increasing the payoff amount due. Depending on the loan source, the first thing likley to happen thereafter is that the matter would get turned over to a collection agency, which will then likely hound you day and night for payment. Depending on applicable state laws, liens could also be filed against other assets which you may own in the same name(s) as those appearing on the loan (e.g., house, boat, car, etc.). Defaulting on a loan will result in a "black mark" entry on the credit report(s) of any and all names appearing on the defaulted loan.

I know it's much easier said than done, but if you are young, finding a way to pay off the loan and then selling the week off, at whatever loss you have to sustain and moving on all the wiser, is certainly better than having a defaulted loan record hound your credit report for many years to come. ================================================

Re: >>We put it up for sale with "land ahoy" properties.<<

Bad move, as you now know. I believe these parasites have sufficiently crossed the line to since be put completely out of business --- and they may even manage to be prosecuted. That doesn't (and won't in the future) help you or your situation at all, however; color that money GONE. The unfortunate truth is that you can't often sell any timeshare which has attached debt --- there are just too many other timeshares available which are owned free and clear for buyers to want to touch one with debt attached (particularly when the debt may well exceed the resale market value of the week (almost certainly the case for ANY Westgate property).

Don't shoot the messenger --- I'm just answering your posted question. I wish I had better news for you...