Original Message:
Re: I worked at a timeshare SCAM....I want to tell you about it. (by KC):
alexr152 wrote:My question is that since all of these options are scams, does selling it yourself of redweek work? Since buying we have had a lot of unfortunate things happen to us and we need money to pay off what is left and I fall victim to Corporate time share who said they could rent my hot weeks and that it would not take long to get paid for it. Yea well that was $1899 wasted and I am trying to deal with them to get it back and that is going no where. I have considered calling the HOA to take it back but they will only do so if you don't owe a balance. So what options are there then?
You can always make the difficult decision to simply stop paying, default on the loan and accept foreclosure (and the negative credit report consequences that will inevitably follow and last for 7 years thereafter). I'm not recommending this course of action OR suggesting that this is at all a pleasant choice; I am merely noting that it is always an available option.
If there is still an unpaid loan balance, there really isn't much else you can do if you are unable or unwilling to pay off the loan. Legally speaking, the "product" is not even yours to sell anyhow (on RedWeek or anywhere else) until and unless the loan is paid off FIRST. You do not have clear ownership title while there is still a unpaid loan balance outstanding. Believe me, no one on Planet Earth is looking to take over someone else's existing timeshare debt (and any such loans are most likely not transferable anyhow).
A question you should research and then HONESTLY answer is "What is my timeshare worth in the resale market today, if it was fully paid off right now?" If the honest and objective answer is little or nothing (as is actually the case for virtually any Westgate or Wyndham "products"), why consider paying off the loan at all if if the product is essentially worthless in the resale market anyhow? Just food for thought. Many people do not realize (and / or do not want to acknowledge) just how very little many (most?) timeshares are actually worth in the resale market. The original (grossly inflated) purchase price from the developer is completely irrelevant and meaningless information. NO buyer shopping for a timeshare in the resale market cares one bit about that original developer purchase figure; they know full well that the actual resale market value quite simply "is whatever it is" and is not related in any way to what the original purchaser agreed to pay a developer.
I'm sure that none of this is welcome information, but don't shoot the messenger. I am merely telling you the simple and straightforward truth, with no sugar coating. Good luck with your decision and chosen course of action --- and please stay away from ALL "upfront fee" "escape / relief / exit / rescue" outfits. They are just parasites who can do ABSOLUTELY NOTHING constructive for you, although any and all them will all be happy to take you money and tell you they will "try to help". Just empty promises and meaningless assurances, with no actual results.