Need advice to get rid of unwanted timeshare

Hello everyone,

I have run into a dilema with our existing timeshare...

We agreed to buying a timeshare while vacationing in Florida to Berkley Vacation Resorts... After 2 years we have come into financial troubles and can no longer afford to keep the timeshare. We have 13, 000 of principle payments, with maintenance fees still coming. We have decided to take the route of quitting payments. Though we are unsure of this because of credit ratings.

We are from Canada (if this helps)

We are seeking advice to what the best possible method to get rid of the time share completely..

Thanks in advance.

lylew13 wrote:

Hello everyone,

I have run into a dilema with our existing timeshare...

We agreed to buying a timeshare while vacationing in Florida to Berkley Vacation Resorts... After 2 years we have come into financial troubles and can no longer afford to keep the timeshare. We have 13, 000 of principle payments, with maintenance fees still coming. We have decided to take the route of quitting payments. Though we are unsure of this because of credit ratings.

We are from Canada (if this helps)

We are seeking advice to what the best possible method to get rid of the time share completely..

Thanks in advance.

You have absolutely NO chance of selling a timeshare on which there is outstanding debt. Think about it --- who in their right mind would ever want to voluntarily take on someone else's debt??

That said, perhaps consider approaching the developer (only in writing, NOT by phone) to request their taking back a "deed in lieu of foreclosure". In this scenario, you would forfeit any and all of the money you have already paid, but you would also be absolved of all future payment responsibilities and obligations ---without incurring any negative report or harm to your credit record.

That said, uinderstand very clearly in advance that NO facility is EVER legally obligated to even seriously CONSIDER taking back a "deed in lieu of foreclosure". If they ARE willing to do so, then that is a purely voluntary (...and highly unlikely) CHOICE on their part. You can't EVER "give the deed back" unless they are overly willing to ACCEPT it back. The "acceptance" is a crystal clear and indisputable legal requirement.

I know that this is not what you want to hear and I know that you would (quite understandably) like a much more encouraging and optimistic reply, but these are simply the cold, hard facts and unvarnished truth of the matter.

I feel for your plight and I sincerely wish you good luck.

We are a charity that accepts timeshare deeds directly so we know what you're going through.

To add to the above, even if you found someone to take the timeshare, the mortgage is still in your name. So, if the other party doesn't pay it, you still have to.

Too many people are too afraid of such financial situations. They really don't know what to expect. The first step is to understand what you're facing.

The absolute worst thing that can happen to you is you'll have a negative report on your credit history for the next 7 years (Canada may be different timing). That's it!!! There are no debtors prisons any more. They don't come taking your first born out of your arms. They can't force you into bankruptcy. They can't take anything else away from you to sell for their payment. All the terrible things you imagine just aren't legal anymore.

You are having financial difficulty. You're not unique. You can't pay all you bills. Welcome to humanity. Oh, NO! they are going to ding your credit!!! So what? Do you really think you'll be going out for a new home loan in the next few years anyway? Are you going to cherish you 376 credit score and be given all kinds of new credit cards?

Face reality. What will happen is not great, but it's not really that bad. The most important thing is to pull you horns in and get slim on your bills. Pay what you MUST to survive. Let the cable TV, unlimited Internet access for your 5 family iPhones, your weekly spa cucumber and honey treatment, and (unfortunately) your timeshare go. Concentrate on rent, food, and what are real necessities for your family. That's how you survive. And don't forget to thank your whatever for the good health, family, and life you do have. Remember Li'l Orphan Annie and how the sun will come out, Tomorrow!!

Smile. It's not as bad as you think.

Hello,

My 75 year old mother needs to sell or give away her timeshare. My father passed away this past Christmas and my mother cannot continue to pay the annual maintenance fees. The timeshare is paid for. My mother lives in Boston and I believe the timeshare is in the Cape Cod area. I need some advice as to what she should do to sell or give the timeshare away.

Thank you.

renitas7 wrote:

Hello,

My 75 year old mother needs to sell or give away her timeshare. My father passed away this past Christmas and my mother cannot continue to pay the annual maintenance fees. The timeshare is paid for. My mother lives in Boston and I believe the timeshare is in the Cape Cod area. I need some advice as to what she should do to sell or give the timeshare away.

1. Go to http://www.tug2.net (Timeshare Users Group). Spend $15 to join and become a member.

2. Once becoming a TUG member, you can then place an ad (for free) in the TUG "Bargain Deals" forum. Offer to give the timeshare away for free, with the "buyer" paying any and all associated closing costs (this will cost the "buyer" around $300, plus any transfer fee which the resort might (or not) impose (all resorts are different in this policy).

3. In your TUG "Bargain Deals" listing, be sure to identify the resort, the week number (if fixed), the available or restricted reservation weeks (if "floating"), the number of bedrooms and bathrooms in the unit and the annual maintenance fee amount. That should be enough info and any less is too little.

Unless it's a winter week (which on Cape Cod is something which really has no demand or market value at all), with a little luck your mother can be legally "out" of that ownership for a total "out of pocket" expenditure of fifteen dollars. If it's a winter week, or a "floating" ownership which limits owner use to the winter months, all bets are off however, since there is basically ZERO demand for or interest in winter weeks on Cape Cod.

Good luck.

ken1193 wrote:

1. Go to http://www.tug2.net (Timeshare Users Group). Spend $15 to join and become a member.

2. Once becoming a TUG member, you can then place an ad (for free) in the TUG "Bargain Deals" forum. Offer to give the timeshare away for free, with the "buyer" paying any and all associated closing costs (this will cost the "buyer" around $300, plus any transfer fee which the resort might (or not) impose (all resorts are different in this policy).

3. In your TUG "Bargain Deals" listing, be sure to identify the resort, the week number (if fixed), the available or restricted reservation weeks (if "floating"), the number of bedrooms and bathrooms in the unit and the annual maintenance fee amount. That should be enough info and any less is too little.

Redweek also has a timeshare Bargain Basement here:

http://www.redweek.com/featured/bargain-timeshare-resales

Your mother's situation is a little unique. Obviously try to sell it for anything you can get, even $1 on eBay. If that fails, you can try donating it to a charity. Charities will either have her retain it while they try to sell it for the cash or have you pay a fee as they take title into their own name to compensate for NOT selling, renting or using it in the future. We are a charity that does that.

However, the special situation is your mother's age, 75.

The resorts' legal recourse is limited by law. They can 1. bill directly and continually until paid, 2. send the account to collection, 3. foreclose on the deed, and last 4. file a negative report with the credit bureaus. There is nothing else they can legally do.

If sent to collection she will start receiving numerous bill letters and may receive phone calls. All she has to do is send a letter to the resort AND the current collection agency. Here is a sample from the Internet - http://www.fair-debt-collection.com/Disputing_Collections/stop-calling-letter.html . If the collection is turned over to a new collection agency all you have to do is tell the caller, "There is already a letter on file with the resort and the previous collection agency. Please check your files and don't call again or you will be reported." Then hang up.

After several due bills are ignored you might try contacting the resort to offer the deed in lieu of foreclosure. Let them send the proper paperwork to you. DO NOT accept paying any back due bills. That's what the deed in lieu of foreclosure is for.

Lastly, if the resort decides to file a negative report to the credit bureaus on you mother, ask yourself this question. Is my mother going to use credit any more in her life? If not, who cares?

The only real concern you may have is timing. If your mother dies during this process before being deeded back to the resort, since it is real estate, it passes to her heirs in probate and becomes their responsibility and risk in the future. To overcome this you might want to talk to an attorney about a family trust taking ownership or having a dummy corporation assigned the deed at the time of death.

I hope these specifics are helpful.

Thank you, Ken.

renitas7 wrote:

Hello,

My 75 year old mother needs to sell or give away her timeshare. My father passed away this past Christmas and my mother cannot continue to pay the annual maintenance fees. The timeshare is paid for. My mother lives in Boston and I believe the timeshare is in the Cape Cod area. I need some advice as to what she should do to sell or give the timeshare away. Thank you.

I don't like to give this type of advice, but in your mother's situation if the resort won't take her deed back or she can't give it away I would stop paying the maintenance fees .... surely she's not concerned with her credit score at her age.

renitas7 wrote:

Hello,

My 75 year old mother needs to sell or give away her timeshare. My father passed away this past Christmas and my mother cannot continue to pay the annual maintenance fees. The timeshare is paid for. My mother lives in Boston and I believe the timeshare is in the Cape Cod area. I need some advice as to what she should do to sell or give the timeshare away. Thank you.

There's a member of TUG that's looking for a Cape Cod week, however in order to get in touch with him you have to join TUG for $15 then click on his screen name to be able to contact him:

1 Cowboys Fan TUG Member

Location: Maine

Wanted: New England, weeks #29-#32 (or close) Cape Cod would be optimum; but ME, NH, MA, VT primarily. Pat