Getting rid of your timeshare

donp196 wrote:

Yesterday we received the second of two recorded quit claim deeds that we deeded back to our time share associations. I didn't want to post it until it was official and recorded. We were also skeptical that it was going to be this easy. We just contacted our home resorts and located the right person to speak to about deeding them back. They both agreed to take back our units with just a quit claim deed. We were required to be up to date on all of our fees and assessments. They only asked us to pay the years taxes and a minimal processing fee. We didn't expect any tax write off. We are happy to just unburden ourselves of the yearly maintenace fees and future assessments. Our lives have changed and we don't want to travel that much anymore and trying to get the exchange we wanted from RCI was nearly impossible since they started selling the good weeks on the open market. Our advice to anyone wanting to rid themselves of their obligations to a time share is to first call the office and ask them to take back the property. Don't play games with the IRS and don't expect anything other than getting rid of your financial obligation. Yes it was just that easy for us and we sleep better at night not worrying if the IRS will come after us down the road for taking a questionable deduction. If they hadn't taken back our units then we might have used the services of a company and worry that the transaction actually went through. Good Luck to anyone else trying to get rid of their timeshares.

This is what all resorts should do .... accept deedbacks then resale that deed, however there are so many weeks that are not marketable at all (ie: mid winter in mud slop hollow, etc) .... you're lucky that they didn't ask you to pay several future years' maintenance fees which I read recently on another forum an owner was asked to do.

Resorts have got to come up with a solution to this problem .... with all the scams out there (donation groups that supposedly take weeks for a hefty fee, then never pay future maintenance fees until the week goes into foreclosure (that's their business model ... to hell with the resort and other owners) and upfront fee resale companies and now recovery fund services for people that's been taken in by upfront fee scam companies).

These scams are detrimental and are not in the best interest of the resort and other paying owners.

Every resort should send out a letter warning owners of all these scams.

by the way Jayjay..... my cat can beat up your cat :)

donp196 wrote:

by the way Jayjay..... my cat can beat up your cat :)

More than likely since my siamese is scared of her own shadow :o) !!!

I will give you my timeshare. It's in Daytona.

allieg2 wrote:

I will give you my timeshare. It's in Daytona.

Why don't you list it in the Bargain Basement here on Redweek.

The two time shares that I got rid of were in Daytona. Actually Ormond Beach. One was the Royal Floridian and the other was Plantation Island. They both agreed to take them back with just a quit claim deed. I would advise everyone who wants to get rid of their time shares to contact the home resort. I would also like anyone who has any success in deeding them back please post on this site so others can see that it actually works. Some resorts require you to pay a couple of years maintenance fees and mine just required that I be current in my fees and assessments and pay a minimal processing fee.

I wonder if Wyndham will take back any of my 703,500 points at Bonnet Creek? I doubt it. They never told me that I've have difficulty selling so many points at one time when they pulled all my points under one contract. Recently, I was told that I can't break them up into smaller pieces. As much as I llike Wyndham condos, I sure don't need all of these points anymore.

I don't know about getting rid of points. I had two deeded weeks. It was easy to deed them back with a quit claim. Points are not property and I would never buy points. It's just another gimmick for the timeshare sellers to get rich. I would advise anyone not to buy points and never buy a timeshare from a presentation. There are so many available for sale on this site and other sites. Now that I know I can rent someone elses units for less than i would pay in maintenance fees without the commitment I would never buy another timeshare again. I encourage all timeshare owners, deeded or points, to join the NTOA ( National Timeshare Owners Association ). It is a timeshare owners organization to educate and represent owners interests. They can be contacted at www.nationaltimeshareownersassoc.com . That is where i got the information I needed to get rid of mine. Anyone with a success story getting rid of their timeshares please post a message on this site.

I just came accross a great website that everyone should visit. It's www.stopthescam.org. I advise everyone to go to this site. Click on timeshares. Scroll down and then click on " what to look for ", " getting out of a timeshare - MAYBE " and " should you buy a timeshare ". This is a must for anyone considering buying or selling a timeshare. It's free and only takes a few minutes. You will probably want to read the entire section pertaining to timeshares. I just picked out a few links that I was impressed with. This site doesn't ask for anything. It is just an informational site and started by someone to provide free information. Please take the time to visit the site.

I have recently used DONATE FOR A CAUSE a US charity to 'get rid of' my Sheraton Broadway Timeshare. While this did end up costing approx $2000/£1250, that included paying the maintenance fee for the coming year (as they would not have usage) and a fee for a UK Notory Public, I have to say that I was extremely happy with the way the transaction went. DONATE FOR A CAUSE were helpful all the way and the whole process took under 2 months to complete. Having spent months investigating ways to relieve myself of this timeshare it is finally a great relief to see the back of it. I would highly recommend them to others who may have exhausted all other options, (including asking the company to' take back' my timeshare which they flatly refused, I then offered to pay them to take it back but they just sent a long threatening letter....) Hope this has been helpful to someone....

christine514 wrote:

(including asking the company to' take back' my timeshare which they flatly refused, I then offered to pay them to take it back but they just sent a long threatening letter....) .

Can you share with us what they said in this "long threatening letter" (or maybe just the gist of it)?

JayJay, I did come into this discussion late, as I just became a member of Redweek, but I did read the entire four pages of material in this discussion. You have to admit, drk14 did back up all of his posit with fact and citations from the IRS rules. You, however, used emotion and name calling with absolutely no citations of fact. There was not one reference in all of your banter to any factual material.

You may feel that it is unfair to the other paying members, and that is a legitimate opinion that you hold. However, many buyers of timeshares are told that the company they are purchasing from will buy the timeshare back at anytime, as a part of their sales pitch, to get you to buy.

If you are new to the timeshare game, you look at it as a win-win situation. You can use the timeshare FOREVER, and it is an asset (which it is not considered by any creditor as an actual real-estate asset), and you can will it to your heirs, etc. AND, if the time comes that you no longer want or need the timeshare, the company will buy it back from you and sell it to someone else. Marriott was very smooth in the way they sold me my timeshare, and Marriott is actually a very low pressure sales company and I love their service and properties like no other.

Here's the thing--I just lost my job and cannot afford the maintenance dues that Marriott charges. And, they are not buying it back from me. They finally told me, after I really dug in and asked the serious questions, that they probably would not buy it back and told me to try Redweek.com. This was a very different position than what they told me when I purchased.

I'm in a good situation, because Marriott has such a good reputation, that I will be able to rent or sell my property and get out of the fees that I can no longer afford.

Some companies do not have good reputations, or beautiful properties and people are stuck. Drk14's charity is an attempt to help people get out of those fees when they cannot even give away their property. Why should someone face losing a good credit rating by foreclosure, when they were led to believe in the first place that they would NEVER be placed in that situation in the future.

Drk14 backed all of his points up with fact, citations and references. You may feel it is morally or ethically wrong, but he, on the same hand, feels the opposite. So you both have opposite opinions about a moral issue. He, however, was very articulate in how he approached the discussion and he will not get hit by the IRS or any other government agency for anything because his business model is correct. Manipulative, perhaps, but not in error or illegal.

I think the issue all goes back to the timeshare company. They at least need to offer SOME semblance of help with fees so people don't go into foreclosure without having absolutely no way out. The only alternative is to get ripped off by the true scammers, who charge you $4,000.00 and basically do the same thing.

In the future, use facts and citations instead of name calling. It does appear immature and childish, when you might just very well have a good point to make. This is all IMHO.

Basically threatening in the way that it was written..what they alluded to was that they were not willing to enter any kind of negotiation with me. That they would obviously take any legal actions necessary should I fail to pay my assessment...also that it was not likely that any time in the future they would reconsider. I had offered to pay for a limited time period if they would consider releasing me from the contract - I had stated 5 years worth of assessment fees or a one off lump sum but they were not at all interested. I understand there stance but feel that because I was not inclined to just stop paying as many others had, they could have been a little more understanding of my circumstances. (meaning that I am no longer able to continue paying an ever rising assessment fee!!). I hope that satisfies your curiosity. And once again I say thAnk god for DONATE FOR A CAUSE....

Matth176 Is your desk right next to drk14????

matth176 wrote:

JayJay, I did come into this discussion late, as I just became a member of Redweek, but I did read the entire four pages of material in this discussion. You have to admit, drk14 did back up all of his posit with fact and citations from the IRS rules. You, however, used emotion and name calling with absolutely no citations of fact. There was not one reference in all of your banter to any factual material.

You may feel that it is unfair to the other paying members, and that is a legitimate opinion that you hold. However, many buyers of timeshares are told that the company they are purchasing from will buy the timeshare back at anytime, as a part of their sales pitch, to get you to buy.

If you are new to the timeshare game, you look at it as a win-win situation. You can use the timeshare FOREVER, and it is an asset (which it is not considered by any creditor as an actual real-estate asset), and you can will it to your heirs, etc. AND, if the time comes that you no longer want or need the timeshare, the company will buy it back from you and sell it to someone else. Marriott was very smooth in the way they sold me my timeshare, and Marriott is actually a very low pressure sales company and I love their service and properties like no other.

Here's the thing--I just lost my job and cannot afford the maintenance dues that Marriott charges. And, they are not buying it back from me. They finally told me, after I really dug in and asked the serious questions, that they probably would not buy it back and told me to try Redweek.com. This was a very different position than what they told me when I purchased.

I'm in a good situation, because Marriott has such a good reputation, that I will be able to rent or sell my property and get out of the fees that I can no longer afford.

Some companies do not have good reputations, or beautiful properties and people are stuck. Drk14's charity is an attempt to help people get out of those fees when they cannot even give away their property. Why should someone face losing a good credit rating by foreclosure, when they were led to believe in the first place that they would NEVER be placed in that situation in the future.

Drk14 backed all of his points up with fact, citations and references. You may feel it is morally or ethically wrong, but he, on the same hand, feels the opposite. So you both have opposite opinions about a moral issue. He, however, was very articulate in how he approached the discussion and he will not get hit by the IRS or any other government agency for anything because his business model is correct. Manipulative, perhaps, but not in error or illegal.

I think the issue all goes back to the timeshare company. They at least need to offer SOME semblance of help with fees so people don't go into foreclosure without having absolutely no way out. The only alternative is to get ripped off by the true scammers, who charge you $4,000.00 and basically do the same thing.

In the future, use facts and citations instead of name calling. It does appear immature and childish, when you might just very well have a good point to make. This is all IMHO.

Here's what Dave McClintock, CPA and respected TUG member/moderator says about donating timeshares and any deductibles allowed:

Donating your Timeshare To Charity A frequent question at TUG is, “Should I donate my timeshare to charity?” That often translates to, “I can’t sell my timeshare and have been told the tax benefit may exceed the sales price on the open market.” The answer is "Yes!", if you have a charitable motive and "No!", as it relates to that expected tax benefit.

If donating a deeded timeshare, the deductible contribution amount will normally be equal to the Fair Market Value (FMV) on the date of donation. That’s the price that an arms-length buyer and seller in the timeshare resale market would agree upon, not what the developer is charging for that same week. If the FMV exceeds $5,000, you’ll need a written appraisal that meets IRS guidelines. If the sale of the property would have resulted in a short-term gain, the FMV must be reduced by this amount.

Right to Use (RTU) timeshares and non-deeded points timeshares are tangible personal property to which additional rules apply. If the charity’s use of the property is unrelated to its primary function (for example, if sold at an auction), the FMV must be reduced by the amount of any gain that would have resulted had the property been sold by the taxpayer.

So, why can’t the tax benefit justify a donation? It’s relatively simple. FMV is normally the same as what you would sell your timeshare for. Since the highest federal tax bracket is 35%, you’re better off selling and pocketing the cash. For example, if you sell your timeshare for $1,000 (the FMV), you’ll have $1,000 in your pocket. If you donate the timeshare, your deduction should be $1,000 and your federal income tax savings would put, at most, $350 (35% x $1,000) in your pocket.

Keep in mind that appraisals aren’t cheap (most cost $500 or more) and the cost of the appraisal isn’t considered a charitable contribution.

Another frequent question is, "Can I get a tax deduction if I donate the use of my week to a charity?" The answer is “No”. IRS regulations won’t allow a charitable deduction for the gift of a right to use property. Donate the use of a week because you are charitable, but you can't deduct any value associated with the use of the week.

traudem wrote:

Matth176 Is your desk right next to drk14????

More than likely .... they do seem to have a lot of time on their hands, don't they?

I personally would not take a chance donating my week unless I was garanteed that the deed would be transfered out of my name. I was fortunate that my home resorts took my properties back. When I first contacted them I told them that I was going to get them out of my name by any means possible. I first tried selling them and giving them away to anyone who would take them off of my hands. I also tried donating them to a few charities and none of them wanted to get involved sine they weren't prime weeks and locations. I would have gladly paid a comapny to take them for donations without any tax deduction but I wasn't comfortable that they would actually be transfered out of my name. I would like to see the track records of these companies before I give them any money. I'm not saying that it is a scam but I want to be 100% assured that it isn't. I would not feel comfortable taking a tax deduction only to find out that I owe more in interest and peanlties if I was wrong. I even considered transfering my properties to anyone for a fee as long as they were gone.

My advice to anyone thinking about using a charity for donation is to check out the comapny thoroughly before giving them any money and make sure you get a written garantee before you agree to the deal. Once you give them your money you will have many sleepless nights worrying if it you did the right thing. Please do your homework before you commit yourself to something you might regret.

Of course, many of these "so called" donation companies provide a completely "FAKE" appraisal to make it "seem" legitimate and the value is always about the same they charge the time-share owner. Most owners are aware that the FMV of their week is very low or ZERO and get fooled by such appraisals. How often has the comment been made at this forum: NEVER EVER PAY ANYONE AN UPFRONT FEE OF ANY KIND!!!!! The moment you are asked to pay a dime upfront, you should know it's a scam and that includes all DONATE YOUR TIMESHARE outfits,

I have only recently become a member of Red Week for the main purpose of trying to dispose of my timeshare...sell it, get it off my hands. I am a Canadian, live in Canada so all the donation information concerning tax benefits is of no use to me...and same as in the US, charities are hurting as well and don't have the funds to pay the maintenance fees. My financial situation has greatly changed since my last timeshare purchase...the sudden and unexpected passing of my dear husband. I won't be trvelling any more and these maintenance fees are drowning me. My husband and I had no family and don't have any friends who are interested in travelling to whom I could rent out my weeks. WHAT CAN I DO? Contacted Wyndham and Marriott about taking back and their answer was a flat "no". I don't want my credit rating affected, but what am I to do? Any sound advice would be much appreciated. I have already been scammed by paying up front, in despersation..Can't and won't do it again. So sorry I was so stupid to fall for the scammers line. PLEASE GIVE ME SOME GOOD ADVICE!! DESPERATE HERE IN CANADA.

Who even cares about the tax deduction? All I care about is getting it out of my name. I don't care what the new place does with it nor do I care if they do or do not pay the maintenance fees. I would love to get rid of mine for $500 and I'd just as soon pay this place as some individual who I don't know either. JMO