Should I just give up my timeshare???

Okay, my husband and I have been having a timeshare for well over 10 years. We got a "great deal" and only used it once....but it was paid for years ago. We just never really took the time out to figure out how the whole thing worked and were just confused (my husband bought it before we got married so when I came into the picture to try to figure things out....just confusing).

At any rate, we can't use it during the month of October, we also haven't been able to sell it or rent it (EVER!). SOOOO, my question is....what in the world can we do with it!??? We don't want to use RCI for anything, so does anyone know if it's possible to trade within the resort? For instance, can we trade our week? If so, what's the first steps to go about doing this. I'm about ready to give up.

I know this probably sounds silly since we've had this for years, but just trying to weed through all the details has been exhausting. Thanks for any assistance.

phoebek2 wrote:

SOOOO, my question is....what in the world can we do with it!??? We don't want to use RCI for anything, so does anyone know if it's possible to trade within the resort? For instance, can we trade our week ? If so, what's the first steps to go about doing this. I'm about ready to give up.

Your post may be edited by site moderators as appearing to be a (prohibited) ad, since you identify a specific week and resort, but I will still at least tell you with certainty that "you own what you own" and you can't somehow just magically go to an entirely different week at an entirely different facility instead. Ain't gonna happen.

If you can't use what you own, you have little choice other than to rent it out or deposit it for exchange. RCI is NOT your only option for "exchange". RedWeek has its own exchange program too.

"Just give up my timeshare" is not a realistic (or legal) option; no resort will tolerate that. Maintenance fees are what make the facility wheels go 'round. They would ultimately foreclose on your ownership and then ding your credit report for forcing them to do so. If you have kids young enough to be in school, you probably don't need or want any such credit report "ding" which will be there in print for years to come, negatively affecting your ability to get mortgages, loans, etc.

If your week has no market value, consider contacting the resort HOA (in writing) to ask if they will accept "deed in lieu of foreclosure". Some will, most won't ---but it costs you NOTHING to just ask. Do so ONLY in writing to the HOA; don't have phone conversations with desk clerks who lack BOTH the knowledge OR the authority to address or answer any such question at all in the first place.

Good luck.

Thanks so much for the response. Also, thanks for the heads up on the possible "edit" by moderators. I definitely didn't intend this to be an ad - didn't even think about it that way when I wrote the message. We previously thought about selling it but decided that we'd have to practically give it away....so that's really not an option anyway. Just desperately trying to find a way out and wanted to provide as much detail as possible about our situation.

At any rate, thanks so much for the feedback. I was wondering if I could trade my week and deposit it in Vacation Village for use at another resort. I'll call the resort and discuss possible options with them. Thanks again.

phoebek2 wrote:

We previously thought about selling it but decided that we'd have to practically give it away....so that's really not an option anyway.

Some weeks can't even be given away for free.

Quote:

At any rate, thanks so much for the feedback. I was wondering if I could trade my week and deposit it in Vacation Village for use at another resort. I'll call the resort and discuss possible options with them. Thanks again.

As Ken stated above, you will have to go through an exchange company in order to trade your week 40 for another week .... resorts don't do deposits/exchanges.

With Redweek's exchange system .... you have 3 years to make an exchange with that one deposit ... to me it's the best deal out there especially if you're flexible in exchange choices .... click on Timeshare Exchange above that explains the entire exchange process here.

Whatever you do, do not let your owned week go unused or exchanged ... many timeshare owners do so with zero benefit of ownership after paying high yearly maintenance fees ... that's the worst thing you can do as a timeshare owner.

phoebek2 wrote:

I was wondering if I could trade my week and deposit it in Vacation Village for use at another resort. I'll call the resort and discuss possible options with them. Thanks again.

I don't know which Vacation Village you own, but these are part of the Daily Management Resort system (www.dailymanagementresorts.com ) which allow exchanges into their other resorts for a minimal fee. Some of their resorts are good, others, not so good. Vacation Villages in the Berkshires is a great place to visit New England during the Summer or Fall. WIlliamsburg is a good option as well.

I realize this is from 2009, but just saw it browsing through the Forum. I believe you may be able to donate your timeshare to charity and write it off on your taxes?? Contact your CPA.

Charities charge a large fee when you donate a timeshare to them and even then they won't take a timeshare that they think they can't turn around and sell.