Posted on: 12th Apr, 2010 12:31 pm
Hi,
I have timeshare with VI and I don't want it...I was taken in with the 'opportunity' to travel and the 'discounts' they gave me. They also told me that I would be a great candidate to use as a consultant for them-they would pay me to talk to people about their timeshare (which never happened). I was never notified that I could 'return' the timsehare within 7 days (I was only aware when I went through the paperwork 7 days too late). Right now, I have a primary residence in Washington and a timeshare that I never use and which is eating up my income. How do i get rid of this timeshare without it affecting my primary residence? That's what I am worried about...that this would cost me my home if i did something like stop paying the timeshare. The loan for the timeshare is through them and it's a secure loan and it's not paid off....I am drowing in bills and this is not something I can afford.....
I have timeshare with VI and I don't want it...I was taken in with the 'opportunity' to travel and the 'discounts' they gave me. They also told me that I would be a great candidate to use as a consultant for them-they would pay me to talk to people about their timeshare (which never happened). I was never notified that I could 'return' the timsehare within 7 days (I was only aware when I went through the paperwork 7 days too late). Right now, I have a primary residence in Washington and a timeshare that I never use and which is eating up my income. How do i get rid of this timeshare without it affecting my primary residence? That's what I am worried about...that this would cost me my home if i did something like stop paying the timeshare. The loan for the timeshare is through them and it's a secure loan and it's not paid off....I am drowing in bills and this is not something I can afford.....
Wow, this thread has already been much more informative than most of the others I've read in years past. I have excellent credit and can pay my maintenance fees but I need to rid myself of this timeshare. From everything I've read, it seems it will be unlikely/impossible to sell or give it away. I am contemplating not paying my maintenance fees this year in an attempt to incite forfeiture, even if it may damage my excellent credit. Any input on this desperate plan?
Why the desperation? You speak of your excellent credit as well as the ability to continue making payments; these would seem to override your desire to eliminate the timeshare.
It is extremely difficult to dispose of a timeshare; forfeiture is certainly an option when one no longer desires to possess it, but brace yourself for ugliness on the phone when the calls start to come in asking for the monthly fees.
Has the thought occurred to you that you could rent out your week to others and pay the fees with the money you get for the rental? That might just be a solution, as people would quite likely pay a reasonable amount for a "luxury" condo instead of hotel rates for a bed, bathroom and wireless internet connection.
It is extremely difficult to dispose of a timeshare; forfeiture is certainly an option when one no longer desires to possess it, but brace yourself for ugliness on the phone when the calls start to come in asking for the monthly fees.
Has the thought occurred to you that you could rent out your week to others and pay the fees with the money you get for the rental? That might just be a solution, as people would quite likely pay a reasonable amount for a "luxury" condo instead of hotel rates for a bed, bathroom and wireless internet connection.
gmakerley, thank you SO much for your prompt response. My desperation comes from a combination between plans to move out of the country this summer and the emotional baggage that this timeshare carries for us. We were suckers, plain and simple, spending $10,000 for nothing since 2007. It literally pains me to think or deal with this timeshare whatsoever, even in terms of your kind suggestion to rent. Nevermind that its week 1 on Cape Cod (a dismal place in the peak of winter.)
But you don't have to simply use it in the winter...you can bank your week, trade it, allow your renter or friend or family member (whoever might use the week) to go somewhere different for the week in question. I get your desperation in terms of moving out of country, but even doing that, you still have the opportunity to use the timeshare. You can still trade the week, use it for a trip somewhere else at virtually any time.
Is the Cape truly that bad in winter? I only know it from one occasion that I took a week-long vacation there during a summer (long ago), and it rained the whole time...no, I think it was only a long weekend (thankfully), but we were pretty miserable in the rain. I realize that the beach is not an option this time of year, but there's other entertainment, right?
Since it's paid for, it would be somewhat sensible to trade, go elsewhere at a different time of year and get your usage that way.
Other than that, I don't suppose the people who sold it to you have any desire to take it back, though they'll do it if necessary as a foreclosure eventually.
Is the Cape truly that bad in winter? I only know it from one occasion that I took a week-long vacation there during a summer (long ago), and it rained the whole time...no, I think it was only a long weekend (thankfully), but we were pretty miserable in the rain. I realize that the beach is not an option this time of year, but there's other entertainment, right?
Since it's paid for, it would be somewhat sensible to trade, go elsewhere at a different time of year and get your usage that way.
Other than that, I don't suppose the people who sold it to you have any desire to take it back, though they'll do it if necessary as a foreclosure eventually.
I appreciate these sensible suggestions to make the best out of our bad situation. I'm sure you can understand, however, that my goal is to get rid with our bad situation entirely. It would be lengthy for me to explain fully why keeping, renting, or using this timeshare doesn't work for us but, in as few words as possible; our lifestyle and personalities are not appropriate for resort vacations whatsoever or the burden associated with finding someone else use it.
Also, re:Cape Cod in the winter-- it is rather bleak. Many of the restaurants and businesses close. If feels like a ghost town. And my resort is in a rather ugly location. No doubt there are surely people who would enjoy the quietude of a week away in January, but I have no interesting in hunting them down and facilitating that sort of a transaction year after year. We're interested in a far, far simpler life. This is why I'm willing to risk damage to our credit to be permanently rid of this timshare by whatever means. If I invoke a foreclosure or forfeiture I'd be thrilled.
George, let me add that I am so grateful for your input thus far. It is a considerable relief just to have someone to talk to about this, even to no avail. We are often sick to our stomachs when we think of how stuck we are in this mess, and I find myself crying if I think about it too long. I am mortified to have made such a stupid, expensive mistake. It feels hopeless. So, very sincerely, thank you.
George, let me add that I am so grateful for your input thus far. It is a considerable relief just to have someone to talk to about this, even to no avail. We are often sick to our stomachs when we think of how stuck we are in this mess, and I find myself crying if I think about it too long. I am mortified to have made such a stupid, expensive mistake. It feels hopeless. So, very sincerely, thank you.
Tanya, I feel your pain. If your personalities don't fit that sort of vacation, it's wise for you to consider eliminating the timeshare from your list of "assets." (the quote, not so much for other assets, but for this timeshare week.)
Selling these weeks is awfully difficult, and the sellers aren't interested in taking it back if they can possibly avoid it. Unfortunately, that means that your most likely action is to cease payments altogether and to effect the foreclosure that will ultimately take place.
A realtor friend of mine just sent a mass email today seeking offers on her timeshare week in the Orlando, FL area. Of course, she knows that getting people to make offers is most difficult, but she's suffered as a realtor with this miserable mortgage market we've all had in the last few years and the burden of carrying the debt is too much.
From the description, it's a terrific unit - 3 bedrooms, sleeps 12...highly treasured by those who can afford it, but will it sell?
I get your situation, and I commiserate with you...you've noted that you're willing to suffer the credit hit of a foreclosure - I supose that I'd now suggest that you go ahead and forfeit the week, and stop stressing about it. Just let it go and ignore it the best you can. Your mental health is far more important. If you can wangle a deal with the original seller, great; if not, try and tell them to do what they have to do and let it be.
Selling these weeks is awfully difficult, and the sellers aren't interested in taking it back if they can possibly avoid it. Unfortunately, that means that your most likely action is to cease payments altogether and to effect the foreclosure that will ultimately take place.
A realtor friend of mine just sent a mass email today seeking offers on her timeshare week in the Orlando, FL area. Of course, she knows that getting people to make offers is most difficult, but she's suffered as a realtor with this miserable mortgage market we've all had in the last few years and the burden of carrying the debt is too much.
From the description, it's a terrific unit - 3 bedrooms, sleeps 12...highly treasured by those who can afford it, but will it sell?
I get your situation, and I commiserate with you...you've noted that you're willing to suffer the credit hit of a foreclosure - I supose that I'd now suggest that you go ahead and forfeit the week, and stop stressing about it. Just let it go and ignore it the best you can. Your mental health is far more important. If you can wangle a deal with the original seller, great; if not, try and tell them to do what they have to do and let it be.
I will. Thank you SO very much George.
I hope you'll share your success with us, Tanya; when the time comes.
You're welcome.
You're welcome.
I would just keep ignoring the calls and everything and eventually your credit will be fine, I wish you good luck
"This too shall pass" can easily be applied to most illnesses, temporary job layoffs, drain on cash flows, etc. but I don't think that ignoring phone calls will make them go away, first of all; and secondly, it's absolutely not going to inflate a credit score.
Ignoring phone calls is a way to get out of speaking to the creditors, but that's probably the only favorable result.
Ignoring phone calls is a way to get out of speaking to the creditors, but that's probably the only favorable result.
We have two paid in full time shares that we stopped paying maintenance and taxes on seven years ago. We tried to quit claim the units back to the company many times, with no success. We just received a collection notice,our first. Should I contact my lawyer?
Hi Mariann,
You should immediately contact your lawyer and check out what steps you can take in this regard.
You should immediately contact your lawyer and check out what steps you can take in this regard.
Thanks Adonis, does any one else have a shorter route to deal with this,my credit report isn't an issue ,we are 66.
Hi mariann!
Welcome to forums!
As you haven't paid for the maintenance, the collection agency will come after you in order to collect the dues. You can contact the collection agency and negotiate for a payment plan in order to pay it off and get rid of the collections.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As you haven't paid for the maintenance, the collection agency will come after you in order to collect the dues. You can contact the collection agency and negotiate for a payment plan in order to pay it off and get rid of the collections.
Feel free to ask if you've further queries.
Sussane