Posted by Rich-CA on September 12, 2007 at 18:44:28:
But if its got a mortgage that is much higher than the resale value, and the idea is to get out from under the mortgage, how does this help?
time share dilemma - Posted by Brian_wa
Posted by Brian_wa on September 10, 2007 at 19:18:50:
A seller of mine has a time share that she needs to get rid of. She hasn’t been paying for over 4 months and she knows it’s pretty much worthless. The timeshare company or lender has been contacting her demanding payment and also threatened to garnish her wage. Of course this can’t be done without them going to court and get a judgment. However, my seller just wants out and was willing to deed or transfer the timeshare back to them but they don’t want it.
What other solutions are there? I don’t think my seller can sell this timeshare since she bought it only 1 year ago and plus all timeshares are pretty much worthless.
Brian
Re: time share dilemma - Posted by Rich-CA
Posted by Rich-CA on September 10, 2007 at 20:55:18:
A couple of questions (as a timeshare owner who managed to dump a property).
- Is the timeshare paid off? Its a lot easier if it is.
- If the timeshare is not paid off, is it one of the more desireable properties (WorldMark, Marriott, etc.)? if it is, there is a decent resale market, including eBay, where they can be sold.
Re: time share dilemma - Posted by Brian_wa
Posted by Brian_wa on September 10, 2007 at 21:23:03:
- It’s not paid off
- I don’t think it’s worth what’s owed on the balance
Brian
Re: time share dilemma - Posted by Rich-CA
Posted by Rich-CA on September 11, 2007 at 09:53:15:
That makes it very difficult. Most of them drop an even greater amount than a new car once the ink is dry. I was told by a salesman that it was because they front load their marketing expenses on to the sales price and that the price drop represents the difference between what the actual property is worth and what the added expenses represent.
The problem with deeding the property is that leaves the person with the payments and I assume the goal is to get rid of the payments plus the maintenance fees. Its likely the timeshare will have to go through foreclosure and perhaps making it clear to the collections agency that this is what will have to happen might get them to go away.
I would check the sales contract carefully. Some of these outfits make used car salesmen look like paragons of virtue. We used to go to the presentations to get the free items (none of which were worth our time) and to practice our negotiating skills (this was worthwhile) but I’d always say up front that we’re not going to buy and that nothing they say or do will change that.
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