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View Full Version : Refinacing Timeshare...HELP!


msbagley
03-17-2008, 06:24 PM
DH and I purchased a timeshare some time ago, and we're now looking into buying a house. We need this money to help with the mortgage, so I thought we would refinance. But I can't seem to find anyone. The one place I looked into put our payment $20 higher than what we are already paying, although the interest rate from 11.99 to 7.50. I'm sure the length of the loan is shorter, however we were looking to free up some cash. Anyone have any ideas?
Thanks,

LanaJae
03-17-2008, 06:37 PM
How much of a reduction in payment are you hoping for? I'm not trying to sound negative, but I think it is going to be really hard to find something that will show you a noticeable amount of monthly payment reduction from a reputable lender.

Is it possible that one of your parents would be able to loan you the money to pay it off and then you make payments to them? Are your yearly dues plus the payment low enough for it to be wise to keep the timeshare?

msbagley
03-17-2008, 07:19 PM
I was hoping to drop it by half.
I was also told that I could do a home equity or refinance it into the mortgage later. I don't think our parents can afford the time share. Thanks for your thoughts.

mickeyfan2
03-17-2008, 07:23 PM
I was hoping to drop it by half.
I was also told that I could do a home equity or refinance it into the mortgage later. I don't think our parents can afford the time share. Thanks for your thoughts.

How much are you planning on putting down on the house? Housing prices in general are still going down. I am not sure how easy it will be to get a **** equity loan in the near future.

How much do you own on your timeshare. Maybe you need to try to sell it (it is a bad time now to sell timeshares) to get out of the loan.