Timeshare - Help please??? :(

[vellamint]

I have a friend who is going through an extremely difficult time (divorce, 2 kids, HAS TO SELL HER HOUSE!!)......

Unfortunately she bought a timeshare 4 years ago in Orlando.....she has been unable to keep up with the payments for the last 2 months AND she cant afford the bi-annual maintenance fees. (she is in arrears for the last payment of those). The timeshare does not care and WILL NOT just take it back....they want the payments.

She is a dear, old friend of mine who just called me to ask me to help her get rid of it....

First she wanted me to Ebay it but I told her no way...I have no idea how to Ebay real estate.

I promised her I would try to find a place that she could basically just sign it over to....she just wants to come out even in the deal. Sure a profit would be nice but she just wants it off her back.

Anyone know ANYTHING that can help me (her).

 

[ntburns22]

I know it is not DVC but checkout that board. They are sponsored by a The Timeshare Store. Hopefully they could help her out.

 

[BillSears]

I'm not sure whether she will come out even. There are all sorts of variables involved. But I feel timeshares are like new cars, you lose alot of value as soon as you drive it off the lot.

Good luck to her.

 

[robinb]

Where is the husband in all this? Doesn't he own half of it too?

I would plug in the resort name into a search engine and see what the going resale prices are for a unit of her size and compare it to her remaining balance including late fees, etc. She may be able to get what she owes out of it. Good luck!

 

[FireflyfromMI]

Which resort does she own at? Do you know the specifics, such as if it's points or weeks? What are her maintenance fees? There are places that will take it for her and sell it to make a profit. She probably won't make anything on it if she sells it that way though.

Some of the resorts are worth more than others, so I really need to know that before I tell you which option would be good for her.

Lisa

 

[vellamint]

Its .......

Westgate Lakes!!! (and I told her not to buy with them but thats bridge under the water isnt it)

She owns every other year....the week is the last week of June.

It is a 2 bedroom (she thinks she gave up the lock-off). The maintenance fees are around $700 every other year and she owes about $900 on that. The monthly mortgage amount is like $72 a month and she owes two months of that. The balance of the mortgage is $3987.

Her husband is in a program now and lets leave it at that....he is incapable/does not want to help them in any way. She is lucky that he signed his part of the house over to her at all.....and I hope she gets it sold before he decides to change his mind and claim....oh nevermind it is too involved.

Her REAL house is going into foreclosure next week.....I feel so bad for her....I really want to get this off her mind.

Now that there are more specifics - please send me any and all help (pixie dust) that you can.....

I dont think she will take the news that she will still owe money on this very well....I am surprised at this point that she has her act together enough to even manage to get her house listed.

Thanks all!!

 

[robinb]

Well ... it looks like a 2 bedroom goes for about $6500 here:
http://www.timesharesales.net/westgatelakesresort-listings.html

So it looks like she might break even ...

More info on selling a timeshare: http://www.tug2.net/advice/ts-sales.html

 

[FireflyfromMI]

That's not great. I don't think it's worth a whole lot. I would check the www.tug2.net site for ideas. It's got alot of information and really great message boards with a ton of traffic. They also allow posting for sale ads, so that might be the first thing to try.

Good luck
Lisa

 

[DawnCt1]

If she wants to move it, she should put it on the market for 20% below the lowest asking price. Coming out even may not be realistic. Getting out from under probably should be her goal.

 

[suzyk]

My husband and I have owned a TS in Orlando for a number of years. We haven't stayed in it in years but its good for exchange. So we're happy with it. A friend of ours also had one and tried to sell it after his wife died. He found out quickly that he could not. He consulted a number of resources including tug which is always a good resource for TSers. After over a year, he went to a timeshare relief presentation and decided to pay them to take it off his hands. He didn't seem too put out over it either.

It gives one pause. We've been happy with ours, but should we have to sell it...it gives one pause. Like our friend, its deeded...so its OURS. I don't think anyone in the TS industry is admitting or dealing with this obvious problem.