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Summer Bay Reserves (House) looking to get rid of

Discussion in 'Buying, Selling, Renting' started by gdesirtug, May 13, 2017.

  1. gdesirtug

    gdesirtug Guest

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    I currently own at Summer Bay Resorts Orlando and it's one of the new Houses they built in 2014. I think they built like 5 of them. I own in a prime week [details redacted.] I'm looking to get rid of this timeshare but I have a remaining $19K loan. I've been reading through previous post and see my best option is to pay the loan off then try to sale it.

    Just want some advice if what my actions seem like a good way to go.
    What I plan on doing is writing to the Exploria and seeing if they would do a deedback/buyback. I know it might be very rare to do a deedback with a loan attached, but it's worth a try. I'm just hoping they would if the property is still considered prime.
    If that is a no, I'm going to look to refinance. Where can I get a list of refinance companies/banks that others have successfully used for timeshares?
    I read on here that no one would touch a TS with a loan attached. Is that true if you're selling the property for the cost of the loan and all the money goes to the loan?
     
    Last edited by a moderator: May 13, 2017
  2. DeniseM

    DeniseM Moderator

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    I know of no companies that will re-finance a timeshare, especially when the resale value is less than what it owed.

    One option is to get a personal loan, or a home equity loan to pay it off and reduce your interest rate.

    What is this week selling for on the open resale market? More thank $19K? You will probably have to pay it off before you can sell it, because the new buyer probably can't assume your loan, and buying it when you have a loan on it could be risky for the buyer.
     
  3. tschwa2

    tschwa2 TUG Member

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    On the resale market at the very high end you are looking at about $5000 and even there it might take you a year or more to find someone willing to pay that much. Realistically you are looking at $500-$1500 for a quick sale. If exploria is offering a buyback it will be for 10% or less than your original cost.

    If you can show hardship and miss several payments they may do a fees in lieu of foreclosure but expect to take some kind of credit hit with that one.
     
  4. theo

    theo TUG Review Crew: Veteran TUG Member

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    Doesn't it matter a whole lot here who actually holds the note on the loan for which there is still reportedly a $19k balance outstanding?
    It seems to me that if there is third party financing involved in the original purchase (a detail not revealed and not known, at least not to me), then "buyback" (at any figure) is not really a resort decision to make or option to exercise anyhow, is it? :shrug:
     
    Last edited: May 13, 2017
  5. tschwa2

    tschwa2 TUG Member

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    Any buy back offer would be on a paid off unit.
     
  6. theo

    theo TUG Review Crew: Veteran TUG Member

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    OP's decision to make, of course, but that is math that I find difficult to swallow --- pony up $19,000 to pay off the loan in order to have the privilege of maybe selling the product in the resale market for 10% of the loan balance just paid off. All I can say about that math is Ouch!

    Default and "deed in lieu of" makes a whole lot more mathematical sense, but that choice admittedly will have negative credit report consequences.
     
  7. gdesirtug

    gdesirtug Guest

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    Thank you all for your advice. The negative credit report consequences is not an option for me. I can't risk that.

    How do I find out who is the 3rd party loan holder? would seeking them out and working something out be an option?
     
  8. tschwa2

    tschwa2 TUG Member

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    Start with the developer, they may not have resold the loan. In any case as long as you are paying and current they have no reason to negotiate. Typically they negotiate with those past due by several months, they would rather get something than nothing. In your case, there is no reason they would want to take less when they could get 100% from you.

    I don't have any first hand knowledge but I have heard of refinancing a timeshare (unsecured loan) through Lightstream (a division of sun trust).
     
  9. gdesirtug

    gdesirtug Guest

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    Thanks. Will look into that
     
  10. LannyPC

    LannyPC TUG Member

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    The other thing we TUGgers like to advise people in predicaments like yours is to avoid many of these so-called "rescue" companies or law firms that claim they can somehow make your mortgage disappear. They will ask for an upfront fee and do very little. At best, they will try to negotiate with your creditors but I would not hold my breath for that.
     
    Jan M. likes this.
  11. icydog

    icydog TUG Review Crew: Expert TUG Member

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    If you're in need of re-financing your timeshare, the property is already underwater for you. You can't afford it. It's worth less than your mortgage amount. You have no equity.

    I'd talk to Exploria and explain you are under financial duress and you can't keep the timeshare. Offer the week back to them for free. See if it takes.
     
  12. silentg

    silentg TUG Review Crew: Expert TUG Member

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    Exploria is not going to take back your week, I tried that and they said they would take back my week if I paid them 2,000 dollars and my maintence fees had to be current. Have not taken them up on this offer!
     

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