should i sell or rent my ts

[Blas Reyes]

i bought a ts about this year and i dont know if i should kep it or sell it. its all about money now that i find.i feel like i made a mistake its been 5 months and im start to regert it. what should i do. i bought the ts at Westgate resort in orlando,Florida . its a 2b2b..need help

 

[DeniseM]

If you are making payments on it, you will not be able to sell it until you pay it off.

Unfortunately, it has no resale or rental value, so you are looking at giving it away.

 

[VacationForever]

You may want to contact Westgate about a deedback. It srems that Westgate has a deedback option for a fully paid up timeshare. But there is no reason not to call them to enquire.

 

[DeniseM]

Per the OP - "it's been 5 months" - so I suspect it's not paid off.

 

[Blas Reyes]

If you are making payments on it, you will not be able to sell it until you pay it off.

Unfortunately, it has no resale or rental value, so you are looking at giving it away.

so its looks like im screwed .so my next ??? there attorneys out there that say they can help me get out of it..im interest rate is 17.99%?.at the end of my 120 month term i will have payed 29670..which sucks to be me. plus the travel and cruise sold me my membership for them at 1600 so i have that broken up into payments of 95.00 month. plus my maintenance fee for my first year broken up to 130.00 until its paid at the being of the 2018.so im look at 474 for the next months. and after that 344 until my member ship in paid for and then back to regular payments of 249.so my question is now should i hire the attorney for 2,575.00 and they said they can get me out and fix anything that Westgate tries to make bad like credit report..so i dont have to pay more if i do and just pay the attorney fee and be done. yea it my loss but i dont have to deal with this anymore..the company is American Consumer Credit.there rated 9.4/10.. plz give me the advice. pay the 2,575.00 and be done ????????

 

[Blas Reyes]

Per the OP - "it's been 5 months" - so I suspect it's not paid off.

no its not.

 

[VacationForever]

No attorney can get you out of it. After you hand over the money, it is bye bye to another $2,575. There are lots of scammers who promise to get people like you out of timeshare obligation. You signed a legal document and there are no loopholes in it. Westgate has an army of attorneys to ensure contracts are iron clad. Real attorneys cannot do anything about it, let alone the scammers. The best recourse is to contact Westgate and plead your hardship. Worst case, stop paying and get a hit on your credit report. It will take 3 to 7 years to recover. Bad credit history can be explained when it is over timeshare non-payment. Good luck.

 

[DeniseM]

Unfortunately, the "attorneys" are just scammers who are after your money.

Think about this: If they can legally get you out of your contract, why would you have a bad credit report? You only get a bad credit report if you default on the loan. If you want to default, save yourself $2,575 and just stop making the payments. You certainly don't need a fake attorney to do that.

Westgate may or may not report you to the credit bureaus - it's hard to say. But the bottom line is, can you afford to pay hundreds of dollars a month for many years for something that has zero value?

It is a tough decision to make, but defaulting might be better than that. Good luck.

 

[Blas Reyes]

Unfortunately, the "attorneys" are just scammers who are after your money.

Think about this: If they can legally get you out of your contract, why would you have a bad credit report? You only get a bad credit report if you default on the loan. If you want to default, save yourself $2,575 and just stop making the payments. You certainly don't need a fake attorney to do that.

Westgate may or may not report you to the credit bureaus - it's hard to say. But the bottom line is, can you afford to pay hundreds of dollars a month for many years for something that has zero value?

It is a tough decision to make, but defaulting might be better than that. Good luck.

The attorney said they might try to leave a bad credit report and if they do they can fix all included in the price , and the reason im not try to let it go in default is because im trin to buy a house in the next 4 or 5 month..So thats y i figured they could help me the legal way instend of me making thing worse and spendin way more money then 2574.i paid all my dues for this month .so i really tried of one thing after anther..and the thing about it i never give west gate my s.s. number when i filled out the paper work, and they keep askin for it. but the reason i dont give it to them somebody ran creid check on my fr wset on june the 28 and they swear they dont have my s.s number ..and keep ask for . but when inask them about whonran my credit report wuth my say son and i never give them my number the say they dont know .there some funny stuff goin on i dont trust them at all anymore im trin to save anymore head aces . that y i was askin if anybody know if the attorney can help me

 

[TUGBrian]

you arent going to find any attorney who will be able to somehow erase your debt merely because you are having regrets about buying the timeshare.

the only success you will find there is finding a company that will part you from even more money out of your pocket.

 

[vacationhopeful]

That $474 monthly payment will be deducted as to what you can spend for a HOME. And do you have a car payment, too? That will also lessen the amount you can spend on a home. Credit card payments?

Buying a home is a fine goal .. but first, you need to show a mortgage company, you have the income to pay this debt for 30 years. Then, you have to show, your PRIOR payment history is on time.

So, decide ... needs or wants?

 

[Blas Reyes]

That $474 monthly payment will be deducted as to what you can spend for a HOME. And do you have a car payment, too? That will also lessen the amount you can spend on a home. Credit card payments?

Buying a home is a fine goal .. but first, you need to show a mortgage company, you have the income to pay this debt for 30 years. Then, you have to show, your PRIOR payment history is on time.

So, decide ... needs or wants?

I fully understand where you coming from and advice you're trying to give me but I've already got approved for the house it's up to me of when I want to go look for a house to go to the process and the thing about it is I wasn't ready exactly right now want to make sure that when I purchase my house at 6 home that I want to spend the rest of my life and so the thing of my question is I don't want to do this timeshare thing no more it's just costing me too much money that's all it's about money all got I got a payment history I got a car I got credit card everything is 100% the only thing I don't want no more of this damn timeshare I'm trying to look at it the brighter side but I just got screwed I'm in the hole with the timeshare maybe about close to $3,000 I don't want to spend another 5 to 10 years paying on the timeshare that was something that doesn't really belong to me I got scammed into getting it I was trying to see a way out of it without getting screwed messing up my credit cuz I've been working on my credit so my answer is is $2,500 a reasonable price for me to get out of 10 years of miserable time share experiences because this is my first time share this is my last time share all I hear is nothing bad things about timeshare when people talk about it but they said it's very beneficial if you travel you travel but you got to spend money to make money

 

[theo]

<snip> .. attorneys out there that say they can help me get out of it. <snip> so my question is now should i hire the attorney for 2,575.00 and they said they can get me out and fix anything that Westgate tries to make bad like credit report..so i dont have to pay more if i do and just pay the attorney fee and be done. <snip> ...the company is American Consumer Credit.there rated 9.4/10.. plz give me the advice. pay the 2,575.00 and be done ????????

Attorneys are not magicians --- and these parasites are very likely not attorneys at all in the first place. Even a legitimate attorney cannot magically extract you from a valid, legally binding contractual obligation into which you freely and voluntarily chose to enter. Rest assured that Westgate's attorneys are both competent and well paid and their contracts airtight. Also, Westgate has a track record of welcoming litigation; they do not shy away from court actions. You say that this "American Consumer Credit" is rated rated 9.4 / 10; by whom? --- their employees? themselves? their mothers?

Don't shoot the messenger, but even if you had no loan, the fact is that your Westgate product would still be essentially worthless in the resale market, so "selling" it would not realistically be an available option. This fact is due to the way Westgate (very deliberately) devalues all Westgate resales by imposing a restrictive reservation process on Westgate ownerships acquired in the resale market. Continuing to pour more money into something of (literally) no resale value, which you apparently cannot / do not want to actually use, would not seem to be financially prudent, but that's your own personal decision to make.

If you decide to have a consultation with a local, licensed attorney that you can actually meet face to face, don't expect or seek any magic beans or secret potions that quite simply do not exist. Instead, ask how to strategically and wisely handle the ramifications of defaulting on the loan and allowing Westgate to foreclose. Ask what, if anything, you might be able to do to mitigate the impact of the inevitable negative credit report hit.

I am not proffering legal advice, just expressing a personal opinion and offering what I hope are helpful suggestions. Others may have different viewpoints.

 

[geist1223]

Please do not pay these folks who claim to be attorneys to get out of your Contract with Westgate. As others have said you will just be throwing away the money. If these folks are attorneys ask what States and ask for their Bar #. Many State Bar Associations make their Bar Lists and Discipline Records open to the Public. Check them out just as you would a Home Contractor. I am a retired attorney I am not giving Legal Advice but the chances that these folks can get you out of your written Contract and get out of it without a serious hit to your Credit Rating is slim to none.

 

[vacationhopeful]

Getting a PRE-APPROVAL for a mortgage loan is NOT getting the detail approval for YOUR REAL mortgage on your house. It is called a SOFT hit ... realtors USE it as a means to show you the MOST HOUSE they can sell you... and then still try to UPSELL you to a more expensive home.

And when YOU apply for a real mortgage, you pay a fee. I have gotten at least 10 mortgages for myself.

 

[DeniseM]

Sorry, but you are not getting it:
- They aren't attorneys - they are scammers.
- They cannot get you out of this - it's a scam
- You will be throwing away your money - it's a scam.

You only have 2 options:

-Keep making the payments
-Default, with the understanding that there may be consequences

Which is worse? Paying for something that is worthless for many years, or the possible credit hit? You have to decide.

 

[theo]

Sorry, but you are not getting it:
- They aren't attorneys - they are scammers.
- They cannot get you out of this - it's a scam
- You will be throwing away your money - it's a scam.

You only have 2 options:

-Keep making the payments
-Default, with the understanding that there may be consequences

Which is worse? Paying for something that is worthless for many years, or the possible credit hit? You have to decide.

Much less verbose than my previous $0.02 worth and absolutely, indisputably correct.

 

[5finny]

If you plan on buying a house within 6 months I would make your monthly payments at least until you have closed on the house

 

[BreakingAway]

Attorneys are not magicians --- and these parasites are very likely not attorneys at all in the first place. Even a legitimate attorney cannot magically extract you from a valid, legally binding contractual obligation into which you freely and voluntarily chose to enter. Also, rest assured that Westgate's attorneys are both competent and well paid and their contracts airtight. Also, Westgate has a track record of welcoming litigation; they do not shy away from court actions. You say that this "American Consumer Credit" is rated rated 9.4 / 10; by whom? --- their employees? themselves? their own mothers?

Don't shoot the messenger, but even if you had no loan, the fact is that your Westgate product would still be essentially worthless in the resale market, so "selling" it would not realistically be an available option. This fact is due to the way Westgate (very deliberately) devalues all Westgate resales by imposing a restrictive reservation process on Westgate ownerships acquired in the resale market. Continuing to pour more money into something of (literally) no resale value, which you apparently cannot / do not want to actually use, would not seem to be financially prudent, but that's your own personal decision to make.

If you decide to have a consultation with a local, licensed attorney that you can actually meet face to face, don't expect or seek any magic beans or secret potions that quite simply do not exist. Instead, ask how to strategically and wisely handle the ramifications of defaulting on the loan and allowing Westgate to foreclose. Ask what, if anything, you might be able to do to mitigate the impact of the inevitable negative credit report hit.

I am not proffering legal advice, just expressing a personal opinion and offering what I hope are helpful suggestions. Others may have different viewpoints.

 

[Saintsfanfl]

Nobody can transfer deeded real estate that has a lien on the title due to a mortgage. But even if there was a legitimate attorney using a legitimate method to "relieve" the timeshare and the debt, it surely wouldn't cost $2,575.00. The national average attorney cost for an entire bankruptcy is only $924.00 ($335-$1,555). The most they will do for the $2,575 is try and dump the timeshare with incentives and pocket the difference, and that is only if they are not 100% criminals(many are). If they can't dump it you are still stuck with it but out the $2,575. But that best case scenario is impossible since the title has a lien. It cannot be done.

 

[Blas Reyes]

Theady fr on one the agencies that's trying to rent out my 4 weeks of credit vacation said when she sells timeshares it's like you're in it for life that's kind of funny right that they tell you that after you sign up for it but that's what it's looking like not unless I can dump it off on somebody does anybody have any options if I was to sign it over to somebody else how does that work is it an easy process and let them deal with it if somebody's willing to take it over since I'm in Dallas and they're in Orlando would they have mean that person try to go back to fill out the paperwork in front of them or would they let us fill it out over here and then send it back to them.any help with that??

 

[VacationForever]

Theady fr on one the agencies that's trying to rent out my 4 weeks of credit vacation said when she sells timeshares it's like you're in it for life that's kind of funny right that they tell you that after you sign up for it but that's what it's looking like not unless I can dump it off on somebody does anybody have any options if I was to sign it over to somebody else how does that work is it an easy process and let them deal with it if somebody's willing to take it over since I'm in Dallas and they're in Orlando would they have mean that person try to go back to fill out the paperwork in front of them or would they let us fill it out over here and then send it back to them.any help with that??

NO ONE will take over this from you. If anyone tells you they will is lying. You will still owe outstanding loan and the annual MF.

 

[DeniseM]

Blas Reyes - You are not going to be able so sign it over to someone else, because you have a loan on it - you cannot just assign your loan to someone else, and no one is gong to want it with such a large amount owed.

I know this is hard to swallow, but we have had literally hundreds of people come to us with the same problem - there is no easy out.

You only have 2 options:
-Keep making the payments
-Default, with the understanding that there may be consequences

 

[silentg]

What was your mindset 5 months ago that made you buy this timeshare? If you haven’t even used it yet, why not ? If you feel like you were duped that’s a shame. But something or someone sold you on that timeshare. Since you can’t get rid of it right away, why not use it, exchange it or rent it to someone. So it won’t be a total loss.
Good Luck and Welcome to TUG
Silentg

 

[theo]

<snip>...it's like you're in it for life that's kind of funny right that they tell you that after you sign up for it but that's what it's looking like not unless I can dump it off on somebody does anybody have any options if I was to sign it over to somebody else how does that work is it an easy process and let them deal with it if somebody's willing to take it over since I'm in Dallas and they're in Orlando would they have mean that person try to go back to fill out the paperwork in front of them or would they let us fill it out over here and then send it back to them.any help with that??

You don't seem to be absorbing / accepting the information provided on the very few options available to you. Let's cut right to the chase and recap:

You can keep making loan payments, or pay off the loan. I'm not sure why you would exercise either one of those options unless you actually want to use this timeshare and are also willing to pay the annual maintenance fees. This Westgate "product" is close to worthless in the resale marketplace.
Relying on rentals to help pay for this "product" is risky, time consuming and highly unlikely to succeed; Orlando rentals are already "a dime a dozen".

You can stop making any further payments and default on the loan. Foreclosure (and a negative credit report) will follow at some point thereafter.

That's it. You can seek (...even pay for) "magical exits" that do not exist. You cannot "transfer" your loan obligation to anyone else. Period. The End.