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I still owe on my point more than the value of the current resale

Discussion in 'Buying, Selling & Renting Timeshares' started by John Cush, Dec 4, 2018.

  1. John Cush

    John Cush Guest

    Joined:
    Dec 4, 2018
    Messages:
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    Trophy Points:
    1
    Resorts Owned:
    Fairway Villas at Seaview and Marriott Vacation Club Destinations
    What are my options? Assuming I stop payment? I understand the debt will be increased by interests and Attorney fees. Has Marriott written off the debt in the past? Can they attached SS income? IRA's?
     
    Last edited: Dec 4, 2018
  2. Passepartout

    Passepartout TUG Review Crew: Veteran TUG Member

    Joined:
    Feb 10, 2007
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    599
    Location:
    Twin Falls, Eye-Duh-Hoe
    Unclear what you are asking. If you bought retail and have discovered that resales sell for less- Yup. That's how it is. You overpaid. If you are asking how to cancel the purchase, you can't- short of bankruptcy or default and foreclosure- both of which have serious financial consequences.

    If I misunderstood your inquiry, fill in more details and we'll try to help.

    Jim
     
  3. Jan M.

    Jan M. TUG Member

    Joined:
    Jun 17, 2010
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    Location:
    Tamarac, FL
    Resorts Owned:
    Wyndham Presidential Reserve at Panama City Beach
    RCI Grandview Las Vegas and Discovery Beach
    First of all if you think your timeshare has any resale value you need to put that misconception aside now. If by chance you would have a high demand week at a high demand resort you might get lucky and get maybe $1,000 or even as much as $2000 for it. But it is more likely that you might get $100-$200 or even have to give it away and pay some or even all the closing costs too. And here is the worst part, you would have to pay it off to be able to sell it. Unless of course you manage to find a sucker dumb enough to take it over along with the balance owed which is something none of us would recommend even trying. I know this must sound a little harsh but it is the reality. The timeshare relief companies you see on TV, get calls or letters from prey on people in your situation so please don't give them a penny because that will just be more money you lose.

    If it is a financial burden you can't afford your only option may be to let the resort foreclose and take the hit on your credit.

    Many of us discovered that what be bought had little to no resale value despite how much we paid. We kept what we bought and have had many years of wonderful vacations. When we bought more we bought resale for pennies on the dollar.
     
  4. Theiggy

    Theiggy TUG Member

    Joined:
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    Resorts Owned:
    Marriotts Aruba Surf Club
    John what do you own? Is it something that could be rented out while you sort it out? Did you think you could afford it when you bought it and the situation has changed? Or are you wanting out because you realize it was a bad deal? I’m just curious the reason you want out. Do you not use the week anymore?


    Sent from my iPhone using Tapatalk
     

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