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Orange Lake timeshare - need to get out (Newbie here)

Discussion in 'New to Timesharing? Look Here!' started by CMC, Aug 25, 2018.

  1. CMC

    CMC Guest

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    Please help me in finding direction to get out of my Orange Lake timeshare - for which I still owe nearly 20-thousand dollars. As many others, I made the purchase foolishly, thinking I could accelerate payments, then lounge on the beach worry-free. However, as bad luck would have it, I lost my job about a year after the purchase. Now, I still have monthly withdrawals occurring and I'm looking for a way to just get out of this TS payment hell. Help?!
     
  2. Passepartout

    Passepartout TUG Review Crew: Veteran TUG Member

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    Unfortunately, there is NO easy way out. They won't take it back. You can't sell a TS with money owed on it. You can lighten the load some by making a reservation for a peak week and renting it, but you won't get enough to cover both the loan AND and annual maintenance.

    It would not do your credit any good to simply stop paying, but without a job, that may be your only choice. Eventually they will foreclose and take it back, and eventually, your credit will repair after you get back to work and show a good repayment history. We really don't think of a timeshare default as being too damaging to your credit, but don't know about individual cases.

    DO NOT sign up for any of those 'get out of your timeshare' upfront fee outfits. They will just take your money, then have no incentive to negotiate on your behalf. You will be out what you pay them and still have the timeshare. There are NO magic words to make a valid contract disappear, and these contracts are designed to be bulletproof. Sorry for the news, but that's about it.

    Best Wishes! In the best of all worlds, you'll get back to being gainfully employed, and your original plan of paying it off and enjoying the fruits of your labor will resume! Good Luck!

    Jim
     
  3. LannyPC

    LannyPC TUG Member

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    A couple more questions we have so we can maybe help you out of your jam. Do you owe any back maintenance fees? The loan you have on the property, is it with Orange Lake or is it with a third party lender? Also, is it possible for you to shut down your account from which monthly payments are being withdrawn (and then open up a new account)?
     
  4. bogey21

    bogey21 TUG Member

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    As suggested above close the account from which monthly payments are being made and make no more. Every time you get a phone call trying to collect just tell them you are out of work, have no money and can't pay. At some point one of two things will happen. They will either foreclose or make you an offer. The key is stop making payments immediately and suffer the consequences...

    George
     
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  5. CMC

    CMC Guest

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    No back payments are owed. Everything is up to date. I simply do not want to expend the resources any longer. At the beginning it was feasible, but now that my employment status has changed, it is not. The loan is with Orange Lake. I had intended to pay it off early, but things rapidly changed. It is possible to shut down accounts I hadn't realized this could be an option.
     
  6. CMC

    CMC Guest

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    Thanks Jim!
     
  7. silentg

    silentg TUG Review Crew: Expert TUG Member

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    Good Luck!
    I agree the best thing to do is stop paying. Talk to the finance department. I’m sure you are not the first person to have this situation. They could simply take back the week and sell it to someone else.
    Let us know what happens.
    Silentg
     
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  8. CMC

    CMC Guest

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    Hi Jim,

    My credit is in good shape. But I'm wondering if you know what sort of hit I may take. I'm certainly going to stop paying, but I'm wondering if there is a so-called watermark in terms of the effect this will have. I appreciate everyone's response to this. I truly didn't know where to turn.
     
  9. Passepartout

    Passepartout TUG Review Crew: Veteran TUG Member

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    There really is no way of knowing. One sure thing- they will NEVER take a deed back as long as you are making payments. It's possible that after some months in arrears, they might. But honestly it's just a guess.

    Good Luck!

    Jim
     

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