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Trash your timeshare [How to get out of timeshare]

Discussion in 'Buying, Selling & Renting Timeshares' started by Gabbs, Feb 12, 2019 at 10:44 AM.

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  1. Gabbs

    Gabbs Guest

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  2. DaveNW

    DaveNW TUG Review Crew: Expert TUG Member

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    I don't know what or where you own, but a lot of Timeshare HOA's are taking deedbacks. Before you destroy your credit, have you asked yours about that? Have you tried to sell or give it away? There are many places to do that, including right here on Tug. The Tug readership is made up of thousands of timeshare experts who know how to make the most of what they own. You may find a willing taker right here.

    Dave
     
    mpumilia and Gabbs like this.
  3. sue1947

    sue1947 TUG Member

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  4. taterhed

    taterhed TUG Member

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    There is no magic pill for 'trashing' your timeshare.

    There are ways to deed-back, you can always default on any loan (with consequences), but no easy way out.
     
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  5. Iggyearl

    Iggyearl TUG Member

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    If you have already contacted HICV and they have denied a deedback, then you must still owe on the timeshare. The website you visited recommends not paying anyone money upfront for timeshare "cancellation." So, if you decide to hire "TrashmyTimeshare" you should know in advance how much they will charge and when they want your money. If they will work for you "for free" until the deed is returned - I guess that is a good thing.

    However, note that no one has ever come back to this website and given a glowing review of any of these companies. It just hasn't happened. Give it a try - and let us know how you make out. Your feedback would be very appreciated.
     
  6. Gabbs

    Gabbs Guest

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    They only take it back if it was paid in full. Ours isn't even 95% paid off. Their help was to tell us to pay in full and they'll gladly take it. I can't afford that.
     
  7. DaveNW

    DaveNW TUG Review Crew: Expert TUG Member

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    Did the HOA actually say that to you, or was it hearsay from someone else? If you can prove a financial hardship, or that they promised something they haven't given you, they might give you an option to cancel the contract. It's worth a shot, right?

    Dave
     
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  8. Gabbs

    Gabbs Guest

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    My husband called and that's what they told him. They have a program called horizons. But all they offered to do was take it back once paid in full.
    I will contact them tomorrow and give it another go. I dont want to just default but it honestly wouldn't be the worst thing we have been through so far.
    I just don't want to get scammed trying to get out.
     
  9. LannyPC

    LannyPC TUG Member

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    How much more do you owe on it? Do you owe on the mortgage or on the MFs (or both)?
    The only way you will "get scammed trying to get out" is if, as pointed out above, you hire one of these exit/cancellation/rescue companies. And if you default, the possible consequences will be a barrage of collection calls and letters along with possible credit score hits.
     
  10. Gabbs

    Gabbs Guest

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    I believe we still owe about 19k total. There's nothing past due. We just got it, not even a year in. We are calling the guy that we signed with when we bought it. (Not the salesperson) I remember him telling us if we ever wanted out to call him. I'm trying that route.
     
  11. vol_90

    vol_90 TUG Member

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  12. RX8

    RX8 TUG Member

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    Doesn’t hurt to try this. Unfortunately it may go like this. They may agree with you that your timeshare is limited in both your use and satisfaction. They will get you out of your dog of a timeshare, including your mortgage, for one that has all the bells and whistles and will make you smile each morning. However, you will have to pony up thousands more dollars than you are out already.
     
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  13. Gabbs

    Gabbs Guest

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    If we keep paying we will end up paying 44k not including yearly membership.
    That's way too much for something we don't use or plan on using.
     
  14. Passepartout

    Passepartout TUG Review Crew: Veteran TUG Member

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    Do you regularly purchase stuff that you "don't use or plan on using"? How much expenditure is the right amount? I have some sympathy for people who go to timeshare presentations 'for the tickets- or discounts- or some attraction" while they are on vacation, knowing full well that they are going to have to tell some salesweasel. "NO!" at some point. If you're too polite to do this, THEN shove the signed contract in a drawer until after the rescission period has passed, I'm sorry. You bear some responsibility for the outcome.

    Here on TUG, we've advocated using timeshares for great family vacations. And we advocate purchasing from other owners instead of from developers. We believe that there is enough money in MFs to maintain and even expand and improve existing properties while under control of HOAs, not developers' boards.

    There are consumer protection laws in every state designed to prevent developers from taking unfair advantage of careless 'buyers'. But at some point the buyer has to take some responsibility for their own actions. The very nature of timeshares, with the lack of open resale market dictates the high commissions for sales forces of developers. We've advocated rescission and buying resale.

    We're really wish you well, but there is nothing that TUG can do at this point to ameliorate the damage you've done to yourselves. There remains the bankruptcy and foreclosure laws designed to help people who genuinely get in over their heads to get a second chance.

    Good Luck. We wish you well.

    Jim
     
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  15. Gabbs

    Gabbs Guest

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    Thanks, I never blamed Holiday Inn for anything. We knew what were getting into, we didn't get any gifts or anything for buying. We took a big financial hit at the end of the year and now we are not as financially stable as we were when we bought.
     
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