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Advise Please! [refinancing a timeshare]

carolswo

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I have a timeshare that is still mortgaged. Should I get a loan to pay it off because there are timeshares listed for $1.00 and I still owe $7000.00 on mine.
 

DeniseM

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WKORV, WKV, SDO, 4-Kauai Beach Villas, Island Park Village (Yellowstone), Hyatt High Sierra, Dolphin's Cove (Anaheim) NEW: 2 Lawa'i Beach Resort!
I have a timeshare that is still mortgaged. Should I get a loan to pay it off because there are timeshares listed for $1.00 and I still owe $7000.00 on mine.

You are unlikely to be able to get a new loan for a timeshare, because the timeshare has no collateral value.

The best deal is often a home equity loan.

If you are asking if you can walk away from your current obligation, probably not. Well you can, but there will be financial consequences.
 

bogey21

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If you can get a loan at a substantially lower rate than you are currently paying, I'd go for it. There is no way you can sell your Week or even give it away while it is collateral for a loan. If you can get a loan at a lower rate to pay it off without having to post it as collateral, you not only will save money but you will also have the ability to sell or give it away if that is the direction you want to go.

George
 
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