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Contact number for Marriott Owner Services?

LAX Mom

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A neighbor is interested in getting rid of a Marriott unit she purchased 2 years ago. She financed it (14.5%!!) with Marriott and is making monthly payments for another 8 years. It's a very high demand property, but I've confirmed with Seth Nock that this unit is worth considerably less than she currently owes on it.

I doubt that Marriott would take it back, but I figure it's worth a call to ask them about it. Does anyone have a contact or number for someone to call?

Thanks!
 

LAX Mom

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Thanks Tom.
I thought I had seen a post from someone who contacted a specific Marriott dept. about buying back their unit. I've searched TUG and can't find the info. I guess the owner services dept. is a good place to start.
 

dioxide45

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It never hurts to ask, but I would give the success rate to be about 0.00000000000001%. Marriott isn't going to just take back a week with a huge loan balance. They have more recently been buying back weeks, but there is really perhaps only about a 50-75% premium above e-bay prices. These were for gold weeks and low end platinum. 50% more than $1500 is only $2250. Not nearly enough to cover the loan.

If it is in a high demand place, could your neighbor could rent it to at least cover some costs? Are rental rates a lot higher than MFs?

My guess is that the neighbor is stuck with it unless they are willing to default and force Marriott to foreclose.
 

SueDonJ

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This page for Marriott's Resale Operations has info for owners wishing to sell. No idea if/how successful your friend's experience will be but it might be a good place to start.
 

LAX Mom

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Thanks for the links, that's what I was looking for.

Yes, they could rent it for more than the MF. Even though the MF's are over $2,000, I think they could cover the MF. (It is a very high demand property in a great location!) But that doesn't help with the monthly payment of $553 per month for the next 8 years! They financed through Marriott at 14.5% for 10 years!! Purchase price was $37,800 but she's not sure what the loan balance currently is. Seth Nock tells me the most recent one he sold went for $14,000, so she's going to take a big loss if she can find a buyer.

I know there is a very slim chance Marriott would take it back, but I wanted to give her some options.
 

BocaBoy

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Yes, they could rent it for more than the MF. Even though the MF's are over $2,000, I think they could cover the MF. (It is a very high demand property in a great location!) But that doesn't help with the monthly payment of $553 per month for the next 8 years! They financed through Marriott at 14.5% for 10 years!! Purchase price was $37,800 but she's not sure what the loan balance currently is. Seth Nock tells me the most recent one he sold went for $14,000, so she's going to take a big loss if she can find a buyer.

I know there is a very slim chance Marriott would take it back, but I wanted to give her some options.

For starters, how about a 0% credit card balance transfer to pay off the Marriott loan balance?
 
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