Could this work? Upgrading to cancel? [Summit at Massanutten in Virginia]

[Naria2004]

So I own at Summit at Massanutten in Virginia, and we just don't use that location enough to warrant keeping it. I'd rather be at a timeshare that I'm going to use, if I'm unable/don't want to trade in. Well, we still owe on it (because we didn't buy it re-sale, hard lesson learned). Massanutten doesn't do a deed back, but they do let you trade in to upgrade to a different unit. What if I traded in my unit to upgrade, and then can I use the 3 day rescind option to get out of the deal completely? I'm not a lawyer, so not sure if it would work or not. Would I just be given back the original unit at that point? Or is the 3 day rescind period only for first purchases? Just a thought of a possible loophole.

My other thought is to try to get them to do a deed in lieu of foreclosure, but I really don't want to take the credit hit if I can avoid it.

 

[VacationForever]

When you rescind, you get back your original unit.

 

[TUGBrian]

massanutten is a rather popular resort, have you tried to offer it up for free here on TUG to see if someone would take it off your hands.

as mentioned above, rescinding a "trade in" deal simply puts you right back where you started.

 

[Fido Chuckwagon]

It looks like the OP still owes a mortgage on it, so giving it away is not going to work.

Well, we still owe on it (because we didn't buy it re-sale, hard lesson learned).

 

[bnoble]

What if I traded in my unit to upgrade, and then can I use the 3 day rescind option to get out of the deal completely?

Rescind doesn't undo everything, only the most recent transaction. It will be as if you did not make the most recent purchase, which means you will still own (and owe on) the old thing.

 

[Fido Chuckwagon]

To Op:
There’s really no magical way to get out of a timeshare loan. The options are pretty much always:
1. Pay it off;
2. Default on it.

Depending on your exact personal circumstances, either one of those could be the correct strategic decision.

 

[escanoe]

What week at Summit do you have? That would help us know if it has any value (or how negative the value may be) once it is paid off.

 

[jec2024]

So I own at Summit at Massanutten in Virginia, and we just don't use that location enough to warrant keeping it. I'd rather be at a timeshare that I'm going to use, if I'm unable/don't want to trade in. Well, we still owe on it (because we didn't buy it re-sale, hard lesson learned). Massanutten doesn't do a deed back, but they do let you trade in to upgrade to a different unit. What if I traded in my unit to upgrade, and then can I use the 3 day rescind option to get out of the deal completely? I'm not a lawyer, so not sure if it would work or not. Would I just be given back the original unit at that point? Or is the 3 day rescind period only for first purchases? Just a thought of a possible loophole.

My other thought is to try to get them to do a deed in lieu of foreclosure, but I really don't want to take the credit hit if I can avoid it.

Hi I am in the same situation. I am trying to get out b/c of some health issues. Please let me know what you decided and the outcome.

 

[RX8]

Hi I am in the same situation. I am trying to get out b/c of some health issues. Please let me know what you decided and the outcome.

Do you have an outstanding mortgage? There are already some helpful posts in this thread. See @escanoe ’s post #7 and advise what week you own. Also, how much do you currently owe on the timeshare?

If your timeshare is worth much less than what you owe, certainly a possibility, then you could try a hardship letter to see if they will let you out of your timeshare. If that doesn’t work, your only real remaining options are listed in @Fido Chuckwagon ’s post #6

A bad option would be if you decided to pay an exit company thousands of dollars upfront based on their promises that they can get you released from your timeshare. This will be a scam. They may ask you to write a hardship letter, or maybe even advise you to stop paying and stop communicating with them. That’s about it. If you get foreclosed the exit company will refuse your refund because they got you “out”. You don’t need to pay someone thousands of dollars for that kind of advice. Save your money.