A family member has a timeshare with Welk Resorts and is no longer in a position to pay for it. He initially financed it through the company and has recently been persuaded by them to upgrade for a high benefit timeshare (at a much higher refinanced total cost). Before we resort to (expensive) legal advice, I was wondering if anyone could advise us on what our options are. According to a company rep, we have to pay the financed amount before we can offer the timeshare for sale - is this the case? What happens if he defaults on the payment (at this stage he is ready to walk away from his investment - he initially bought in 2008)? Is there an advisory channel we can follow to get assistance? Thanks in advance.
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Getting out of a Welk Resorts timeshare
- Thread starter Vince99
- Start date
I will offer some likely unwelcome but nonetheless accurate and bluntly honest observations, not offered or intended to constitute or substitute for legal advice.
Please don't shoot the messenger:
1. Not yet owned w/ clear title, the timeshare cannot be sold. So yes, the existing debt must first be resolved in order to be in a position to give it away, let alone sell. Clearly, no one will just take over someone else's existing debt for a timeshare of very little (if any) monetary value. Any and all "value" in a timeshare lies in its' use and enjoyment and certainly not as any form or flavor of "financial investment". As a financial investment, I'd be personally hard pressed to think of anything worse.
2. Paying attorneys to seek a non-existent "escape" is almost certainly a complete waste of time and money. The underlying contract is likely rock solid, completely valid and legally binding. No attorney breathing air possesses any magic beans, secret elixirs or miraculous pixie dust that can magically overcome that indisputable fact.
Any and all money "paid in" to date is unfortunately gone forever, with or without paying any attorneys anywhere for any involvement of any sort.
3. Walking away is an option. There would of course be consequences (collection efforts, foreclosure, negative credit bureau reports), but at least the financial bleeding would be promptly stopped. Exercising this option might very well be one point on which some legal advice and guidance could perhaps be of assistance to you.
I wish you and your family member(s) luck.
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Theo has given you some solid advice ... several resort changes have offered elderly owners the option to surrender their ownership due to health, death of a co-owner or other reasons. But MOST still require loans and MFs to be up to date.
Prior experience here on TUG has had people ASKING multiple times (in writing certified mail) of resort management and higher ups, to surrender ownership before they actually acknowledge and start the process.
If your parents are unlikely to need good credit in the future (and consider many assisted living places will want a GOOD credit rating if they are being accepted as a CASH PAY client), Theo's #3 option might be the only exit plan.
Prior experience here on TUG has had people ASKING multiple times (in writing certified mail) of resort management and higher ups, to surrender ownership before they actually acknowledge and start the process.
If your parents are unlikely to need good credit in the future (and consider many assisted living places will want a GOOD credit rating if they are being accepted as a CASH PAY client), Theo's #3 option might be the only exit plan.
jojodubrino
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Theo is wrong on one account...you can get an attorney to get you out of this, but it will cost you money. You have to weigh the legal fee costs to the cost of keeping it. There are two companies in this country that can do this. Their fees range from around three to five thousand dollars depending on the resort. It's a number game. If you are at a three year or less break even on legal fees compared to monthly mortgage payments, you are wise to pay the legal fees and get totally out. It will not effect your credit either.
DeniseM
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My guess is that you are affiliated with one of these companies?
never ever do business with an entity that claims to make all your dreams come true, right after you pay them thousands of dollars.
its always a scam.
besides, if the individual was able to pay these thousands in upfront fees, they could make the payments on the timeshare for another few years anyway (and even longer if they start renting the units out) until a valid buyer is found, or their financial situation changes.
its always a scam.
besides, if the individual was able to pay these thousands in upfront fees, they could make the payments on the timeshare for another few years anyway (and even longer if they start renting the units out) until a valid buyer is found, or their financial situation changes.
LannyPC
TUG Member
Those are my thoughts too. Someone is basically saying to the company in question "I will pay you a few years' maintenance fees so that I don't have to pay the resort maintenance fees."
Crap and nonsense...
Unadulterated bull$#!t from out of the blue, provided by a first time poster (shill?) on day one of TUG registration. Assess and evaluate its' credibility accordingly.
One more time, with feeling: No attorney breathing air anywhere possesses any secret potions, elixirs or pixie dust that can somehow magically invalidate a legally binding contractual obligation, neither pro bono nor for a small fee nor for a huge fee --- NONE. Period, amen.
The End.
Unadulterated bull$#!t from out of the blue, provided by a first time poster (shill?) on day one of TUG registration. Assess and evaluate its' credibility accordingly.
One more time, with feeling: No attorney breathing air anywhere possesses any secret potions, elixirs or pixie dust that can somehow magically invalidate a legally binding contractual obligation, neither pro bono nor for a small fee nor for a huge fee --- NONE. Period, amen.
The End.
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