Getting out of timeshare

[SarahinIsh2025]

Hey all. My 1st day here and SO glad I found this. I have had my Holiday Inn timeshare for almost 10 years. Never purchased it to vacation at the resorts, I purchaed it to get free hotel rooms for years every time I traveled taking care of my grandmother. Was told of course I can do that..missed the part of all of the transfer fees etc.

Regardless of any reasons, we don't use the timeshare anymore. I almost scheduled an appt to talk to a 3rd party to get out but found this site and thank God.

I want to getbrid of my time share. I have stopped paying because really I just can't afford to and I owe this years fees yet. I believe I'm only about $2,000 behind but still owe $12,000 on it I think. So doing the deed back is NOT an option. It's not paid off and that's not an option.
SO are my 2 other options then just keep not paying or try to sell? Does anyone even buy them? I need some good advice. I would give it away at this point.
Thanks.
SF

 

[kanerf]

You cannot sell it if it is not paid off. Your only option at this point is to continue not paying for it.

 

[theo]

I want to getbrid of my time share. I have stopped paying because really I just can't afford to and I owe this years fees yet. I believe I'm only about $2,000 behind but still owe $12,000 on it I think. So doing the deed back is NOT an option. It's not paid off and that's not an option.
SO are my 2 other options then just keep not paying or try to sell? Does anyone even buy them? I need some good advice. I would give it away at this point.

You cannot give it away, even for free, with an outstanding $12k loan balance. Deedback, as you already know, is not an option either. The “product” is not worth even a fraction of what you still owe on it (not even including overdue and still growing unpaid maintenance fees), so your best bet is likely to just pay not another dime. There will be negative credit score consequences if / when you default on the loan, but that may very well still be your best (maybe only) option, in light of the overall circumstances you describe.

 

[SarahinIsh2025]

You cannot give it away, even for free, with an outstanding $12k loan balance. Deedback, as you already know, is not an option either. The “product” is not worth even a fraction of what you still owe on it (not even including overdue and still growing unpaid maintenance fees), so your best bet is likely to just pay not another dime. There will be negative credit score consequences when if / when you default on the loan, but it may very well nonetheless still be your best (and maybe only) option in light of of the circumstances you describe.

Thank you. One more question. If by some miracle I found the funds to pay it off, I'd literally be paying it off just to give it back and avoid the negative credit hit, correct? Or is there any actual resale value in it to resell to another person?

 

[theo]

Thank you. One more question. If by some miracle I found the funds to pay it off, I'd literally be paying it off just to give it back and avoid the negative credit hit, correct? Or is there any actual resale value in it to resell to another person?

Correct. Even if fully paid off, you could not possibly sell the Orange Lake timeshare for any more than a small fraction of the $12k+ you owe right now. That is surely not something you want to hear, but it’s the truth nonetheless.

P.S. OL has absolutely NO obligation to accept a “deedback” in any scenario, even if / when loan was fully paid off and with all annual fees paid up to date. Keep that fact clearly in mind as you weigh your decisions and options.

 

[SarahinIsh2025]

Correct. Even if fully paid off, you could not possibly sell the Orange Lake timeshare for any more than a small fraction of the $12k+ you owe right now. That is surely not something you want to hear, but it’s the truth nonetheless.

P.S. OL has absolutely NO obligation to accept a “deedback” in any scenario, even if / when loan was fully paid off and with all annual fees paid up to date. Keep that fact clearly in mind as you weigh your decisions and options.

Thank you so much!

 

[SarahinIsh2025]

You cannot sell it if it is not paid off. Your only option at this point is to continue not paying for it.

Thank you!

 

[LannyPC]

Another point that we generally emphasize here on TUG for people in your situation is to not go seeking the services or "help" of these exit companies, charities or law firms that claim they can get you out of your plight scot-free. They'll charge you a lot of money to do something you can do for yourself.

Speaking of which, another option (albeit not very palatable) would be to stop all loan and MF payments and let it go into default and foreclosure. You would lose the money you've already sunk into this and possibly face a hit to your credit score and rating but it would be cheaper than paying $12,000 to salvage something that is worth about zero dollars.

 

[SarahinIsh2025]

Another point that we generally emphasize here on TUG for people in your situation is to not go seeking the services or "help" of these exit companies, charities or law firms that claim they can get you out of your plight scot-free. They'll charge you a lot of money to do something you can do for yourself.

Speaking of which, another option (albeit not very palatable) would be to stop all loan and MF payments and let it go into default and foreclosure. You would lose the money you've already sunk into this and possibly face a hit to your credit score and rating but it would be cheaper than paying $12,000 to salvage something that is worth about zero dollars.

Right. I have talked to one of the 3rd party companies in the past and their fees were just ridiculous. They call me all the time. Thanks for the heads up again though.

 

[LannyPC]

Right. I have talked to one of the 3rd party companies in the past and their fees were just ridiculous.

If you care to share, what prices were they quoting you?

 

[FunnyFarm]

Not an owner in this system but this thought came to me.

This must be a pretty big batch of points to still owe $12k after 10 years ownership.
That might make it even harder to even give away if you managed to pay it off and come current on fees.

You might put in good money after bad on the loan and still own this for the long term, paying MFs on and on.

 

[SarahinIsh2025]

If you care to share, what prices were they quoting you?

Multiple large payments, it was a couple years ago snd I was going to revisit it until I found this site. But like $4-5,000 up front and then a couple more $2-3,000 payments.something like that I don't remember exact amounts

 

[SarahinIsh2025]

Not an owner in this system but this thought came to me.

This must be a pretty big batch of points to still owe $12k after 10 years ownership.
That might make it even harder to even give away if you managed to pay it off and come current on fees.

You might put in good money after bad on the loan and

 

[SarahinIsh2025]

I think I accidentally deleted some words on your post. I think I only have 70,000 points had 60,000 bonus points i don't remember. But not a lot