Help get out of Timeshare

[VaTh]

Hello new here, if a go to a timeshare foreclosure can they take away my house?

 

[Passepartout]

Highly unlikely.

 

[VaTh]

We are 4 people on it, can I take all 3 out of the title and just take the hit my self? Our can I even pass this to the name of a family member that don’t care about the credit or to go in to foreclosure and wants to help us out? We are desperate we are young and really don’t want to start my life with a foreclosure, bc it looks like is my only way out. They don’t want it back they said I can sell it but it looks like in this market is really hard to archive this bc why someone would want something that I don’t even want? I really need help and so stressed out.

 

[callwill]

We are 4 people on it, can I take all 3 out of the title and just take the hit my self? Our can I even pass this to the name of a family member that don’t care about the credit or to go in to foreclosure and wants to help us out? We are desperate we are young and really don’t want to start my life with a foreclosure, bc it looks like is my only way out. They don’t want it back they said I can sell it but it looks like in this market is really hard to archive this bc why someone would want something that I don’t even want? I really need help and so stressed out.

You really need to articulate what it is that you own. Is it fully paid for(no mortgage)?

 

[VaTh]

Still a mortgage, but we will pay it off. We know that we are going to lose money and that’s ok with our family as long we can get out. But I rather have my self pay for the consequences of a foreclosure that my other’s family members that are in the contact. Our ones we pay it off can I pass it to the name of a family member that wants to help us. Don’t care about the credit or going to foreclosure bc don’t have anything to buy with credit after that and already have a house. I don’t know I’m just looking for options and just desperate

 

[Passepartout]

Whoa! First, what TS do you own? Where is the resort deeded? How many payments have you missed? Have you also defaulted on maintenance fees?

You cannot re-title the deed into just one name. The TS AND the county will not allow this.

You say you can pay it off. If you do that, the only debt is the MF. We've never heard of anyone getting a judgement when it's just annual fees. You're a long way from that. Anymore, there are so many timeshare defaults that a TS foreclosure is barely a blip on a credit report. It's hardly the huge black mark they try to make it out to be. And if you get a bad report on your credit, you are allowed to file a mediating letter that goes out with any credit inquiry. Often other potential lenders look at timeshare foreclosure as simply freeing up more of your income to buy whatever they're selling.

Don't lose a lot of sleep over this. The reality is that in the overall scheme of things, if a timeshare is pulling down your finances, you're better off without it anyway. Let 'em foreclose, take the credit hit and move on.

Jim

 

[Janann]

And if you get a bad report on your credit, you are allowed to file a mediating letter that goes out with any credit inquiry. Often other potential lenders look at timeshare foreclosure as simply freeing up more of your income to buy whatever they're selling.

Letters don't get attached to a credit report. There will only be a sentence or two with the name of the lender and the payment status.

 

[VaTh]

Thank you, I have a TH on Manssanutte resorts va. I thought I was getting a good deal, I have no experience on this term they never mentioned the world Timeshare and even if they did I didn’t know what a Th was. Im only done one payment, yes one payment and I already want to get out bc with all the comment over the internet saying the same, that this a nightmare to get off, I don’t want to be stuck with this for the rest of my life and payment every year for something that it looks like it’s really hard to use anyway and that I will go up every year, something that they didn’t tell me if not I would be in this situation. I didn’t ask if it was a way out when I did this bc I thought that is a contact all contract can be broken,at least that’s what I thought.I was so wrong and naive and I hate my self for that. I still have to pay 10k that I’m planning to do in the next year no bc I have a lot of money just bc I just want to get out of the mess the fast that I can.( Working 2 jobs) But I’m scared bc I’m the one that don’t miss payment and scared me the process of going to a foreclosure and not just me 3 of my family members. That’s why my mom was thinking on once we pay it off put it on her name ( she is not one of the person on the contact) and she will stop paying and go to a foreclosure her self and not all 4 of us. I really hating my self for this situation that we are in, and I don’t even know if my moms idea is possible and the right thing to do. And yes this is taking my sleep away.

 

[TUGBrian]

if you pay off the loan, chances are you can give away a massanutten ownership depending on the details...its quite a popular resort.

yes, defaulting will impact everyone on the deed.

 

[montygz]

Thank you, I have a TH on Manssanutte resorts va. I thought I was getting a good deal, I have no experience on this term they never mentioned the world Timeshare and even if they did I didn’t know what a Th was. Im only done one payment, yes one payment and I already want to get out bc with all the comment over the internet saying the same, that this a nightmare to get off, I don’t want to be stuck with this for the rest of my life and payment every year for something that it looks like it’s really hard to use anyway and that I will go up every year, something that they didn’t tell me if not I would be in this situation. I didn’t ask if it was a way out when I did this bc I thought that is a contact all contract can be broken,at least that’s what I thought.I was so wrong and naive and I hate my self for that. I still have to pay 10k that I’m planning to do in the next year no bc I have a lot of money just bc I just want to get out of the mess the fast that I can.( Working 2 jobs) But I’m scared bc I’m the one that don’t miss payment and scared me the process of going to a foreclosure and not just me 3 of my family members. That’s why my mom was thinking on once we pay it off put it on her name ( she is not one of the person on the contact) and she will stop paying and go to a foreclosure her self and not all 4 of us. I really hating my self for this situation that we are in, and I don’t even know if my moms idea is possible and the right thing to do. And yes this is taking my sleep away.

Your options:
1. Pay off the mortgage, get caught up on your maintenance fees and then give it away for free. There is a wealth of information on TUG about how to give it away if you do a little research.

2. Pay off the mortgage, get caught up on your maintenance fees and see if the resort will take it back. Some resorts will do this, others won't. Some will charge a fee to do this.

If you are not in default or owe fees, you may also be able to rent your timeshare to cover some of the maintenance fees. Some resorts will offer this service for a cut of the rental income. It may help you defray costs while waiting to sell.

3. Stop paying, let them foreclose and take a potential hit to your credit rating. The impact of that will vary. If you are broke, this is probably the best path.

What you don't want to do is to pay anyone anything upfront to "cancel" your timeshare. There are many scammers in the timeshare world who prey on fearful, desperate people.

 

[VaTh]

if you pay off the loan, chances are you can give away a massanutten ownership depending on the details...its quite a popular resort.

yes, defaulting will impact everyone on the deed.

I will try to give away but if I don’t have any takers, and if the resort don’t want it back, ( in the website they said that they don’t) can my mom take over the contract and then defaulting I know sound bad but he give the idea on how get of this situation as soon as possible

 

[Janann]

can my mom take over the contract and then defaulting I know sound bad but he give the idea on how get of this situation as soon as possible

Yes, you can by doing the following:

• Pay off the mortgage
• Bring all past due maintenance fees current
• Change the ownership title, which may require paying a fee to the timeshare company
• Stop paying the maintenance fees, and tell the timeshare company the owner wants to give the timeshare back (wants to default)

 

[VaTh]

Thank you I will see if the resort will like to take back from me, I been thinking that I can offer them a deal that I guess I will lose a lot of money but I’m ok doing that if they just set my free. I wI’ll pay it full to them ASAP and they can get the contract out my hands considering that I just got it December of 2023 so they will not lose anything and they can sell it again. Hopefully this works if not I guess im just going to pay it off and default. I’m not feeling ok keeping something that started with a left foot. I just feel sick all the time just thinking about and I feel so stupid for having fallen into their game. I will keep everyone updated. Thank for your help I wish i would found tug before.

 

[RX8]

I will try to give away but if I don’t have any takers, and if the resort don’t want it back, ( in the website they said that they don’t) can my mom take over the contract and then defaulting I know sound bad but he give the idea on how get of this situation as soon as possible

Looking at closed eBay sales there are a couple of Summit at Massanutten Resorts listed. They went for a dollar and the seller paid closing costs. There are a couple that didn't even get a bid at $1. You can post exactly what you own and others more knowledgeable on your resort can respond if it is something more special. May be unlikely but worth a shot.

If you want to be done with your ownership cleanly, I suggest giving it away (on TUG, eBay or elsewhere), pay for closing costs AND give a VISA cash card at closing of $500. That may do it, if not offer $1,000. At $1,000 I would think that you would have a line of people wanting it. LT Transfers is recommended for closing (they can also prepare a contract) and they charge a reasonable fee of about $250.

 

[WaikikiFirst]

if you can pay it off, and you have a relative willing to take it on, then
a) pay it off
b) have that relative buy the rest of you out for a tiny amount
there are transfer companies who can handle it, or someone like cindy knows and has already posted how to go about the legal transfer using your county office
(LT Transfers? another one in WY? a bunch of people here are encyclopedias on this)

 

[VaTh]

if you can pay it off, and you have a relative willing to take it on, then
a) pay it off
b) have that relative buy the rest of you out for a tiny amount
there are transfer companies who can handle it, or someone like cindy knows and has already posted how to go about the legal transfer using your county office
(LT Transfers? another one in WY? a bunch of people here are encyclopedias on this)

Yes I will try my best to get out clean but if not default is my only option left. I really appreciate everyone that wants to help. I’m just feel that I’m in a dark spot and don’t know how to get out. Lest just trust in the process

 

[Passepartout]

I will try to give away but if I don’t have any takers, and if the resort don’t want it back, ( in the website they said that they don’t) can my mom take over the contract and then defaulting I know sound bad but he give the idea on how get of this situation as soon as possible

You're asking two different things. Yes, it doesn't matter who pays the note off, but the larger issue is whose name the deed is in. After the note is paid off, for a few hndred$$ the interval (week) can be retitled. But nobody will be able to modify the deed until it's paid off.

I think you've been watching too many 'Get out of your Timeshare' ads' When you took the presentation tour at the resort, you saw value to yourself and family. I''d suggest that you concentrate on getting the value from what you bought. You keep saying that you can afford it, or your parents can afford it, so why not pay it off and learn to USE it.

We are Timeshare USERS Group, not an exit company. We own and use our pre-paid vacation properties all over the world. Sure, it might not be a picnic writing a check ev ery month for it, but after you get using what you own, you might well be like most of us and figuring out how to add even more properties and making more memories.

Lots of us have tried other vacation options- like in tiny hotel rooms where the family is sleeping on the floor and you have to dress and go down the hall or leave the property instead of having a full apartment with bedrooms for all and a a full kitchen. It won't take long for you to see the difference.

Good luck with your decision.

Jim

 

[WaikikiFirst]

think you've been watching too many 'Get out of your Timeshare' ads'

It is always darkest before the dawn.

 

[VaTh]

You're asking two different things. Yes, it doesn't matter who pays the note off, but the larger issue is whose name the deed is in. After the note is paid off, for a few hndred$$ the interval (week) can be retitled. But nobody will be able to modify the deed until it's paid off.

I think you've been watching too many 'Get out of your Timeshare' ads' When you took the presentation tour at the resort, you saw value to yourself and family. I''d suggest that you concentrate on getting the value from what you bought. You keep saying that you can afford it, or your parents can afford it, so why not pay it off and learn to USE it.

We are Timeshare USERS Group, not an exit company. We own and use our pre-paid vacation properties all over the world. Sure, it might not be a picnic writing a check ev ery month for it, but after you get using what you own, you might well be like most of us and figuring out how to add even more properties and making more memories.

Lots of us have tried other vacation options- like in tiny hotel rooms where the family is sleeping on the floor and you have to dress and go down the hall or leave the property instead of having a full apartment with bedrooms for all and a a full kitchen. It won't take long for you to see the difference.

Good luck with your decision.

Jim

It’s true I been watching a lot of videos and they are all bad experience, on paying for years and don’t be able to use it bc you can’t find a week where you want to stay, they promise me no black out weeks and that is not what I been hearing here or over YouTube, so yes I’m scare that my decision of buying this affects my family on the long term and that the bill go up every single year and not be able to pay it. I’m scared that if let the time pass my situation get worse and to get out will be impossible, I’m scared that I get older and not be able to pay it and have to try to get help with my kiss l. If you guys have a bright side to the store please do shear with me.

 

[Passepartout]

, I’m scared that I get older and not be able to pay it and have to try to get help with my kiss l. If you guys have a bright side to the store please do shear with me.

10's of thousands of TUGgers and many others have TSs and make lasting memories with their families. Yes, there is a bit of a learning curve. You DO have to plan ahead. Unlike hotels that always keep a few vacant rooms for last minute bookings, timeshares- being owned by the occupants- keep costs down by NOT having vacant units. Those 'Can't EVER make reservation' writings are from people unable- or unwilling- to decide 6-9 months (or longer) when/where they want to go. YES, there are some coveted weeks/units (like ocean front in Hawaii) that if you want to vacation in them, you have to call at exactly midnight on the exact earliest day reservations open for them.

If you are in a position to be able to pay cash for what you saw value in at your December presentation, write the check. Then all you'll have is that annual fee, and the RCI (or II) membership. Open up the online catalog and see the availability for places you can go. I think you'll be pleasantly surprised that availability- if you plan a ways out- will be plentiful. And when you discover the Last Calls that you can book for others as gifts, it opens up a whole new world.

We own a nice two bedroom TS in Arizona. I've never seen the inside of it. But using it, we've gone to Italy, Greece, Portugal, the mountains of New Hampshire, we go to Yellowstone every year, and have stayed in nice apartments in Mexico and the Caribbean. No cramped hotel rooms for us after spreading out in a roomy TS with our family and/or guests in their own bedrooms too.

Anyway, quit looking at those exit company ads. They make their money scaring people into paying them thou$and$ to do what they can do themselves for free.

Stick around TUG. I see you only appeared today. Timeshares have a learning curve, but I'm sure you're up to the job. It'll pay off. Honest.

Jim

 

[e.bram]

If you live near Manssanutte you let them sue you and go to court ProSe and claim fraud in the sale. Some courts will help Pro Se defendants.

 

[VaTh]

If you live near Manssanutte you let them sue you and go to court ProSe and claim fraud in the sale. Some courts will help Pro Se defendants.

I do live close, thank you for the info

 

[VaTh]

10's of thousands of TUGgers and many others have TSs and make lasting memories with their families. Yes, there is a bit of a learning curve. You DO have to plan ahead. Unlike hotels that always keep a few vacant rooms for last minute bookings, timeshares- being owned by the occupants- keep costs down by NOT having vacant units. Those 'Can't EVER make reservation' writings are from people unable- or unwilling- to decide 6-9 months (or longer) when/where they want to go. YES, there are some coveted weeks/units (like ocean front in Hawaii) that if you want to vacation in them, you have to call at exactly midnight on the exact earliest day reservations open for them.

If you are in a position to be able to pay cash for what you saw value in at your December presentation, write the check. Then all you'll have is that annual fee, and the RCI (or II) membership. Open up the online catalog and see the availability for places you can go. I think you'll be pleasantly surprised that availability- if you plan a ways out- will be plentiful. And when you discover the Last Calls that you can book for others as gifts, it opens up a whole new world.

We own a nice two bedroom TS in Arizona. I've never seen the inside of it. But using it, we've gone to Italy, Greece, Portugal, the mountains of New Hampshire, we go to Yellowstone every year, and have stayed in nice apartments in Mexico and the Caribbean. No cramped hotel rooms for us after spreading out in a roomy TS with our family and/or guests in their own bedrooms too.

Anyway, quit looking at those exit company ads. They make their money scaring people into paying them thou$and$ to do what they can do themselves for free.

Stick around TUG. I see you only appeared today. Timeshares have a learning curve, but I'm sure you're up to the job. It'll pay off. Honest.

Jim

I really appreciate you, yes I’m scared bc I don’t know how exactly works but I definitely will try to learn how to get the best out this. I will give it try and if not I can always sell or rent like you guys say or the last option stop paying mf. Thank you for put a bit of light on my tunnel

 

[e.bram]

Selling something for a lot of money by a professional which can easily for a $1.00(in TuG and ebay etc.) is consumer fraud. Triple damages in New Jersey. I don't know about Manssanutten , find out. Look it up online of on the state court website.
Let us know!

 

[chapjim]

Selling something for a lot of money by a professional which can easily for a $1.00(in TuG and ebay etc.) is consumer fraud. Triple damages in New Jersey. I don't know about Manssanutten , find out. Look it up online of on the state court website.
Let us know!

So, in your view, a developer selling a timeshare contract for say, $10,000, that can be bought on eBay for $1.00 constitutes consumer fraud?