holiday inn club timeshare exit help

[jimlinzy]

We owe $17,000 on TS purchased a few years ago. Used only once. Need out. Have mortgages on two houses. Only option seems to be default. Purchased one in FL and then added to it in Texas ( combined the two). What is the downside to defaulting?

 

[TUGBrian]

with a $17k balance left on the timeshare, you do not have the option to sell or give back.

other than default, the other exit options for you involve having to pay off the loan balance.

How to get rid of your unwanted Holiday Inn Club Vacations timeshare points

Learn effective strategies to exit your unwanted Holiday Inn Club Vacations timeshare ownership. Explore options for resale, transfer, and cancellation for owners

tug2.net

 

[Passepartout]

We owe $17,000 on TS purchased a few years ago. Used only once. Need out. Have mortgages on two houses. Only option seems to be default. Purchased one in FL and then added to it in Texas ( combined the two). What is the downside to defaulting?

Kind of varies on where you live and where you own. At first, simply notices of late payments. Then additional fees and disallowing reservations or exchanges. Then you may start getting calls from the lender. You can demand (in writing) that all further communication MUST be via USPS. Then you might be turned over to collections- and start their efforts- calling or writing. You might see a drop in your credit score, which MAY affect your other mortgages and insurances and credit card interest rates.

At some point, the interval will be foreclosed, and auctioned off. Depending on where you live, you may be sued for the difference between what they get at the auction and what you owe.

These things will follow you for at least 7 years.

In a fairly recent poll, about half of TUGgers bought our first timeshare like you did. At a presentation where we had no intention of buying a timeshare, then we didn't take advantage of the legally required cooling-off period are all entitled to after one of these purchases.

When you bought, you saw value in timeshare. That hasn't changed. Before you default, please be sure that simply paying off the loan and using what you bought isn't preferable to years of legal and financial pain.

Jim

 

[jimlinzy]

What happens if I pay the time share off and just stop paying the maintenance fees?

 

[Passepartout]

What happens if I pay the time share off and just stop paying the maintenance fees?

TUGger @Grammarhero used to keep track of such stuff and determined that very few MF only defaults result in a credit hit. It's strictly possible, but unlikely. But if you are going to the expense of paying off the note, why not sell the TS, or use it? You can give it away for free in the TUG Buying/selling/renting forum.

 

[TheTimeTraveler]

What happens if I pay the time share off and just stop paying the maintenance fees?

If you pay the loan off you then may be able to find a buyer (or just give it away). If that happens then maintenance fees will no longer be your issue to deal with.

Welcome to TUG.








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[jimlinzy]

If you pay the loan off you then may be able to find a buyer (or just give it away). If that happens then maintenance fees will no longer be your issue to deal with.

Welcome to TUG.








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Assuming that I can't give it away or sell it. What happens if we just stop paying the maintenance fees?

 

[TheTimeTraveler]

Assuming that I can't give it away or sell it. What happens if we just stop paying the maintenance fees?

Previously covered on Post # 5.

It may or may not result in a credit hit. Don't assume that it won't.






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[sox21]

Assuming that I can't give it away or sell it. What happens if we just stop paying the maintenance fees?

Just as an FYI, Ive been trying to give one away for about 2 months on the free forum here. Not much interest in HICV. Could be the resort though as I've seen a couple others get given away.

 

[TUGBrian]

they are as difficult a sell as diamond resorts are due to the significant restrictions placed on the resale buyer in all but 3 resorts.

most folks choose to just give it back to holiday inn unless they own in gatlinburg, south beach or whatever the 3rd one is i cant recall off the top of my head.

 

[Herbalwise]

See my new post Horizons a Holiday Inn Club Vacations Deedback information - give your HICV timeshare back

Lots of luck, these things are worthless on the open market. Cut your losses.