How can I give away my timeshare on TUG for Free?

[TUGBrian]

48 hours is the limit.

for updates you can simply respond to your own post, it also helps to bump the post!

 

[Jusjaeyz13]

I am trying to get rid of my timeshare, but am still paying on it. How would I get rid of it since I can't sell it? I am not trying to make any money on it just want it gone. Vacation village said they don't do deed back or anything like that. We are basically are stuck with it she said!

 

[DeniseM]

You can't - unfortunately no one will take a timeshare that still has a mortgage on it. You have 2 choices:
1) pay it off
2) default on the loan and let it go into foreclosure

 

[Mairesean58]

[Deleted: If you have info for the OP, please post it here in the forums where the rest of us can vet it for accuracy and validity. - DeniseM, Moderator]

 

[RX8]

[Removed. Self-promotion not permitted in discussion forums]

No company or individual will be able to sell a timeshare that has zero resale value AND an outstanding mortgage. Anyone who claims they can sell a timeshare like that is going to be in it for an upfront fee and nothing more.

 

[schreib69]

We initially joined TUG in 1998. When we purchased two timeshares with Pahio (Bali Hai eoy and Kaeo Kai every year. I have developed severe medical condition in 2008 (metastatic breast cancer). We are unable to maintain our maintenance fees due to dr bills. Is there any way we can get rid of them before next Aug fees are due? If there is any way we can cover the cost of this years fees? Any help is appreciated.

Well, my take after advertising for years, offering ours for free and just recently finally getting someone initially interested. . . he BAILED on me; is that there is virtually NO market to sell a "used" timeshare for MOST of them. When the guy really understood the gravity of what he was about to do, he bailed.
The GRAVITY:
-- OH, yeah, I agree to pay $800+ for the rest of my LIFE to this entity
-- OH, it is impossible to GIVE it away much less SELL it.
-- most humans will NEVER go to the same place every year the rest of their life; most will also not go through the hassle and expense of $300/yr simply to exchange an overpriced condo and still have to pay for TRAVEL to stay there and still have to pay for TRANSPORTATION around the area upon arrival when exchange is used.
-- OH, yeah. I can try to have a 3rd party sell it for me and pay them . . . hmmm. tried that-- NOTHING happened for 3 yrs with one; with the other we got taken for over $3000 paid up front.
-- Well, I could advetise on Facebook, Craig's list, Red Week, here at TUG though. UH, no. Tried that, no one, not ONE got past GO. GO is when they realize the GRAVITY.

There is only ONE way. ONE WAY!
Stop paying the maint. fees and bull it out as they send collecting agency your way. Do not communicate. PERIOD.

 

[dioxide45]

There is only ONE way. ONE WAY!
Stop paying the maint. fees and bull it out as they send collecting agency your way. Do not communicate. PERIOD.

For some, or even many timeshares, that is the only way out.

IMO I would like to see changes to the credit reporting act. Perhaps timeshare based defaults and foreclosures would only be on your report for one year, three years or something like that. Perhaps unpaid maintenance fees can't be reported at all (many times they aren't).

 

[TUGBrian]

this is the very reason i created both these videos:

and why they are the two most viewed ones on the channel!

 

[GTLINZ]

In a world where timeshare ownership can become burdensome, is there a way to transfer ownership without any financial implications? Can TUG provide a platform where owners can give away their timeshares for free, allowing others to enjoy the benefits without the financial commitments?

The "platform" you ask about is explained in the beginning of this thread.

 

[sponger76]

for free, allowing others to enjoy the benefits without the financial commitments?

It seems you're asking if there's a way for the new owners to not have to pay Maintenance Fees. The answer is no. Somebody has to pay them. The original owner isn't going to give the deed away and continue to pay the fees forever for the new owner, and the developer definitely won't either. At most the original owner will sometimes pay a year or two as part of the transfer agreement.

 

[Tamaradarann]

For some, or even many timeshares, that is the only way out.

IMO I would like to see changes to the credit reporting act. Perhaps timeshare based defaults and foreclosures would only be on your report for one year, three years or something like that. Perhaps unpaid maintenance fees can't be reported at all (many times they aren't).

I understand your thoughts about the credit reporting and its effect on timeshare owners. If the timeshare owner took out a loan to buy the timeshare and they haven't yet paid it off I feel that they knew what they were doing just like if they were buying a house or a car so they should be liable for the loan and the ding on their credit rating.

As far as the maintenance fees forever I have a different take. When timeshare owners bought their timeshares they knew there was going to be annual maintenance but they always thought that they would be able to sell the timeshare in the future when they no longer wanted it. Many timeshare owners bought resale so obviously there was a market for reselling timeshares. The market has changed significantly. Perhaps there needs to be a change in the law for organizations that are selling of timeshares to prevent foreclosures. If a Company or HOA are selling timeshares they should be required to take back the timeshares they already sold for $0. While they may not want to take on the burden of the maintenance they will be getting back inventory for free. The timeshare selling company could either sell that timshare or turn it over to the HOA of the timeshare for them to sell or rent out. (the HOA is already paying or will be paying the maintenance) Furthermore, the HOA will be much better off getting the timeshare immediately to sell or rent rather than waiting years for the foreclosure and having to pay the maintenance all that time as well as the cost of foreclosure.

 

[JONC777]

..

 

[T_R_Oglodyte]

… the HOA will be much better off getting the timeshare immediately to sell or rent rather than waiting years for the foreclosure and having to pay the maintenance all that time as well as the cost of foreclosure.

Any timeshare management company that is at least halfway competent will put up for rental units that are in arrears on maintenance - there is no right of use if fees are not paid.

The timeshare program documents should have some added detail on this - for example, what is the grace period after the due date that owners have to come current without forfeiting their usage right entirely.

 

[Tamaradarann]

Any timeshare management company that is at least halfway competent will put up for rental units that are in arrears on maintenance - there is no right of use if fees are not paid.

The timeshare program documents should have some added detail on this - for example, what is the grace period after the due date that owners have to come current without forfeiting their usage right entirely.

Good Point. I don't know the details of the timing of when a maintenance deliquent timeshare unit can be rented, but if the management company can get the unit immidiately by taking the deedback that has to be quicker. Also selling the unit to a maintenance paying owner is certainly a financial benefit. Furthermore, evading the cost and effort of foreclosure has to a additional benefit that can't be ignorred.

 

[LQDISTOR]

You can't - unfortunately no one will take a timeshare that still has a mortgage on it. You have 2 choices:
1) pay it off
2) default on the loan and let it go into foreclosure

Hi Denise,

I'm new to TUG forums.

My parent's purchased a timeshare through Silverleaf (now Holiday Inn Club Vacations Holiday Hills) back in 1998 and have barely used it. My mom is in a retirement home now and they continue to raise the maintenance fees. I've been trying to educate myself on my options. At this point it seems like I either have to pay the company for the "privilege" of surrendering the timeshare back to them or I have to incentivize potential buyers to even be interested in taking it off our hands.

Is this thread still being used to engage those wanting to take on unwanted timeshares?

 

[dioxide45]

Hi Denise,

I'm new to TUG forums.

My parent's purchased a timeshare through Silverleaf (now Holiday Inn Club Vacations Holiday Hills) back in 1998 and have barely used it. My mom is in a retirement home now and they continue to raise the maintenance fees. I've been trying to educate myself on my options. At this point it seems like I either have to pay the company for the "privilege" of surrendering the timeshare back to them or I have to incentivize potential buyers to even be interested in taking it off our hands.

Is this thread still being used to engage those wanting to take on unwanted timeshares?

You can start your own thread in this forum to list a timeshare for free. Provide as many details as you can about the resort and what you own along with how much the annual fees are. In some cases, if you can't give it away and a deed back is too cost prohibitive, it may be best to just stop paying the fees and let the timeshare company foreclose.

 

[TPNOVO]

OK, you list your timeshare as a free giveaway here, and a fellow tugger decides they want it, and both parties agree to what the terms will be, and to use LT Transfers. Is there a generic contract that's appropriate to use in this case, and once signed by all parties, I should mark my listing "pending" and start the ball rolling with LT? (In the past anything I've sold online, I don't mark "sale pending" until I have a signed contract AND a monetary deposit, but in this case, it being free, there obviously won't be a deposit to collect as good faith.) Just curious how others take it from there?

 

[dioxide45]

OK, you list your timeshare as a free giveaway here, and a fellow tugger decides they want it, and both parties agree to what the terms will be, and to use LT Transfers. Is there a generic contract that's appropriate to use in this case, and once signed by all parties, I should mark my listing "pending" and start the ball rolling with LT? (In the past anything I've sold online, I don't mark "sale pending" until I have a signed contract AND a monetary deposit, but in this case, it being free, there obviously won't be a deposit to collect as good faith.) Just curious how others take it from there?

LT Transfers will provide you with a basic agreement that spells out the details of the timeshare that both the seller and buyer sign. I did that last year with a freebie CWA contract I got from the Free Timeshares forum. As for a monetary deposit, the buyer will need to provide a deposit for the closing costs to LT before they start doing too much.

 

[TPNOVO]

LT Transfers will provide you with a basic agreement that spells out the details of the timeshare that both the seller and buyer sign. I did that last year with a freebie CWA contract I got from the Free Timeshares forum. As for a monetary deposit, the buyer will need to provide a deposit for the closing costs to LT before they start doing too much.

Perfect, thank you! My goodness, this community is so incredibly knowledgeable and helpful, I love you all!