How to get out of a timeshare that isn't paid off.

[mire]

Hi,

I was hoping to get some help and advice here. I know a lot of posts have mentioned using the Horizons program but what are my options if the timeshare isn't paid off? I still have a mortgage on it as I only purchased it 3 months ago. I am very close to choosing an exit company for help. Do I have a cheaper option?

The Holiday Inn timeshare was purchased in July 2023 in Lake Tahoe NV. I only made 3 payments which are all up to date. There is still a mortgage out on it. Any information would be helpful.

Thank you,
Erin

 

[Herbalwise]

The website lists 2 options. I without mortgage, 1 with. As long as your up to date, they should work with you.

 

[mire]

The website lists 2 options. I without mortgage, 1 with. As long as your up to date, they should work with you.

Thank you, I will try and reach out to them again. I tried this a month ago and they said I had no options.

 

[Passepartout]

It's unlikely that they would be able to transfer the deed & loan into another name without it being paid off. I suspect the lender has the TS as collateral on the loan, and would be unable to run a credit check even IF you were to find a willing party to take over your ownership.

Truth told, you had 10 or so days to decide that timeshare is not for you. You could have rescinded the sale without penalty. Now that that time has passed, you are subject to rules that compel you to pay for the loan and for certain usual fees (like maintenance) and use fees.

Rather than wreck your credit, and make the decision that would follow you for a decade or more, I think you should just buckle down, work more hours, maybe take a second job to pay this thing off. Hang around TUG and learn to use what you bought. Three months ago, you saw value in a timeshare. That hasn't changed.

If it makes you feel any better, we took a poll here, and among TUGgers just about half of us bought our first TS just like you did. We bought from the developer and didn't rescind in time. We paid them off and use them to provide memories to ourselves and our families that can't be had any other way. That's why we are called Timeshare USERS Club.

Good Luck!

Jim

 

[Bmatrose]

Hi,

I was hoping to get some help and advice here. I know a lot of posts have mentioned using the Horizons program but what are my options if the timeshare isn't paid off? I still have a mortgage on it as I only purchased it 3 months ago. I am very close to choosing an exit company for help. Do I have a cheaper option?

The Holiday Inn timeshare was purchased in July 2023 in Lake Tahoe NV. I only made 3 payments which are all up to date. There is still a mortgage out on it. Any information would be helpful.

Thank you,
Erin

Do not use an exit company, they can not do anything for you that you cant do yourself...(Stop paying and ruin your credit)

 

[TUGBrian]

I am very close to choosing an exit company for help. Do I have a cheaper option?

well yea, you can choose to stop paying all on your own. why pay an exit company?