How to Get Rid of Newly Bought Timeshare

[blehhitstu]

Help! :'(

I signed up for a timeshare resort on June 20th this year in Branson Missouri with the Summerwinds Stormy Point Resort.. and I don't want it anymore!

I feel scammed, completely mislead and ripped off like most people.

The 5 day period to rescind is over.(I didn't even know about it til it was too late, with the paper being well-hidden in the binder the resort company gave us.)

Now there's a company called trashyourtimeshare.com that says they'll guarantee they'll get rid of the timeshare I got for just $2300. Over the phone, the guy says he knows the ins and outs- and said that he's worked with clients who also wanted to rid their timeshare from the Summerwinds Resort... But I don't believe it. There are no reviews on this company online except on the BBB website- two Positive comments I think the company wrote themselves, posing as clients.

Is this company legitimate/trustworthy??

ARE there REALLY any trustworthy timeshare relief companies out there?

Or is my only option to sell the timeshare back to the Summerwinds Resort... or someone else who's interested in buying a timeshare.

You see, I jussst bought into this timeshare resort... I was given a loan from a third party credit card company... and have yet paid a dime.. so I don't know my options on how to get rid of my timeshare for good.

If you spot a suspicious scam-artist commenting on my thread post, please write a comment to let me know which commenters to trust or not to trust.

Thanks I'd really appreciate any help/advice. Near tears with frustration. I'm only in my twenties.. feeling so stupid and helpless

 

[presley]

Now there's a company called trashyourtimeshare.com that says they'll guarantee they'll get rid of the timeshare I got for just $2300.
Is this company legitimate/trustworthy??

ARE there REALLY any trustworthy timeshare relief companies out there?

No, No and No!

You can get out by refusing to pay anything else for this timeshare and forcing them to foreclose on you. You will take a credit hit, but you won't have to pay $2300. for it to happen.
EDIT: just realized you didn't finance there, you used a credit card? You will also get a credit hit for that.
Other choice is to call the company and beg them to take it back. They will not issue a refund.

 

[DeniseM]

None of the "timeshare rescue companies" are reputable.

They may take the DEED out of your name, but there is absolutely no way they can take the LOAN out of your name. So you would still have the loan payments and not even have a timeshare.

The only genuine way out is:

1) If the developer/mortgage company will let your rescind late (unlikely, but worth pursuing.)

2) Defaulting - which will be unpleasant, and may result in your being turned over to collections and a ding on your credit rating.

 

[blehhitstu]

I've got a $8900 mortgage I have to divide and pay off each month with the money i make working... The downpayment money is being loaned on a credit card by a third party.

If my credit gets hit, I won't likely be able to buy a house or a car- which are things I will need in the future... so I can't take that chance. I don't think... I really don't know how to bring up my credit score good enough after taking a hit if I did that.

And I will try begging the developer mortgage company to rescind late- because they were deceptive during the presentation. They never once mentioned the option to rescind- they just said "if you don't want your time share anymore, don't bother selling it to timeshare relief programs. you can try selling it to people interested in buying timeshares.. or you can go to us, and we'll try selling it for you." they never once said anything about rescinding." They did tell me it's my homework to go over the papers/contracts as soon as I can... but they didn't mention any rescinding period... which happened to be 5 days from purchase... so that I might not realize there was one until it was too late. It's deceptive. Which therefore makes it an illegal, lawless act within Missouri. But there's not enough evidence on my part to make them feel they need to give me a late rescission, I don't think... so this isn't even much of an option for me.


what options are left now? Give the timeshare back to the timeshare resort so they can try selling it off for me? What else can I do?

 

[DeniseM]

what options are left now? Give the timeshare back to the timeshare resort so they can try selling it off for me? What else can I do?

You don't really have any easy options - you now have a contractual obligation to make the payments, and the timeshare resort doesn't want it back - they have you on the hook for the payments, so no motivation to take it back.

These are your options:

1) If the developer/mortgage company will let your rescind late (unlikely, but worth pursuing.)

2) Defaulting - which will be unpleasant, and may result in your being turned over to collections and a ding on your credit rating.

 

[Ty1on]

I've got a $8900 mortgage I have to divide and pay off each month with the money i make working... The downpayment money is being loaned on a credit card by a third party.

If my credit gets hit, I won't likely be able to buy a house or a car- which are things I will need in the future... so I can't take that chance. I don't think... I really don't know how to bring up my credit score good enough after taking a hit if I did that.

And I will try begging the developer mortgage company to rescind late- because they were deceptive during the presentation. They never once mentioned the option to rescind- they just said "if you don't want your time share anymore, don't bother selling it to timeshare relief programs. you can try selling it to people interested in buying timeshares.. or you can go to us, and we'll try selling it for you." they never once said anything about rescinding." They did tell me it's my homework to go over the papers/contracts as soon as I can... but they didn't mention any rescinding period... which happened to be 5 days from purchase... so that I might not realize there was one until it was too late. It's deceptive. Which therefore makes it an illegal, lawless act within Missouri. But there's not enough evidence on my part to make them feel they need to give me a late rescission, I don't think... so this isn't even much of an option for me.


what options are left now? Give the timeshare back to the timeshare resort so they can try selling it off for me? What else can I do?

Sharket doesn't report a sale over $1,200 in the last 3 years, and their typical resale for that property is listed at $14.49. You aren't going to recover any of your purchase price whether you sell it yourself or talk Stormy Point into selling it for you.

Since you are looking forward to car and home purchases, I wouldn't suggest stiffing the credit card company. That may be an amount for which they would go through the effort to sue for garnishment, too.

Besides being duped and all that, why did you buy? Was there something in that resort that made you believe you want to stay a week there every year? It may be best for your situation and financial future just to bite the bullet and make loan and MF payments, and try to get some enjoyment out of the resort. Tuition for a lesson learned.

 

[bnoble]

ARE there REALLY any trustworthy timeshare relief companies out there?

No. The contract you signed was very carefully written by the developer (and their legal staff). They know what they are doing, and now that you are past your rescission deadline, it will be next to impossible to get out of without paying off the loan and selling the timeshare for what is likely to be pennies on the dollar, if that. You will not be able to get anywhere near what you owe for it, so you are on the hook for the vast majority of the purchase price, one way or the other.

However, the timeshare "ecosystem" is chock full of predatory third-party companies that will spin all sorts of tales about how to fix whatever you are unhappy about when it comes to your ownership. And, if you aren't unhappy, they will first explain why you should be unhappy, and then they will tell you how they can fix it!

You might ask why the ecosystem has developed in the way that it has, but the answer is pretty simple. Timeshare owners have already demonstrated that they are willing to buy a timeshare. Most of those sales are from a developer, and often that sales process unfolds the way yours did---you bought something that, in the cold light of day, you would not have bought. That makes timeshare owners, as a group, a pretty attractive target. After all, if a heavy sales pitch worked once, it's likely to work again!

Given that you are in your 20s, you have a hard decision to make. You can default on the loan, but that's going to hit your credit, and you are in a stage in your life where bad credit is going to cost you for a while for homes, cars, etc. Even rental landlords will often pull a credit check, and if your credit is poor, they'd just as soon rent to someone else.

Alternatively---assuming you can afford to do so with some sacrifices---you could meet the terms of the contract, and learn to enjoy what you've bought. If you go this route, look carefully at the interest rate you are paying, and if it is astronomically high (I bet it is) try to figure out ways to shift the balance to a lower-rate instrument. Plenty of people here at TUG have bought from the developer in the heat of the moment, regretted it, but learned to enjoy their timeshares. They might not do it over the same way, but they've made the best of the situation and had some great vacations along the way.

Finally, you could try to play chicken with the developer. If the developer structured the loan for you, chances are good that they judged you an iffy risk already and so they were trying to lay that risk off to the third-party card provider. So, you could tell them that you never plan to pay a dime, and they can foreclose if they want to, or they can make it easy on themselves and cancel the sale and take it back. A foreclosure isn't free for the developer, and they might decide that it's not worth the trouble. However, I think that is unlikely, because the developer has already been paid by the third-party lender, and that lender has no incentive to take your timeshare off your hands.

I wish I had better news for you. Really, I do.

 

[Passepartout]

Well, there is ONE more option. Pay it off. You saw value in timeshare at the presentation. That's still there. We took a poll a few months ago of TUG members/guests (of which you are now one). And half of us bought our first timeshare from the developer. Some even bought subsequent weeks fro m them. And most spent a bunch more than $8900.

We're sorry didn't read what you signed. We're sorry the salesweasel didn't tell you that you REALLY needed to understand the contract. We'e sorry you didn't even Google Timeshare and find us until it was too late.

There are hundreds of those 'pay us a fee and kiss your timeshare goodbye' outfits. Actually, it's Keep your timeshare, and kiss your money goodbye, 'cause they'll close that shop and open another one next week under a different name in a different boiler-room phone bank.

We wish you well. But really, if your credit is important, and you still want to go on quality vacations, keep up the payments and stuck around TUG and learn how to use what you bought.

Oh, yes, by all means try to offer the developer a deed-back, but manage your expectations really well, because the law is on their side, not yours.

Jim

 

[bnoble]

On this point:

They never once mentioned the option to rescind- they just said "if you don't want your time share anymore, don't bother selling it to timeshare relief programs. you can try selling it to people interested in buying timeshares.. or you can go to us, and we'll try selling it for you." they never once said anything about rescinding." They did tell me it's my homework to go over the papers/contracts as soon as I can... but they didn't mention any rescinding period... which happened to be 5 days from purchase... so that I might not realize there was one until it was too late. It's deceptive. Which therefore makes it an illegal, lawless act within Missouri.

I've never bought or sold a timeshare based in MO, so I'm not 100% sure, but it is likely that they do not need to verbally inform you of the deadline, only that they inform you in writing. I'm going to guess that there is a sheet that had a list of statements, and as part of your purchase process you initialed each statement. I'll further guess that the sales staff ran that by you pretty quickly. Finally, I'll guess that that list includes statements to the effect that nothing verbal is binding, only what's in the contract. That list probably even mentions the right to rescind without going into details.

Again: these folks know what they are doing. They have well-paid lawyers to make sure the sales process skirts right up to the line of the law without going over it, and the sales staff probably stayed on the right side of the "legal" line, while going well over the "ethical" one. But, those are different lines.

As Ty1on put it: your best bet is probably to just learn to get some enjoyment out of this, and chalk this up to experience. It's an expensive lesson, to be sure, but as long as you learn from it, it can serve you well down the road for decades to come.

 

[Ty1on]

On this point:



I've never bought or sold a timeshare based in MO, so I'm not 100% sure, but it is likely that they do not need to verbally inform you of the deadline, only that they inform you in writing. I'm going to guess that there is a sheet that had a list of statements, and as part of your purchase process you initialed each statement. I'll further guess that the sales staff ran that by you pretty quickly. Finally, I'll guess that that list includes statements to the effect that nothing verbal is binding, only what's in the contract. That list probably even mentions the right to rescind without going into details.

Again: these folks know what they are doing. They have well-paid lawyers to make sure the sales process skirts right up to the line of the law without going over it, and the sales staff probably stayed on the right side of the "legal" line, while going well over the "ethical" one. But, those are different lines.

As Ty1on put it: your best bet is probably to just learn to get some enjoyment out of this, and chalk this up to experience. It's an expensive lesson, to be sure, but as long as you learn from it, it can serve you well down the road for decades to come.

Actually, $8,900 is pretty cheap as far as hard timeshare lessons go, judging from reading the posts of victims that regretted their purchases in the $18K+ range.

 

[blehhitstu]

How do i offer deedback to developer?

1) What does it mean to "Offer a deedback to the developer" ?
Please tell me more about that option.

2)And what can I do to slow down the bleeding from the high interest rate?

3) Besides from that, I suppose the only other option is to make the best use of this timeshare I'm stuck with, as you all say.

4) I find you all to be wonderful, wonderful people. Thanks for taking the time to walk me through this. I may find myself turning 40 something years old, wiser.. and giving the same advice on TUGS one day.

 

[DeniseM]

1) What does it mean to "Offer a deedback to the developer" ?

Deeding it back is transferring the deed back to the developer, but that probably won't do the job - because you will still have the loan. "Rescinding" undoes the whole thing.

2)And what can I do to slow down the bleeding from the high interest rate?

Refinance it at a lower interest rate - if you don't own a home, that's probably some kind of personal loan from your bank.

 

[Ty1on]

1) What does it mean to "Offer a deedback to the developer" ?
Please tell me more about that option.

2)And what can I do to slow down the bleeding from the high interest rate?

3) Besides from that, I suppose the only other option is to make the best use of this timeshare I'm stuck with, as you all say.

4) I find you all to be wonderful, wonderful people. Thanks for taking the time to walk me through this. I may find myself turning 40 something years old, wiser.. and giving the same advice on TUGS one day.

1. You give your deed back to the HOA (If they will take it). This would not relieve you of the CC debt, but it would relieve you of maintenance fee obligations.

2) Same as with any high interest credit card: Try to find a lower interest CC to transfer it to, focus your bill payments on that to eliminate the highest interest first (pay it off as fast as possible), try to find a lower interest personal loan to pay off the debt, but this may be difficult for you. If you have a 401K with a decent balance in it, you may be able to borrow against it and repay out of your check at a low interest rate....the interest would go to your 401K.

3) Yup!

4) I have a feeling we are all really bitter old codgers who are just putting on an act here.

And . . . . preach against buying timeshare at presentations to anyone mentioning going to one for the freebies. You can help before you are 40.

 

[MuranoJo]

I'm not familiar with the demand of your timeshare, but is there a chance you could reserve and rent out high-demand weeks for at least part or all of your maintenance fee?

(This is only after you've tried to talk the resort into accepting your late rescission or taking back the unit (perhaps at the loss of your down payment)--and if that doesn't work.)

 

[presley]

1) What does it mean to "Offer a deedback to the developer" ?
Please tell me more about that option.

Usually, they will only accept it if the contract is paid off and the MFs are up to date. Then, after weeks of begging and haggling, they may take it back to sell it someone else. I don't imagine that they will take it back with a mortgage on it because they simply don't have to and they don't care what your situation is.

 

[LannyPC]

Help! :'(
Now there's a company called trashyourtimeshare.com that says they'll guarantee they'll get rid of the timeshare I got for just $2300. Over the phone, the guy says he knows the ins and outs- and said that he's worked with clients who also wanted to rid their timeshare from the Summerwinds Resort... But I don't believe it.

Is this company legitimate/trustworthy??

ARE there REALLY any trustworthy timeshare relief companies out there?

Or is my only option to sell the timeshare back to the Summerwinds Resort... or someone else who's interested in buying a timeshare.


If you spot a suspicious scam-artist commenting on my thread post, please write a comment to let me know which commenters to trust or not to trust.

Thanks I'd really appreciate any help/advice. Near tears with frustration. I'm only in my twenties.. feeling so stupid and helpless

This company, Trash Your Timeshare, is probably running what we like to call a Viking Ship operation where you pay TYTS to take over the deed then TYTS transfers ownership into a dummy corporation and abandons it forcing the resort's HOA to foreclose and take over ownership. I won't give all the details now but let's just say that such transactions are fraught with risks and ramifications.

As for spotting which commenters to trust or not, you can look at the poster's profile to see how long he has been a TUG member and how many posts he has made. Long-time posters with many posts are usually (somewhat) trustworthy. I would be careful of "Newbies" coming on TUG shouting the praises of some obscure, hardly-known company that claims it performed some sort of miracle in helping a desperate TS owner.

Now that you have your radar up for suspicious companies, the other type to watch out for is the upfront fee resale/rental scam. Basically, they call up TS owners like you claiming they have a buyer/renter (or can quickly and easily find one) who is wired, ready, and willing to pay you a king's ransom for your timeshare. All you have to do is pay some sort of fee or tax to complete the deal. Needless to say, it's a scam.

 

[presley]

This company, Trash Your Timeshare, is probably running what we like to call a Viking Ship operation where you pay TYTS to take over the deed then TYTS transfers ownership into a dummy corporation and abandons it forcing the resort's HOA to foreclose and take over ownership. I won't give all the details now but let's just say that such transactions are fraught with risks and ramifications.

I was thinking Viking Ship at first, but since there is a mortgage, chances are extremely high the resort won't transfer to the Viking Ship anyway. That made me think just a generic scam artist.

 

[Ty1on]

I was thinking Viking Ship at first, but since there is a mortgage, chances are extremely high the resort won't transfer to the Viking Ship anyway. That made me think just a generic scam artist.

There is no mortgage, the TS is clear title. OP took on credit card debt to pay the weasels.

 

[presley]

I've got a $8900 mortgage I have to divide and pay off each month with the money i make working... The downpayment money is being loaned on a credit card by a third party.

There is no mortgage, the TS is clear title. OP took on credit card debt to pay the weasels.

I read her post as having a mortgage and also a credit card bill for the down payment.

 

[Ty1on]

I read her post as having a mortgage and also a credit card bill for the down payment.

You are correct. I misread it.

 

[blehhitstu]

thanks

Thanks for teaching me a little more about the different scam artists out there.

I guess I'm stuck with this timeshare until the mortgage is completely paid off within the next decade or so. And then after that, perhaps I've that slim shot at selling off my timeshare to someone who might actually want it.

If there's anything else you think I should be aware about down the road... please let me know.

I really do appreciate all the replies. You guys are awesome!

 

[CO skier]

I guess I'm stuck with this timeshare until the mortgage is completely paid off within the next decade or so. And then after that, perhaps I've that slim shot at selling off my timeshare to someone who might actually want it.

You are paying for it. Why not learn how to make the best reservations? Make the time to use it.

Summerwinds Stormy Point seems to be a very nice resort. If you are like many of us here, after a few stays in a timeshare unit at a resort instead of a hotel room, it may turn out that 10 years from now, no one will be able to pry the timeshare from your hands. It is all in how you view it.

 

[blehhitstu]

Is TrashYourTimeShare legitimate/trustworthy?

Based on this email compilation from a Mr. C Toland- who works for TrashYourTimeShare.... please see if this time share relief company is legitimate/trustworthy. Thanks so much. The copy of email is below:



From Mr. C Toland : "I was just checking in to see if you have decided to get rid of your timeshare and if you had any questions that I could answer for you. We are here to assist you and save you as much money as possible, so please do not hesitate to reach out.





It was a pleasure talking to you on the phone. I’m glad I was able to answer all of your questions and provide you with all of the necessary information to help you make an educated decision in regards to getting rid of your timeshare. Please read through this email thoroughly, as it is designed to protect you from scams and provide you with a guaranteed solution to your timeshare burden.



Our legal team consists of the best Timeshare Litigation and Real Estate attorneys in the nation who specialize in complete contract cancellations. This means you will be completely relieved of all of your timeshare’s contractual obligations and fees, forever.



Our system guarantees:



· Written confirmation from your developer confirming that you are no longer responsible for the obligations of your timeshare contract.

· Cancellation of your remaining mortgage balance.

· Immediate stoppage of all mortgage payments.

· A full cease-and-desist issued against your timeshare company, which prevents them from harassing you during the cancellation.



As a result of multiple successful lawsuits and hundreds of completed cancellations, we have reached an agreement with most of the leading timeshare companies allowing for our client’s complete release, as long as a couple simple conditions are met:





1. There will be no return of invested funds. Never work with a firm that promises to recoup invested funds, as this is nearly impossible.



2. The usage of the timeshare must cease immediately upon starting our system.



3. While we will do everything possible to cancel maintenance/resort fees that are past due or may be issued during the cancellation, the developer may require that you pay your yearly maintenance fee, if it is issued before the cancellation is completed.





The goal when looking to cancel your timeshare is to save as much money as possible. With your current setup, you are projected to spend between $20,000-$30,000 over the next 10 years in maintenance fees and mortgage payments alone, if you decide to keep the timeshare.



Our rate is only $2,995 for the complete cancellation of a timeshare with a mortgage balance of less than $15,000. Of course, this is backed by our 100% money-back guarantee, which is provided to you below, in writing, before making any payments. We are proud to offer the lowest rate in the Timeshare Cancellation industry.



This is far different than going through a “Deed Transfer” or “Listing Company”, who will claim to “sell”, “transfer”, or “donate” your timeshare for you. You cannot transfer a timeshare if there is an outstanding balance on the property. Do not work with any company that tells you otherwise!



Working with a company that specializes in contract cancellations is imperative. The cancellation of your timeshare will result in a huge amount of savings over your lifetime; do not risk working with a less qualified company in order to save a few hundred dollars now. Keep in mind; as soon as you start our system, all of your payments to your timeshare company stop immediately! Your cancellation will essentially pay for itself by saving you your next 10 payments, and then it’s 100% savings from there.







Rate Options:



Option 1: Pay In Full - The most straightforward and inexpensive option. Payment can be made with any major credit/debit card. All of our online transactions are done through PayPal and are protected and secured. You can also send a money order or check if you prefer.



$2,995



Option 2: No Up-Front/Escrow - The full payment is made to Escrow.com, who will act as a 3rd party mediator and hold the funds until the services have been completed. No funds will be released to Trash Your Timeshare until the cancellation is completed. There is a $300 additional charge for this option as to cover their fees.



$3,295



Option 3: Finance – A minimum of 20% is due as a down payment in order to start your cancellation. The balance will be financed over 9 installments. More money can be put down in order to reduce monthly payments, or payments can be increased to reduce the amount of installments.



$600 down $293/m for 9 months









Start Your Cancellation!





This link will take you directly to our Service Agreement where everything we talked about is provided to you in writing. Our 100% money back guarantee is located in Section 3, as well as everything else we talked about. At the bottom is a place to input your signature and proceed to upload your documents. Our system is streamlined to keep up with the high demand of timeshare cancellations.





The level of service we provide has earned us the honor of becoming a BBB Accredited Business. We maintain an “A” rating and have zero complaints. This rating is reflective of our transparency as a company, a 100% success rate, and overall customer satisfaction.



Please let me know if you have any other questions. All of my contact information is in the signature below. We are available 24/7, as we work with clients in many different time zones and feel it is essential to always be able to reach a live person should you have any questions.



We highly recommend starting your cancellation as soon as possible. Don’t wait until you have thrown away more money. The sooner you start your cancellation, the more you save.




--
























Casey Toland
Cancellation Specialist





Phone: (844) 522-6235

Fax: (877) 935-0542

1701 N Lombard St.

Oxnard, CA 93030





Trash Your Timeshare

Simple, Affordable, and Risk-Free Timeshare Cancellation

100% Success Rate, 100% Guaranteed


[Link disabled. <--- SueDonJ]



-





Trash Your Timeshare

Simple, Affordable, and Risk-Free Timeshare Cancellation

100% Success Rate, 100% Guaranteed


www.trashyourtimeshare.com"

 

[bnoble]

You already know the answer.

 

[presley]

I find it odd and suspicious that you would start another thread about this.