How to Sell/get rid of Westin FleX Hawaii Time Share

[Partha]

Hi I purchased westin Flex times Share of value 120000 with a loan in 2018. I paid the installment every month so far. But I want to get rid of this. Could you please help? I still have loan in this account?

 

[geist1223]

In that you still owe money on the Contract it is very unlikely that you will be able to sell this timeshare.

 

[Partha]

Yes I still owe money. So there is no way to get rid of this ? What happened if I stop paying them and foreclose ?

 

[jabberwocky]

Yes I still owe money. So there is no way to get rid of this ? What happened if I stop paying them and foreclose ?

No one will buy this from you with money being owed on it. There are enough timeshares available which do not have mortgages on them.

If you stopped paying you would lose your points and they may sue you for the balance (look up anti-deficiency on this bulletin board - it's not clear what state laws would apply to a product with timeshares in multiple states or if those laws even apply to trust based products).

They can report the delinquincy to a credit bureau.

How much do you owe?

 

[Grammarhero]

Yes I still owe money. So there is no way to get rid of this ? What happened if I stop paying them and foreclose ?

Where is the TS deeded? Where is the HOA located?
HI has a quirk whereas mortgage defaults get anti-deficiency but not MF defaults.

Operative language: “Upon completion of the nonjudicial foreclosure of residential property pursuant to this part, the mortgagee or other person, excluding an association, shall not be entitled to pursue or obtain a deficiency judgment against an owner-occupant unless the debt is secured by other collateral. The debts of other lien creditors are unaffected except as provided in this part.

https://www.capitol.hawaii.gov/hrscurrent/Vol13_Ch0601-0676/HRS0667/HRS_0667-0038.htm

 

[LannyPC]

But I want to get rid of this. Could you please help? I still have loan in this account?

The one thing that most here on TUG would caution you about is to not go seeking the "help" of some of these companies or law firms that claim they can cancel your TS or mortgage, or that they can sue certain parties for you. If these companies are not outright scams, then at best, they employ questionable or illegal means.

 

[Partha]

It was deeded in Maui, Hawaii. My home base is Westin Kanapalli ocean resort Villa. The did was done in 2018.

 

[Partha]

The one thing that most here on TUG would caution you about is to not go seeking the "help" of some of these companies or law firms that claim they can cancel your TS or mortgage, or that they can sue certain parties for you. If these companies are not outright scams, then at best, they employ questionable or illegal means.

Thanks...I see that...thanks for the advice ..appreciate it.

 

[Partha]

No one will buy this from you with money being owed on it. There are enough timeshares available which do not have mortgages on them.

If you stopped paying you would lose your points and they may sue you for the balance (look up anti-deficiency on this bulletin board - it's not clear what state laws would apply to a product with timeshares in multiple states or if those laws even apply to trust based products).

They can report the delinquincy to a credit bureau.

How much do you owe?

I owe around 80K

 

[vacationtime1]

Are Westin Flex shares real property that would be subject to a state's anti-deficiency laws?
Is this interest located in Florida (where the trust is sited and recorded) or in Hawaii? The fact that the trust owns units at WKORV is not determinative.

I don't know the answer to either question, but OP should before acting. Legal advice given by out-of-state non-lawyers on the internet is worth what you pay for it.

Clearly OP was screwed by a salesshark; no unit at WKORV is worth over $35K (we own one of those $35K units).

I reiterate LannyPC's advice in post #6.

 

[turkel]

Ouch at that price I would walk and take the hit to my credit report. You could always buy resale later.

 

[Partha]

Ouch at that price I would walk and take the hit to my credit report. You could always buy resale later.

it is point based...Start options I have 359000 star options... normally for 1 week in Hawaii it takes 148000 for two bed room villa....So my home base is in Maui, Hawaii. I can book 1 year in advance all Westin resorts in Hawaii...and all the other resorts for Westin and Sheraton 8 months in advance...So If i don't book on Hawaii I get almost 5 weeks in other locations...Did I pay high value for this?

 

[Partha]

Ouch at that price I would walk and take the hit to my credit report. You could always buy resale later.

Sorry I didn't do enough research before buying it... They told me I can resale or I can rent out the weeks if I want to...Looks like it's not possible unfortunately

 

[turkel]

I suppose I read your initial post incorrectly thinking you got 120 k points for the 80k.

You do have a lot of points at 359k but resale is always far cheaper than paying retail.

Can you afford to keep paying? Do you use it? I love time sharing but I didn’t pay what you did. You are the only one that can decide if continuing to pay and use is a good value for you. But you will never be able to sell for 80 k or the $120 k you bought for.

 

[btoby61]

it is point based...Start options I have 359000 star options... normally for 1 week in Hawaii it takes 148000 for two bed room villa....So my home base is in Maui, Hawaii. I can book 1 year in advance all Westin resorts in Hawaii...and all the other resorts for Westin and Sheraton 8 months in advance...So If i don't book on Hawaii I get almost 5 weeks in other locations...Did I pay high value for this?

so do you have 148, 000 or 359000 Wflex options. If it's 359K that would give you 2.5 weeks in Hawaii no?

 

[Partha]

so do you have 148, 000 or 359000 Wflex options. If it's 359K that would give you 2.5 weeks in Hawaii no?

I have 359000... 2.5 weeks in Hawaii but for one bedroom it'll be like 5 weeks and couple of resorts have lower points requirement than Hawaii I think thats what I was told....It's always confusing

 

[Partha]

I suppose I read your initial post incorrectly thinking you got 120 k points for the 80k.

You do have a lot of points at 359k but resale is always far cheaper than paying retail.

Can you afford to keep paying? Do you use it? I love time sharing but I didn’t pay what you did. You are the only one that can decide if continuing to pay and use is a good value for you. But you will never be able to sell for 80 k or the $120 k you bought for.

I used it last year....But this year I have different plan...That was why I was planning to rent this out...Any suggestion for any good site other than Airbnb for renting add? Looks like I am stuck with it....I have to loose a lot if I try to get rid of it

 

[Partha]

Thanks a lot everyone for help and suggestions ..I really appreciate it!!!

 

[ocdb8r]

Partha,

1) do not feel bad. This message board is FULL of people who made the same mistake you did. There is no shame in it here. We all know exactly how this happens...the big stories told by the salespeople, the excitement of feeling like you "own" your vacations for the rest of your life....etc. You are not alone. If you hang around here and read the forums, you will see many of these stories.

2) As has been posted above, it is very unlikely you will be able to "offload" this purchase to anyone else for the amount that you owe (some would say impossible). It is also unlikely you could collect enough on the rental market to cover your annual costs (however, perhaps you could let us know what you're paying monthly to cover your loan as well as your maintenance fees?).

3) Whatever you do, DO NOT pay any company that claims they can get you out of your timeshare. These companies prey on people desperate to get away and are scum lower than timeshare salespeople. Just again reiterating the advice of @LannyPC

4) If you choose to default, do your research. While some have posted there is a chance in certain jurisdictions that have an anti-deficiency law, you may need to seek some legal advice or creditor advice to confirm. I'm hoping someone else can post to some free or low cost resources. If not, check out CreditBoards where there is a wealth of resources posted. They may not be timeshare specific, but at the very least you should be able to get some thoughts on mortgage defaults. As has been posted, you'll likely be on the hook for both a mortgage default (for the loan you took out on the timeshare) and a maintenance fee default (for the amount of maintenance fees you owe each year). Regardless, this is likely to impact your credit.

5) Even if you have to accept a hit on your credit, you can recover. These things fade away over time. CreditBoards is also a good place to discuss how to minimize the impact and steps you can take to recover as quickly as possible.

Best of luck and do keep us posted. It's valuable for us all to see how these things play out...and you will not be the last for this to happen to. Someone else will benefit from your journey as well.

 

[Grammarhero]

Thanks a lot everyone for help and suggestions ..I really appreciate it!!!

@Partha we hope you are well and healthy. If you made the hard decision to default, would you kindly let us known if your credit got affected? It would help tuggers in similar situations moving forward.