I want to sell my timeshare

[cesarleo183rd]

How would I go about selling or giving away my timeshare? I don’t use it and would like to get rid of it. Can anyone please help


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[TheTimeTraveler]

Unfortunately most Timeshares are worth little or nothing.

Assuming all your fees are current and your loan is fully paid off then you should be able to either sell or at least give your Timeshare away. What exactly are looking to divest yourself of?

Best of luck!





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[cesarleo183rd]

Unfortunately my loan isn’t paid off & I am behind on payments due to the fact that my significant other had lost her job during the pandemic and I was also out of work for quite some time. We tried using the ReedHein exit team and they weren’t able to get us out of the timeshare and I believe they are now out of business so we haven’t had any luck as of yet. We own a timeshare with Exploria and the bills just keep piling up and we don’t know what to do. We are so stressed out, we just want to get rid of it.


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[TheTimeTraveler]

Sadly it sounds you are stuck with it (short of declaring Bankruptcy).

DON'T fall victim to anyone who says they can get rid of it for you and wants UPFRONT MONEY to do so. No exit team will be able to help you out (as you may have already discovered).

Anyone who charges money up front will simply take your hard earned money and disappear. There is absolutely no incentive for them to do anything for you.



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[VacationForever]

Exit teams are all scammers. No one can get you out of your timeshare contract obligation. If you don't mind a potential credit hit, just walk away from it. Worst case is that it affects your credit score but most lenders would overlook it because it is the result of defaulting on timeshare.

 

[RX8]

To add onto the excellent advice so far, I see very few options and unfortunately it is probably not what you want to hear.

1. Bring the maintenance fees current, pay off the loan, then give it away. Another option is to refinance the loan as a personal loan then give the timeshare away, not something I recommend.

2. Don’t pay any more on it and let it foreclose.

3. Doesn’t sound like you can afford it. If you can, bring it current and take vacations.

The fact that you have an outstanding loan makes it more complicated. With the loan, you have very few options. As you learned with a likely expensive lesson, exit companies make promises they can’t keep.

Wish you luck.

 

[cesarleo183rd]

Sadly it sounds you are stuck with it (short of declaring Bankruptcy).

DON'T fall victim to anyone who says they can get rid of it for you and wants UPFRONT MONEY to do so. No exit team will be able to help you out (as you may have already discovered).

Anyone who charges money up front will simply take your hard earned money and disappear. There is absolutely no incentive for them to do anything for you.



.

That’s exactly what the exit team did was charge us up front & they did absolutely nothing for us. It was a waste of money that we were already low on. Will never pay for another exit team again after that experience. Thanks for the heads up!


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[cesarleo183rd]

Exit teams are all scammers. No one can get you out of your timeshare contract obligation. If you don't mind a potential credit hit, just walk away from it. Worst case is that it affects your credit score but most lenders would overlook it because it is the result of defaulting on timeshare.

Yes I believe that now that I actually went through it. I actually will not mind a credit hit at this point. We stopped paying a long time ago and we have been sent to collections now which we received a letter about. We just really hope that they don’t try taking us to court and sue us for not paying. Have you ever heard of anyone being sued by a timeshare company before?


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[montygz]

Unfortunately my loan isn’t paid off & I am behind on payments due to the fact that my significant other had lost her job during the pandemic and I was also out of work for quite some time. We tried using the ReedHein exit team and they weren’t able to get us out of the timeshare and I believe they are now out of business so we haven’t had any luck as of yet. We own a timeshare with Exploria and the bills just keep piling up and we don’t know what to do. We are so stressed out, we just want to get rid of it.


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What your strategy should be will depend on your overall financial situation and how much money you can earn to catch up.

For example, if you have lots of debt and little income, and no hopes of making more money, bankruptcy may be the answer.

If you can start working again, and both of you get a second or third job, maybe you can catch up with your debts through financial discipline and learning to make better decisions.

There is no easy way out of your timeshare debt and sadly lots of businesses prey on people who are short on cash.

 

[DaveNV]

Have you contacted the Exploria business office and asked about your options? Some resort systems have a deedback program, or a deed in lieu of foreclosure, where you give the timeshare back to the HOA. I'd suggest you start there. They may also have a payment plan option to help you get things back on track.

If you're already in Collections, it may be too late. See below:

If that fails, and paying off the loan isn't an option, then bankruptcy may be the solution you are seeking. Yes, your credit would take a hit for a time, but eventually it will recover. As long as you aren't in dire straits otherwise, and don't need instant good credit, you may find it's the simplest resolution. (I once sold a business to someone who never paid me for it, and she destroyed the enterprise. I was forced to file a bankruptcy to get out of the debts created by her in my name. It took a few years to recover, but I survived, and I'm fine now. I lost nothing except the bad debt - kept my car, house, etc.) Bankruptcy options exist for a reason. Explore them (I suggest Chapter 7, which dissolves the debt.)

Good luck!

Dave

 

[cesarleo183rd]

To add onto the excellent advice so far, I see very few options and unfortunately it is probably not what you want to hear.

1. Bring the maintenance fees current, pay off the loan, then give it away. Another option is to refinance the loan as a personal loan then give the timeshare away, not something I recommend.

2. Don’t pay any more on it and let it foreclose.

3. Doesn’t sound like you can afford it. If you can, bring it current and take vacations.

The fact that you have an outstanding loan makes it more complicated. With the loan, you have very few options. As you learned with a likely expensive lesson, exit companies make promises they can’t keep.

Wish you luck.

Thank you guys so much for all of your advice. Unfortunately we cannot afford to pay for it so we are going to just let it foreclose. Being that we have received a letter from a debt collector on behalf of Exploria, do you think that foreclosure is near? I read somewhere that it may be their next step.


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[cesarleo183rd]

Have you contacted the Exploria business office and asked about your options? Some resort systems have a deedback program, or a deed in lieu of foreclosure, where you give the timeshare back to the HOA. I'd suggest you start there. They may also have a payment plan option to help you get things back on track.

If you're already in Collections, it may be too late. See below:

If that fails, and paying off the loan isn't an option, then bankruptcy may be the solution you are seeking. Yes, your credit would take a hit for a time, but eventually it will recover. As long as you aren't in dire straits otherwise, and don't need instant good credit, you may find it's the simplest resolution. (I once sold a business to someone who never paid me for it, and she destroyed the enterprise. I was forced to file a bankruptcy to get out of the debts created by her in my name. It took a few years to recover, but I survived, and I'm fine now. I lost nothing except the bad debt - kept my car, house, etc.) Bankruptcy options exist for a reason. Explore them (I suggest Chapter 7, which dissolves the debt.)

Good luck!

Dave

Thanks for the suggestion. We will try that and see where it goes. It’s good to hear that you were able to recover so quickly. We will think it through and consider filing for bankruptcy if we have no other options available.


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[rpeacock]

One thing you might want to consider/explore is pro bono legal assistance. Where you live there may be a legal aid service for those who are not able to pay for legal services. If you Google pro Bono services near me, something will probably come up. Best of luck to you.

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[cesarleo183rd]

One thing you might want to consider/explore is pro bono legal assistance. Where you live there may be a legal aid service for those who are not able to pay for legal services. If you Google pro Bono services near me, something will probably come up. Best of luck to you.

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Thanks a lot, I will give it a look.


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[Passepartout]

Thanks a lot, I will give it a look.

You will not find free legal advice to help you prepare bankruptcy. What exactly did this letter from a collector say? Under the Fair Credit Reporting Act, you have rights and they may not call or harass you. Didn't I mention that you need legal advice from a lawyer versed in your laws and in your jurisdiction. But you need to make a ledger of how much you owe, and what your assets are. It might be that putting in some more time, or getting a second job for a time or taking out a home equity loan will allow you to pay off the loan, get current, save your credit, and avoid bankruptcy. Sure. Buying a timeshare at your stage of life may have been unwise. Defaulting didn't help. You might be able to negotiate for reduced debt. Who knows?, but ignoring it won't make it go away.