I want to sell my Wyndham timeshare. I have not used a single credit. Please help I want to sell.

[kyana1]

I want to sell my Wyndham timeshare. I have not used a single credit and only bought it a month ago. I already paid $5000 and it still has a mortgage of $14,000. I don't mind negotiating and paying $2000 more if someone is willing to have it transferred on their name. I can no longer afford to pay the timeshare and I want to exit. Any help would be greatly appreciated.

 

[geist1223]

Bad news. It is almost impossible to sell a timeshare that still has a loan on it

 

[RX8]

Unfortunately, you will be unable to sell it with an outstanding mortgage. The timeshare is worth just a fraction of what you still owe on it. Why don’t you use that $2000 towards the fees and get some vacations out of it?

What changed just in the last 30 days? A long shot is to mail a rescission letter with your hardship (which you are way past your legal right to do so). They have no requirement to allow the rescission and probably won’t but you are grasping at straws so doesn’t hurt to try. If you truly need to get out from under it foreclosure may be your only option. You may be tempted to pay a company thousands of dollars because they promise to get you out but that is risky. There are many horror stories about people who pay thousands but end up still owning the timeshare.

 

[Aurelius]

Unfortunately no one is going to buy or take over a timeshare that still has a mortgage on it. The sad reality is that the value of this TS is likely $0.

Depending on your financial needs over the next 7 years - your best options are to pay for it and learn to use it, or walk away and let the TS foreclose. That will result in a credit hit and years of collection efforts, but it may be your best option.

 

[LannyPC]

I fully agree with the above three replies. Unfortunately, your plight is pretty common. We see and hear of people coming on these boards almost weekly with a story similar to yours so you are not alone.

Again, I will echo what RX8 said about seeking help from companies, charities, or law firms that claim they can somehow cancel and get you out of your situation.

 

[HudsHut]

Since you used the term "credit" (instead of point), I believe you bought WorldMark The Club. (Wyndham is the developer and management company. They have several different timeshare brands.)

 

[Passepartout]

Kyana1, I guess you got the message. And if you are thinking you're the exception and 'someone, somewhere' will want it, think again. Wyndham will not even transfer a TS that has an outstanding mortgage on it.

What you can do, though to lessen the cost to you would be to reserve the 'best' weeks in the 'best' resorts you can and rent them to family, friends, on Craigslist, or wherever you can. You will not get even close to what you are paying in mortgage and MF fees, but it will help. Alternatively, use the weeks yourself. The reasons you saw this purchase as a worthwhile expense are still valid. About half of us TUGgers bought our first TS at retail from the developer and didn't get the memo on rescinding until too late. We all survived and so will you.

Do whatever it takes to pay off that high interest note so all you have is the ongoing MF payment. Take a second job. Have that garage sale, I don't recommend using your home for collatertal on a second mortgage, or borrowing against your retirement funds, and ABSOLUTELY DO NOT sign up with any 'get you out of your timeshare' outfits. They can do nothing except take more of your money.

Sorry for the reality check, but that's all there is at this polnt.

Welcome to TUG. You're among friends.

Jim

 

[goaliedave]

there are 200,000 people in the same boat as you, unfortunately. God bless you.

Great advice previous, use some credits to earn rental money before you default. Direct message someone here to get help if you don't know how.



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[rickandcindy23]

WorldMark is worth something, but it's not worth enough to make it worthy of the price you paid. You need to use it or default and take a credit hit. What a shame. I wish you would have found us sooner.