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Need to sell time share

TT44110

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Any well known advice how I can sell my timeshare. I need to sell ASAP. It is with Westgate Resort and I have mortgage on it.
 

blondietink

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Good luck with that. I don't feel that this is a good time to try and sell it, but that is just my opinion.
 

Passepartout

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Simple answer. You can't. No one will buy it with a mortgage, Wastegate won't transfer title unless paid off, and it has zero value even if free and clear. Just check eBay completed auctions and see how many have been offered for free and how few have been taken.

Sorry to say, but it's only value is in family memories, and even then, you will end up paying Wastegate to take it back.

Best Wishes.

Jim

PS. All those 'get you out of your homeowner's outfits are scams to take more of your money. Honestly, you're best bet is to default and take the credit hit after they foreclose.
 

Grammarhero

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Any well known advice how I can sell my timeshare. I need to sell ASAP. It is with Westgate Resort and I have mortgage on it.
Where is your TS located? TS owners with deeds in FL, SC, Maine, CA, WI, HI, or MT and who default on their TS mortgages get anti-deficiency protection, as long as they don’t object to the foreclosure. Anti-deficiency protection is when resorts can’t sue your for the foreclosure balance.

If you make the hard decision to default, please kindly let us know if your credit got affected. 7 of 13 TS mortgage defaults as reported on TUG got their credit affected, by 50 to 150 points.
 

TheTimeTraveler

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Any well known advice how I can sell my timeshare. I need to sell ASAP. It is with Westgate Resort and I have mortgage on it.


As others have said, no one will touch it with an outstanding mortgage on it.

I would suggest you rent your Timeshare each year to help you cover your mortgage and maintenance fees.




.
 

CPNY

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Take advantage of the crashing economy. Stop making payments. Everyone will be taking hits in some way or another.
 

TT44110

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Where is your TS located? TS owners with deeds in FL, SC, Maine, CA, WI, HI, or MT and who default on their TS mortgages get anti-deficiency protection, as long as they don’t object to the foreclosure. Anti-deficiency protection is when resorts can’t sue your for the foreclosure balance.

If you make the hard decision to default, please kindly let us know if your credit got affected. 7 of 13 TS mortgage defaults as reported on TUG got their credit affected, by 50 to 150 points.
TS in Orlando FL, close to Disney World.
 

TT44110

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Why do you have to sell, or at least get rid of it, ASAP? How much do you still owe on the mortgage?
Can't afford and honestly, I just not interested in it anymore, do not think for me and my family now a good investment and still owe 11K. Just purchased in 2017.
 

Grammarhero

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Can't afford and honestly, I just not interested in it anymore, do not think for me and my family now a good investment and still owe 11K. Just purchased in 2017.
TS in Orlando FL, close to Disney World.
TS owners with deeds in FL who default on their TS mortgages get anti-deficiency protection, as long as they don’t object to the foreclosure. Anti-deficiency protection is when resorts can’t sue your for the foreclosure balance.

If you make the hard decision to default, please kindly let us know if your credit got affected. 7 of 13 TS mortgage defaults as reported on TUG got their credit affected, by 50 to 150 point
 

Grammarhero

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Grammarhero

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You mentioned mortgages ... do same regs apply to MF in those states?

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The following states allow anti-deficiency for MF defaults: CA, FL, ME, SC, WI, CO.
 

goaliedave

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The following states allow anti-deficiency for MF defaults: CA, FL, ME, SC, WI, CO.
Thank you for clarifying!

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gnipgnop

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Grammarhero: What about Pennsylvania? I live and own a timeshare in PA. Everything is paid up to date. No mortgage, no MF due. We have tried to sell, give away paying all fees, and asked Management Co. to take deed back. They will not help us out in anyway. They say they are not in the Real Estate business. We are walking away from our week for reasons of health issues. My husband is 80 and has heart issues and I just had a total knee replacement. What are the consequences for us in Pennsylvania. I did not see on your list that PA allows anti-deficiency for default.
 

Grammarhero

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Grammarhero: What about Pennsylvania? I live and own a timeshare in PA. Everything is paid up to date. No mortgage, no MF due. We have tried to sell, give away paying all fees, and asked Management Co. to take deed back. They will not help us out in anyway. They say they are not in the Real Estate business. We are walking away from our week for reasons of health issues. My husband is 80 and has heart issues and I just had a total knee replacement. What are the consequences for us in Pennsylvania. I did not see on your list that PA allows anti-deficiency for default.
Unfortunately PA is one of the worst states for TS ownership.

Out of 23 tuggers defaulting on MF, 4 got reported to the credit agencies. If you make the hard decision to default, please kindly let us know if your credit got affected. It would help tuggers moving forward.
 

Passepartout

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We are walking away from our week for reasons of health issues. My husband is 80 and has heart issues and I just had a total knee replacement. What are the consequences for us in Pennsylvania. I did not see on your list that PA allows anti-deficiency for default.
Really, at 80ish, how important is a great credit score? Are you buying a house, new car, financing travel, borrowing for any particular purpose? If, as I suspect, you don't need a lot of credit, simply stop paying and eventually the resort WILL decide they're in the Real Estate business and foreclose. And eventually your credit score will improve all on it's own. Frankly, I don't think creditors look particularly badly on people defaulting timeshare obligations.

I'm with you and considering similar actions.

Jim
 

easyrider

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Frankly, I don't think creditors look particularly badly on people defaulting timeshare obligations.

Anything that decreases the credit score is considered when asking for credit.

Bill
 

Passepartout

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Anything that decreases the credit score is considered when asking for credit.
That's true, Bill, but (a) how important is credit to 80-year-olds? and (b) any negative dings on a credit report are allowed explanatory letter(s) so one can make a case that having less financial outflow (the MF) means that the applicant for credit actually is MORE able to take on additional debt.
 

easyrider

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That's true, Bill, but (a) how important is credit to 80-year-olds? and (b) any negative dings on a credit report are allowed explanatory letter(s) so one can make a case that having less financial outflow (the MF) means that the applicant for credit actually is MORE able to take on additional debt.

Jim, I think you are close to 80. Do you need a decent credit score or do you pay cash ? Your probably right that a good credit score is not too important at 80 or even 70 . Especially if you have cash I'm guessing.

Can you even finance anything at 80 ?

Bill
 

goaliedave

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Jim, I think you are close to 80. Do you need a decent credit score or do you pay cash ? Your probably right that a good credit score is not too important at 80 or even 70 . Especially if you have cash I'm guessing.

Can you even finance anything at 80 ?

Bill
Yes, you can finance a timeshare at 80, even 90!

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Back to Westgate. Probably the only thing a resale Wastegate is good for is trading, unless you don't mind going that one week per year. And with that, sending it to RCI as soon as they allow you to trade, you'll get the best Trading Point Units (TPU). Then, you can get a better location/week somewhere else. Yes, Westgate resorts have a lot of great amenities, but, they essentially hate anyone who is a resale owner.

TS
 

Grammarhero

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Grammarhero: What about Pennsylvania? I live and own a timeshare in PA. Everything is paid up to date. No mortgage, no MF due. We have tried to sell, give away paying all fees, and asked Management Co. to take deed back. They will not help us out in anyway. They say they are not in the Real Estate business. We are walking away from our week for reasons of health issues. My husband is 80 and has heart issues and I just had a total knee replacement. What are the consequences for us in Pennsylvania. I did not see on your list that PA allows anti-deficiency for default.
@gnipgnop We hope you are well. If you made the hard decision to default on your timeshare, would you kindly let us know if your credit got affected? It would help other tuggers in similar situations.
 

gnipgnop

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I definitely will notify you of the results it will probably be a while though.
 
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