Need to sell time share

[jimkin]

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.

Which Timeshare do you own? Did you list it for free here on TUG? You could try both Free Timeshare Giveaways and Bargain Deals and the Marketplace. I've had success by advertising on Craigslist in the cities surrounding the timeshare. Do you know any of the other owners? They may be in the market for an additional week or know someone that is.

Good Luck!!

 

[jimkin]

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

Bill

I think most times all that is looked at is the score itself. It's usually an automated process and no detailed analysis is performed.

 

[jimkin]

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

It sounds like he bought from Westgate.

 

[jimkin]

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.

As others have advised you're pretty much between a rock and a hard spot. It has minimal value on the resale market, nowhere near $11k and Westgate won't talk to you unless you own it free and clear. So your real options are to take the loss and credit hit and quit paying or to make it work for you. You saw the possibilities when you bought it and they are still there. Plan and enjoy your trip to Orlando or trade within RCI/II. I have friends that get really good trades with their Westgate unit. Renting is another option and may cover maint fees. I think you're probably better off just chalking it up to experience and enjoying the experiences you can get from timesharing unless the cash flow just isn't there to make the payments.

 

[theo]

...still owe 11K. Just purchased in 2017.

My advice is don't throw any more good money after bad. Just stop making any further payments to Wastegate and take the credit score hit likely to result from defaulting on the loan balance. You have clearly stated that you're "just not interested in it anymore".

As pointed out already, even if that $11k loan balance was paid off in full tomorrow, you would then own something free and clear which essentially has zero dollar value (and little or no demand) out in the resale market. You probably wouldn't even be able to give it away for free, so that math speaks plainly for itself. Surely not what you want to hear, but still the unvarnished truth.

Stop paying, walk away and don't look back. Don't answer any collection calls and don't respond to any correspondence. The End.