• The TUGBBS forums are completely free and open to the public and exist as the absolute best place for owners to get help and advice about their timeshares for more than 30 years!

    Join Tens of Thousands of other Owners just like you here to get any and all Timeshare questions answered 24 hours a day!
  • TUG started 30 years ago in October 1993 as a group of regular Timeshare owners just like you!

    Read about our 30th anniversary: Happy 30th Birthday TUG!
  • TUG has a YouTube Channel to produce weekly short informative videos on popular Timeshare topics!

    Free memberships for every 50 subscribers!

    Visit TUG on Youtube!
  • TUG has now saved timeshare owners more than $21,000,000 dollars just by finding us in time to rescind a new Timeshare purchase! A truly incredible milestone!

    Read more here: TUG saves owners more than $21 Million dollars
  • Sign up to get the TUG Newsletter for free!

    60,000+ subscribing owners! A weekly recap of the best Timeshare resort reviews and the most popular topics discussed by owners!
  • Our official "end my sales presentation early" T-shirts are available again! Also come with the option for a free membership extension with purchase to offset the cost!

    All T-shirt options here!
  • A few of the most common links here on the forums for newbies and guests!

Need to sell time share

TT44110

newbie
Joined
Mar 14, 2020
Messages
3
Reaction score
1
Points
1
Resorts Owned
Westgate
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

Guest
Joined
Jun 6, 2009
Messages
938
Reaction score
149
Points
203
Location
Western NYS
Resorts Owned
DVC Saratoga Springs; Sheraton Vistana Villages St. Augustine; Westin Adventuras
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

TUG Review Crew: Veteran
TUG Member
Joined
Feb 10, 2007
Messages
28,462
Reaction score
17,213
Points
1,299
Location
Twin Falls, Eye-Duh-Hoe
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

Official TUGBBS Rescission Master
TUG Lifetime Member
Joined
Jun 9, 2019
Messages
3,086
Reaction score
2,486
Points
399
Location
Washington, DC Area
Resorts Owned
Wyndham Grand Desert 77k, VV Williamsburg 4L/4 & 2/2
Former: Wyndham 276k, HGVC South Bend 1/1
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

TUG Member
Joined
Jan 23, 2008
Messages
5,952
Reaction score
2,857
Points
648
Location
Florida
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

TUG Member
Joined
Jun 18, 2019
Messages
7,508
Reaction score
4,392
Points
349
Resorts Owned
Harborside Resort at Atlantis
SVV - Key West/Bella
WKV
Regal Vista at Massanutten
Take advantage of the crashing economy. Stop making payments. Everyone will be taking hits in some way or another.
 

TT44110

newbie
Joined
Mar 14, 2020
Messages
3
Reaction score
1
Points
1
Resorts Owned
Westgate
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

newbie
Joined
Mar 14, 2020
Messages
3
Reaction score
1
Points
1
Resorts Owned
Westgate
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

Official TUGBBS Rescission Master
TUG Lifetime Member
Joined
Jun 9, 2019
Messages
3,086
Reaction score
2,486
Points
399
Location
Washington, DC Area
Resorts Owned
Wyndham Grand Desert 77k, VV Williamsburg 4L/4 & 2/2
Former: Wyndham 276k, HGVC South Bend 1/1
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

Official TUGBBS Rescission Master
TUG Lifetime Member
Joined
Jun 9, 2019
Messages
3,086
Reaction score
2,486
Points
399
Location
Washington, DC Area
Resorts Owned
Wyndham Grand Desert 77k, VV Williamsburg 4L/4 & 2/2
Former: Wyndham 276k, HGVC South Bend 1/1

Grammarhero

Official TUGBBS Rescission Master
TUG Lifetime Member
Joined
Jun 9, 2019
Messages
3,086
Reaction score
2,486
Points
399
Location
Washington, DC Area
Resorts Owned
Wyndham Grand Desert 77k, VV Williamsburg 4L/4 & 2/2
Former: Wyndham 276k, HGVC South Bend 1/1
You mentioned mortgages ... do same regs apply to MF in those states?

Sent from my SM-A505G using Tapatalk

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

goaliedave

Guest
Joined
Jan 5, 2019
Messages
1,298
Reaction score
854
Points
123
Resorts Owned
Raintree, Diamond (bought by Hilton), Shell (bought by Wyndham), Sheraton (bought by Marriott), Palace Resorts, a few independants
The following states allow anti-deficiency for MF defaults: CA, FL, ME, SC, WI, CO.
Thank you for clarifying!

Sent from my SM-A505G using Tapatalk
 

gnipgnop

TUG Review Crew: Expert
TUG Member
Joined
Aug 23, 2005
Messages
1,838
Reaction score
161
Points
424
Location
Pennsylvania
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

Official TUGBBS Rescission Master
TUG Lifetime Member
Joined
Jun 9, 2019
Messages
3,086
Reaction score
2,486
Points
399
Location
Washington, DC Area
Resorts Owned
Wyndham Grand Desert 77k, VV Williamsburg 4L/4 & 2/2
Former: Wyndham 276k, HGVC South Bend 1/1
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

TUG Review Crew: Veteran
TUG Member
Joined
Feb 10, 2007
Messages
28,462
Reaction score
17,213
Points
1,299
Location
Twin Falls, Eye-Duh-Hoe
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

TUG Review Crew: Elite
TUG Member
Joined
Aug 21, 2005
Messages
15,044
Reaction score
8,001
Points
948
Location
Palm Springs of Washinton
Resorts Owned
Worldmark * * Villa Del Palmar UVCI * * Vacation Internationale*
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

TUG Review Crew: Veteran
TUG Member
Joined
Feb 10, 2007
Messages
28,462
Reaction score
17,213
Points
1,299
Location
Twin Falls, Eye-Duh-Hoe
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

TUG Review Crew: Elite
TUG Member
Joined
Aug 21, 2005
Messages
15,044
Reaction score
8,001
Points
948
Location
Palm Springs of Washinton
Resorts Owned
Worldmark * * Villa Del Palmar UVCI * * Vacation Internationale*
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

Guest
Joined
Jan 5, 2019
Messages
1,298
Reaction score
854
Points
123
Resorts Owned
Raintree, Diamond (bought by Hilton), Shell (bought by Wyndham), Sheraton (bought by Marriott), Palace Resorts, a few independants
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!

Sent from my SM-A505G using Tapatalk
 
Joined
Sep 24, 2011
Messages
2,985
Reaction score
1,159
Points
348
Location
Deltona Florida
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

Official TUGBBS Rescission Master
TUG Lifetime Member
Joined
Jun 9, 2019
Messages
3,086
Reaction score
2,486
Points
399
Location
Washington, DC Area
Resorts Owned
Wyndham Grand Desert 77k, VV Williamsburg 4L/4 & 2/2
Former: Wyndham 276k, HGVC South Bend 1/1
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

TUG Review Crew: Expert
TUG Member
Joined
Aug 23, 2005
Messages
1,838
Reaction score
161
Points
424
Location
Pennsylvania
I definitely will notify you of the results it will probably be a while though.
 
Top