Not desperate but I can see desperation from here: looking for help on how to get rid of my timeshare at

[teebeej]

My wife and I have a paid-up timeshare at Verde Ridge, near Sedona AZ. It's advertised now with TUG for swap, sell or giveaway. It's one week every odd year. Maintenance fees paid up for 2022-2023. I’m hoping someone can direct me to a description of the process for simply ceding the deed to Verde Ridge or a private party or tell me how to get rid of the thing at minimal cost. Meanwhile, I'll continue to browse the threads here to look for clues. Many thx for any helpful comments.

 

[theo]

My wife and I have a paid-up timeshare at Verde Ridge, near Sedona AZ. It's advertised now with TUG for swap, sell or giveaway. It's one week every odd year. Maintenance fees paid up for 2022-2023. I’m hoping someone can direct me to a description of the process for simply ceding the deed to Verde Ridge or a private party or tell me how to get rid of the thing at minimal cost. Meanwhile, I'll continue to browse the threads here to look for clues. Many thx for any helpful comments.

You can only "deed back" to the resort if they allow you to do so; you cannot just do it unilaterally. There needs to be "acceptance" by any new "grantee". Have you asked the resort HOA directly whether they accept "deedbacks"? That should be your very first step, since it's the easilest and cleanest "out" --- *IF* it's even an available option.

If that "deedback" option doesn't exist at your resort, you will need to find a willing (and legitimate) new "grantee". Once you do so, an outfit like LT Transfers can handle all deed prep, execution and recording details for a cost of under $300 --- but you will need to come up with that new "willing and legitimate recipient" on your own first.
Good Luck!

 

[TheTimeTraveler]

@theo is correct. Another option would be for you to offer your Timeshare week on TUG specifically in the "FREE Timeshares" Forum. Won't cost you a nickel to advertise in that Forum.

Best of luck!





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[LannyPC]

If the above two suggestions fail, then your last option would be to stop paying MFs and just let it go into foreclosure. But I emphasize, only do that if the above two options fail. If you try Theo's suggestion of reaching out to the resort's HOA, let them know that you will not be paying any more maintenance fees so it would be in the best interests of all involved for the HOA to take your TS back.

As always, when someone comes on here in a situation like yours, the biggest piece of advice we usually give is to not go seeking the services of these companies, law firms, or charities that claim they can cancel or exit you out of your TS.

 

[ScoopKona]

I didn't do this.

But many people have quit paying and taken the credit hit. They came through it OK. Am I going to guarantee you'll get through it OK, too? No. But I've yet to read the post that said, "I walked away from my timeshare and now my life is ruined."

If anyone can pull such an example up, I will cheerfully eat my words.

 

[Fucare]

I too need help if anyone has advice. I have Worldmark by Wyndham. I still owe 20k on the deed. I have tried talking to them and called some 3rd party sellers but they keep stating that since I have a balance, the deed will not sell. I do not want to take the credit hit.... any advice on how to get rid of it? Anything helps. Thank you all in advance

 

[dioxide45]

I too need help if anyone has advice. I have Worldmark by Wyndham. I still owe 20k on the deed. I have tried talking to them and called some 3rd party sellers but they keep stating that since I have a balance, the deed will not sell. I do not want to take the credit hit.... any advice on how to get rid of it? Anything helps. Thank you all in advance

Since you still owe a balance on the purchase of the timeshare, what you have been told is correct. The only way out without a credit hit is to pay it off and then sell it.

 

[TheTimeTraveler]

I too need help if anyone has advice. I have Worldmark by Wyndham. I still owe 20k on the deed. I have tried talking to them and called some 3rd party sellers but they keep stating that since I have a balance, the deed will not sell. I do not want to take the credit hit.... any advice on how to get rid of it? Anything helps. Thank you all in advance

If you don't want to risk taking a credit hit then maybe you could rent your week to produce some income and offset some of the expenses....

Another solution? Take a second job and pay it off. Likely not what you want to hear but it is reality.

DON'T use a so called exit strategy company that promises to get rid of it and wants upfront money. It is a pure scam!




.

 

[ScoopKona]

I too need help if anyone has advice. I have Worldmark by Wyndham. I still owe 20k on the deed. I have tried talking to them and called some 3rd party sellers but they keep stating that since I have a balance, the deed will not sell. I do not want to take the credit hit.... any advice on how to get rid of it? Anything helps. Thank you all in advance

Take the hit. Whatever the lower score is going to cost you over the few years it takes to rebuild your score; it almost certainly won't be $20,000. And if it is, then you should pay the note off in cash because you're a high roller. By all means talk to a financial planner before you cut-and-run. But the advice to cut-and-run will probably hold up.

 

[dioxide45]

DON'T use a so called exit strategy company that promises to get rid of it and wants upfront money. It is a pure scam!

And will likely result in a credit hit.

 

[RENTER]

If you don't want to risk taking a credit hit then maybe you could rent your week to produce some income and offset some of the expenses....

Another solution? Take a second job and pay it off. Likely not what you want to hear but it is reality.

DON'T use a so called exit strategy company that promises to get rid of it and wants upfront money. It is a pure scam!




.

Rent it on Airbnb at the resorts Wyndham allows renting on Airbnb.

 

[ScoopKona]

Rent it on Airbnb at the resorts Wyndham allows renting on Airbnb.

Most timeshares don't even rent for their maintenance fee. That means that the longer the unit is held, the worse the financial hole is. And then, maintenance fees don't stop after the loan is paid. Even though the week can possibly be given away for free (or even sold at a drastic loss), financially its better to rip the bandage off.

And keep in mind, I'm a very happy timeshare owner. It's the best toy I've ever purchased. Someone else could have my week and hate it because they don't travel the way I do. It takes a certain sort of person to want to travel this way in the first place. And a certain sort of week to make that certain person happy.

I think it's crazy that the same people who scream "Rescind" from the rooftops are suggesting "rent your week and pay your loan." People bounce back after having a car repossessed. They bounce back after an eviction. And they can just as easily bounce back from a bad timeshare decision.

Talk to a financial planner -- absolutely. But why pay five figures on a purchase which provides zero joy and nothing but headaches?

 

[RENTER]

Most timeshares don't even rent for their maintenance fee. That means that the longer the unit is held, the worse the financial hole is. And then, maintenance fees don't stop after the loan is paid. Even though the week can possibly be given away for free (or even sold at a drastic loss), financially its better to rip the bandage off.

And keep in mind, I'm a very happy timeshare owner. It's the best toy I've ever purchased. Someone else could have my week and hate it because they don't travel the way I do. It takes a certain sort of person to want to travel this way in the first place. And a certain sort of week to make that certain person happy.

I think it's crazy that the same people who scream "Rescind" from the rooftops are suggesting "rent your week and pay your loan." People bounce back after having a car repossessed. They bounce back after an eviction. And they can just as easily bounce back from a bad timeshare decision.

Talk to a financial planner -- absolutely. But why pay five figures on a purchase which provides zero joy and nothing but headaches?

You are correct you can bounce back from a bad timeshare decision. You are correct when you say that the rents will not cover most maintenance fees. Yes, that is correct if you have weeks at a crappy timeshare. But with Wyndham, if you have points, you are wrong that the rents cannot cover the maintenance fees. If you have the discounts, they can even cover the loans. My maintenance fees are covered every year by March 1st with rents and I am not even renting at ski resorts or warm beach resorts during the winter. The rents covered my loans which is the only reason I bought VIP.

 

[T-Dot-Traveller]

I too need help if anyone has advice. I have Worldmark by Wyndham. I still owe 20k on the deed. I have tried talking to them and called some 3rd party sellers but they keep stating that since I have a balance, the deed will not sell. I do not want to take the credit hit.... any advice on how to get rid of it? Anything helps. Thank you all in advance

Hi @Fucare
Welcome to TUG .

My understanding from reading TUG is that Worldmark can be sold [ ie - transferred to a new owner ] with a loan balance .
However the math still has to make sense.

Worldmark generally sells for positive dollars- but no one will pay $ 3000 and assume a $20,000 loan
for something they could buy from the developer for $ 21,000 .

My understanding is you can rent your Worldmark points - which might help you cover your usage costs.
TUG has a Worldmark Forum that you may wish to read.

 

[geist1223]

Being a long term Worldmark by Wyndham Owner my understanding is that Wyndham will not transfer Ownership if money is still owed on a purchase Contract.

 

[sue1947]

In the past, at least, those WM loans were transferrable. However, the numbers don't make it work with the larger differential between developer prices and resale. A buyer can pay a couple thousand (depending on how many credits you own) for the same thing you will want to sell for the $20K balance. You won't find any takers. You can use it and pay off the balance or default.

 

[Huskerpaul]

You could rent the WM credits you get every year and cover a good portion of the annual maintenance fees without much trouble while you pay off the loan. Then you could unload the contract for pennies on the dollar less than what you paid Wyndamn.

 

[teebeej]

Thx to all who commented on my original post or on the replies that took this thread down an unrelated path. A few days after I posted my request for help, we deeded the unit back to the company. Our cost was $1,500. That was less than we were quoted by an exit company based in California that does not re-sell timeshares. The exit company examined our situation and came to the conclusion they were not a cost-effective option for us (many thx!!!). That’s why we are deeding it back to the company. My concern now: we started the exit process in November. The company received our final payment in November, but it has stated verbally and in writing something to the effect that "the process might take longer than 5-6 weeks to complete." Cynical me read that initial verbal warning as a prelude to them trying to get us to pay another maintenance fee (ca. $500) in 2024. In hopes of avoiding that battle, I stated in my initial letter to the company and restated it more strongly when I submitted payment, that we have done our due diligence (filed all necessary forms and made payment in timely fashion) and any delays on their part in processing the exit documents are their problem. I stated in that letter that, if they do dilly-dally until 2024, we will not pay any more maintenance fees. We are done! Bottom line: we will end up paying about $15,000 for a unit that we used twice (value maybe $1,000). I have done some stupid things in my 76 years on this planet, but buying a timeshare is surely near the top of the list, especially because I was warned not to buy one many times before I was suckered into two of the damned things. Fool me once, shame on you. Fool me twice, shame on me. Guilty as charged.

 

[TheHolleys87]

Thx to all who commented on my original post or on the replies that took this thread down an unrelated path. A few days after I posted my request for help, we deeded the unit back to the company. Our cost was $1,500. That was less than we were quoted by an exit company based in California that does not re-sell timeshares. The exit company examined our situation and came to the conclusion they were not a cost-effective option for us (many thx!!!). That’s why we are deeding it back to the company. My concern now: we started the exit process in November. The company received our final payment in November, but it has stated verbally and in writing something to the effect that "the process might take longer than 5-6 weeks to complete." Cynical me read that initial verbal warning as a prelude to them trying to get us to pay another maintenance fee (ca. $500) in 2024. In hopes of avoiding that battle, I stated in my initial letter to the company and restated it more strongly when I submitted payment, that we have done our due diligence (filed all necessary forms and made payment in timely fashion) and any delays on their part in processing the exit documents are their problem. I stated in that letter that, if they do dilly-dally until 2024, we will not pay any more maintenance fees. We are done! Bottom line: we will end up paying about $15,000 for a unit that we used twice (value maybe $1,000). I have done some stupid things in my 76 years on this planet, but buying a timeshare is surely near the top of the list, especially because I was warned not to buy one many times before I was suckered into two of the damned things. Fool me once, shame on you. Fool me twice, shame on me. Guilty as charged.

Don’t feel guilty. Many of us have done the same thing! DH and I among them!

 

[DaveNV]

I have done some stupid things in my 76 years on this planet, but buying a timeshare is surely near the top of the list, especially because I was warned not to buy one many times before I was suckered into two of the damned things. Fool me once, shame on you. Fool me twice, shame on me. Guilty as charged.

You are surrounded by people who have done the same exact thing you did. You are only one of tens, (maybe hundreds?) of thousands of people who have fallen for the smooth-talking rhetoric and lies. Don't blame yourself for being human. Yes, it feels bad right now, but timesharing can be a very positive experience, if handled in the right way. I hope when the wounds heal you'll be able to put things into proper perspective - that none of this was your fault.

Dave

 

[rlarviso]

My wife and I have a paid-up timeshare at Verde Ridge, near Sedona AZ. It's advertised now with TUG for swap, sell or giveaway. It's one week every odd year. Maintenance fees paid up for 2022-2023. I’m hoping someone can direct me to a description of the process for simply ceding the deed to Verde Ridge or a private party or tell me how to get rid of the thing at minimal cost. Meanwhile, I'll continue to browse the threads here to look for clues. Many thx for any helpful comments.

I have a diamond international resort point timeshare that's now owned by Hilton. I've been super duped as an owner for the past 40 years. I'm now physically unable to travel. Have you come across any owners who rent their timeshares to help defray the cost of maintenance fees?

 

[rickandcindy23]

I have a diamond international resort point timeshare that's now owned by Hilton. I've been super duped as an owner for the past 40 years. I'm now physically unable to travel. Have you come across any owners who rent their timeshares to help defray the cost of maintenance fees?

You may be able to get back some of your maintenance fees with renting, depending on where you are renting. Some timeshares are worthy of the rental price, some are not. Timeshares are for personal use and are (mostly) marketed for personal use. If you cannot use it, then renting is an option. VRBO and Airbnb have given timeshare rentals some major competition.

 

[jules54]

You are correct you can bounce back from a bad timeshare decision. You are correct when you say that the rents will not cover most maintenance fees. Yes, that is correct if you have weeks at a crappy timeshare. But with Wyndham, if you have points, you are wrong that the rents cannot cover the maintenance fees. If you have the discounts, they can even cover the loans. My maintenance fees are covered every year by March 1st with rents and I am not even renting at ski resorts or warm beach resorts during the winter. The rents covered my loans which is the only reason I bought VIP.

I agree you could get your maintenance fees back if you rented confirmed reservations. I would never advise someone to rent their Wyndham points. Wyndham has been trying to eliminate all renting by owners for the last 3 years In a very aggressive way. Definately read the threads on that before putting time into getting a rental system up and running.

 

[RENTER]

I agree you could get your maintenance fees back if you rented confirmed reservations. I would never advise someone to rent their Wyndham points. Wyndham has been trying to eliminate all renting by owners for the last 3 years In a very aggressive way. Definately read the threads on that before putting time into getting a rental system up and running.

28/15. Unless someone can tell me otherwise, it appears to me that aggressive way was before they began the owner priority blackout. 28 is the number of months since those letters went out. Since then, I have seen rare examples of them stopping owners and in most of those cases it was because the owner never used it for themselves. But you never know, so I would not be an aggressive buyer of points to rent just for that purpose. Just rent what you already have and will not use. Another way to protect yourself if to join the partnership between Airbnb and Wyndham. 15 is the number of months I have joined that partnership with no problems. Smart move by each. Renters are souring on using Airbnb's because of the rules the hosts have and are going back to hotels. Then we have those who think the era of the timeshares are over especially with high interest rates and inflation. A combination of Airbnb and Wyndham is a perfect middle ground and if other timeshare resorts are smart, they would do the same.

 

[LannyPC]

...we will end up paying about $15,000 for a unit that we used twice (value maybe $1,000). I have done some stupid things in my 76 years on this planet, but buying a timeshare is surely near the top of the list, especially because I was warned not to buy one many times before...

I wouldn't say "buying a timeshare" was a stupid thing. Paying $15,000 might be (as you put it) a stupid thing. Actually buying it isn't really stupid.