Patriot’s Inn Vacation Village Deedback

[Blckrose2020]

Hello everyone,
My husband and I are new here. We have a timeshare at Williamsburg Patriot’s Inn, but due to my husband’s recent medical retirement from the military, we’re finding it difficult to keep up with the costs. We haven’t had the chance to use it at all since we got it a year and a half ago.

We’re looking to explore options as it’s become a bit of a burden for us. She is not paid off. If anyone has any advice on how to go about selling it, deed back, or if you might be interested, we would be so grateful for your insights!

# of Timeshare Interest Purchased:
One Biennial
Assigned Year: Odd
Assigned Year Type: Biennial
Unit Type: One Bedroom
Deeded Week #: 31
Points: No
Check-in Day: Saturday

 

[Blckrose2020]

Hello everyone,
My husband and I are new here. We have a timeshare at Williamsburg Patriot’s Inn, but due to my husband’s recent medical retirement from the military, we’re finding it difficult to keep up with the costs. We haven’t had the chance to use it at all since we got it a year and a half ago.

We’re looking to explore options as it’s become a bit of a burden for us. She is not paid off. If anyone has any advice on how to go about selling it, deed back, or if you might be interested, we would be so grateful for your insights!

# of Timeshare Interest Purchased:
One Biennial
Assigned Year: Odd
Assigned Year Type: Biennial
Unit Type: One Bedroom
Deeded Week #: 31
Points: No
Check-in Day: Saturday

Just got off the phone with the mortgage company they said we can sell it as they don’t do deed-backs unless it is paid off. Like why not just take it back even before it is paid off. So stupid. She has 6.5k left on it and it’s just to much right now.

 

[montygz]

Most timeshares have little to no value, which is why they have to be paid off for a deedback to be considered.

I see one Patriot's Inn that was sold on ebay for $1 with all transfer fees paid and a $400 gift card to sweeten the deal.

Yes, you did pay thousands for something that is worthless, but don't feel bad, this forum is filled with people who did the same.

If you can't afford your timeshare, you can default by just stopping payment. This may come with a credit hit, but if you can't afford it, you can't afford it.

Beware of timeshare "exit" firms who will take your money.

Here is a recent story:

https://www.marketwatch.com/picks/ive-been-on-a-fixed-income-since-i-retired-3-years-ago-but-im-trapped-in-a-timeshare-i-never-use-and-can-no-longer-afford-it-who-can-help-me-bff0c137

Good luck

 

[Blckrose2020]

Most timeshares have little to no value, which is why they have to be paid off for a deedback to be considered.

I see one Patriot's Inn that was sold on ebay for $1 with all transfer fees paid and a $400 gift card to sweeten the deal.

Yes, you did pay thousands for something that is worthless, but don't feel bad, this forum is filled with people who did the same.

If you can't afford your timeshare, you can default by just stopping payment. This may come with a credit hit, but if you can't afford it, you can't afford it.

Beware of timeshare "exit" firms who will take your money.

Here is a recent story:

https://www.marketwatch.com/picks/ive-been-on-a-fixed-income-since-i-retired-3-years-ago-but-im-trapped-in-a-timeshare-i-never-use-and-can-no-longer-afford-it-who-can-help-me-bff0c137

Good luck

Thank you! I have been thinking about it but I am on the fence. A lot of people just say default and some say that’s a stupid idea. It has 6.5k left and we never used it. So I might just talk to my husband and see what he wants to do. We just want out and it’s so hard cause everything is so expensive . I’m scared to default but I think it might be the only way.

 

[montygz]

Many timeshare owners owe a lot more than $6,500!

If you are unsure as to what you should do, I'd suggest talking to someone you can trust about your overall financial picture and what your best path forward is.

 

[ABCTravels]

You mentioned that your husband just retired from the military, therefore you may be eligible for some free financial counseling services through Military OneSource or Veterans Affairs. Using a free financial planner familiar with military benefits may help you sort out your options, not just for the timeshare, but across the board. $6,500 is actually a much smaller number than pretty much all the others I have seen, but you also have to factor in ongoing maintenance fees and the cost to actually go on the vacation and use the resort.

 

[TUGBrian]

also with that amount you may have the option to transfer the balance to another line of credit thus "paying off" the loan and allowing you the option to surrender it back or give it away. or at the very least if neither of those are successful if you choose to just stop paying the annual fees there is a significantly smaller chance that default gets reported to your credit compared to defaulting on the loan!

are a few options, though none of them are likely music to your ears

 

[chapjim]

See if PenFed or Navy FCU will loan at a lower interest rate, allowing you to pay off the purchase money loan with more favorable terms. And by all means, try to find a week to visit the resort. Patriot's Inn has a great location for Colonial Williamsburg and the many historic sites in the area. Also, shopping and restaurants are nearby but Patriot's Inn has a full kitchen so eating out isn't necessary.

 

[chapjim]

also with that amount you may have the option to transfer the balance to another line of credit thus "paying off" the loan and allowing you the option to surrender it back or give it away. or at the very least if neither of those are successful if you choose to just stop paying the annual fees there is a significantly smaller chance that default gets reported to your credit compared to defaulting on the loan!

are a few options, though none of them are likely music to your ears

@TUGBrian -- I think you need to edit the title of this forum to Buying, Selling, Renting, & Abandoning Timeshares.

 

[TUGBrian]

you arent wrong! sure has become a hot topic in the past few years!

 

[Blckrose2020]

also with that amount you may have the option to transfer the balance to another line of credit thus "paying off" the loan and allowing you the option to surrender it back or give it away. or at the very least if neither of those are successful if you choose to just stop paying the annual fees there is a significantly smaller chance that default gets reported to your credit compared to defaulting on the loan!

are a few options, though none of them are likely music to your ears

No thank you! I low key forgot that we could refinance and go somewhere else. It’s just the MF are ridiculous right now and I can’t just keep paying that off. The loan is easy in itself but we were told the MF would be 299$ but then in 2 years it’s 500$ and I found that crazy if I only get 1 week out of the every odd year lol

 

[Blckrose2020]

See if PenFed or Navy FCU will loan at a lower interest rate, allowing you to pay off the purchase money loan with more favorable terms. And by all means, try to find a week to visit the resort. Patriot's Inn has a great location for Colonial Williamsburg and the many historic sites in the area. Also, shopping and restaurants are nearby but Patriot's Inn has a full kitchen so eating out isn't necessary.

Unfortunately with funds being tight, travel isn’t even in my thought process. We were up there and it was nice but after everything that has happened since then. I just can’t and it sucks.

 

[Blckrose2020]

You mentioned that your husband just retired from the military, therefore you may be eligible for some free financial counseling services through Military OneSource or Veterans Affairs. Using a free financial planner familiar with military benefits may help you sort out your options, not just for the timeshare, but across the board. $6,500 is actually a much smaller number than pretty much all the others I have seen, but you also have to factor in ongoing maintenance fees and the cost to actually go on the vacation and use the resort.

I have noticed that I am paying rather cheap on the loan we have. They tried to get us for something over 10k I was like heck no lol. The MF is what is kicking our butt. It’s hard to enjoy something when I have to pay the MF before even being able to go up and then the vacation funds and the resort funds. Just don’t have it. The loan payments are easy but that MF nope I would rather not.

 

[jackio]

A summer week in Williamsburg should rent for at least $100/nt.
Maybe you can rent it out until it’s paid off, then deed it back or give it away.