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Please I need help getting out of a timeshare

renee0718

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Hi everyone-

My parents got a timeshare decades ago and they're both out of a job and declining in health and can't pay the fees for it anymore. The timeshare is with Sapphire Resorts/Geo Holiday Vacations. I'm reaching out to see if anyone has suggestions? I read a bit about a deed back option but I'm not sure if anyone is aware if Sapphire/Geo does that and if so, how do I go about it?

Any help would be great. I have to pay for them because they can't, but I'm a student and I can't afford doing this.

Thank you in advance
 

CalGalTraveler

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@renee0718 Sorry to hear about your parents. What specific unit and resort do they own and where is it?

Check out www.responsibleexit.com to see if Sapphire is listed.
Contact developer to see if they will deed back.
If not, you can try to give away for free here on TUG. Check out the Buying, Selling Renting forum stickies for details.

Where is the timeshare located? As a last resort, if the above don't work, check out the Timeshare laws sticky. In some states such as Florida, California, South Carolina you can walk without them coming after your parent's other assets i.e. they foreclose and take back the unit. It will ding their credit but may not matter. Do not put your name on the timeshare deed no matter what.

Good luck.
 

Grammarhero

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Fredflintstone

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Hi everyone-

My parents got a timeshare decades ago and they're both out of a job and declining in health and can't pay the fees for it anymore. The timeshare is with Sapphire Resorts/Geo Holiday Vacations. I'm reaching out to see if anyone has suggestions? I read a bit about a deed back option but I'm not sure if anyone is aware if Sapphire/Geo does that and if so, how do I go about it?

Any help would be great. I have to pay for them because they can't, but I'm a student and I can't afford doing this.

Thank you in advance
Hi,

Is there any mortgage on the TS? Or, is it free and clear?

Please tell us which State the TS is in.

You are right in contacting the resort first to garner information on whether they do deed backs.


Sent from my iPad using Tapatalk
 

T-Dot-Traveller

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My parents got a timeshare decades ago and they're both out of a job and declining in health and can't pay the fees for it anymore. The timeshare is with Sapphire Resorts/Geo Holiday Vacations. I'm reaching out to see if anyone has suggestions? ............
Geo / (rebranded) - Sapphire is a points based system . I do not believe there
is a deeded week . Geo owns units within properties , as well as as some properties outright . I believe Geo is based in Las Vegas ,although it started in Toronto .

Geo / Sapphire is a mid tier timeshare system . As such there is not likely much a a “ resale “ market - evan as a giveaway for $ 0 .

Based on your parents current income / cash flow issues - I would suggest their best option may be to stop paying / go into collection ( and possibly take a credit hit ).

Advising Geo in advance ; that they are unable to pay - may or may not make sense. ( I will let others comment on this ).

If this course of action is a problem** ; my second suggestion is that you pay the MF this year and use the points for a vacation , if you are financially able to do so ( & perhaps taking them along).

** problems include things like - they are selling their house in 2020 because of their financial situation , and will need to rent . Landlords will want to check their credit as part of a lease application process . once they have been approved and are paying each month on time ;you could again review options in 2021.
 
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renee0718

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Wow, thank you all for your responses. T-Dot-Traveller is correct... the Timeshare is in Las Vegas. My name is not on the deed. I will talk to them about not paying and taking the credit hit... does anyone know if it'd be a significant credit hit? @Grammarhero, I will PM you if anything happens to their credit should they stop paying. I'll make a note of it.

Right now, they are paying MF annually, not sure if that makes a difference. Nonetheless, thank you all for your suggestions I will try them. Thank you thank you.
 

CalGalTraveler

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Wow, thank you all for your responses. T-Dot-Traveller is correct... the Timeshare is in Las Vegas. My name is not on the deed. I will talk to them about not paying and taking the credit hit... does anyone know if it'd be a significant credit hit? @Grammarhero, I will PM you if anything happens to their credit should they stop paying. I'll make a note of it.

Right now, they are paying MF annually, not sure if that makes a difference. Nonetheless, thank you all for your suggestions I will try them. Thank you thank you.
Are they located in the U.S.? or internationally?
 

Grammarhero

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Wow, thank you all for your responses. T-Dot-Traveller is correct... the Timeshare is in Las Vegas. My name is not on the deed. I will talk to them about not paying and taking the credit hit... does anyone know if it'd be a significant credit hit? @Grammarhero, I will PM you if anything happens to their credit should they stop paying. I'll make a note of it.

Right now, they are paying MF annually, not sure if that makes a difference. Nonetheless, thank you all for your suggestions I will try them. Thank you thank you.
One person reported losing 75 pts. Two other folks lost 50 pts. NV doesn’t have TS-owner-friendly laws.
 

Grammarhero

Official TUGBBS Rescission Master
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Wyndham 353k pts, Williamsburg Plant 4L/4 & 2/2, DRI South Bend 1/1
Wow, thank you all for your responses. T-Dot-Traveller is correct... the Timeshare is in Las Vegas. My name is not on the deed. I will talk to them about not paying and taking the credit hit... does anyone know if it'd be a significant credit hit? @Grammarhero, I will PM you if anything happens to their credit should they stop paying. I'll make a note of it.

Right now, they are paying MF annually, not sure if that makes a difference. Nonetheless, thank you all for your suggestions I will try them. Thank you thank you.
@renee0718 we hope you are well. If you made the hard decision to default, would you let us know if your credit got affected? it would help tuggers moving forward.
 
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