jackhag
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I am entering retirement and wish to dispose of my timeshare. If I can't sell it (Its a buyer's market), I may need to default. Does anyone have any experience with defaulting?
Question about defaulting Morritts
- Thread starter jackhag
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There are many of us approaching retirement. For what was really meant to be an affordable (after retirement) place to stay a week...this should get interesting. The fees keep increasing 5, 10 and 20 percent a year (plus special assessments) and even if you have a job salary increases are in the 3 percent range. The Internet was new when the place was built, but now info is readily available.
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Perhaps a donation will help you
Jack,
We were pondering on selling our Morritts weeks, but sadly they just are not worth much. I contacted another owner who had a 2 bedroom unit on the market (via red week) for a very reasonable price. She did NOT have any offers or even much interest. She finally ended up donating the week to a charity and then was able to take the tax deduction. If you need it, I can look up the e-mail - just send me a PM if you want the info. Granted your week must be paid for completely and MF must be up to date for this to even be an option. You may want to just rent your week out to cover your costs. In today's market timeshare is just a tough thing to sell. I have had good luck in renting our week via red week. I do not mind holding on to the unit as long as it "pays" for itself. I really do not make much profit doing this, I am just not out the cash every year for MF.
Jack,
We were pondering on selling our Morritts weeks, but sadly they just are not worth much. I contacted another owner who had a 2 bedroom unit on the market (via red week) for a very reasonable price. She did NOT have any offers or even much interest. She finally ended up donating the week to a charity and then was able to take the tax deduction. If you need it, I can look up the e-mail - just send me a PM if you want the info. Granted your week must be paid for completely and MF must be up to date for this to even be an option. You may want to just rent your week out to cover your costs. In today's market timeshare is just a tough thing to sell. I have had good luck in renting our week via red week. I do not mind holding on to the unit as long as it "pays" for itself. I really do not make much profit doing this, I am just not out the cash every year for MF.
DeniseM
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If you default you will most likely be turned over to collections which can damage your credit.
Consider listing it on the Bargain Basement board here in the TUG Timeshare Marketplace with the stipulation that the buyer pays all transfer costs.
Or putting it on ebay with no minimum bid with the stipulation that the buyer pays all transfer costs.
See the sticky entitled How to Sell Your Timeshare at the top of the Buying, Selling, Renting Board.
Consider listing it on the Bargain Basement board here in the TUG Timeshare Marketplace with the stipulation that the buyer pays all transfer costs.
Or putting it on ebay with no minimum bid with the stipulation that the buyer pays all transfer costs.
See the sticky entitled How to Sell Your Timeshare at the top of the Buying, Selling, Renting Board.
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List your week for sale on e-bay with a starting bid price of $1 and it will probably sell. It will probably not bring much money but it should get you out.
Blondie
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How can the OP sell it if there is a lien on it?
and she got a tax deduction for what? It has to have value to be able to deduct.
OP didn't say he owed money on it, you can default by not paying annual fees, but you could certainly sell even owing money, it just has to be rectified at closing.