Realistically, what are the odds I can get rid of my Westgate Timeshare?

[MisterPaydon]

My wife and I have a timeshare with Westgate Lakes Resort & Spa in Orlando Florida. I have a week at the resort every other year, and therefore HOA fees (around $1,250) are due every other year. It is a two bedroom with a loft room. This is a paid for timeshare and we actually enjoy the resort when we go. Due to some circumstances in life, however, it is becoming a bit of a hassle to actually make it down to Florida every other year. We do have options to transfer the week to other locations, but it's all a bit grabby with extra fees. We are doing some investigation into getting rid of it, but there is no easy path of course.

So with this situation, a timeshare that is paid off and I just don't want to pay HOA fees anymore, what would you guys say is the likelihood of being able get rid it? I don't even need to make money off of it, though ideally I'd not have to pay anything either. My thought process would be to list it for free but ask the buyer to pay for closing fees. This said, if you guys tell me that is unlikely I would have to reconsider this.

Is my best option to sign up for the TUG marketplace and give it a shot? Is there any reason to try and rent the week instead (if I could rent it to cover the costs, I would likely keep it)? Just looking for your thoughts on how likely any of this actually is. A general google makes it look quite bleak, but I am unsure if the fact that it is paid for makes a difference. Thank you for your time!

 

[Hindsite]

The big problem with Westgate resale is that Westgate impose some terrible fees and restrictions on a resale buyer. This makes them less than worthless.
If you haven't already contacted Westgate about whether they have an exit process, give that a go, and you can list it for free and see if you get lucky.

 

[WorldT]

There is a free TUG forum section that does not require membership.

Free Timeshares

Timeshare ownerships offered completely free by owners! Rehome an unwanted timeshare at no cost! Timeshares listed here must be offered completely free!

tugbbs.com

 

[CalGalTraveler]

Try giving it away or asking them to exit deed in lieu of foreclosure and tell them that you will NOT object to foreclosure if they refuse.. Read the Florida timeshare laws on the TUG sticky.

 

[J.Ramaj]

As the others have said I would see if there is a deedback program. Doesn't hurt to list it in the Free Timeshare section of TUG and I would even say post it on eBay too. I own a Westgate resale in Vegas and while it's easy to book my floating week, I can't split it up (only use 3 or 4 days) without paying like a $700 fee. Exchange? $700 fee. Rescheduling within 60 days? $700 fee. Is your unit a lockoff? Westgate doesn't allow resale to lockoff their units. I would also check to see what specific restrictions a buyer would face with your particular contract. I've heard horror stories of resale buyers only being able to book floating week units 60 days out etc. (I didn't experience that with my floating week in Vegas) so be sure to have an understanding of the restrictions and relay it to the buyer. You will also most likely have to pay closing costs and depending on if this upcoming year is the use year, you may have to pay the MFs as well and entice people with "free use"

 

[Fido Chuckwagon]

Westgate has a deedback program, but they charge an exorbitant fee to use it, last reported at around $3,000.

 

[RX8]

Just a rant, and you know it is a rant because it is one long sentence.

Westgate deserves every default they get from owners that can’t give their timeshare away due to Westgate sabotaging the resale value by imposing restrictions on the resale buyer, arguably the worst restrictions of all timeshares.

 

[TUGBrian]

getting rid of it? 100%

getting rid of it without defaulting, likely a far smaller % unfortunately, but not zero!

Options for owners to get rid of a Westgate Timeshare or Points

how to get out of a Westgate Timeshare

tug2.net

 

[tschwa2]

If it is decent fixed week, you might find a current Westgate owner that wants another week or has a friend or family member that might be interested in it. It does matter that it is paid off because if it wasn't your chances of giving it away without paying it off would be zero. Your chances of giving it away before MF's are due is probably fairly low but check with Westgate to see what they charge for a deedback. I think if you prepay next years MF's and the transfer cost (which I would imagine is less than $500 including closing costs- but check out if what if anything is charged by Westgate) and you are agressive in advertising your giveaway, you could be rid of it in 6-9 months. So my guess is for under $2000 you can find someone to take it as long as it is a fairly popular week. On the other hand if it is $3000 and you don't have to also prepay next years MF's then that might be a quicker/easier option.

 

[Kylah]

Westgate has a deedback program, but they charge an exorbitant fee to use it, last reported at around $3,000.

Do you know if the deedback program applies if you still owe (have a mortgage), but are up to date on all fees. They are not the most helpful when trying to get information on options to get out of their timeshare

 

[dioxide45]

Do you know if the deedback program applies if you still owe (have a mortgage), but are up to date on all fees. They are not the most helpful when trying to get information on options to get out of their timeshare

It must be paid in full. No outstanding mortgage and no past due fees.

 

[Kylah]

It must be paid in full. No outstanding mortgage and no past due fees.

Thanks.

 

[Fido Chuckwagon]

Do you know if the deedback program applies if you still owe (have a mortgage), but are up to date on all fees. They are not the most helpful when trying to get information on options to get out of their timeshare

No it doesn’t. Given the cost of the deedback plus the cost to pay off a mortgage your best option is likely to just default. DO NOT PAY ANY COMPANY CLAIMING THEY CAN GET YOU OUT OF YOUR TIMESHARE. They are all scams.

 

[ScoopKona]

Do you know if the deedback program applies if you still owe (have a mortgage), but are up to date on all fees. They are not the most helpful when trying to get information on options to get out of their timeshare

That's because they want you to keep paying.

I haven't seen anyone spell it out. So here it is. You have precisely two options:

1) Keep paying. Use what you own. Try to make the best of it.
2) Rip the band-aid off. Stop paying. Write a letter to Westgate that you are offering the unit back as "Deed in Lieu of Foreclosure." Every penny you have paid thus far is lost. And they will foreclose. Your credit score will go down a little. (Not guaranteed. But likely.) A timeshare foreclosure isn't the end of the world. Most lenders are a bit more understanding about this.

Ideally, make it so you don't need to open any new lines of credit for a few years after you walk away.

 

[TheTimeTraveler]

That's because they want you to keep paying.

I haven't seen anyone spell it out. So here it is. You have precisely two options:

1) Keep paying. Use what you own. Try to make the best of it.
2) Rip the band-aid off. Stop paying. Write a letter to Westgate that you are offering the unit back as "Deed in Lieu of Foreclosure." Every penny you have paid thus far is lost. And they will foreclose. Your credit score will go down a little. (Not guaranteed. But likely.) A timeshare foreclosure isn't the end of the world. Most lenders are a bit more understanding about this.

Ideally, make it so you don't need to open any new lines of credit for a few years after you walk away.

Option # 3:


Go to where you see a lot of homeless people begging for money at one of those busy intersections. Ask if they'd like to have a free, useless timeshare to stay at once per year at their own expense and see if they bite! LOL.







.

 

[Fido Chuckwagon]

Option # 3:


Go to where you see a lot of homeless people begging for money at one of those busy intersections. Ask if they'd like to have a free, useless timeshare to stay at once per year at their own expense and see if they bite! LOL.







.

While funny, you still can’t transfer a timeshare that has a mortgage on it.

 

[chapjim]

While funny, you still can’t transfer a timeshare that has a mortgage on it.

To be honest, I though it was kind of sick, not funny.

 

[Fido Chuckwagon]

To be honest, I though it was kind of sick, not funny.

That’s also fair. My response was more along the lines of warning someone trying to offload a timeshare to a “shill buyer,” maybe someone with really poor credit who doesn’t care about the hit. You still can’t do it (in addition to the fraudulent aspects of such a deal being problematic). I should not have commented on the underlying humor of lack thereof of the post itself.