Recent Development

[Skittles41]

Okay, so my husband and I got a time share 10 years ago in Florida on honeymoon and paid it off. A year ago we went and checked out a new property while on vacation where we transfered for week. We ended up getting sucked into transferring from Florida to Branson due to husbands health issues that came from swamps of Florida. We at first thought this would be manageable due to both of us working full time but then I got a new job and it's part time but full time hours. We cannot afford the maintenance fees that come every year now. Before they were every other year. We can pay the monthly mortgage fine and that comes out like clockwork okay but unfortunately even if we save for maintenance we cannot make it on other bills right now. Any ideas? We have no savings and live paycheck to paycheck. We cannot afford taking a big credit hit right now either due to being in process of another major loan. Like I said it's the maintenance fees. Thanks guys

 

[mjm1]

Okay, so my husband and I got a time share 10 years ago in Florida on honeymoon and paid it off. A year ago we went and checked out a new property while on vacation where we transfered for week. We ended up getting sucked into transferring from Florida to Branson due to husbands health issues that came from swamps of Florida. We at first thought this would be manageable due to both of us working full time but then I got a new job and it's part time but full time hours. We cannot afford the maintenance fees that come every year now. Before they were every other year. We can pay the monthly mortgage fine and that comes out like clockwork okay but unfortunately even if we save for maintenance we cannot make it on other bills right now. Any ideas? We have no savings and live paycheck to paycheck. We cannot afford taking a big credit hit right now either due to being in process of another major loan. Like I said it's the maintenance fees. Thanks guys

One option to consider if you would like to keep your ownership is to reserve the highest demand week that you can and rent it out. Ideally you would receive enough to cover your annual maintenance fees. You would have to do some research to see what the market is for your resort, type of unit and season that you can reserve. If it works you could do that until your financial situation improves and you can start using it yourself again. You can get ideas by looking at redweek.com and talking to any brokers that handle your resort. Renting is not for everyone, so consider whether or not it’s a viable option for you.

If you just want out of it, you can try to sell it, give it away, or contact the resort and see if they will take it back. Again, research is required to see which options are viable for you.

All the best!

 

[Tia]

Difficult situation. Hopefully someone has an idea what you might be able to do, but I can't think of what it is .

 

[bnoble]

There are no good ways out of this. You are not going to be able to transfer it (even for free) while you have a loan outstanding. Renting in Branson is tough sledding.

I think there are two options. One: keep trying to make payments unitl the loan you are currently negotiating closes, then stop paying and allow it to go into foreclosure. Two: stop paying right now.

If your credit is otherwise very good to great, defaulting on a timeshare loan is not going to make a huge difference in loan terms. If your credit is already a little marginal, it might matter more.