Yeah it's a great question, I reached out to the palace folks. Trying to stay above board... My total package is 200k. i have 50k in it over the course of 10 years. Ive been to palace like 20 times and haven't actually paid for a vacation in all of that time. I have also made probably 10k upselling discounted weeks, so im good with letting the 50k go. I think it would take the entire 200k to transfer it. it comes with things like 25k in universal credit which is basically free money at the resorts, and can be used to book trips to any of the properties even the maldives.. 10 free 7 night stays, access to their best suites, 10x5 referral program and on and on..
Thanks Lanny, I can just cancel the credit card it's on and poof, its gone. Im trying to think of the best possible outcome.
Are you still making payments? If so, Palace will not let you transfer it.
Are you saying you still owe a $150,000 mortgage? Yeah, you are severely underwater and are never selling this (the new buyer would need to bring $150,000 to close, and the actual timeshare is almost certainly worth pennies on the dollar to what you paid, if that). If you owe on it, your options are to default and let them foreclose (and take the possible credit hit), or keep paying. Don't, under any circumstances, pay any type of timeshare exit company, they are all, every single one of them, scams.
Also, FYI, the best way to determine your timeshare's "value" is to check ebay for completed listings. A search for completed Diamond Resorts timeshares shows that none of them have sold for more than two dollars in recent history with minimal or free closing costs (meaning the seller is really paying money to get rid of the timeshare). It looks like your timeshare, even if fully paid off, is likely worthless, but of course, you owe $150k on it, so your timeshare is worth approximately negative $150k. I'm sorry to be the bearer of bad news here.
Are you still interested in selling?