Time Share Cancellation Companies

[E92234]

I have listed my Timeshare for sale on various web sites and from the home sales office. I have not had any success. I was contacted by a Timeshare Cancellation Company out of Florida, but decided against that, as I did not have any information as to the legitimacy of the company nor the cost involved. Has anyone gone this route? Recommendations or warnings. Thank you,

 

[TheTimeTraveler]

I have listed my Timeshare for sale on various web sites and from the home sales office. I have not had any success. I was contacted by a Timeshare Cancellation Company out of Florida, but decided against that, as I did not have any information as to the legitimacy of the company nor the cost involved. Has anyone gone this route? Recommendations or warnings. Thank you,

DO NOT use a Timeshare Cancellation Company; it doesn't work. How do you "cancel" a Deed in your name? You don't.

Instead, contact the resort and see if they will take the Deed back for you (assuming you are current on your fees and own it outright). Another way of getting rid of it is posting right here on TUG in the "Free Timeshare Giveaways and Bargain Deals". This won't cost you a nickel to post it.

Once you find a taker for it contact www.LTTransfers.com and they will take care of the Deed transfer for you. I would suggest that you offer to pay their fee in order to get it out of your name.

Under NO circumstances should you pay ANY money up front to anyone claiming to terminate your Deed or cancel your Ownership. They take your hard earned money and run. And you're still left with your Deed and the annual maintenance each year for it.




.

 

[tompalm]

I am thinking about selling my Hilton timeshare and have been looking around. It seems difficult right now. I am watching five Hilton properties on eBay and not much is happening. I think sellers are taking less than $1000 for 5000-7000 points. Someone is asking $1000 on TUG for a Hilton property. It is pretty discouraging and I am thinking about calling Hilton and giving it back to them. But, not there yet.

 

[dioxide45]

When you say you have tried to sell your timeshare without success, have you tried to GIVE IT AWAY FOR FREE? If not, why not go that route first instead of paying some cancellation company thousands of dollars. I am shocked at the number of people that go from thinking their timeshare is worth thousands to negative thousands of dollars without perhaps stopping someone around say $0.

 

[RX8]

I have listed my Timeshare for sale on various web sites and from the home sales office. I have not had any success. I was contacted by a Timeshare Cancellation Company out of Florida, but decided against that, as I did not have any information as to the legitimacy of the company nor the cost involved. Has anyone gone this route? Recommendations or warnings. Thank you,

A timeshare cancellation company (aka exit company) is going to collect thousands of dollars from you and then turn around and give it away to someone else. And if they cannot give away your timeshare they will string you along for months or even years. Why not keep the thousands of dollars in your pocket and give it away yourself? It is easier than you think. Using a closing company like LT Transfers and they will handle everything for you for a reasonable fee.

Check out the giveaway forum and you will get some ideas on how to write the ad to make it appealing to a potential buyer.

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

 

[LannyPC]

Has anyone gone this route? Recommendations or warnings.

I haven't gone this route but TUG Brian has posted links to many articles about people who have used such companies and the outcomes are all negative. These companies either scam people, get owners out of their contracts using illegal or questionable methods, or do for owners what owners can do themselves for a lot less money.

 

[TUGBrian]

the number one reason timeshares go unsold and folks get roped into upfront fee exit/resale/cancellation companies, is that they do not have a realistic expectation of what their timeshare is worth on the resale market.

Number one reason you cant sell a Timeshare

The number one reason why owners are unsuccessful in selling a Timeshare!

tug2.net

these companies exist to tell you what you want to hear, since telling you the truth wont result in you paying them large fees.

 

[RX8]

the number on reason timeshares go unsold and folks get roped into upfront fee exit/resale/cancellation companies, is that they do not have a realistic expectation of what their timeshare is worth on the resale market.

Number one reason you cant sell a Timeshare

The number one reason why owners are unsuccessful in selling a Timeshare!

tug2.net

these companies exist to tell you what you want to hear, since telling you the truth wont result in you paying them large fees.

You have cancellation companies telling timeshare owners that their timeshare is worth nothing and that they won’t even be able to give it away. Reason? It plays into their scam of taking people’s money.

You have advertising listing companies telling timeshare owners that their timeshare is worth thousands of dollars. Reason? It plays into their scam of taking people’s money.

 

[LannyPC]

You have advertising listing companies telling timeshare owners that their timeshare is worth thousands of dollars. Reason? It plays into their scam of taking people’s money.

Ditto for the timeshare sales people, except that they tell this to potential buyers also.

 

[bjones9942]

As time goes by, I hear that more groups are taking deedbacks as long as the contracts are paid and the accounts are current. Generally for a transfer fee, but someone would pay that with a sale too. Worth calling your (Hilton) group and asking if you've exhausted the other options.

 

[tompalm]

As time goes by, I hear that more groups are taking deedbacks as long as the contracts are paid and the accounts are current. Generally for a transfer fee, but someone would pay that with a sale too. Worth calling your (Hilton) group and asking if you've exhausted the other options.

I think during this time of stay at home with few people traveling, the market has died. I hate to give up my timeshare, but if Hilton will take it back and I don’t have to pay anything, that is the way I will go. Maybe I will list it for $1 on Tug with buyer paying closing cost. L.T. says it will be less than $750 to transfer everything. So that would be a pretty good deal for for a buyer to get 5000 points at the Flamingo. Do you think it is worth my time to list it? I want to transfer it before January 1st.

 

[suzanne]

the number one reason timeshares go unsold and folks get roped into upfront fee exit/resale/cancellation companies, is that they do not have a realistic expectation of what their timeshare is worth on the resale market.

Number one reason you cant sell a Timeshare

The number one reason why owners are unsuccessful in selling a Timeshare!

tug2.net

these companies exist to tell you what you want to hear, since telling you the truth wont result in you paying them large fees.

Hi Brian, I have listed my Cocoa Beach Resort twice on the Tug Giveaway Board with no takers. I have also contacted the resort about taking it back, They are not willing to take it. I own it outright and all fees are current. Do you have any other suggestions that I can try? I would like to be rid of it by the time the Maintenance fees are due January 1, 2021.

 

[LannyPC]

I have also contacted the resort about taking it back, They are not willing to take it. I own it outright and all fees are current. Do you have any other suggestions that I can try? I would like to be rid of it by the time the Maintenance fees are due January 1, 2021.

In such a situation, one recommendation is to contact the resort's Homeowners' Association (not some front desk clerk) and tell them firmly that you do not intend to pay any more money in MFs. If the HOA does not agree to take it back, then you will let it go into foreclosure. In such a case, the HOAs usually recognize that it would be better to take it back under these terms than to let it go into foreclosure.

Also, when you say that you have listed it twice on the Giveaway board, did you offer any potential taker any incentive(s) such as paying closing costs and/or paying the next MF? That will work out cheaper than using any of these exit companies.

 

[RX8]

Hi Brian, I have listed my Cocoa Beach Resort twice on the Tug Giveaway Board with no takers. I have also contacted the resort about taking it back, They are not willing to take it. I own it outright and all fees are current. Do you have any other suggestions that I can try? I would like to be rid of it by the time the Maintenance fees are due January 1, 2021.

I see your listing in the giveaway forum but it hasn’t been updated since June 20th. You should periodically post to your ad to put it at the top of the list again otherwise it gets buried pages down and may be missed altogether. Someone also asked a question on July 5th but there wasn’t a response to that question. While you may have PM’d the answer it is always good to reply to the post so others can see the answer.

My recommendation, in addition the excellent suggestions that @LannyPC listed, is to spice up the ad with pictures of the resort, the grounds and beach. Point out the great restaurants that are nearby, or shopping, or space launches, or fun activities to do. Really sell the resort. Then, come back every week to add something to push the ad to the top of the viewing list again. It could be something like mentioning an upcoming space launch, advising that there are new 1,000 count Egyptian linens, or whatever you think would peak interest.

Also check out the giveaway forum and look at those in which the title says sold. I think you will find a theme of lots of pictures, descriptions of the resort, and pointing out of local attractions.

If you combine all the above with LannyPC’s suggestion I think that you may just find a new owner.

Good luck!

 

[dioxide45]

In such a situation, one recommendation is to contact the resort's Homeowners' Association (not some front desk clerk) and tell them firmly that you do not intend to pay any more money in MFs. If the HOA does not agree to take it back, then you will let it go into foreclosure. In such a case, the HOAs usually recognize that it would be better to take it back under these terms than to let it go into foreclosure.

This is exactly what the exit companies are going to suggest. Stop paying. They won't tell you the end result will be foreclosure, but once you are out they fulfilled their obligation and have the thousands of dollars paid to them.

Also, when you say that you have listed it twice on the Giveaway board, did you offer any potential taker any incentive(s) such as paying closing costs and/or paying the next MF? That will work out cheaper than using any of these exit companies.

It doesn't look like it. They were willing to pay the $20 transfer fee but wanted the buyer top pay closing costs. In situations like this, one needs to be willing to pay the closing costs and perhaps the next year's usage. In this situation, it may have worked and they wouldn't be looking down the barrel at another annual fee come the end of this year.

 

[TUGBrian]

Hi Brian, I have listed my Cocoa Beach Resort twice on the Tug Giveaway Board with no takers. I have also contacted the resort about taking it back, They are not willing to take it. I own it outright and all fees are current. Do you have any other suggestions that I can try? I would like to be rid of it by the time the Maintenance fees are due January 1, 2021.

yes, usually offering to pay all closing costs is a good suggestion if not already done, most folks simply dont consider this at all and believe that giving it away for free is "enough"

offering to pay 2021 maint fees is another (if thats in the realm of possibility for you)

if you have any banked weeks/points in rci you want to toss in with the sale to further attract a buyer, this is an option.

lastly, if ALL of that fails...playing hardball with the resort and or actually considering not paying next years dues has to come into the discussion at some point if you have exhausted all other options!