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Timeshare fatigue and want out

lunchmeat78

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I have a Worldmark timeshare with 6000 pts a year. I've signed on with Trendwest years back from the long and glitzy presentation.

I want out and want to move on. I owe about $2700 and pay about $55 monthly in MF.

I went to a law firm who hello people get out, but they wanted $5000 to get out of $3000. They are legit but didn't feel good about paying that amount.

I can get the money to pay it off, but is there a way to do it and get rid of it. My life going forward doesn't line up with this timeshare because my travel needs are simple.

Any advice on paying it off, then getting rid of it. My fico score to a hit because I was frustrated for a few months and didn't pay. I don't want to take the credit hit, but in tired of not using it and throwing money

Thanks
 

Ty1on

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I have a Worldmark timeshare with 6000 pts a year. I've signed on with Trendwest years back from the long and glitzy presentation.

I want out and want to move on. I owe about $2700 and pay about $55 monthly in MF.

I went to a law firm who hello people get out, but they wanted $5000 to get out of $3000. They are legit but didn't feel good about paying that amount.

I can get the money to pay it off, but is there a way to do it and get rid of it. My life going forward doesn't line up with this timeshare because my travel needs are simple.

Any advice on paying it off, then getting rid of it. My fico score to a hit because I was frustrated for a few months and didn't pay. I don't want to take the credit hit, but in tired of not using it and throwing money

Thanks

It looks like it could sell for about $2K if you pay the transfer and closing, so you could get around $1,500 out of it. You would pay it off at $2,700 to net $1,500 or so out of it, but you would be free of it without the credit hit.
 

TUGBrian

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I went to a law firm who hello people get out, but they wanted $5000 to get out of $3000. They are legit but didn't feel good about paying that amount.

how nice of them to charge so much for something you could do yourself for far less.
 

lunchmeat78

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It looks like it could sell for about $2K if you pay the transfer and closing, so you could get around $1,500 out of it. You would pay it off at $2,700 to net $1,500 or so out of it, but you would be free of it without the credit hit.

You guys are the real deal. Thanks for the quick replies.

I would do that in a heartbeat. I will come back later tonight after work to research that approach.

I'm also going to school (paying out of pocket) and have other ventures, so getting rid of this would be very helpful.
 

Passepartout

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My understanding is that it has to be paid off, free and clear- including maintenance fees in order to put a new owner's name on the account, but if that's done, you can fairly easily find a buyer. You can list it here in the TUG Marketplace (up in the red stripe above) for the cost of membership ($15/yr)- that's if the details you've already posted don't bring a flood of offers.

Good luck!

Jim
 

presley

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Some of the legit WM resellers may be able to find a buyer who will take over your payments. There are many who can do that. This is one I've bought and sold with and highly recommend.

wmcredits.net
 

scootr5

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Some of the legit WM resellers may be able to find a buyer who will take over your payments. There are many who can do that. This is one I've bought and sold with and highly recommend.

wmcredits.net

Every browser I try to open that website with tells me
"Unsupported Browser

We have detected that you are using Internet Explorer 7"​

This is on a desktop using Firefox and Chrome, and my iPhone using Safari.
 
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T-Dot-Traveller

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TUG forum - people share

lunchmeat 78 -you have found the right place for info

Sounds like you have no need for a TS right now .

If / when your needs change - come back and learn more - so you can
buy used and get what might work best .

- for instance - you snore & your spouse wants a suite - because in a hotel room he/she cannot get sleep - and a week of sunshine & warm weather helps
get through winter when you live in a colder climate .
 

Ty1on

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You guys are the real deal. Thanks for the quick replies.

I would do that in a heartbeat. I will come back later tonight after work to research that approach.

I'm also going to school (paying out of pocket) and have other ventures, so getting rid of this would be very helpful.

Mind you, that's based on Sold EBay listings.....Your results may vary, but I don't see you paying more than $2K net out of pocket. Also remember that you will need to keep up the MF payments until transfer is complete.
 

lunchmeat78

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Mind you, that's based on Sold EBay listings.....Your results may vary, but I don't see you paying more than $2K net out of pocket. Also remember that you will need to keep up the MF payments until transfer is complete.

Everything is up to date. I just paid and when they apply the last payment, the principle should sit close to $2600.
 

Ty1on

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Everything is up to date. I just paid and when they apply the last payment, the principle should sit close to $2600.

Another thing to consider is that if you can keep up payments until then, timeshares can typically sell much higher in the summer. This is because folks go on their vacations, fall in the presentation trap, and go online hunting for a better deal than the thousands the developer wants. $3K looks a heck of a lot better than $18K to them.
 

lunchmeat78

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Another thing to consider is that if you can keep up payments until then, timeshares can typically sell much higher in the summer. This is because folks go on their vacations, fall in the presentation trap, and go online hunting for a better deal than the thousands the developer wants. $3K looks a heck of a lot better than $18K to them.

That is something to consider and the principle will be lower at the time.
 

ronparise

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almost certainly you should be able to sell your 6000 credits in a no money down assumable loan deal

Advertize that in the worldmark group on facebook and I bet its gone in a day, No need for a broker, You and your buyer do a conference call to the transfer dept 800-537-6497. pay the $299 transfer fee and they will prepare all the paperwork for your signatures

ezpz
 
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ronparise

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My understanding is that it has to be paid off, free and clear- including maintenance fees in order to put a new owner's name on the account, but if that's done, you can fairly easily find a buyer. You can list it here in the TUG Marketplace (up in the red stripe above) for the cost of membership ($15/yr)- that's if the details you've already posted don't bring a flood of offers.

Good luck!

Jim

Wyndham allows Worldmark accounts to pass with the loan assumed by the new buyer
 

sue1947

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I have a Worldmark timeshare with 6000 pts a year. I've signed on with Trendwest years back from the long and glitzy presentation.

I want out and want to move on. I owe about $2700 and pay about $55 monthly in MF.

I went to a law firm who hello people get out, but they wanted $5000 to get out of $3000. They are legit but didn't feel good about paying that amount.

I can get the money to pay it off, but is there a way to do it and get rid of it. My life going forward doesn't line up with this timeshare because my travel needs are simple.

Any advice on paying it off, then getting rid of it. My fico score to a hit because I was frustrated for a few months and didn't pay. I don't want to take the credit hit, but in tired of not using it and throwing money

Thanks

Worldmark has value so there is no sense to pay anybody to get rid of it. The going rate is around 0.30/credit give or take depending on the specifics. You can see other accounts for sale and more info on trusted resellers at http://wmowners.com/forum/viewforum.php?f=91

In the past, it was possible to get a little more for accounts with an assumable loan so that might be possible for you. If you would like to let somebody else handle the details for you, two trusted resellers of Worldmark are Henri Moreau at wmcredits.net (posts as bigmarinerfan both on tug and wmowners.com) and Mike Murphy at Timeshare Liquidators who posts as Murphiavilli. Both have been around Worldmark a long time and will provide excellent service.

Sue
 
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