Unwanted Holiday inn club vacation

[Doorman98]

Hey there, my wife and I purchased a Timeshare from Holiday Inn club vacations in 2006 out of Lee Massachusetts. Since purchasing we haven't been able to use it because of our schedules. Have been making all payments on time with a hefty 17 percent interest. Is there any way of getting out of it considering we still owe about 18 thousand left on the mortgage.

 

[samara64]

OMG 18K still left. How much was the initial price.

if you can state more info like the resort name, season, Size of unit etc, it will help.

 

[bogey21]

There is no way out unless you want to default and suffer whatever, if any, the consequences are. If you are not going to default, you might consider trying to find another source of financing it at something less than 17% ...

George

 

[andre10056]

Purchased 2006, never managed to use it, but have been dutifully making payments at 17% interest. And still have an 18,000 balance. That's about the saddest timeshare story I ever heard.

 

[TheTimeTraveler]

14 Years later and the finance time clock is still ticking? How many years was the loan written for? What was the initial purchase price and the amount financed ?



.

 

[LannyPC]

Yes, we need some more info from you, Doorman, but one important piece of advice that's always emphatically offered here is to not go seeking the "help" of any company, law firm, or charity that claims it can get you out of your timeshare and/or mortgage. They are usually scams.

 

[Makai Guy]

Reading assignment:

How to Sell Your Timeshare and avoid getting scammed

How to Sell Your Timeshare (Updated 12/19 by TUGBrian) We at TUG get many questions relating to the various steps in an effort to sell a timeshare week. Here is one formula for selling your week. It is a compilation of recommendations of those here at TUG who have been through the process many...

tugbbs.com

 

[Doorman98]

I just noticed there was a typo regarding the year purchased. It was actually 2016. Originally purchased from oak 'n spruce resorts out in Lee, Massachusetts which was then bought out by Holiday Inn club vacations The original price from oak and spruce was about $8000 and then went to $27000 when holiday inn bought them out with a promise of keeping my benefits from oak 'n spruce and adding on holiday inns benefits. I only realized recently after showing the agreement to lawyer friend that I'm being charged 17% interest because of the original purchase and the new purchase from holiday inn combining interest from both. Horizons by Holiday inn has been no help telling me they could only help me if everything has been paid off. The purchase from.holiday inn was for week 43, I believe and for a 2 bedroom in Mavelston texas. I am also told that Holiday Inn does not have something called deed back which other companies offer.

 

[LannyPC]

I am also told that Holiday Inn does not have something called deed back which other companies offer.

HI might not have an official deed back program like Wyndham (Ovation) or Westgate (Legacay) but it does not mean HI will not take the TS back. It does not hurt to ask.

 

[tschwa2]

HI might not have an official deed back program like Wyndham (Ovation) or Westgate (Legacay) but it does not mean HI will not take the TS back. It does not hurt to ask.

They have an official deed back program like Wyndham but like Wyndham and all the others they won't accept a deedback unless it is paid off. The OP did ask and they said they would be happy to take it back as soon as he paid off the $18,000 in principal he still owed.

 

[LannyPC]

They have an official deed back program like Wyndham but like Wyndham and all the others they won't accept a deedback unless it is paid off. The OP did ask and they said they would be happy to take it back as soon as he paid off the $18,000 in principal he still owed.

Ah, okay. Thanks for that clarification. I didn't really read the OP's OP. I just saw his most recent thread stating HI does not have an official deed back program.

 

[Doorman98]

HI might not have an official deed back program like Wyndham (Ovation) or Westgate (Legacay) but it does not mean HI will not take the TS back. It does not hurt to ask.

Hey Lanny, thanks for the feed back. I've tried talking to Holiday Inn and even tried giving them a sob story. I've always come.back with the same answer..sorry, but we cant do.anything for you because you still.owe on your mortgage..

 

[LannyPC]

I've tried talking to Holiday Inn and even tried giving them a sob story. I've always come.back with the same answer..sorry, but we cant do.anything for you because you still.owe on your mortgage..

Then your best bet would probably be to do what Bogey21/George suggested above.

 

[TUGBrian]

transferring the balance of the loan to another line of credit would not only allow you to give the ownership back to HICV...it would also likely save you an absolute fortune in interest.

 

[rhonda]

@Doorman98 , Welcome to TUG. Sorry to read the sad story ... but you aren't alone here. FWIW, many of us learned to overcome the initial "full freight" purchase, to use our timeshares and, indeed, to fall in love with timeshare travel.

As suggested above, refinancing to a lower rate would be grand, if you have means to do so. You might also consider renting out your HIVC vacation periods if the club allows. Check their rules and seek to book the most popular location for a high demand period and advertise that rental! At least that could help recoup the annual dues.

But the best: USE your timeshare. Carve out time in your schedules, book something and commit yourselves to going through with the plans. Bring your laptops and do some work from the road ... but GO. Get that first trip booked and make some personal history. You might really enjoy it ... you might really need it.

Again, Welcome! I hope you stick around.

 

[tschwa2]

transferring the balance of the loan to another line of credit would not only allow you to give the ownership back to HICV...it would also likely save you an absolute fortune in interest.

If you are in a position where you are eventually not going to be able to pay (not sure how bad your story/sob story really is), then you might as well default on the timeshare loan vs defaulting on a personal line of credit. If you will eventually have to default due to financial situation do not tie it to your house in anyway. If on the other hand you can pay (but just don't want to because you don't use it and don't see the value in it) and don't want any hits to your credit, you will save yourself some money by transferring it to something with lower interest and paying it off as quickly as possible.

 

[silentg]

We stayed at Oak and Spruce last August it’s a nice Timeshare. You could easily rent that week 43 it’s fall and many folks enjoy the Berkshires at that time of year. So you haven’t used it in 4 years? Renting it will give you a little money to use to pay a mortgage payment at least. Good Luck and welcome to TUG.
Silentg

 

[tschwa2]

If you have points, you don't have to worry about renting what you own. You want to book popular times in popular locations ideally that don't take a lot of points. Summer is very popular with families but summer reservations may be getting picked over at this time.