Want to Sell My Timeshare

[JASmith4]

I have a timeshare with Massanutten Resort. I am unable to pay the monthly payments and maintenance fees any longer do to life instances that have occurred in the last few months. I want to know if anyone is willing to take this from me. I am open to any and everything even with offers of $1 or less.

 

[Passepartout]

@JASmith4 Is your timeshare paid off. (free and clear?) If not, nobody will buy it and the resort cannot transfer ownership.
Consider listing it for free here: https://tugbbs.com/forums/forums/free-timeshares.55/
Also, DO NOT list it with ANY timeshare exit outfit. They are ALL scams that will just take more of your money.

Best Wishes.

Jim

 

[JASmith4]

@JASmith4 Is your timeshare paid off. (free and clear?) If not, nobody will buy it and the resort cannot transfer ownership.
Consider listing it for free here: https://tugbbs.com/forums/forums/free-timeshares.55/
Also, DO NOT list it with ANY timeshare exit outfit. They are ALL scams that will just take more of your money.

Best Wishes.

Jim

Thank you for the info! Unfortunately it isn’t paid off but I can’t afford to do anything more with it.

 

[DeniseM]

If you stop making the payments, the resort will foreclose and take the timeshare back. Your credit may or may not take a credit hit, and you will get some demand letters, but if you stick it out, you can get out of it that way.

Do not be fooled by any of the "timeshare rescue companies," who claim they can get you out of your timeshare for a fee - this is always a scam.

 

[JASmith4]

If you stop making the payments, the resort will foreclose and take the timeshare back. Your credit may or may not take a credit hit, and you will get some demand letters, but if you stick it out, you can get out of it that way.

Do not be fooled by any of the "timeshare rescue companies," who claim they can get you out of your timeshare for a fee - this is always a scam.

I appreciate this! Been going back and forth about the credit hit but it might be my only option. I can always build my credit back up.

 

[TUGBrian]

is a reason this is the most popular video we have made sofar!

 

[Fido Chuckwagon]

Thank you for the info! Unfortunately it isn’t paid off but I can’t afford to do anything more with it.

You can’t sell it or give it away with a loan on it. You’re only real option if you can’t afford it anymore is to default. It’s not the end of the world.

 

[JASmith4]

Do any of yall know someone that has defaulted? If so how bad was the hit? I feel like with me being younger they may make it harder for me.

 

[LannyPC]

Read this sticky:

https://tugbbs.com/forums/threads/2022-timeshare-default-credit-report-collection-tracking.304138/

It's not a complete picture but it at least lets you know what has happened to some owners in your situation. For the most part, it's nothing serious.

 

[Passepartout]

Some of the hit may have more- or less effect on you. If you are trying to buy a house, car, or other major purchase, or seeking college financing, a default on your record may mean more. If you already own your home, and are secure in your employment, perhaps you won't be touched so hard.

Still, we feel that lenders often look on a timeshare default/foreclosure less seriously. A case can be made that since you are no longer making timeshare /MF payments, it frees up disposable income that can be used for other purposes.

The outcome is still uncertain.

I usually counsel people to buckle down, get a second job, or work some overtime and earmark every dollar to paying off the debt, but if that is not a possibility, default is the only way out.

Good Luck. We wish you well.

Jim

 

[JASmith4]

Some of the hit may have more- or less effect on you. If you are trying to buy a house, car, or other major purchase, or seeking college financing, a default on your record may mean more. If you already own your home, and are secure in your employment, perhaps you won't be touched so hard.

Still, we feel that lenders often look on a timeshare default/foreclosure less seriously. A case can be made that since you are no longer making timeshare /MF payments, it frees up disposable income that can be used for other purposes.

The outcome is still uncertain.

I usually counsel people to buckle down, get a second job, or work some overtime and earmark every dollar to paying off the debt, but if that is not a possibility, default is the only way out.

Good Luck. We wish you well.

Jim

Thank you! I appreciate it.

 

[LQDISTOR]

If you stop making the payments, the resort will foreclose and take the timeshare back. Your credit may or may not take a credit hit, and you will get some demand letters, but if you stick it out, you can get out of it that way.

Do not be fooled by any of the "timeshare rescue companies," who claim they can get you out of your timeshare for a fee - this is always a scam.

My mom has a similar situation where she can't afford to continue paying the timeshare maintenance costs every month. As I have been researching how to resolve this issue on her behalf, I found out my parents included myself and my sister on the deed. If my mom discontinues paying the maintenance fee, and the timeshare goes to foreclosure, will that affect my credit as well as my sister's?

 

[Fido Chuckwagon]

My mom has a similar situation where she can't afford to continue paying the timeshare maintenance costs every month. As I have been researching how to resolve this issue on her behalf, I found out my parents included myself and my sister on the deed. If my mom discontinues paying the maintenance fee, and the timeshare goes to foreclosure, will that affect my credit as well as my sister's?

Are you sure you are on the deed? Hard to understand how that’s possible if you didn’t sign a contract and if you were erroneously added to the deed you may be able to get off.

 

[SteveinHNL]

I will say this. Getting a credit hit seems a lot more favorable to me than paying thousands of dollars you can't afford for a TS you don't want. Moreover, in virtually every substantial instance where you need credit, (e.g., a car loan or a home mortgage), the loan underwriter is willing to hear the reasons for a credit ding that is an outlier compared to the rest of your credit history. The explanation that "I decided owning this TS was a very poor financial decision, so I decided to jettison it as part of becoming more financially responsible" would probably resonate with a loan underwriter. This is provided the rest of your credit history and billpaying are solid.

 

[LQDISTOR]

Are you sure you are on the deed? Hard to understand how that’s possible if you didn’t sign a contract and if you were erroneously added to the deed you may be able to get off.

My sister still has the originally paperwork from 1998 and there are four names on the deed (my dad, my mom, myself and my sister). It's been almost 30 years so I can't recall having a conversation with my parents about this but I was also two years removed from high school so who knows if I was even paying attention to what they were talking to me about then.

 

[amycurl]

If it's paid off, which is likely since it was purchased in 1998, your situation isn't the same as the OP's, because they had a loan for the actual purchase, versus just the payments of maintenance fees. You should be able to give it away and/or give it back to the resort. People can give more specific advice if you let us know about what is actually owned.