Westgate Selling/Redemption

[glauberf]

Hi

I have a westgate vacation villas timeshare week in a two room unit.

The mortgage is already paid off.

(1)Is is possible to get a redemption of what i have paid?
(2)Is it possible to sell it, if yes where should i look for? i dont have interest in it anymore and would sell with a big discount.
(3) If i just stop paying the anual maintanance fee could it have any consequencies?


Thanks in advance.
Sorry about my english.

 

[theo]

I have a Westgate Vacation Villas timeshare week in a two room unit.

The mortgage is already paid off.

(1)Is it possible to get a redemption of what i have paid?
(2)Is it possible to sell it, if yes where should i look for? I don't have interest in it anymore and would sell with a big discount.
(3) If I just stop paying the annual maintenance fee could it have any consequences?


Thanks in advance.
Sorry about my english.

I will be blunt and honest --- you would be very lucky to find someone who would pay much of anything for a Westgate timeshare.
You might even need some luck to find someone who would be willing to take it for free.

Rather than stopping paying fees and facing foreclosure, Westgate would probably "take back" the ownership from you if you want to bother to contact them to inquire. Sometimes referred to as a "deedback", it is more precisely the "acceptance of deed in lieu of foreclosure". Westgate certainly will not pay you one penny if they take it back (Westgate only takes, never gives) but it's a clean and easy exit for you. Westgate would prepare what is called a Quit Claim deed which you would have to sign and return to them and which Westgate would record in the FL County where the timeshare is located to transfer the ownership from you to them.

The consequences of a foreclosure in the U.S.A. depend in large part upon on the country of your residency, but "deedback" is probably a better choice, although certainly not an easy or pleasant choice to make. If you reside in Brazil, foreclosure would almost certainly have no consequences to you --- unless you moved to the U.S.A.

Good luck, whatever you decide to do.

 

[Passepartout]

(1)Is is possible to get a redemption of what i have paid?
(2)Is it possible to sell it, if yes where should i look for? i dont have interest in it anymore and would sell with a big discount.
(3) If i just stop paying the anual maintanance fee could it have any consequencies?

Welcome to TUG.
Your English is just fine. Unfortunately you aren't going to like the answers to your questions.
Timeshares in general, and Westgate in particular are worth between 0 and 10% of their original cost. Westgate strips any bonuses and the ability to reserve a unit from resale owners.
(1) I'd say nearly impossible.
(2) You can list it for sale (free) for less than $500 in the TUG Bargain Deals in the Buying, Selling Renting forums, or by joining TUG ($15/yr) you can list it in the TUG Marketplace for a higher price, but success is not guaranteed. Other people have had to actually pay new owners to take Westgate timeshares, so 'big discount' is not likely to attract a buyer. Not here anyway. Perhaps advertising it in some online classified ad in Brazil might work for you.
(3) We really don't know. If it's paid off, as yours is, they will keep billing you for maintenance fees, but short of stopping your use, there isn't much they can do. We are not positive, but don't think they would go to the expense of putting you into collection in S. America. Eventually, after some time (years) of you not paying your MF, they might take back the deed (so they can re-sell it) and release you from your ownership.

We have heard of some people being able to deed back their weeks to Westgate for a price (some say about $250) and be done with it.

So sorry if this isn't what you wanted to hear, but as far as we know, it is the way it is.

Jim

 

[glauberf]

Thanks, by this time i only want to get rid of the annual feee charges.

I already knew i had made a bad choice when choosed to close de deal, by that time i didnt knew about the 10 days to undo it.

Nowdays its really expensive to pay around $1000,00 dollars a year for no use of the resort mainly because of our money (real) loss of value against us dollars.

I figure that its less expensive not having to pay this fees and whenenver i choose to make a trip , get a hotel or resort at wherever i want.

Thaks again.

 

[Passepartout]

Glauberf, at the least, you can list it for free in the Bargain Deals at the top of this forum. Just make up an ad, tell what you own, size, what week (season), how much the MF is, include some pictures if you have them, make it attractive then come back from time to time and freshen the ad to keep it high in the list. Many TUGgers have sold or given away timeshares just that way. You don't know until you try. If you get lucky and find someone who wants it, there are TUGgers who can assist with the transfer, though I'm not sure how to do an international transfer myself.

Good Luck!

Jim