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Thread: Foreclosurer on a timeshare?

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    Featured Member wish's Avatar
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    Default Foreclosurer on a timeshare?

    My timeshare has run it course on being fun. I also can't afford to use it anymore. There are other things I can think of to do with $300 a month. I thought about renting it out and that'll help cover cost a bit but it's still a drain. I don't want to ruin my credit but.... idk. I plan to move again in a few years and would like a house of my own eventually.
    Can someone explain forecloser to me if it's not on a owned house. Thanks!

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    God/dess BlkSharpie's Avatar
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    Default Re: Foreclosurer on a timeshare?

    I used to sell timeshare (dont hate me lol) and yeah, it works exactly like owning a house because it is deeded property. Your best bet would be to try and sell it.. Unfortunately, there are a lot of people in your positiion trying to sell their timeshare, but if your have a really valuable week / points, then you'll have a way easier time of unloading it. Hate to say it but...all that stuff about how you can sell it for a good profit is pretty much a lie. At a minimum, if you sell it for even $1 (which a lot of people do..check out eBay) you are now off the hook for the maint fees.

    But yeah, try to make sure you keep up those payments and not let it go into forclosure, because it will affect your credit the same way forclosing on a house will..which will not help you at all when it comes time to buying a home.
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    Default Re: Foreclosurer on a timeshare?

    Thanks I tried to sell it before but it's not paid off yet and said it would be next to impossible because I owe around $15000 and most people with my week only get about $2000 for it. They told me to rent it for a few years. I really don't want to foreclose but I'm wasting my money! I can't afford to use the damn thing haha.

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    Default Re: Foreclosurer on a timeshare?

    Man that really sucks... Im really sorry to hear this, but yeah, maybe get in touch with a timeshare agent who specializes in renting it out. That way you dont have to do anything..they handle the booking and collecint the money, take thier cut and send you your share. You'll still be paying that maint fee, but at least renting it out will offset some of that cost til you're able to pay it off. What a pain though.

    If you dont mind my asking, where is your timeshare?
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    Default Re: Foreclosurer on a timeshare?

    Sublet it! $300 is too cheap to dent your credit over. Just my humble opinion.

    (Subletting timeshares is wayyy popular on the West Coast btw.)

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    Default Re: Foreclosurer on a timeshare?

    I'm going to rent it out but it's not like I can make money from it any time soon.

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    Default Re: Foreclosurer on a timeshare?

    What state is the time share in? Or is it more of a points thing?

    If it is in a State where you can quit claim it, start an LLC (you can do it in FL for $99), and have the LLC buy it from you. Then let them foreclose on the LLC. Maybe you would have t talk to a real estate atty where the property is but it might work.
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    Default Re: Foreclosurer on a timeshare?

    Quote Originally Posted by Gia2608 View Post
    What state is the time share in? Or is it more of a points thing?

    If it is in a State where you can quit claim it, start an LLC (you can do it in FL for $99), and have the LLC buy it from you. Then let them foreclose on the LLC. Maybe you would have t talk to a real estate atty where the property is but it might work.
    Excellent idea.

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    Default Re: Foreclosurer on a timeshare?

    I have heard of people quit claiming timeshares back to the original company. But, that doesn't change the debt which is a different issue completely. You can take bankruptcy, but that will harm your credit score, though not as much as a foreclosure, but almost.

    Without hurting your credit score you have two options: rent it out, or sell it.

    Good luck.

    Z

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    Default Re: Foreclosurer on a timeshare?

    Quote Originally Posted by Gia2608 View Post
    What state is the time share in? Or is it more of a points thing?

    If it is in a State where you can quit claim it, start an LLC (you can do it in FL for $99), and have the LLC buy it from you. Then let them foreclose on the LLC. Maybe you would have t talk to a real estate atty where the property is but it might work.
    Be VERY careful with something like that . In some states like N.Y. that is black letter fraud and the whole thing is voidable.

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    Default Re: Foreclosurer on a timeshare?

    Quote Originally Posted by Zofia View Post
    I have heard of people quit claiming timeshares back to the original company. But, that doesn't change the debt which is a different issue completely. You can take bankruptcy, but that will harm your credit score, though not as much as a foreclosure, but almost.

    Without hurting your credit score you have two options: rent it out, or sell it.

    Good luck.

    Z
    True but. In some states there are ways to get out of your time-share agreement. Not cheap. Not easy but often doable. Basically you make a large payment ( large compared to your monthly payment ) and are released from all future liability and payments.

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    Default Re: Foreclosurer on a timeshare?

    Quote Originally Posted by Eric Stoner View Post
    True but. In some states there are ways to get out of your time-share agreement. Not cheap. Not easy but often doable. Basically you make a large payment ( large compared to your monthly payment ) and are released from all future liability and payments.
    Do you know if Virginia is one of those states?

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    Default Re: Foreclosurer on a timeshare?

    Quote Originally Posted by Eric Stoner View Post
    Be VERY careful with something like that . In some states like N.Y. that is black letter fraud and the whole thing is voidable.
    I kinda felt like that had fraud written all over it, but wasnt sure. I do know though that an LLC only offers so much protection...when theres only one owner, the lines are kinda blurry between LLC and Sole Proprietorship...
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    Default Re: Foreclosurer on a timeshare?

    You can do it here but that is not surprising that they allow this in FL and consider it fraud other places, which is why I recommend speaking to an Atty.
    XoXo Gia
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    Default Re: Foreclosurer on a timeshare?

    ^^^ Not too surprising. Florida is fairly liberal with debtors.

    I did a little research. There are two kinds of time - shares. In one you and your fellow time share peeps bought the condo , cottage, whatever. You own it as tenants by the entireties or somesuch so that everyone has an undivided interest in the property. There are variants where they turn the property into a coop where you effectively bought shares in same on margin and are paying them off. The other kind is where all you bought was time and access. Period. You are not and never were the owner of the property.
    The first kind is tougher to get out of because you are in effect trying to force your fellow owners to buy your share or look for somebody new to take your share.
    R E A D your sales agreement. Make sure ALL disclosure laws were complied with IN WRITING. Whatever was verbal was worthless. Then decide if it is worth hiring a lawyer.

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    Default Re: Foreclosurer on a timeshare?

    It doesn't matter who has the deed. quit claim, warranty, whatever. The only thing that matters is who has the mortgage. If you are on the mortgage or signed personally to make a payment, it will not go away no matter who is on the deed.

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