my credit is messed up with this Timeshare and I’m trying to get rid of it and i don’t know what to do
how do i get rid of a Timeshare that is not up to date with payments and is messing up my credit?
Friday, August 28th, 2009 / Joe
Category: get rid of timeshare
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Selling a timeshare can be really tough. You will be lucky to sell it for half of what they sold it to you for. If you are still making payments on it, you may find you still owe money on it after you sell it. The Timeshare User’s Group (tug2.net) has some information on how to sell a timeshare. I wish you the best. See these websites:
You’ll have to pay all the debts up and try to sell it, but with the general attitude toward timeshares and the bad housing market, that will be difficult.
speak with a realtor to try and sell it
Unfortunately, timeshares are not the great investment the salespeople pitched them to be. If you use them all the time, then yes they are. Otherwise, they have no where near the value you paid for them, especially if you bought it at retail prices directly from the resort.
I have one in Maui right on the beach that I bought for $10,000 a few years ago. My wife and I use it every year. We get a 1600 square foot, 2BR/2BA unit right on the beach in Kaanapali. It’s paid up and costs us about $700 a year in fees and taxes. These units rent for about $2000 a week. So, it was a good investment. Especially since we got it from a private party. The resort is selling weeks at $25,000 retail.
You can try various on-line sales sites. But, expect to only get about 1/3 of what you paid for it retail – perhaps less in this economy. But, you’ll have to have it paid up first. And, if you sell it for less than you owe, you have to come up with the difference in cash.
There are a bunch of places out there that buy timeshares, so if you can’t afford to pay for your timeshare, and it’s only hurting you, perhaps this would be your best option. I’m not sure that you would get what you paid for it, but it would be better than your current situation.