Original Message:
Is there any EFFECTIVE way to dump a wyndham timeshare...??? (by Jeff F.):
First off, thanks for your notes!
Please elaborate on how does it not go on their kids, when its a deed and its attached to their estate? According to the attorney it is what they said. Please explain.
Noted on WFG.
All of them are paid off and have been for years. No Mortgage All Fee's are current 100%
Only we have not done is in writing send a letter, however have called numerous times with ZERO Luck they are fully aware.
As stated before we have tried to sell them, give them away even and offer to pay transfer fee for 3 years. This has cost over 30K, Maint. Fee's, listing fee's and such.
Not paying is not an option simply due to pride/Credit to the point of forcing foreclosure and think this is a poor way to handle this.
Its just shady.
Understanding a couple more options and many thanks for that.
Here is my take away to this point...If it was not this difficult then this conversation would not exist, I do see very popular and lower cost Time Shares sell a bit more than others not much if any anymore, yes some, but way less that do not and also see some rent, but back to the difficulty of getting rid of one like you post a car for free its gone that simple for free..There is the GOTCHA on time shares...Time Shares just simply are not. Why is that? Because they the time share companies make it extremely difficult to get out if at all. More I think simply over time that Time Share values do not exist anymore. Why, because of the readily available options you can get on the internet. Simply access to information.
With that said, I do believe Exit/Termination companies would not exist if all this was not so hard. I see value in what they do in not having to ruin credit or waste 30K+ in the past 3 years in trying to rent or sell and to me renting is a very short term approach on renting and does not resolve getting rid of them if and when you want to. The value to exit to me is they get rid of it and no more of this other stuff and more time passing. With that said, I did reach out to the family attorney about this and even he would charge into the thousands all based on time of course with a retainer starting out at$1500 and he will attempt to, but no guarantee's. With this I believe most of the options out there and 30k+ wasted and three years of trying to deal with it, That's either Platinum or WFG and have both at a price of $2250 each with this resort and location and all current and nothing owed to get rid of them and a guarantee and no more listing, waiting, haggling or anything..Its done and over with. This is all less than what the Maint. Fee's will be and they are now doing the work. Noted on WFG though.
lancec13 wrote:jefff382 wrote:my girlfriends parents have 4 of them and they are not in such a good spot right now.When or if something happens to them because of deed there kids will have to take over and each one...
What exactly would you suggest they do?
To me the only viable option i see for them is an exit company...I actually contacted another one called Wesley Financial group
I do look forward to any other option you may have, which I don't believe exist at this point, but welcome it for sure.
A few things here. First, if something happens to your girlfriend's parents, their kids are not responsible for the timeshares. That is a huge myth that these exit companies try to scare people with. No one is forced to accept an unwanted timeshare.
Secondly, I suggest you search these forums for threads about Wesley financial Group. They have been little more than a scam. You can also check out threads of Timeshare Users Group (aka "TUG"; tugbbs.com) and read threads about WFG and other exit companies.
As for any other "exit", "cancel" or "relief" company the story is all the same with them. If they are legit (which very few are), they will charge clients like your girlfriend's parents thousands of dollars to do something they can do themselves. If your GF's parents want to get rid of their units, here are a few suggestions.
Are the maintenance fees up to date and the mortgages paid off? If not, then there will be challenges getting rid of these that no exit company can help with. If they are paid off, then these parents have a couple of options. First, contact the resort's Homeowners' Association (preferably in writing) and explain the situation. Say that they will not be paying any more maintenance fees and that it would be in everyone's best interests for the HOA to take the unit back amicably. The HOA might ask your GF's parents to pay closing costs and possibly the next maintenance fee, but this will be a lot cheaper than paying any of these exit companies.
Another option would be to just stop paying maintenance fees altogether but then your GF's parents would possibly face a credit hit and a host of annoying collection calls and letters. Eventually, the resort's HOA will foreclose and repossess.
Also, they can try listing their unit(s) for give away here on RedWeek in the Bargain Basement section. They can also list it on sites such as E-Bay, Craigslist, My Resort Network, or TUG. TUG has a Bargain Deals section that allows owners to list for free that they want to give their units away. They can offer to pay the closing costs and maybe even the next maintenance fee. Again, this will work out cheaper than paying any of these exit companies.