Timeshares on credit report?

I am currently in the same situation. I have had this timeshare over 20 years it has been paid off in full but the maintenance fee payments continue to increase every year. flagship resort in Atlantic City is a rip off. I have recently had a loss of income an was unfortunately the co-signer for this to my now ex-husband who refuses to pay. The resort is threatening to take legal action against me for non-receipt of the maintenance fee payment. I no longer intend to keep paying the annual taxes on it and they are not willing to except that I am out of work and can no longer afford to make the payments for the maintenance any suggestions? I need help, can not afford a lawyer. or how I can get rid of it asap?!!!Please I just about ready to give it away to whomever wants it.

Have you tried contacting the resort, explaining the situation, and asked if it would take your unit back?

I agree with Lance. Explain your situation to them and let them know that it would be in their best interest to take it back through a deed back. They can find another person to take ownership without having to spend thousands of dollars taking you to court to only get it back anyway. Make sure you get a hold of someone in the resort that actually deals with the deed back program. It may take a lot of phone calls but be persistant. I got rid of two timeshares that way. Good Luck and let us know how you do along the way and the final outcome.

This is very informative, would you mind posting a link to wherever you got this information?

It took over 7 months to get out of my time share but it was worth it and they stuck with me for all of it.

katts wrote:

...it took over 7 months to get out of my time share but it was worth it and they stuck with me for all of it.

Would you care to tell us how much this company charged you and the method they used to get you out of your ownership? If what they did for you for the price they charged you was worth it to you, then great. But many on these boards try to emphasize that these companies charge you thousands of dollars to do something that you can do yourself for a lot less money if you put out a little time and effort.

Lance I reported this shill to Redweek to have the post removed . It should be removed shortly . They think think they can promote their SCAM in here and get free advertising .

YES if you default it will show on your report. BEEN THERE DONE THAT. Family trust bought a second timeshare to accommodate more adult kids in blended marriage, after divorce no one wanted it so we let it go back. Being reported as a PERSONAL forclosure on my credit and they refuse to recognize it was owned by an entity and not the "trustee" of the entity.

Better off to rent a week where you want to go unless you want the points for hotels which was a great feature, except it's only every other year you can do that and occasionally there isn't a hotel where you are going...

lancec13 wrote:

heatherh234 wrote:

I have pulled my credit report a few times in the last month, and my timeshare payments is nowhere on it. When I purchased it, they told me I would be gaining equity and all the benefits of purchasing a timeshare.

Does anyone know why this wouldn't be on my credit report? Is anyone's timeshare on their credit report?

Thanks!

Unfortunately, the salesperson will tell you anything to get you to buy. You gain no equity. If you bought your TS from the developer, it is probably worth anywhere from0-15% of the original purchase price.

As for the credit report, the only thing you might have to worry about is if you don't pay your maintenance fees or mortgage, they'll maybe report you and it will likely affect your credit rating.

krystalm34 wrote:

YES if you default it will show on your report. BEEN THERE DONE THAT. Family trust bought a second timeshare to accommodate more adult kids in blended marriage, after divorce no one wanted it so we let it go back. Being reported as a PERSONAL foreclosure on my credit and they refuse to recognize it was owned by an entity and not the "trustee" of the entity.

I'm not dispensing legal advice / opinion here, but a trust has real, named, individual people as trustee(s). I'm unclear how any such trustee(s) can reasonably expect to be able to hide behind the trust "entity" and just skate off without consequence in the event of foreclosure.

Interestingly enough I have defaulted on a timeshare before back in 2014 and it never hit my credit report.

melanieg148 wrote:

Interestingly enough I have defaulted on a timeshare before back in 2014 and it never hit my credit report.

That's good to know. Now it can be pointed out again, never use any of these so-called "exit" or "cancellation" companies to get you out of your timeshares. You can do that yourself by, among other things, just stopping payments.

However, I must ask, Was what you owned a Right-to-Use or deeded property? Also, did you have any maintenance fees or mortgage owing on it?

Which timeshare? I have one with Westgate and thinking of defaulting on it. I don’t use it. My ex told me that if I got the papers drafted that he would take my name off, so I paid $600 and now he isn’t answering me. He lives in another state and got a new girlfriend, so I think she told him no. But I already paid that $600 and not wanting to pay anymore because we don’t use it and I’m tired of making all the payments.

Contact Westgate and see if they will take it back .

They won’t because it’s not paid off. Still owe money on the loan. My ex and I signed the paperwork together. I contacted him in October about taking my name off and giving to to him (even though I have been only one making payments). He agreed so I paid to get the paperwork drafted. He even sent me a pic of his ID to send to company for drafting the paperwork. Now I sent him the paperwork to get signed and notarized and I can’t get ahold of him. He has new girlfriend and I think she doesn’t want him to sign it. Any advice? What can I do? Any legal steps I can take? I was so close to getting out of this payment that I’m so upset about this, esp since I paid $600 to get paperwork drafted. Advice welcomed.

In your case it might be better to consult an attorney where you live . It should have been settled in your divorce .

I've read elsewhere that Wastegate now has an Exit Program.

They didn't when I got rid of ours . . . last century, I believe.

Is there any new rules or regulation since covid that will help you avoid foreclosure

Sad to say but I learnt all about credit and Timesher from my sister who had to look for a way to get Time share off her credit report during covid19 and only spirassp could help her take it off thankfully. She had to stop paying because nobody was going any where in the covid era and that affected her credit badly. This is the reason why I never bought a Timeshare or even go any where close to it.

In the last 30 years I have gone from being a timeshare proponent, working with others on Al Gore's Internet to help people use them better, to an opponent, helping others get rid of theirs, to where I pretty much don't care.

As far as I'm concerned, the timeshare concept peaked in about 1978, when Keith Trowbridge's Captran Resorts demonstrated people would buy Vacations By The Slice.

What I do now is help people get greatly discounted "Last Calls" and "Extra Vacations", for a fraction of what owners pay.

nooneyouknow wrote:

What I do now is help people get greatly discounted "Last Calls" and "Extra Vacations", for a fraction of what owners pay.

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