another buyer that shouldn't have bought [Grand Lodge Peak 7]

I financed a time-share I have never used. I put the big binder full of papers in my garage and just started paying the bills every month. Since November of 2011 I have paid every month on a "arm" loan and paid all my maintenance fees every year. It is the most troubling thing to send a check every month to a mortgage on a week condo when I don't even own my own home yet. I'm afraid I won't ever be able to buy an home I get "foreclosed" on my credit report. This is a boat i believe lots of people might end up in.

I am a time share dummy in the sense I know nothing about "exchanging" and what interval exchange is or was...

I would like to educate myself about either utilizing my TS or ..

I am going to a presentation tomorrow morning by a company called "blah blah transfer"
that contacted me about walking away from my loan and maintenance fees and contract with my ts, and having it showing as paid in full on my credit. I'm sure there is a high pressured hook and I want to have a dialog posting so I can update what a "blah blah transfer" company is and how it operates.

I will follow up tomorrow after my favorite thing in the world

A High pressure sales session!!

You have to be really careful with a company like that. Even if you timeshare were paid in full most blah blah transfer companies still want between $500-$2000 to transfer it out of your name. As long as you have a mortgage you can't transfer the deed to someone else. The only way to get out of it besides letting it go into foreclosure would be to have who ever holds the mortgage to accept the deed back as payment in full.

What would probably happen would be you pay $500-$2000 and then still have the timeshare in your name and are just out additional $. They will sound very reasonable but really I don't think they can do what they say.

Oh, dear! You bought at Grand Peak, slow (mud) season.

How is that parking for skiing working out for you?

Sorry, but a guy my husband knows bought for that very reason--parking. Pretty expensive parking place.

Nonetheless, it's a beautiful resort, and I know it was all dazzling when you saw those units and the amenities. We did the same exact thing 33 years ago, when we bought at Val Chatelle in Frisco, CO. It was a blue season week (we were blue a while after paying so much money for a mud week). But you know, we lived through it and are very happy for the experience and the knowledge we gained from the whole thing. We actually bought two back then. We bought one in Fraser, too. Both places are old, and one really is not a great place anymore. But Val Chatelle is a great place, and we love it and own 5 weeks there now, including two ski weeks (bought for a few hundred bucks). Our fees are low, and our kids are all in their 30's and love Val Chatelle.

Sometimes you make mistakes. Sometimes you learn from them. And we all have to live with our mistakes and walk away a little humbler for it.

I hate timeshare salesmen. They are scoundrels, sleazes and above all, liars. Sorry you were taken by one of those guys. But you can help others and maybe provide wisdom and help to someone who actually has the time to rescind.

Do not take any baloney from this company. It's baloney. You have a loan, and no one can get you out of it.

I am afraid you are stuck with that wretched week. Been there. In the long run, you are probably young and have lots of time to forgive yourself. Don't make it worse by listening to another person who has no idea what he/ she is talking about.

useful dialog said:

I financed a time-share I have never used......
I am a time share dummy in the sense I know nothing about "exchanging" and what interval exchange is or was...

I would like to educate myself about either utilizing my TS or .....

I am going to a presentation tomorrow morning by a company called "blah blah transfer" ......

I will follow up tomorrow after my favorite thing in the world

A High pressure sales session!!

Click to expand...

useful ...

Welcome to TUG!

All timeshares are NOT created equal ... yours is not a gem, but you truly are sort of STUCK with it ... unless you have major other reasons to file bankruptcy. SO, my advice is LEARN how to USE IT.

Second plan is starting LEARNING here on TUG. Thank you for becoming a member as that $15 opens up peer member reviews on resorts in the Timeshare world ... us members are honest about places we have personally stayed. And the other BIG benefit is, the Sightings & Distressed thread. Exchanging is a benefit that after you deposit the week you aren't using, you get a heads up as to some NEW deposits with details appearing in the those webs sites.

The recommended period of time is 6+ months of learning and RENTING before buying anything else. And the (slightly and vastly) more experience members will honestly answer your questions ... just look around and ask the questions in the right forums --- Wyndham in the Wyndham; Hilton in the Hilton threads; etc. And then RENT or day visit several resorts -- mostly likely would NEVER have brought my "pink unit week" -- everything was pink ... the kitchen (including appliances), the walls, floor.... but I did miss the $1500 per week Special assessment and the unit was no longer PINK after the first usage.

As Cindy posted, most of us have brought on the resale market and we know who the 'sellers' are --> some have very good reputations while others are known, but may not be loved; some are KNOWN way too well for their LONG closing processes ... some can't write a correct ad even after being in business for a while.

So start reading and learning ...

learn how

Learn how to use it by reading these boards.....if you cannot afford to take a trip then rent it on these boards...check out the Marketplace section...don't bother with these companies that want to try and take it off your hands they are in it for themselves and like others have said you cannot transfer with an active loan....make it work for you I am sure it can be done with some time and effort...Good luck!

I just want to add to what I said..

I have no idea how large your unit is, or how much you paid for it, but you bought a quality resort and will get quality exchanges through II for your week. I like that II has great resorts for you to exchange into. You won't be stuck with crappy resorts anywhere. Your choices will be Marriott, Starwood and the like.

Your week will very likely get any resort you want in some areas. Ongoing searches are perfect for getting the exact thing you want. I don't think you will get prime summer weeks in Hawaii, but I think you can get prime summer weeks in Orlando or Williamsburg.

I think it's great for you that your resort is affiliated with II. II loves to treat quality resorts like yours with great service.

Above all, remember what you loved when you bought and don't buy into another sales pitch to get rid of your loan.

I sat through a sales pitch recently at the Macaroni Grill in Westminster. It was all about RCI (exchange company).

RCI has NOTHING to do with your predicament. Do not fall for it, if you hear RCI Points, it's a scam. This company had no idea what we owned, and so I told them we owned a couple of different generic resorts, one of which was affiliated with II. They were going to take our weeks and get us into RCI Points at a very high cost. It made no sense at all, and the cost per point was excessive. They kept saying we would get weeks for 7-9K points and would be able to take multiple vacations with our points, and I knew it was not true (we own RCI Points).

Welcome to our, now your website and friends. Learn to say "No". Do not beleive anything a time share salesperson say. Good luck and please learn how to use your vacation time.

rickandcindy23 said:

I hate timeshare salesmen. They are scoundrels, sleazes and above all, liars. Sorry you were taken by one of those guys. But you can help others and maybe provide wisdom and help to someone who actually has the time to rescind.

Do not take any baloney from this company. It's baloney. You have a loan, and no one can get you out of it.

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I see that you bought nearly three years ago. In case you have not received a call from them, watch out for these scammers who call owners (especially owners of "blue" weeks) telling them they have buyers lined up ready to lay down thousands of dollars for your TS if you pay them some sort of an upfront fee.

No magic beans, no pixie dust...

useful dialog said:

.... "blah blah transfer" contacted me about walking away from my loan and maintenance fees and contract with my ts, and having it showing as paid in full on my credit.

Click to expand...

Nonsense. Take a step back and consider this utterly absurd claim more deeply and objectively for a moment...

In this fantasy, you would default on a loan and on maintenance fee obligations and yet this "Blah Blah Transfer" entity will somehow magically make the default and the subsequent foreclosure appear instead on your credit report as a loan paid in full . Sorry, but that particular fantasy and pipe dream just ain't ever gonna happen.
C'mon, just think about it --- this ridiculous claim defies all logic and is plainly just complete crap and nonsense. It's just a bold but lame attempt to pick your pocket.

With all due respect, a smarter course of action would be to either pay off the loan and then sell (or dump) the ownership lawfully, take the loss and just be done with it forever or, alternatively, keep paying your obligations, study up and learn how to best utilize and / or "exchange" what you purchased. The initial learning curve regarding "exchanging" is not steep --- you can surely grasp it easily with just a bit of homework. In any scenario, don't pay "Blah Blah Transfer" a single penny!

useful dialog said:

I will follow up tomorrow after my favorite thing in the world

Click to expand...

Tomorrow has come and gone. Are you still going to tell us what they said?