does anyone have any information on refinancing a timeshare that is deeded.

[dollface0209]

i need information on refinancing my timeshare property.

 

[Jan M.]

Many people take out a credit card offering no interest for a year or 18 months and transfer the balance.

 

[LannyPC]

Another option would be to look at taking out a home equity line of credit.

 

[wjappraise]

As you can see, the timeshare has no or very little residual value, so it is not really a refinance. It is like moving a credit card balance from a card with a high interest rate. Unsecured debt is what it is.

 

[geist1223]

Take a personal loan from your Bank or Credit Union. Normally these have to be paid back in 3 to 5 years.

 

[dollface0209]

Take a personal loan from your Bank or Credit Union. Normally these have to be paid back in 3 to 5 years.

My principle is over 80,000. I'm in a 30 yr. fixed mortgage now. 3 to 5 years is very high. Is it possible to refinance timeshares.

 

[tschwa2]

With $80,000 in principal, you probably need to take out a second mortgage. Problem with that is you could lose your house if you can't pay. Timeshares are a luxury item that shouldn't be financed. If you can't afford to buy without financing you probably should not have bought. It's likely your deeded timeshare is worth less than $10,000 so no, no one will refinance based on the value of the deeded timeshare.

 

[theo]

i need information on refinancing my timeshare property.

Your profile indicates owning within Westgate. Considering the fact that Westgate ownerships have relatively little resale market value, I find myself wondering why you would pursue refinancing a $80k principal debt on a Westgate ownership instead of considering just walking away from Wastegate entirely (...yes, I realize that there would be negative credit report consequences and that indisputable fact is certainly a legitimate concern).

Your personal financial situation is certainly none of my business --- and I am not asking about it. I am merely pointing out that if you have a loan with a $80k balance due with Westgate on something of little value in the resale marketplace, you might want to consider more options other than just refinancing. You might even want to consider an initial consultation with a licensed attorney in your area to discuss and examine options.

 

[RX8]

When did you buy? A long shot I am guessing but if you are still within the rescission period you should rescind asap.

Just noticed you wrote that you have a 30 year mortgage with your timeshare. I was not aware that that could even be done. Longest I had heard was 10 years. As stated before by someone else, this is really unsecured financing.

 

[CalGalTraveler]

Below are a few timeshare refinancing options that Tuggers have found. YMMV I have never used these services and they may not finance a Westgate given no resale value - these services work for Disney, Marriott, HGVC etc which have some residual value.

https://www.vacationclubloans.com/

http://timesharelending.net/Financing


Disney only:

https://monerafinancial.com/loan-application/


P.S. I would NOT secure it with your home if you might walk away from it in the future as @theo suggests. Better to walk away with a loan from the timeshare company (they get defaults all the time with their self-financing and simply take back the inventory) or a signature loan than to lose your home. Also do not pay any services upfront to rid you of your timeshare as they are scams.

 

[bogey21]

My principle is over 80,000. I'm in a 30 yr. fixed mortgage now. 3 to 5 years is very high. Is it possible to refinance timeshares.

If the $80,000 is the debt on your TS, I'd consider defaulting and trying to negotiate after you default...

George

 

[tschwa2]

With an $80,000 debt the only timeshares that come to mind are Wyndham, after several up sells, or Vidanta, again after more than one up sells although the sell more RTU than deeded. I can't really think of any others that would have that kind of retail cost for a single deed.

 

[CalGalTraveler]

With an $80,000 debt the only timeshares that come to mind are Wyndham, after several up sells, or Vidanta, again after more than one up sells although the sell more RTU than deeded. I can't really think of any others that would have that kind of retail cost for a single deed.

The newest HGVC's in HI, Marriott's, Hyatt Kaanapali and possibly Disney and Vistanas are all selling north of $100k.

My theory is that the latest developer strategy is to charge outrageous prices so that people will need to finance. The financing locks them in for 10 years and keeps most resales off the market for 10 years reducing resale supply. This keeps current owners happy (e.g. dev sales will say, "See how happy people are because there are so few resales?" or "See how the resales hold their value?") Once the financing is paid off expect the values to crash to earth in 10 years as supply explodes with owners selling then developers recoup the inventory via ROFR for cheap.

 

[theo]

P.S. Better to walk away with a loan from the timeshare company (they get defaults all the time with their self-financing and simply take back the inventory) or a signature loan than to lose your home.

I certainly agree that getting one's home involved in any timeshare loan matter would be supremely unwise.

I am inclined to doubt that all timeshare companies have "self-financing" on developer-direct purchases.
I know that Wyndham does, but I am not at all sure about other "chains".

 

[LannyPC]

My principle is over 80,000. I'm in a 30 yr. fixed mortgage now. 3 to 5 years is very high. Is it possible to refinance timeshares.

Does that mean you owe $80,000 on your TS or on your residential home?

 

[wrk2travelalot]

does any one have any information on Lightstream as a time share loan company

 

[Passepartout]

does any one have any information on Lightstream as a time share loan company

You should NEVER!!! finance a timeshare! There are plenty of them for $1 or less on eBay.

 

[DeniseM]

I'm guessing that the poster bought a timeshare from the developer and now wants to re-finance it.

But if you are financing a new purchase - don't do it!