Question/Advice [Can we sell TS with a mortgage on it?]

[kbike]

New to the forum. Looking forward to learning from your experiences.

In the process of deciding whether or not to sell our timeshare. We financed the purchase of our timeshare and still paying off the loan.

My question is: Can we sell the timeshare while still owing payments or should we pay off the loan in order to sell?

Thanks for your help!

 

[TheTimeTraveler]

New to the forum. Looking forward to learning from your experiences.

In the process of deciding whether or not to sell our timeshare. We financed the purchase of our timeshare and still paying off the loan.

My question is: Can we sell the timeshare while still owing payments or should we pay off the loan in order to sell?

Thanks for your help!

Get that loan 100% paid off.



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[jwalk03]

Unless the timeshare you own is worth more than the remaining loan (very very unlikely!) then you will have to pay off the remaining loan before you can attempt to "sell" (or give away, depending on the value) your time share.


I just saw in your profile that what you own is a Mexican timeshare. It likely has no value whatsoever. paid off or not you likely cannot sell it, maybe not even be able to give it away for free. The best course of action may be to just stop paying and let them take it back since its RTU not deeded ownership.

 

[kbike]

Seriously? No value whatsoever? How is that possible? Why? Feeling stupid!

 

[TheTimeTraveler]

Don't feel stupid; it's a very common occurrence with many timeshare transactions.

Read some of the forums and you will see you are in the same boat as many others.

As jwalk03 says it is likely worthless, and only of value to you if you utilize it yourself.




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[kbike]

Thanks. Appreciate your input!

 

[DeniseM]

Most timeshares resale for 0-10% of original retail. Most timeshares in Mexico sell for less than that. This is because the timeshare resale market is flooded with cheap and free timeshares, which makes it difficult to even give them away.

 

[Passepartout]

You ask, "How is this possible? " Well, Mexican timeshares are Right to Use, not deeded. You don't own anything to sell. And the developers charge several multiples of your annual fee to affect the transfer into a new 'owner's name. It's likely that your 'mortgage' is with a 3rd party, and somehow, they want the contract honored, after all, they already paid the resort. If you look, here on TUG of on Redweek, or Tripadvisor, and others, lots of rentals at your resort for less than you are paying. That's how it is possible, even likely, that your TS is worth close to zero. Sorry.

Jim

 

[kbike]

Thanks again for your feedback! Guess maybe I just hang onto it and leave it to my son.

 

[bogey21]

Thanks again for your feedback! Guess maybe I just hang onto it and leave it to my son.

Slow down. Depending on your age, life expectancy and the number of years left on your loan there may be a better way. If you don't want your Son to be stuck with it, leave it to him in your will with instructions how to disclaim the inheritance. Get educated on this. It may (or may not) be your best way out.

George

 

[Passepartout]

Once it is paid off, you can do anything with it. But the best use is to use it to make great family memories. If you want to lighten the financial load, you can reserve a week and rent it, or you can deposit the week into an exchange and go somewhere else, that's possible too. Don't be a stranger around TUG. You'll learn how to maximize what you own. Most of us did exactly.what you did. Bought our first week from a developer when on a vacation. Sure, like you we spent too much, but some- not all- of the stuff the salesweasel told you is real. Learn to use it.

All the Best

Jim

 

[kbike]

Great advice. Thanks much for taking the time to offer your help!

 

[LannyPC]

A side point here. This is something we on TUG like to warn people about who are in a similar situation as yours. Watch out for the many scam phone call attempts you will likely be receiving. They will try to tell you they can sell your timeshare or rent it out for big bucks...after you pay them an upfront fee.

The other thing to watch out for are these companies that claim they can cancel or get you out of your agreement, or cancel the mortgage you still owe, again, if you pay them a large, upfront fee.

Please don't fall for any of these but rather, take the advice that has already been given to you in this thread about how best to utilize what you have.

 

[kbike]

Thanks. Fortunately my "spidy" sense is always on alert for scams. I've been contacted before and told them to take a hike.