Getting rid of a time share.

How does one get rid of a timeshare that we no longer use and can't sell for just one maintainace fee or less. We just attended a presentation with a company called Timeshare Relief Inc. Has anyone had any experiance with that Co. They wanted $3500 for one week and $4200 for two weeks to end all obligations to the timeshare that we own. Than they said that we could write off all the loss from purchase price and the amount they charged to get rid of the timeshare aginst capital gaines and never have to pay another maintaince fee again. Our timeshare is now going to charge an extra assessment plus maintaince to the total of just under $1,000 per week on a timeshare that we could not sell for $500. Also it is available for extra weeks on RCI for under $400. Need Ideas

If you merely want to get rid of your timeshare the charitable sites below might accept it. However, all maintenance fees must be paid up to date and there should be no liens (if you financed it) on the property:

http://www.timesharetrap.com/charities_that_accept_timeshare_donations.html

redbird wrote:

How does one get rid of a timeshare that we no longer use and can't sell for just one maintainace fee or less. We just attended a presentation with a company called Timeshare Relief Inc. Has anyone had any experiance with that Co. They wanted $3500 for one week and $4200 for two weeks to end all obligations to the timeshare that we own. Than they said that we could write off all the loss from purchase price and the amount they charged to get rid of the timeshare aginst capital gaines and never have to pay another maintaince fee again. Our timeshare is now going to charge an extra assessment plus maintaince to the total of just under $1,000 per week on a timeshare that we could not sell for $500. Also it is available for extra weeks on RCI for under $400. Need Ideas

Thanks jayjay for the info I will check it out

jayjay If you merely want to get rid of your timeshare the charitable sites below might accept it. However, all maintenance fees must be paid up to date and there should be no liens (if you financed it) on the property:

http://www.timesharetrap.com/charities

Check out: www.donateforacause.com

They have a list of timeshare resorts from which they will not accept donations. So long as your resort is not on the list, they will take yours. There may be a deduction available if you donate.

Timeshare Relief, Timeshare Solutions and other similar outfits have reportedly been giving FALSE information about the tax deductibility of timeshare weeks sold. There is NO capital gains deduction allowed.

For more information on this topic go to:http://www.tug2.net/advice/TUG_Taxes_and_Timeshares.htm

redbird wrote:

How does one get rid of a timeshare that we no longer use and can't sell for just one maintainace fee or less. We just attended a presentation with a company called Timeshare Relief Inc. Has anyone had any experiance with that Co. They wanted $3500 for one week and $4200 for two weeks to end all obligations to the timeshare that we own. Than they said that we could write off all the loss from purchase price and the amount they charged to get rid of the timeshare aginst capital gaines and never have to pay another maintaince fee again. Our timeshare is now going to charge an extra assessment plus maintaince to the total of just under $1,000 per week on a timeshare that we could not sell for $500. Also it is available for extra weeks on RCI for under $400. Need Ideas

I also went to a Timeshare Relief presentation just to see what it was all about. Couldn't believe what they were trying to sell. We pay them $3500. We left with our $25 gas card in disbelief. Have you checked with the resort on resales. Talk to someone at your resort directly, instead of the mgmt company, they might be able to put you in touch with someone interested in buying. Try a redweek posting. Or maybe an auction site.

All timeshare owners should be shaking in their boots. I have owned my TS for a decade and have, luckily, exchanged it several times, as I haven't used it myself in over 5 years. In the first five years I used it twice. I befriended a man at my resort and we stayed in touch over the years. He tried to sell his after his spouse died. After almost three years, he went to a timeshare relief presentation and gladly accepted their offer, as they at least offered to take it off his hands for certain. He came away from the presentation completely convinced of the timeshare industy's half-truths and misdeeds. All parts of the TS industry from developers to resellers work in lockstep to rip off the consumer. He shared much of the information with me. I don't believe he paid anywhere near $3,500. But, regardless, this trend is disturbing. The TS industry needs to clean up it's act. To the man who left the timeshare relief presentation in disbelief, I hope at least he listened to what they said. From everything I've heard, the resort won't help you out. All they want is your MF's and club fees.

There is an excellent article on this topic at SmarterMoney.com. It's entitled, "Escape from Timeshare Hell". Here's a link to the article:

http://www.smartmoney.com/consumer/index.cfm?story=20060804&src=fb&nav=RSS20&pgnum=2

I gotta throw a bone to the Timeshare Relief people as they were my personal saviors in getting out from under a beast of a timeshare. I looked into donating my timeshare but what no one mentions here is that what that basically means is that the charity will list it for you free of charge and when it sells they'll take the proceeds. If it doesn't sell you continue to pay your maintenance fees. They certainly don't. If your timeshare doesn't sell then you're no better off than you were before. You have only to look at eBay to see the thousands of timeshares for sale to realize there is absolutely no way you're going to make a profit on reselling and listing it with a listing service is just more money out the window. The timeshare Relief model actually makes sense if you consider 1) they're acquiring something that's going to cost them money; and 2) you are paying this money out regardless in fees. Add up what you spend in fees over the duration against what you pay to Timeshare Relief and it starts to make a little more sense. They saved me from foreclosure and ten years of negative marks on my credit report. I can't praise them enough.

Beware of the information in posts like the one above. It could well be written by one of the owners of Timeshare Relief.

If you go to www.donateforacause and read the information thoroughly, you will see that if they are willing to accept your unwanted timeshare, they send you paperwork completely transferring ownership of your week to them. From that point on, you have no further legal responsibility for it. You will not have to pay any further maintenance fees, Special Assessments, etc...Yes, the company usually auctions the weeks off on Ebay. Some sell for $1.00 plus about $500. in closing costs paid by the new owner. Others have sold for up to $10,000.. The designated charity receives the net proceeds after costs are deducted.

Guess what--companies like Timeshare Relief, Timeshare Solutions, et al. do the exact same thing. Only with them the proceeds go into their own pockets, along with the $3,500. fee they have already collected from the owner. There are very knowledgeable timeshare owners who attend the meetings just to see what is being said. At many of the meetings, blatantly false information has been provided--such as claiming that the owner can take a large capital gains deduction, or that their heirs will be forced to take possession of the week and pay all the expenses, even if they don't want it. It is scare tactics like this that often times motivates the owner to fork over large sums of money to "get rid of the burden."

It makes no sense for someone to pay these outfits thousands of dollars if a charitable organization is willing to take it for free.

There are millions of timeshare weeks owned by private parties. Some are very desirable and command a high price in the resale market. Some unfortunately have very little or no value due to factors such as the resort being old, rundown, not properly maintained, charges exorbitant maintenance fees, is billing for Special Assessments, has hurricane damage that has not been repaired, or perhaps has none of these problems but the week owned is way off season, etc...

Anyone wishing to get rid of a timeshare should do a bit of homework first. Check Donate For A Cause's web site to be sure your resort and week is not on their "will not accept" list. If it's not on the list, Check Ebay and various websites like Redweek. com., MyResortNetwork.com., Bidshares.com, Holiday Group, Timeshare Users Group www.tug2.net, etc...to see what price is being asked for a similar unit. See if there are any brick and mortor resale companies in the area where your timeshare is located.

The only time I would ever consider paying thousands of dollars to get rid of a timeshare would be if I determined that my unit would be impossible to sell, even for $1.00 on Ebay and if the annual maintenance fees were very high. Otherwise, why not continue to pay the fees for several years, meanwhile depositing the week with RCI or II and obtaining some vacation exchanges to use or give as gifts to family and friends. If the maintenance fees are around $400. per year, it would take about 9 years before you would be out the $3500. you would have given to Timeshare Relief. Maybe you will find someone during that time to take it off your hands for free.

You can find more free information on this topic at the Timeshare Users Group www.tug2.net.

Still hoping to connect with the 2 other owners at Kingstown Reef at the Crowne Plaza in Orlando.

Thanks, Gayle Reeves

Key words there "if they are willing to take your timeshare...." What if they are not? This language is on the Donate for a Cause web site:

"Properties that have mortgages, liens, loans, or outstanding maintenance fees that the owner is unwilling to pay off are not acceptable for donation."

So, basically, if you are still paying on your timeshare you can forget about it.

You are right in that there are number of valuable timeshare opportunities out there and I didn't post my message to suggest otherwise but the reality of the situation is, unless you are well off financially and have an unlimited amount of time to spend negotiating your weeks timeshare properties are a more of a burden than a blessing. The fee I paid to Timeshare Relief was less than $3500. I'm curious where you are getting your information. I believe Timeshare Relief determines the fee the based on the property.

Anyway, I had my attorney review the full contract before agreeing to anything and was completely in the know prior to signing on the dotted line. There was nothing shady or illegal about any of it.

elsas3 wrote:

Key words there "if they are willing to take your timeshare...." What if they are not? This language is on the Donate for a Cause web site:

"Properties that have mortgages, liens, loans, or outstanding maintenance fees that the owner is unwilling to pay off are not acceptable for donation."

So, basically, if you are still paying on your timeshare you can forget about it.

Companies like Timeshare Relief and Timeshare Solutions will not take the week either unless the mortgage is paid in full and the maintenance fees are up to date, etc...

Some TUG members have been tracking the timeshare Ebay auctions being conducted on behalf of Timeshare Solutions and Timeshare Relief. We know the Ebay names of at least 3 individuals doing it. About 50% of the weeks are very undesirable and are won with a very low bid. Some get no bids at all. They are often re-listed with free closing. And still no bids. Weeks like this would probably justify the owner paying to have it taken off their hands.

But many of the weeks have excellent value and have gone for upwards of $10,000.. What a shame that anyone felt compelled to pay thousands of dollars to be rid of the week. They could have easily sold it themselves.

But if/when people who own weeks like that learn not to give it to Companies like TS and TR, the companies would be in danger of going out of business. Even if they can persuade owners of "doggie" weeks to pay for their services, they won't make much money trying to rid themselves of the burden of ownership and ongoing maintenance fees, etc... if no one wants to buy them on Ebay.

phill12 wrote:

I would be shocked to find these companies ever transfer condo's into their name. I have heard stories of people doing this and few years later there being sued for back mf and taxes because the company never sold and would not pay these fee's.

That would be illegal as there is a contract that states in no uncertain terms the the property will be transfered to Timeshare Relief. If they were pulling that kind of scam they wouldn't be in business very long.

I'm still not getting what the problem with them selling timeshares on ebay is presuming that's even true. I'm not inclined to trust the TUG people much as most all of them are deeply imbedded in the Timeshare Industry in one way or another. How is it that they know who these ebay sellers are? Wouldn't they have to be pretty intimate with TSR to acquire that information? Something doesn't add up. The fact that they have a bone to pick with a company that shines a spotlight on the shady business practices of the timeshare industry immediately makes me suspect as there is ample evidence to suggest that a number of them are in bed with it. Just my two cents.

I'm not vehemently opposed to timeshares and I realize there are some great ones but traversing the timeshare world is tricky and most people get burned. It's an expensive mistake no matter how you look at it.

I keep sending a plea for help with selling my timeshare. I bought it in 2001 and have rarely used it. It's in a wonderful area and is a top of the line resort. The major hang-up is the maintenance fee.

I've tried renting it; making my RCI points available to any potential buyers...I have a very large number of RCI points.

I have been hopeful to sell before the end of Jan 2007....I am on disability and receive only $821/month so I could definitely use the money. As most of you know, some money is better than NO money

Thanks, Gayle

Keep lowering your price until you start getting some interest. If you bought from the developer you will more than likely take a substantial loss, but you will be rid of the yearly maintenance fees if you sell it.

gayler5 wrote:

I keep sending a plea for help with selling my timeshare. I bought it in 2001 and have rarely used it. It's in a wonderful area and is a top of the line resort. The major hang-up is the maintenance fee.

I've tried renting it; making my RCI points available to any potential buyers...I have a very large number of RCI points.

I have been hopeful to sell before the end of Jan 2007....I am on disability and receive only $821/month so I could definitely use the money. As most of you know, some money is better than NO money

Thanks, Gayle

So, are you saying that Timeshare Relief will take propertiess that have mortgages, liens, loans or outstanding maintenance fees that the owner is unwilling to pay off?

I don't think so. They would go bankrupt in a NY minute.

elsas3 wrote:

Key words there "if they are willing to take your timeshare...." What if they are not? This language is on the Donate for a Cause web site:

"Properties that have mortgages, liens, loans, or outstanding maintenance fees that the owner is unwilling to pay off are not acceptable for donation."

elsas3

phill12 wrote:

I would be shocked to find these companies ever transfer condo's into their name. I have heard stories of people doing this and few years later there being sued for back mf and taxes because the company never sold and would not pay these fee's.

That would be illegal as there is a contract that states in no uncertain terms the the property will be transfered to Timeshare Relief. If they were pulling that kind of scam they wouldn't be in business very long.

I'm still not getting what the problem with them selling timeshares on ebay is presuming that's even true. I'm not inclined to trust the TUG people much as most all of them are deeply imbedded in the Timeshare Industry in one way or another. How is it that they know who these ebay sellers are?

I'm not vehemently opposed to timeshares and I realize there are some great ones but traversing the timeshare world is tricky and most people get burned. It's an expensive mistake no matter how you look at it.

Elsa wrote: "I'm still not getting what the problem with them selling timeshares on ebay presuming that's even true. I'm not inclined to trust the TUG people much as most all of them are deeply imbedded in the Timeshare Industry in one way or another. How is it that they know who these ebay sellers are?"

-----------------------------------------------------------------------------------------

TUG members have bought weeks on Ebay from certain sellers. In doing their "due diligence" during the transfer of ownership process, they can determine the name, address, and phone number of the former owner. Contact with these people reveals that they paid companies like TSR to rid them of the timeshare. The "Ebay names" of the sellers are then shared with other TUG members so that they can be on the lookout for a good timeshare resale deal in the future if they are interested in buying another timeshare week, or 2, or 3... I have personally added several of these Ebay sellers to my "favorite sellers" list and receive Email notification anytime they list a new item.

Since we already own 15 weeks, I'm not really interested in buying any more. But when I see a prime week available at a resort considered to be very desirable, I pass the info on to the 200+ members of the owners group I run as an UNPAID VOLUNTEER. And TUG members share the info too. That's why so many of us are very happy timeshare owners. We have done a lot of research, have determined which timeshare weeks and resorts meet our individual needs, and then buy them resale at a bargain price. We'd be much happier buying directly from the owners, though, instead of through TSR and similar companies.