Sheraton Vistana

Hello, We bought a timeshare from Sheraton about a year ago and we highly regret doing that. Anyone have experience with selling it back to them if there is still a balance?

nancym1081 wrote:

Hello, We bought a timeshare from Sheraton about a year ago and we highly regret doing that. Anyone have experience with selling it back to them if there is still a balance?

Chances are very slim that you can sell or even give away a timeshare with money still owing on the mortgage. So you have two options. One, pay off the balance and then try to sell or give it away or maybe even use it yourself. Your other option would be to just stop paying maintenance fees and loan/mortgage payments, let it go into default and foreclosure, then have the resort repossess it. You would lose all the money you've sunk into this so far but at least the financial bleeding would stop.

Keep in mind that any selling price you might get for it is no where near what you paid for it. A lot of Sheratons have at least a little bit of resale value but not very much. The other big caution is to not go seeking the help of certain companies, law firms, or charities that claim they can "cancel" your timeshare (even with a mortgage still owing on it) or these companies that claim they can sell your unit for big bucks if you pay them some sort of upfront fee.