Abandonent Letter with a time share: question

[WharffRat]

During my CH 7, I received an Abandoment Letter for a timeshare I own.

I had purchased the timeshare on eBay for $510.00

I do not want to keep this timeshare.

I have tried to donated it, but neither of the two donation organizations I sent the information to want it

The yearly dues are coming up at the end of January and I do not want to pay because it is not setup in our new budget plan.

What options do I have?
It is not worth the $510.00 I paid for it.
I do not want to spend another dime on it.
Can I just walk away and let the timeshare company have it back?

Any help or direction would be great.

[BKOnce]

Easy come & easy go, it should go back to where it comes from :

1. eBay , FREE!!!...

2. CraigLists, FREE!!!...


Guaranteed SOLD in 10 days (to some idiots), or else...?

[WharffRat]

But, then I would have to incur closing costs and transfer fees.

[StartingOver08]

Well, I think that BKOnce has the right idea. Craigs list and Ebay are excellent selling venues. BUT, I would charge a little something because people respect a 'good deal' before they respect something for free! You could try it either way to see which gets more action (Free or the very, very low price)

By little, I mean $100 - $199. Also, charge the buyer the transfer fees - usually you can designate in contract who is responsible for what fees. For example, you have a maintenance fee coming up - make sure the buyer is responsible for the maintenance fee in the contract, plus all transfer costs. If you have to negotiate the price to say $59 instead of $199 then the buyer is really, really impressed with their deal...and you have a albatross off of you.

[WharffRat]

Thank you for your input.

But, there are 2 currently on eBay, that are not moving.

eBay listing 1

eBay listing 2

I do not think this is a solution that will work for me.

I guess, I just really want to know....does the abandonment letter mean I can walk away and sign the title over to the timeshare company.

I know everyone is trying to help. I have already looked into these option and the donating option. No one wants this place.

[justbroke]

TI guess, I just really want to know....does the abandonment letter mean I can walk away and sign the title over to the timeshare company.

A couple of things to note.

First, the Abandonment Letter was probably the Trustee abandoning the property from the Bankruptcy Estate. That is, they Trustee didn't want anything to do with it. That means, that you own it.

Second, I don't think any timeshare company in its right mind would want it. However, they may take it back if you pay the transfer fees. You need to come up with a couple of offers for them. (Now, caveat what I say with I've never owned a timeshare...)

• Offer to quit/claim the deed and give it to the timeshare company
• Offer to pay 1/2 the costs to record a new deed/title
• Offer to pay 1/2 the maintenance costs due
• Offer to pay all the costs to record a new deed/title
• Offer to pay all the maintenance costs due

So, it's an escalating menu of options. Start with the first, which would be at NO COST to you. Then work your way up the food chain.

Of course, your mileage may vary.

[WharffRat]

ok. Thanks.

I thought the abandonment letter was more than that.

Since, I was told I would need to keep it in a safe place if I planned on doing any transactions with any of the properies in the future. And I would need a copy of that letter and a complete copy of all CH 7 paperwork.

I guess I was hoping to "give it back" to the timeshare company and trying to find out how to.

Any other advise of another direction for this issue would be great.

I start on this path with the timeshare company and will keep you posted on my progress.

[WharffRat]

I found this info on the letter ----

1. What does an "Abandonment Letter" mean?

1. Abandonment Letter. If you get a notice from the Trustee that the Trustee is "abandoning" your property, this does not mean that you must abandon or lose your house, car, etc. Rather, it means something quite the opposite, that the Trustee has no intention of taking the property but is advising your creditors that he/she is not going after the property but is "abandoning" any attempt to take it.

---- much different than I thought....

Thanks for pointing me in the right direction via a PM

[WharffRat]

no bites on CL yet and there are still 2 listed on eBay

I have been turned down by 2 donation website already. I am working with another donation website right now.

But it looks like I will have to pay the fees for 2009 no matter what.
But, I can take a withdraw from my 401k to cover that cost.

Thank you everyone for your suggestions and help.

I did get that FRESH START, but this timeshare and my not understanding that abandonment letter put a little bump in the road. Hopefully someone will want this, even if for free and me paying all closing costs.

[justbroke]

Hopefully it will be done soon.