Time Share Settlement??? Is there hope?

[ld2366eh]

I know this is probably a really stupid question, but has anyone ever tried to contact their Timeshare company and tried to settle with them AFTER the debt was discharged in bankruptcy? I was thinking that if/when we get our discharge end of January, I would try to contact our Timeshare company and seeing if they are interested in a settlement. We would be willing to keep our timeshare (and the ongoing maintenance fees) if we didn't have the enormous monthly "mortgage" payment that goes along with it. Any thoughts out there, or is this a really stupid idea?

[bcohen]

Just get rid of it. Timeshares are a waste of money, because it is often cheaper to just pay for a hotel or extended-stay suite when you wish to travel, than to pay monthly assessments for a timeshare that you typically only use for a week or two per year. If you have "surrendered" the timeshare in your bankruptcy, you can walk away, which is what most people who bought into the timeshare "hype" wish they could do!

[ld2366eh]

Sure, that makes total sense, but we have enough "points" that would allow us a 2-3 week stay at some pretty nice places and the annual maintenance fees more than cover it. It would be worth it to us IF we only had to pay the maintenance fees every year. (paid once per year, not monthly). We really like our timeshare, just not the cash we put toward it every month for the "mortgage".

FYI, we already did surrender them when we filed the BK7 in October.

[tobee43]

I know this is probably a really stupid question, but has anyone ever tried to contact their Timeshare company and tried to settle with them AFTER the debt was discharged in bankruptcy? I was thinking that if/when we get our discharge end of January, I would try to contact our Timeshare company and seeing if they are interested in a settlement. We would be willing to keep our timeshare (and the ongoing maintenance fees) if we didn't have the enormous monthly "mortgage" payment that goes along with it. Any thoughts out there, or is this a really stupid idea?

yes, i did, i offer them a DIL and they grabbed it. (i did that as well with some other property). but the timesharer company were both easy to work with. i sent them a release as well.

bcohen, you are so right on that in the present day. but 20 years ago it was a deal, but then we up graded and they began the problem. we owned them both free and clear at one time! although, the bk trustee would have taken them anyway. so at least we got a few good years out of them. but shoot, i would usually cost us more to fly there than to get a nice trip for the week including food and air fair for what the maintenance was costing towards the end of our ownership.

[ld2366eh]

Does that mean that you settled and kept your timeshare? I owe about $18,000 (and it will be discharged in January). I'd like to offer them something way less then this to be able to keep it. Am I correct in assuming they make all of their money from their maintenance fees? All they could do is say no, right? I figured it might be worth a shot.

[bcohen]

No, tobee is saying that he offered to sign the deed over to the mortgage lienholder, i.e. quitclaim his interest in the property, to avoid a protracted foreclosure process. He did not settle the debt and keep the property. Neither should you.

[tobee43]

No, tobee is saying that he offered to sign the deed over to the mortgage lienholder, i.e. quitclaim his interest in the property, to avoid a protracted foreclosure process. He did not settle the debt and keep the property. Neither should you.

let just clear up one little thing here....this He is a She...LOL!!

but, yes, as bcohen stated, i just handed it right back to them.