please help me, im poor now!!!

[msingha Junior Member Find all posts View Profile Close msingha]

Holiday Inn Club Vacations At Orange Lake Resort West Village,
Price 12,730 when i got it
monthly payment; $184.14
owe: 10,353.00
interest rate loan: 14.9%
yearly maintenance: $715.00
yearly club fee: $99.00
Unit: 000081
Size: 2 Bedroom
Week: 19 (Value season w/96000 pts yearly)
Total Points Available: 97,160

We got it when both my husband & I work. Now I am not working, should I sell, rent it, or sell the points? My husband income are just enough for our current mortgage & I am a full time student now with 2 kids. Please help

[jackio Gold Contributor Find all posts View Profile Close jackio]

I am so sorry to tell you this, but you will not be able to sell it for what you owe on it. You can try to use the points to the best advantage and rent out the week(s) to get enough to pay your maintenance fee. This won't cover your monthly loan, however.
You can try to deed it back to the resort. Contact them and tell them you are in danger of foreclosure. Maybe they will take the deed back and you won't have any more debt.
I'm sorry for your circumstances. Best of luck to you.

[msingha Junior Member Find all posts View Profile Close msingha]

Would that mess up my credit?

[jackio Gold Contributor Find all posts View Profile Close jackio]

It would not affect your credit if they took the deed back. Foreclosure would go on your credit record.

[msingha Junior Member Find all posts View Profile Close msingha]

Cool. Thank u. Never thought of that. But when I called and spoke to the resort lender inc, the guy said he couldn't help me & that I have to find a broker to try to resale it or transfer to someone else name, they do not take the deed back. So how can I rent it out or sale the point, how would I do that or who would I contact?

[Jya-Ning Silver Contributor Find all posts View Profile Close Jya-Ning]

Your rental will not be able to cover your MF and mortage interest payment. If you want to sale, very likely, you will need to come up 10,000 to make it sellable.

At certain point, you will have to prepare the worse, and it will take your credit score. I would think you need to talk to some legal consult.

Jya-Ning

[Jya-Ning Silver Contributor Find all posts View Profile Close Jya-Ning]

Forget to mentioned, since this is an open forum, if someone contact you, claim they can sell/rent or get rid of the contract for you and make end meet, or already have a buyer with big money waiting to use your unit, but want you to pay some small token first (like $300 to $3000), it is scam, they don't have, they will take your money and do nothing. You may as well as ruin your credit to start with.

Don't pay any upfront

Jya-Ning

[GrayFal Silver Contributor and supermoderator Find all posts View Profile Close GrayFal]

Forget to mentioned, since this is an open forum, if someone contact you, claim they can sell/rent or get rid of the contract for you and make end meet, or already have a buyer with big money waiting to use your unit, but want you to pay some small token first (like $300 to $3000), it is scam, they don't have, they will take your money and do nothing. You may as well as ruin your credit to start with.

Don't pay any upfront

Jya-Ning

Yes, do not believe anyone who tells you they will sell it for you.
Sorry for your situation.