Newbie Needs Help

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

Hello all, my first post here. Hopefully, you guys can give me some good advice on what I can do to rid myself of this financial burden that I have put myself in.

Ok, to make a long story short, I own an Orange Lake Orlando unit. I pay $169 a month. Can not afford to do this. I am on Timeshares only (yes, I pre-paid). I have the unit up for sale for $500 (the 2nd lowest price online for OL).

Anyways, I really do not even want to make any money on the "sale". All I really want to do is to rid myself of the monthly $169 payments. I really didn't want to buy the timeshare, but I was weak and fell for the sales pitch, and before I knew it, I was screwed.

I have called OL, but they tell me there is no way to get out of the contract, but that is not a supervisor. Have not heard from the supervisor yet. Will not hold my breath.

I guess my main question is, Can I get out of the contract somehow? Can I negotiate a "buyout""? I do not want to default and have my credit wrecked.

Other than putting the property up for sale on other sites besides the one it is currently on, what can I realistically do?

Any and all suggestions would be greatly appreciated.

Thank you,

Scott

[jericap Super Moderator Find all posts View Profile Close jericap]

Welcome to TS4Ms.
How long have you owned your unit? If it was recently, you could rescind, but by the sounds of it, you've owned awhile. I'm sorry to say but there isn't a way to get out of the contract without suffering some sort of consequence. You've already called them and they didn't offer to buy it back. I'm not sure about the buyout, I wouldn't think so, but I'm not that familiar with OLCC.
The contract is a legal binding agreement. Unfortunately, even if you sell it, you would still be responsible for the payments; unless you expect the buyers to take over the payments.

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

I was under the impression that the "buyer" takes over payments in most timeshare sales. At least that is what Timeshares Only told me.

I have had the unit for almost 3 years now. If I really have little "buyback" options, then perhaps someone could suggest some sites that may lead to a buyer for the unit.

Thanks for any advice that you guys may have.

[Spence Super Moderator Find all posts View Profile Close Spence]

Welcome to TS4Ms!!!

I have the unit up for sale for $500 (the 2nd lowest price online for OL).

If you owe money, you are not 'selling' it for $500.

I was under the impression that the "buyer" takes over payments in most timeshare sales. At least that is what Timeshares Only told me.

As you already surmised, TO tells you whatever you want to hear. Most sales are free and clear with seller paying off all loans if there are any.

[bnoble Senior Member Find all posts View Profile Close bnoble]

If you truly cannot afford the payments, and are past your recission period, your best option might be to try to negotiate a deed in lieu of foreclosure with Orange Lake. With the manay free-and-clear deeds available for resale, yours will not get so much as a sniff unless you are willing to pay off the loan.

Barring that, your best bet is to figure out how to make the best use of what you own. For example, depending on which week or season you own, it might be possible to rent the unit out and recover some fraction of our outbound cash flow.

[rikkis_playpen Diamond Club Contributor Find all posts View Profile Close rikkis_playpen]

Ok, to make a long story short, I own an Orange Lake Orlando unit. I pay $169 a month. Can not afford to do this. I am on Timeshares only (yes, I pre-paid). I have the unit up for sale for $500 (the 2nd lowest price online for OL).

Any and all suggestions would be greatly appreciated.

If your ad is misleading- you won't sell.. Any buyer inquiries you get for $500 will run the other way when you lay the whammy on them that you owe much more!

Find out your payoff and price accordingly.. If you are upside down (you probably are- PM me if you'd like a free CMA), you'll want to focus on rentals to try and at least pay for the m. fees.. Be sure to advertise the specific dates of usage to have the best chance to rent.

Another option is to look at refinancing your developer loan through a home equity line, or a private lender such as Tammac Financial or First Again. If you still have a good credit rating this may be possible and could give you a way out of ownership- but not your payments..

Your best option may be to learn to use and enjoy your ownership.... If it isn't a financial hardship- that resort is very popular for Orlando and gives you a reason to vacation each year... (Side note here- Orange Lake is not a resort I often recommend to resale buyers- I worry that the over development of amenities will lead to huge annual fees down the road if the developer ever pulls out and the HOA's have to take over...).

I found your ad and there seem to be a number of problems with it.. You show as a deeded wk 8 - 1BR floating usage- but you don't indicate points. Regardless of what you finally decide to do- clean up your ad.. If you aren't sure exactly what you own- call owner services and confirm everything. You paid for advertising- but if your ad doesn't properly reflect what you own- you'll never have a chance to sell.

I'm very skeptical that a TSO rep encouraged you to under price, they are trained to only give averages of current ads which would have priced you much higher than $500!

Good luck..