Getting rid of your timeshare

christine514 wrote:

I believe it is possible to 'get rid' of your timeshares through a number of charities, the only thing you have to realize is that it will cost you money! Now when it comes down to it, the cost of 'getting rid' is a one off cost whereas your maintenance fees are forever. Think about it. It is really worth considering this. Whether you believe half of what you have read here it doesn't make any difference, the fact is, you need to make a decision and go ahead with it. Sooner or later you have to have a little faith.

I have stated here in this thread that I have done this by contacting Donate for a Cause and they have transferred my Sheraton Broadway timeshare. I no longer own this timeshare which is exactly what I wanted.....now as to the cost the company actually charged me about $900.00 along with me having to pay my maintenance fees and find a local solicitor (I live in England) which added up to another approx $500. Total about $1400.00. The escrow was handled by Resort Closing Inc in Montana. Believe me I was very nervous paying this fee up front, but had come to the conclusion (after months of trying all the other options, giving it away, selling etc which were unsuccesssful) that this was the only way forward.

Sometimes we have to do something that doesn't feel right at the time, but you either try it or continue to worry about the future. I have no regrets just a little less money!!

Good luck all of you who are in the same position.....

Thank you so much for your comments. I really do appreciate them and feel you have convinced me this is the way to go. I, like you, live outside the US...you in England and myself in Canada, so guess we have to "trust" in some matters if we want to rid ourselves of our timeshares and no longer be slaves to Maintenance Fee payments. I hate the thought of loosing all the money I paid for my timeshares, but currently, there is no alternative but to keep digging deeper and deeper into my savings to try to keep from going into default. I have made a note of the companies you used and hopefully over the next few months I will be able to proceed with at least one or two....I say months, because the Maintenance Fees are due in January and they must be paid, or at least partially paid for the time being. Again, thank you so much. You have given me sound advice and a way out that I wasn't aware of prior to your message. With deepest thanks.....

Beverly,

I see that you have your timeshare posted on RedWeek for sale. Please be sure that your price is very competitive with others or you won't receive any inquiries.

Thanks, Marty

beverlycl wrote:

martinc84 wrote:

Has anyone on here used DRk14's (Community Health Training) service?

I could care less about the tax deduction and won't use it anyway. But I'm in a similar boat as others. The maintenance fees have more than doubled since I bought the 2 weeks I have at Atlantic Beach, NC. I have not been able to sell or even give away either week. I don't use them and they are winter months so they're hard to rent. The resort management will not take them back, I have asked.

I'm fed up with it and there seems to be no legal recourse other than what DRK14 is proposing. So has anyone tried it?

Thanks

I am in the same boat as you are. Have timeshares I will never use, can't rent, can't sell and the companies will definitely not take back the deed. What are we, the consumer, to do? We are faced with ever increasing Maintenance Fees and have no recourse. If we stop paying, then our credit rating is ruined and the Timeshare Companies will follow us to the grave and get their fees owing from our Estate. My personal opinion is that the Timeshare business and not simply Timeshare Resellers are nothing but scammers. The representatives of the original Timeshare Companies tell you one story..such as that if you wish to sell, the Company will take it back.This is an out and out lie, but how is one to prove it....it is your word against a representative who, in many instances, is no longer with the company. You are forced to sign on the dotted line and only after your signature is obtained are you given the papers and sufficient time to read and ask questions. By then it is too late...you are into a contract for life and even beyond. Any tax benefits are of no consequence to me because I live in Canada and thus have no interest. The only thing I want to do is get rid of the ever increasing Maintenence Fees and my name off the deeds. I am sure there must be thousands of us Timeshare Owners who are in similar situations and yet, there is nothing we can do? Or is there? I don't know...does anyone else. Please offer any advice and apparently giving to charity is out of the question, as has been noted in previous comments...I know here in my local area charities want nothing to do with timeshares. Thanks so much.

I am very interested in your service I have 5 to get rid of Could you please give me more information

I found your post very informative but when I tried to contact them there # did not exist. How did you contact them

Have you sold anything on redweek I have 5 timeshare that I want to GIVE away and I will pay closing costs. I have also paid maintenance for 2012/2013 I just want out of them

debbiem520 wrote:

Have you sold anything on redweek I have 5 timeshare that I want to GIVE away and I will pay closing costs. I have also paid maintenance for 2012/2013 I just want out of them

One more time, have you posted your 5 free timeshares in Redweek's Bargain Basement. With you paying closing costs and having paid maintenance fees for 2012 and 2013, someone would be getting free timeshares for two years with no financial obligations .... quite a good deal IF your resort and weeks are desirable at all.

http://www.redweek.com/featured/bargain-timeshare-resales

beverlycl wrote:

christine514 wrote:

I believe it is possible to 'get rid' of your timeshares through a number of charities, the only thing you have to realize is that it will cost you money! Now when it comes down to it, the cost of 'getting rid' is a one off cost whereas your maintenance fees are forever. Think about it. It is really worth considering this. Whether you believe half of what you have read here it doesn't make any difference, the fact is, you need to make a decision and go ahead with it. Sooner or later you have to have a little faith.

I have stated here in this thread that I have done this by contacting Donate for a Cause and they have transferred my Sheraton Broadway timeshare. I no longer own this timeshare which is exactly what I wanted.....now as to the cost the company actually charged me about $900.00 along with me having to pay my maintenance fees and find a local solicitor (I live in England) which added up to another approx $500. Total about $1400.00. The escrow was handled by Resort Closing Inc in Montana. Believe me I was very nervous paying this fee up front, but had come to the conclusion (after months of trying all the other options, giving it away, selling etc which were unsuccesssful) that this was the only way forward.

Sometimes we have to do something that doesn't feel right at the time, but you either try it or continue to worry about the future. I have no regrets just a little less money!!

Good luck all of you who are in the same position.....

Thank you so much for your comments. I really do appreciate them and feel you have convinced me this is the way to go. I, like you, live outside the US...you in England and myself in Canada, so guess we have to "trust" in some matters if we want to rid ourselves of our timeshares and no longer be slaves to Maintenance Fee payments. I hate the thought of loosing all the money I paid for my timeshares, but currently, there is no alternative but to keep digging deeper and deeper into my savings to try to keep from going into default. I have made a note of the companies you used and hopefully over the next few months I will be able to proceed with at least one or two....I say months, because the Maintenance Fees are due in January and they must be paid, or at least partially paid for the time being. Again, thank you so much. You have given me sound advice and a way out that I wasn't aware of prior to your message. With deepest thanks.....

christine514 wrote:

The escrow was handled by Resort Closing Inc in Montana. Believe me I was very nervous paying this fee up front, but had come to the conclusion (after months of trying all the other options, giving it away, selling etc which were unsuccesssful) that this was the only way forward.

The most secure way to handle any real estate transaction is through a title escrow company. You found that having to pay up front to a title escrow company is a reasonable business practice when dealing with real estate (deeded timeshares). In fact, I've even explained the Resort Closing, Inc. is one of two companies listed on our site for people to use, but they always have a choice of selecting their own escrow company they feel they can trust to hold their funds until the deed is actually filed and out of their name. Why do some people continue to spout ignorance and refuse to even check this out? Call Resort Closing, Inc. about us and what they do.

I wonder if those people rant and rave against Donate for a Cause for doing exactly the same thing but charging even more? I understand they are up to almost $2,400 now. And other large charities are finding that what we've been doing for several years works so they've begun doing it too. Call them and ask them what they do with the timeshare for the next 36 months. After all, that's the donor's window of risk based on IRS law. Its been explained earlier in this thread. I would think that knowing in advance what the charity will do with the deed should be of great concern to the donor.

Because we work with and, in a sense, for the donor, we make it plain we are not about to continue supporting resorts that use unethical and possibly illegal claims and statements to defraud buyers of their money in the sale process. Like others here, the claim of scam depends on your perspective. Having been "scammed" by the resorts in the past, I find nothing wrong with using the law to the donor's benefit instead of the other way around.

drk14 wrote:

Because we work with and, in a sense, for the donor, we make it plain we are not about to continue supporting resorts that use unethical and possibly illegal claims and statements to defraud buyers of their money in the sale process. Like others here, the claim of scam depends on your perspective. Having been "scammed" by the resorts in the past, I find nothing wrong with using the law to the donor's benefit instead of the other way around.

Your socalled charity organization is no better than the resorts you claim are scammers.

Did anybody hogtie you and force you to sign on the dotted line when you bought from the developer? No, your eyes were glazed over by the luxury, beauty and amenities of the resort and the condos.

You, of all people, should know that what's said verbally in a presentation doesn't mean anything unless it's ALSO stated in the written contract. Did you go over your contract backwards and forwards and inside and out to make sure what was said verbally correlated to what was written in the contract .... evidently not.

We bought one developer timeshare and I don't blame the salesperson or the developer .... we were bowled over by the resort itself and that influenced our decision to buy. Most people have never even been to a resort and when they are offered a resort presentation they are overwhelmed with all the amenities, luxury and beauty.

drk14 wrote:

christine514 wrote:

The escrow was handled by Resort Closing Inc in Montana. Believe me I was very nervous paying this fee up front, but had come to the conclusion (after months of trying all the other options, giving it away, selling etc which were unsuccesssful) that this was the only way forward.

The most secure way to handle any real estate transaction is through a title escrow company. You found that having to pay up front to a title escrow company is a reasonable business practice when dealing with real estate (deeded timeshares). In fact, I've even explained the Resort Closing, Inc. is one of two companies listed on our site for people to use, but they always have a choice of selecting their own escrow company they feel they can trust to hold their funds until the deed is actually filed and out of their name. Why do some people continue to spout ignorance and refuse to even check this out? Call Resort Closing, Inc. about us and what they do.

I wonder if those people rant and rave against Donate for a Cause for doing exactly the same thing but charging even more? I understand they are up to almost $2,400 now. And other large charities are finding that what we've been doing for several years works so they've begun doing it too. Call them and ask them what they do with the timeshare for the next 36 months. After all, that's the donor's window of risk based on IRS law. Its been explained earlier in this thread. I would think that knowing in advance what the charity will do with the deed should be of great concern to the donor.

Because we work with and, in a sense, for the donor, we make it plain we are not about to continue supporting resorts that use unethical and possibly illegal claims and statements to defraud buyers of their money in the sale process. Like others here, the claim of scam depends on your perspective. Having been "scammed" by the resorts in the past, I find nothing wrong with using the law to the donor's benefit instead of the other way around.

I think people are missing the point. If DRK14 and the title company take it out of your name, who cares after that? We all want out from under these timeshares for the least expense possible and he seems to be it. I've had quotes as high as $3500 to take one over and I have 3 of them to find homes for. They base their fee on the current maint. fee and this was for the lowest maint. fee! I don't care whether he pays the maint. fees either. I figure it serves them right for refusing them when you try to GIVE them back. If they raise the maint on others to pay for it, then there'll be even more deliquencies. Believe me, I have no desire to pay someone to take it over but I also don't want to continute to pay maint fees on something I no longer use. No one even wants FREE timeshares anymore either so our choices are very limited.

I wish all owners would spend a small amount of money and join the National Timeshare Owners Association. Their website is nationaltimeshareownersassoc.com. The president is Ed Hastry. He can be contacted at hastry@aol.com. It's a non profit organization of time share owners for the benefit of timeshare owners. With your membership you also get a subscription to Time Sharing Today. They share information about all aspects of timeshare ownership. This is where I got the information I needed to get rid of two timeshares this year. It's the second week of December and I didn't receive any notices to pay my yearly maintenace fees for next year. I can't tell you how good that feels. I never have to deal with RCI or any other exchange companies. If I want to use a timeshare I can go to this site or others and rent one someone else can't get rid of. The membership was the best investment I ever made. I will remain a member forever. I still own one timeshare in Las Vegas that I will never part with. I will be attending the NTOA meeting in The Villages in Florida in February and look foward to seeing Ed Hastry again. The meetings are filled with so much information it's hard to fit it all in one meeting. Don't give into the scammers. Do your homework and find a safe way to rid yourselves of the burden of rising maintenance fees and special assessments.

nancye31 wrote:

I figure it serves them right for refusing them when you try to GIVE them back.

I smell a shill !!!!!

Why would a resort feel the need to take a timeshare back .... you were the one that signed on the dotted line to buy that timeshare in the first place. Resorts are not in the business of taking back timeshares .... you knew you had to pay yearly maintenance fees ..... so go ahead and pay $1500 to the scam charity organization and see how far you get with the IRS.

Below is from certified CPA Dave McClintock ..... his expertise on taxes can be found under resources here at Redweek .... notice he says "if you value the week more than $500 you must file a form 8283 WITH your tax return. "If you value the donated week at more than $5000 you must get a formal appraisal."

You cannot just automatically deduct $5000 for a timeshare that you donated to any charity (legit or not) without a FORMAL appraisal .... there are very few timeshares that are valued at $5000 in this market/recession.

DRK doesn't feel the need to explain this to people who are willing to go along with his scam and if the IRS catches him then he and you will be in serious trouble. You'll not only have to pay back taxes but the IRS will add interest also.

[Dave states]"If you value the week (alone or combined with other non-cash donations) at more than $500, you must file Form 8283 with your tax return, putting IRS on notice that there might be a valuation issue for them to scrutinize. If you value the donated week at more than $5,000, you must get a formal appraisal. Further, if you donate more than one week in a year, you must get an appraisal if the total value of the donated weeks exceeds $5,000".

"If required, the appraisal must be performed by someone who is "qualified" to do the appraisal, based on requirements set forth in the federal income tax regulations. Many charities state that they will provide a valuation statement for the donor. Beware of such an offer. If the value is over $5,000, you need a formal appraisal. Whatever the value is, you are responsible for the valuation shown on your tax return. If you significantly overstate the value of your week, there are some stiff tax penalties that can apply".

jayjay wrote:

Below is from certified CPA Dave McClintock .....

jayjay, you've brought up Dave McClintock a couple of times now. Each time, I've answered your accusations of scam by giving direct IRS regulations and publications. I don't have any problem with Mr. McClintock's opinions as far as they go. However, you aren't willing to read beyond them. That's your problem.

I wonder when Mr. McClintock's statements were written. Also, why doesn't he participate in this thread directly? Ask him to read the entire thread and respond personally. I would welcome an intelligent discussion from a knowledgeable person.

As far as you're concerned I challenge you to find actual IRS statements, publications, journal entries, or law to back up anything you've been saying. If you and a few of your friends can't, then don't keep showing your stupidity. Others are reading and more owners are contacting us for direct questions and help in getting rid of their timeshares. After all, times and financial circumstances change and not everyone can easily continue paying what the resorts demand and are unwilling to work out with disadvantaged owners.

By the way, jayjay, the more I read your diatribes and hear your attitudes, the more I wonder which resort you WORK for. Which one is it? How do they compensate you for spouting such drivel? If other owners want out of their timeshares, why don't you simply agree to take them for free? I believe they would even be willing to pay the title fees. If you won't, why not?

Well said drk14, I do believe you are winning this argument.. your advice is sound for desperate owners so keep up the good work. Jayjay needs to put up or shut up!!

drk14 wrote:

jayjay, you've brought up Dave McClintock a couple of times now. Each time, I've answered your accusations of scam by giving direct IRS regulations and publications. I don't have any problem with Mr. McClintock's opinions as far as they go. However, you aren't willing to read beyond them. That's your problem.

I wonder when Mr. McClintock's statements were written. Also, why doesn't he participate in this thread directly? Ask him to read the entire thread and respond personally. I would welcome an intelligent discussion from a knowledgeable person.

As far as you're concerned I challenge you to find actual IRS statements, publications, journal entries, or law to back up anything you've been saying. If you and a few of your friends can't, then don't keep showing your stupidity. Others are reading and more owners are contacting us for direct questions and help in getting rid of their timeshares. After all, times and financial circumstances change and not everyone can easily continue paying what the resorts demand and are unwilling to work out with disadvantaged owners.

By the way, jayjay, the more I read your diatribes and hear your attitudes, the more I wonder which resort you WORK for. Which one is it? How do they compensate you for spouting such drivel? If other owners want out of their timeshares, why don't you simply agree to take them for free? I believe they would even be willing to pay the title fees. If you won't, why not?

Mr. McClintock's tax advice is posted on Redweek under resources. You can get in touch with Mr. McClintock at www.tugbbs.com but you'll have to become a member ($15) to communicate with him (click on his user name). I would also welcome this discussion.

I would also like for you to post your tax comments on Tug and see how far you get from the timeshare expert members there.

Dave is a longstanding member of Tug, is a moderator and is very knowledgable on the world of timesharing .... he is a certified CPA.

Why don't you email Redweek to see why they posted Mr. McClintock's tax advice instead of yours.

christine514 wrote:

Well said drk14, I do believe you are winning this argument.. your advice is sound for desperate owners so keep up the good work. Jayjay needs to put up or shut up!!

Shill !!!!! You people that work for that scam charity must have a lot of free time on your hands. Evidently you aren't convincing anyone to fall for your scam or you'd be loaded down with work.

Straight from the horse's (IRS) mouth:

The forms listed below are I.R.S. publications. Please review.

IRS Charitable Donation Information form This is general information released by the IRS to educate people about charitable donations. Please read it if you have any questions about charitable donations and taxation.

IRS Form 8283 Instructions This is the instruction sheet for IRS Form 8283. You must submit this IRS form if you have donated a property (a non-cash donation) that was worth over $500 . If the property value is over $5000, then you also need to include a declaration by an appraiser.