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- Getting rid of a time share.
Getting rid of a time share.
I went to there sight and got an e-mail from www.happyowners.com and in our e-mails i learned they work the same way will take the timeshare list try to sell but u are responsible for the MF and while waiting for it to sell so to me this is just selling without getting anything for it if you could sell why would u do this? You have to sit and wait and wait and wait same ole thing! So you cant just donate it and let it go.
Ellen P.
ellensue wrote:==========================================I went to there sight and got an e-mail from www.happyowners.com and in our e-mails i learned they work the same way will take the timeshare list try to sell but u are responsible for the MF and while waiting for it to sell so to me this is just selling without getting anything for it if you could sell why would u do this? You have to sit and wait and wait and wait same ole thing! So you cant just donate it and let it go.
I don't believe that the site you reference is at all or in any way even the same type operation as "Warrens' shell trust", as currently under discussion. Warren's bogus program is entirely different from what you describe. Warren collects a $300 fee from the current owner, then prepares and records a new (but, unfortunately, invalid and void) deed with the shell trust as the new "owner" (not a lawful owner in the eyes of the law, if the trust is fraudulent in the first place). I don't believe that Warren makes any effort, or claims to make any effort, or even has any intention to even TRY to "sell" the week. I believe that you are discussing an entirely different entity with an entirely different approach and m.o. from that of "warrens' shell trust". They are similar in only one respect --- both of them are looking for your money.
KC
Last edited by ken1193 on Oct 27, 2008 05:18 AM
glenday2 wrote:I just can't imagine having to pay someone to take my unit when another company is already ripping me off. This entire thing is so illegal.
I have no idea what you refer to by "this entire thing", but it absolutely mystifies me that people voluntarily CHOOSE to pay hard earned money to unknown, obscure, ineffective advertising entities which will NEVER sell the timeshare. With just a little effort and very little out-of-pocket actual expense, people can almost always sell it for $1 or just plain give it away on low cost (or free) sites like eBay, Bidshares, Craiglist, etc.
KC
Last edited by ken1193 on Oct 27, 2008 05:20 AM
you can use craigs list or ebay but there is also a new scam where they contact you and tell you they will have their "secretary" handle all the paper work, and then you are scammed again. This is happening more and more lately, this was a warning sent from ebay and craigs list, they have stated not to sell anything unless it is paid in cash in person or via paypal.
Glenda Y.
glenday2 wrote:==============================================you can use craigs list or ebay but there is also a new scam where they contact you and tell you they will have their "secretary" handle all the paper work, and then you are scammed again. This is happening more and more lately, this was a warning sent from ebay and craigs list, they have stated not to sell anything unless it is paid in cash in person or via paypal.
Actually, people involved in timeshare transactions should always use an established timeshare closing company. Doing so completely eliminates any and all "scam" possibilities, since certified bank checks are required as payment, the check is held until fully cleared, with the closing company ultimately issuing their own entirely new check from their own escrow account. Both buyer and seller are fully protected in this manner. NO ONE should EVER have to pay for a timeshare transaction in cash OR have to use use the likes of PayPal.
KC
Last edited by ken1193 on Oct 27, 2008 05:52 PM
redbird wrote:We have used Timeshare Relief. Yes it seemed expensive but after researching EVERY other way we didn't feel we had a choice. Every other was has a catch to it.How does one get rid of a timeshare that we no longer use and can't sell for just one maintainace fee or less. We just attended a presentation with a company called Timeshare Relief Inc. Has anyone had any experiance with that Co. They wanted $3500 for one week and $4200 for two weeks to end all obligations to the timeshare that we own. Than they said that we could write off all the loss from purchase price and the amount they charged to get rid of the timeshare aginst capital gaines and never have to pay another maintaince fee again. Our timeshare is now going to charge an extra assessment plus maintaince to the total of just under $1,000 per week on a timeshare that we could not sell for $500. Also it is available for extra weeks on RCI for under $400. Need Ideas
Sheri K.
Check with your accountant regarding any write off against capital gains. Purchased Shell Time Share for 60K, and it was foreclosed on in 12/08 due to nonpayment $4,900 (2007) maintenance fees. Accountant advised me that timeshare is personal property, and that loss on foreclosure and/or sale is non-deductible. However, gains are reportable. Timeshare sales reps, are not tax experts, and you should check with your accountant. This organization is likely a scam, as they will attempt to rent or sell after you have paid your maintenance fees. Any sales proceeds will likely be a loss. Make payments on your loan, and if you have the funds pay your fees directly to the time share and hope for the best. Good Luck.
Amma M.
ammam wrote:That is correct. I believe, the only time you could take a loss is if you've been using the unit primarily as a rental.Accountant advised me that timeshare is personal property, and that loss on foreclosure and/or sale is non-deductible.
It's ironic that the gov't wants taxes paid on a gain, but you cannot deduct the loss. But here are my two favorites (from IRS Publication 17).
From "Other Income": Bribes. If you receive a bribe, include it in your income.
And from the "List of Non-Deductable Expenses": Illegal bribes and kickbacks
Mike N.
Last edited by mike1536 on Feb 24, 2009 08:10 AM
Ammam, Did someone recommend you not pay your maintenance fees or did it happen because of a lack of funds? Did you want to lose the property? Now that it has been foreclosed, are you totally out of the picture or can they continue to pursue you (if you know)?
Lou L.
When I paid off the loan for the time share in 05, my accountant noted an overpayment of the interest. We were never able to recover the funds from Shell. We decided that $4,400/year in maintenance fees was excessive and that our funds would be better used for retirement savings. Also maintenance fees are non-deductible. Essentially, we were paying fees for 2 weeks per year, and on many occassions the weeks were not available when we had the time to travel. There has been no adverse impact on our credit. Likely due to the large payoff. I am just relieved it is over. I checked this site to see if there were any comments about the tax impact on foreclosure which would likely help me, and that I could discuss with my accountant. Buyers beware!
Amma M.