About Andreas Rossler Expertise I'm able to answer general questions on timeshares and specifically in regard to purchasing, renting or exchanging timeshares on the secondary or resale market and through the Internet. I have expert knowledge in sales, mechanics (how and why timeshares work), and timeshare exchanges.
I am also well versed in timeshare financing and may be able to guide you to better financing or refinancing options for your timeshare purchase.
If you ask questions of a legal nature, or those requiring tax advice - I may not be able to answer fully.
Experience I have 10 years of industry experience in sales, management and processing. I'm currently CEO of Timeshare Village, a resource for timeshare owners and industry professionals.
Organizations Mensa - Life Member
Publications I have been interviewed by Channel 7 News in the Bay Area of California regarding my opinions on Worldmark, the Club timeshares as developed by Trendwest-Wyndham Resorts.
Education/Credentials MBA - Master's in Business Administration
BS - Mathematics
BA - Economics
California Real Estate Broker
Time-Shares - Want to return a deeded red week timeshare without string attached
Expert: Andreas Rossler - 10/15/2007
Question My wife and I have a red week with Silverleaf Resorts in Hills Country, Texas, even though we have never been to that particular resort and we still owed about $6,000 on our loan on top of the maintenance fees. How can we walk away without ruining our credit? We are enrolled in a Credit Counseling Program for about 15 months now and on a fixed income, therefore, we could no longer afford to keep making payment for this luxurious expense. We are 3 months behind on the maintenance fees and 2 months behind on the loan as of today. We were thinking about writing a letter to the main office, explaining our situation and ask them to take it back without any string attached. Would that work? We do not see Silverleaf on our credit reports right now, but would they put it on there if we went to foreclosure? We know they will be calling us pretty soon and we would like to know what can we tell them. Please help!!!! Thank you.
Answer This is a tough question. I completely understand your situation. Most timeshare companies will not take back an ownership, particularly if there is a loan balance. Most likely, Silver Leaf sold the loan to someone else, so in reality, they probably could care less if you paid, didn't pay, or if it goes into foreclosure. One thing is for sure, they will definitely not take it back if there are outstanding maintenance fees due.
The company they sold the loan to (if they did) does nothing but collect on loans - that is their business, so they probably won't help either. About the only thing you can do is let it foreclose and that will affect your credit.
Based on my knowledge of the resale market, you won't be able to sell or donate it, because the loan balance is too high (and the loan and maintenance fees would need to come up to date anyway - in order for the transfer to go through).
I wish I had better news, but it does sound like your stuck with this one.
