Timeshare home equity loan

[dave]

Is it possible to get a home equity loan using your timeshare? I'm in desperate need of some money and my timeshare is already fully paid off, but all the banks that I have gone to so far have refused. Is there a bank out there that will give me a loan against my timeshare?

[jeffrey]

No. Just like a timeshare won't qualify for a normal housing loan, banks won't let you take out a home equity loan on your timeshare even if it is fully paid. Again. Unfortunately, most timeshares aren't worth much and there is just too much risk in it for the bank.

[timesharejunkie]

Yep, no chance of this ever happening...

[dave]

This is completely unfair. How can a timeshare company charge tens of thousands for a unit and then instantly have it worth nothing? It's ridiculous. If I paid good money for it, I should be able to take a loan out for what I paid for it!

[timesharejunkie]

This is completely unfair. How can a timeshare company charge tens of thousands for a unit and then instantly have it worth nothing? It's ridiculous. If I paid good money for it, I should be able to take a loan out for what I paid for it!

Life isn't fair and this is a good reason to do your homework and read the fine print before you buy a large item like this. Mark it down as a hard and expensive lesson learned.

[dave]

I'm so mad I don't even know what to do. The people that run these businesses should be shot and hanged!