Comments on: Timeshare Foreclosures and Your Credit Score

By: Brenda

Brenda — Wed, 30 Jun 2010 18:41:53 +0000

My husband and I bought @ Tahiti Village in 2007, and the salesman said it would be no problem to refinance the loan, and “ha ha, if you don’t refinance we’ll name a phase after you for the amount you’ll end up paying.” We have tried refinancing, Consolidated won’t even refinance, nor will the agency who bought the loans. Anyone had any luck having them take the contract back?

By: Rhonda Martin

Rhonda Martin — Wed, 30 Jun 2010 14:43:17 +0000

My husband and I went to the sales gimic at Tanglewood Resorts in Potsboro, TX 14 years ago. We signed papers and thought we bought a timeshare. We only received the papers at signing, and never heard from them again until 7 years later, they called and told us that our papers had fallen between the files in the file cabinet and our contract had never been processed. They told us we could pay all the back fees and they would process it then. We said, no, we didn’t want it and since they lost our file for 7 years, they had no right to proceed. They then turned us in to the company that collects the assessment fees. We got that straightened out when we proved that we didn’t own any property in Grayson county because the contract had never been processed and we had never paid one payment on that time share. Now, 14 years later, we get contacted by a collection agency saying we owe 800 dollars because we had made a downpayment on that time share 14 years ago. How can they do this? Is there no statue of limitations to them trying to rape us? They are the ones that screwed up by losing the papers for 7 years.

By: yams

yams — Sun, 27 Jun 2010 23:43:21 +0000

Thank you for responding Rose. I hope you are correct. The agent in the collections dept. at Wyndham timeshare told me the bank that holds the loan can garnish my wages, and/or put a lien on my house. I wasn’t sure if she was just trying to scare me with lies or not. Since their salespeople are such liars I figured she may also be one.

By: rose

rose — Thu, 24 Jun 2010 13:46:02 +0000

yam,

there will be no garnish to happen, it will be put in court for judgement in order to foreclose, Time Share loan is secured by the timeshare itself it can only be foreclosed and suffer 5-7 yr credit hit, which can be regained again.

By: yams

yams — Thu, 24 Jun 2010 06:42:44 +0000

Why hasn’t anyone answered december 2nd 2009 soup says?? Can they garnish our wages?? What if we barely make enough money to survive as it is? How can they be so cruel in today’s economy? Please answer.

By: yams

yams — Thu, 24 Jun 2010 06:41:12 +0000

Why hasn’t anyone answered december 2nd 2009 soup says?? Can they garnish our wages?? What if we barely make enough money to survive as it is? How can they be so cruel in today’s economy?

By: yams

yams — Thu, 24 Jun 2010 06:39:54 +0000

Why hasn’t anyone anwswered december 2nd 2009 soup says?? Can they garnish our wages?? What if we barely make enough to survive on our wages as it is?

By: Adrienne

Adrienne — Thu, 07 Jan 2010 17:34:21 +0000

My timeshare is a deeded property and the mortgage is paid off; however, assessments & maintenance fees have caused Sheraton Vistana to put a claim for lien against it, the 1st step in the foreclosure process. What effect will this have on my credit score?

By: soups

soups — Thu, 03 Dec 2009 03:08:37 +0000

My timeshare loan is about to go in to default and my timeshare company emailed me that they are going to proceed in a Legal Judgement against me. If I don’t contact them to accept one of the payment options they have available they will start to garnish my wages. Can they do that? Shouldn’t it just go into forclosure?

By: David Goliath

David Goliath — Wed, 02 Dec 2009 00:47:45 +0000

I also bought timeshare from ASNY company, Tahiti Village,Las Vegas. If you read thoroughly the contract, you will realize, everything is to our disadvantage. Someone is looking for a lawyer for class action suit againts tahiti village sellers..they use different names. You can email to tahiti.village.lawsuit@gmail.com for updates.

Also, Write the FEDERAL TRADE COMMISSION AND PRESIDENT OBAMA> IF HE WILL NOTICE US EVERYBODY SHOULD WRITE SO HE WILL ACT ON IT AND HAVE IT INVESTIDATED> IT Will be history for him and his achievement stopping this timeshare thing.

By: Elke Duffy

Elke Duffy — Tue, 03 Nov 2009 21:15:34 +0000

If a salesperson gives false information, the best thing to do is to report that sales person to your state’s Department of Real Estate right away.

By: Julie

Julie — Tue, 20 Oct 2009 16:26:56 +0000

I am in the same boat. We purchased from Tahitti Villiage in Las Vegas who are now in bankrupcy. Can anyone give advice on what to do?

By: Clif

Clif — Wed, 30 Sep 2009 18:05:36 +0000

What happens if a timeshare salesman gives false information during a sale? Would I be able to cancel without the hit on my credit?

By: Julie

Julie — Mon, 28 Sep 2009 12:47:29 +0000

I agree with Sue about writing the president,etc. I have a timeshare at Mystic Dunes in Kissimee which is now in foreclosure. A year ago when times started getting hard and my employer put me on part-time work I asked for advise on what they could do to help. The answer was nothing. When I lost my job and asked again the answer was nothing. I attempted to sell it no luck. When my husband and I divorced and I once again asked for help the answer was nothing. So now I have to deal with this foreclosure and there is nothing I can do about it as I can no longer afford the timeshare. Paying the bills to keep a roof over my kids head is more important than the timeshare. And they do not take into consideration the $20,000.00 I have already paid into it. SUCH A SCAM!!!

By: Maureen

Maureen — Sat, 12 Sep 2009 18:13:05 +0000

What I never see addressed is what can you do about “inheriting” a timeshare from a relative thas has passed away? My mom left me with this “white elephant” and now I am responsible for all the maintenance/special assessment fees??? I can’t afford to pay these fees. Is there any help for people in my position?

By: Sandra

Sandra — Tue, 11 Aug 2009 17:26:00 +0000

We are having the same problem with Lake Tahoe Resort. In seven years, we have never been able to get in to use ours, even trying to book a year in advance! I agree with Sue. EVERYONE should begin writing to their legislators and President Obama and tell their stories. TIMESHARE SALES AND CONTRACTS AS THEY ARE NOW CONDUCTED NEED TO BE STOPPED!

By: Sue Kissinger

Sue Kissinger — Mon, 10 Aug 2009 14:29:47 +0000

We are in the same boat as the rest of you– only solution I have found is a realtor in Florida found on the TUB.Com website who can sell it and takes a commission at the sale. They are the only legitimate agency to sell your timeshare. Any of the hundred of advertising agencies who want an upfront fee to advertise–beware they are all scams. This is such a fraudulous industry– I have written to President Obama–timeshare sales need to be stopped.

By: Mark

Mark — Wed, 29 Jul 2009 21:35:25 +0000

I own a timeshare at Club Calas in Puerto Rico. After attempts to donate the timeshare to charity failed, I stopped paying maintenance fees several years ago. A collection agency is now in contact with me trying to collect $6000 in back fees (and very high late fees). I am telling them to go pound sand. What may happen next?

By: Kathleen

Kathleen — Tue, 28 Jul 2009 21:17:50 +0000

We are going through the same thing with Tahiti Village. We have tried to resell the property and refinance. Nothing is working. We really don’t know what to do at this point. I am considering seeing a lawyer right now on how to handle this. Them going through bankruptcy makes me rethink all of our decisions.

By: Lee

Lee — Tue, 28 Jul 2009 18:32:01 +0000

Purchased a timeshare at Consolidated resorts Tahiti Village, Las Vegas Nevada 4 months ago, monthly pay is around $430/mo + annual maintenance fee, transfer fee, taxes, etc.
Had the same experience as others before the sale: told we can refinance mortgage thru other lenders (found none yet), that they were financially sound and stable, expansion of facilities ongoing…(what now? – they’re in bankruptcy), have our own title (non yet), etc.
I How do I get out of this mess and what are my chances? Do I need to see legal counsel, and/or join a class civil action group? I am out of work now and don’t want my hard earned money go to a futile or wrong investment. I think I can handle a blow on my credit score (excellent rating for now).
I am contemplating on stopping my monthly payments. Is this a wise move?

By: Timeshare Foreclosure - Timeshare Contract & Credit Reports « helpmycreditreport.com

Fri, 24 Jul 2009 15:42:19 +0000

[...] 1. Timeshare Foreclosures and Your Credit Score – RCI VIP var addthis_pub=”49f058c53dad3f7f”; Here are some related articles:Paying Off Your Credit Card Debt – Improving Credit ReportBankruptcy On Credit Report: Effect On Credit Score RatingGet Free Annual Credit Report To Help Credit Ratings HistoryHow Does Credit Card Balance Affect Credit Scoring Reports?Credit Report Scam – “Free” Annual Credit Report [...]

By: Lynn

Lynn — Wed, 08 Jul 2009 15:47:12 +0000

What if the timeshare is a membership not a deed and is fully paid off and current? Will it still affect my credit score if I stop paying the maintenance fees?

By: Ronald Gelbart

Ronald Gelbart — Tue, 30 Jun 2009 23:43:36 +0000

I foolishly purchased a timeshare at Tahiti Village. Consolidated Resorts which managed the property and sold the shares is now in bankruptcy. I probably will never ever have to borrow money so I can take the hit on my credit score. If I allow the unit to forclose, I lose about $5000 of a sixteen thousand dollar purchase. If I pay a transfer fee of $3000 after I pay off the $11000 I still owe, there is a company that will relieve me of the share but I lose $19000. A real estate agent tells me I can sell the share for approximately $2000 and her fee will be $1500. I still would have to pay off the share losing $16000. Why is the forclosure reported to the IRS. Is it income to me? After all, they won’t get more than I owe. They could sue me for the remaining amount. Then I would not only own nothing but I would have a judgement against me which someone will have to pay eventually. The hit on my credit last 7 to 10 years. What about the judgement. Will it affect my estate. Do I need a lawyer to sort this out?

By: Stop Paying Timeshare, Foreclosure Steps, Can I Not Pay My Time Share

Stop Paying Timeshare, Foreclosure Steps, Can I Not Pay My Time Share — Tue, 30 Jun 2009 19:51:42 +0000

[...] If your timeshare does go all the way through the foreclosure proceedings you will be notified by mail that your deeded timeshare will be part of a trustee’s sale or public auction. At the given date, time and place your timeshare will be sold at a sheriff’s auction to the highest bidder. The auction is public record and the transaction can be recorded and reported to the IRS and credit bureaus, effectively ruining your credit for the next 7 years. This strike on your credit score can make it difficult to finance a car, obtain a loan or even buy a home. Since timeshares rarely sell at auction for the amount owed on the deed, the timeshare resort company has the option to take legal action and sue you for the remaining balance owed. Read more on timeshare foreclosure and credit scores in the post – Timeshare Foreclosures and Your Credit Score [...]

By: admin

admin — Fri, 08 May 2009 19:37:21 +0000

To answer your question a quote from the above article, – “A foreclosure, and similarly a deed in lieu of foreclosure, will affect your credit score between 230-280 points, depending on the reporting credit company. This point deduction of 230-280 points, and negative mark on your credit score, will stay on your credit report for anywhere from 7-10 years, and companies will be able to purge this information upon closer inspection after the 10 year period has elapsed.”

Is this actually going to happen? Probably not. The reason being that it is much easier and profitable for the company that owns your timeshare/whom you owe money, to use high-pressure sales to move forward with selling more timeshares than it is for them to chase you down and challenge you in court.

See the following article for more information – “What Happens if I Stop Paying my Timeshare?

By: B Porter

B Porter — Fri, 01 May 2009 17:53:39 +0000

I have the same question as Rex – I own my timeshare with no mortgage. Does turning in the deed in lieu of paying the maintenance fees affect my credit score?

By: Rex Crawford

Rex Crawford — Sat, 13 Dec 2008 16:40:33 +0000

If the time-share is paid off and only maintanence fee are required. Will halting payment of those fees influence credit score?

By: Pauline

Pauline — Mon, 29 Sep 2008 17:36:03 +0000

After auction if the sale does not payoff my balance can the timeshare company come after me the deficient balance? If so, how liable am I to pay the balance off and how does the deficient balance affect my credit?