What Happens if I Stop Paying My Timeshare?
This question comes up a lot on timeshare forums and blogs, and it can be complicated depending on the exact procedures outlined in your particular contract. There are a few main points that stay the same regardless of whether you have a deeded timeshare or right-to-use, and whether or not you have paid off the entire amount of the timeshare. The following is a description of the steps that will take place if you decide to throw in the towel and allow your timeshare to go into default, leading to timeshare foreclosure.
Timeshare is treated equal to real estate in the eyes of the law, and it follows the same rules and regulations as a homeowners deed. Your timeshare can foreclose in the same way as your home if you stop making payments – and this does not just mean payments on the principal balance, it also includes yearly maintenance fees. After your first missed payment, whether it be a monthly payment on the principal balance or your maintenance fees, you will start receiving calls from your timeshare resort’s collection company attempting to collect a payment. You will also receive information by mail detailing the amount due, including any applicable late fees, and their intentions on reporting your delinquency to the IRS.
The harassing telephone calls and letters will continue if you choose to not pay the balance due on your timeshare, and after anywhere from 6-24 months (this is dependent on the procedure of your resort company) your timeshare company will begin foreclosure proceedings on your timeshare. Timeshare companies will try to avoid this at all costs because a foreclosure means they have to take the property back and pay legal fees for the proper paperwork to be processed. I have heard instances of resorts offering to lower the amount due on the principal, changing contacts to make maintenance fees due only every 2 years, adding extra perks into your vacation package such as extended stays, rental cars, airfare, and sometimes even offering to forgive the amount owed if the two parties can reach a suitable agreement for payments to continue.
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
Timeshares can be hard to wiggle out of, but most anything is better than letting the property foreclose and take a major hit on your credit score – especially if you are anticipating a major purchase in the near future. Timeshare foreclosure should be your last resort if there is absolutely no way you can make the monthly or yearly payments. It is wise to contact your timeshare resort if you are having financial difficulties and anticipate missing a payment, some properties will even offer to take your timeshare back under some circumstances; some resorts will also offer a Deed in Lieu of Foreclosure. You will also want to check out possibly donating your timeshare if the principal amount is paid off in full – this is not an option if you still owe money on a loan.
Helpful Timeshare Foreclosure Links:
Deed in Lieu of Foreclosure for Timeshare – http://rcivip.com/deed-in-lieu-of-foreclosure-for-timeshare/
Timeshare Foreclosure and Your Credit Score – http://rcivip.com/timeshare-foreclosures-and-your-credit-score/
Alternative Timeshare Sales Options – http://rcivip.com/alternative-timeshare-sales-options/
@bill. yup, since then my credit limit went down,down,down.but its ok at least i wont use my credit card but my debit card instead.
what appears on your credit report after some time is a collection activity report posted by a collections agency. These are the guys that call every day and tell you to send them money — since they only get paid if they get you to send money.
I don't know how this affects your credit score or if it is considered by credit card companies that might want to reduce your credit limit
You might all want to look at
http://www1.epinions.com/trvl-review-6D57-5E9DE16…
This site has a lot of similar content regarding TS's at Westgate and the experiences there.
They are pretty much the same. Most people are just stopping payments and waiting to see what happens to their credit(usually nothing)and waiting for DIL's.
this link in inactive
@ERICA, very well said thank you., the same thing whats on my mind.
I have been reading these posts and they are incredibly helpful! I am so grateful for this website!! My husband and I, like everyone else, got “suckered” into buying a TS from Wyndham a few years ago. We were both young, fresh out of college, didn’t own anything major (house, car), and didn’t truly understand what really went into owning this garbage. We are paying about $500 per month and it is simply not worth it anymore. I have been feeling this way for awhile, we even tried to sell it with absolutely no luck because it’s not worth anything, and I have decided to finally stop making the mortgage payments. Even though I have read a lot of other people’s stories, I am hoping that someone could let me know what they think might happen legally. I really don’t mind taking a hit on my credit. We have a house, a car, and are not planning on buying any major items in the near future. I’m scared because both my husband and I are employed. Can Wyndham come after our paychecks or the house? Will we have to pay major legal fees? What exactly happens with these collection agencies? Also, is it a dumb idea to keep that extra money in our bank account for savings? I would love someone to please help me with information on what exactly foreclosing on this property entails so that I am prepared for the repercussions. Thank you so much and I will check back often.
@ Beth. I stopped making payments last year of November 2009. It has not yet been reported on my credit history yet. I have made all my major purchases already with car and mortgage where I absolutely needed my credit. So, I stopped paying and started putting the money I would've been paying with timeshare in my savings account. I can't use it so why waste money on something I will no longer be able to use?? For your situation it's a no brainer. Stop making payments and put your money to good use. Like you said you made your major purchases. 7 years of bad credit is nothing compared to a lifetime and your kids lifetime of paying on the timeshare.
After reading all the comments above I came to the decision that I'm not the only one who feels jaded with timeshare and stopped payments. I'm prepared to have bad credit for 7 years and not deal with them any longer.
They keep calling me like 3x a week, but I just ignore it. DO NOT let them bully you into making a payment. Just ignore the phone calls. If you make one payment or partial payment the process starts all over again. Don't give them a dime. Hold your ground.
Also, if you make your payments on time with your credit cards it will not effect your other credit cards. I try to pay it in full with no balance on mine to keep my credit in good standing. Hope that helps. But you should read older comments also.
I am currently paying almost $600 per moth between timeshare mortage and maintaince… I am drowning. I now have to put braces on both of my kids to the tune of $11000. and my 16 year old will need a car and then college. I don’t really have the ability to increase my income by much so I am feeling very trapped. I am barely making it as it is when i add these other things in I will not be able to make all the payments so I thought I might as well stop paying now insteed of continuing to throw any more money into something that I am going to have to let it go eventually. Might as well start banking that $600 a month into a savings account to pay for all the above
Melham… I have read your story and am considering stopping payments. You said that your credit has been ruined. What about open accounts that you had prior to this mess. Have those accounts lowered your credit limits or have you been able to maintain those accounts. I am not looking to make any big purchases in the next 7 – 10 years. I already have my house and car. I want to know if I will lose the open credit that I have on current credit cards?
Ken & Melham
Are they actually foreclosing on you?
Melham, I just got a call from someone at Timeshare-answer.com who states that the stuff I was told at Wyndham was fraud. They state that they have a 100% success rate in getting you out of the TS and a 70% success rate at getting you back some of your money. They have a money back guarentee as well. Have you heard of them? I am told the fee is $2300.00 & I don’t want to wast even more money.
This forum has been an eye opener. We have had our Wyndham timeshare since 1998, and Orange Lake for about 4 years. After several ‘upgrades’ we now are paying about $1350/mo. Although we have enjoyed our vacations, and the places we have stayed have all been very nice, we just cannot afford this. I realized that we are paying about half our income to TS, which is insane. My husband’s store went out of business 18 months ago and our income was drastically reduced. I have tried to keep up these payments, but just cannot do it anymore. After reading these posts, I think it’s best if we just let it go and let the chips fall where they may. I have one question, though. When we were in FL in July we got talked into ‘upgrading’ our Orange Lake to points. At that point our payments stopped, supposedly to be replaced with the new, higher payments, but they never started. Since at this point we can’t pay them and probably never will, I want to ‘cancel’ payments, but wonder if I should just leave it alone. I don’t want them to suddenly start, however, since I have no money to pay them.
Hi everyone, I stopped pymnt to Wyndham and maintenance fees since February cant afford anymore my story is above,just to update you, I havent received any letter for foreclosure which I am waiting ,I know my credit is already ruined, and they stopped calling my landlne ,but no letter so far yet. I cant give them something that i dont have anymore.
I have Wyndham and cannot pay for all the costs associated with it anymore. I’m about to foreclose on it. Too much money for what you get. Paying for a vacation in cash is cheaper is what I have noticed. The maintenance costs alone is about $4,000 per year.
Hi everyone,
I got roped into a TS w/my partner (RCI Vegas) – she could no longer pay for her 1/2 and I couldn’t afford the whole thing. So we stopped paying. Only had it for about a year, but always paid it. They said they are going to start foreclosure which we don’t like. I’m a little afraid of the outcome, I haven’t received any papers yet. But does anyone know if I can Quit Claim deed my half to her? To get my name off if it?
This was such a big mistake to buy this!!!
We bought a time share in Cancun 11 years ago, we are european and were living in Europe at the time. We movedc to the US for 2 1/2 years and stopped paying the time share in 2009. Their offices are in Miami, Resorts Advantage, they have been calling to collect and I finally told them that we will not use it anymore. The principal was paid in full years ago and we should only be paying maintenance now. They do not have our Social security numbers or credit card numbers, since I have changed my cards. What could happen to us? Can stop paying affect our credit scores? If I signed in Mexico, can they transfer the ts maintenance here and announce it to credit score companies?
Thank you!
Marie
I stopped payment on my Wyndham TS today! Thank you all so much for the valuable feedback. I have been scared to do this but with the support & info. from this site I can’t afford not to!I to was lied to during my purchase & I am currently paying out $1700.00 a month in loans & fees! It’s more than my house payment and 2/3 of what I make every month! When it comes down to paying one or the other it’s a no brainer! I have to have a permanent roof over my head not a fractional ownership place to stay! A note to Gay- I tried renting mine out & got screwed- what they don’t always tell you is that if the person renting out the unit causes damage- you as the owner are responsible for the damages that can’t be recooped and must pay so beware of renting to anyone you don’t know- as far as renting to people you know & family -it’s NEVER cheep enough! If you decide to purchase good luck to you as for me I will be praying for a DIL!
I have timeshares with Wyndham paid for but like most of you just cant afford the maintenance fees. If i stop paying the fees the foreclosure process will occur just as if I owed on the “mortgage”? Would it eventually go to a Deed in Lieu of Foreclosure option as well? Also with the Deed in Lieu of Foreclosure do you have IRS fees?
jose,
Ive been paying for 5 years but i didnt show in my credit history, when I stopped .its now showing ,it affected a lot my credit score ,i thought they sto harassing me , but still once in a while they still do by calling my landline, Imalready waiting for their foreclosure offer,what can I do If i have nothing to give, they got all my money for 5 years, we dont get anything from hee just using the property but we dont own in..this is one of my major mistakes.
I see that a lot of people keep asking if their credit score will be affected if they stop making payments or go into foreclosure. I’ve checked my credit score a couple of times and it DOESN’T show any history of my payments for a year, So why if they don’t report my payments and good standing to help my credit score……so why should they report it if I stop?
I have a timeshare with Silverleaf that is paid in full but I have monthly fees that are overdue in excess of 1000.00. I have received a letter that sounds like if I send them 100.00 to prove a clear title, I will be released of obligation. Has anyone ever seen anything like this?
Also, is there no way to get out of paying monthly fees on this property if I have not been using it?
To those of your that purchased Westgate timeshares. I am sorry you are going through this. My husband and I almost got suckered into buying a timeshare from Westgate in Orlando, Florida several years ago. It was such a “wonderful” deal!! How could we not?? THANK GOD we didn’t. But we DID buy a “trial timeshare” for two years. It was nothing but a friggin headache and we could not do any exchanges, like they said we could do. We never even got to use it in those two years because of the red tape and unwillingness of anyone to help us. In the meantime, we were still being pressured into buying a full timeshare. I am so glad we didn’t.
However, to those of you that have actually paid for your timeshares and are now unwilling or can’t afford to pay the maintenance fees. I do not understand why you are not renting your timeshare out for your weeks. I would think you would be able to make enough in rent to pay for the maintenance fee plus have a little profit, no?? I am considering purchasing a timeshare at the Outer Banks (not part of an International timeshare company) from a private party that has held the timeshare for many years. It is a deeded timeshare, oceanfront (we have looked at it) and seems like a good deal if we can get it for the price we want to pay. He has had it listed for over a year. But since it is a 10 hour drive from where I live, it may come to be that I can’t make it down there every year. But the realtor mentioned about renting it out if we can’t use it on our weeks – THEIR commission is 20% of the rental fee. Pretty high but at least I am thinking we would get back our maintenance fee for the year.
Any thoughts on about renting your timeshare out for the week(s) that you have? Would that help any of you that can’t afford to keep it? Not sure – just thought I would ask the question. After reading all of your posts, I may reconsider buying. Hope everything will work out for all of you. I truly hate those Westgate people and any others that give such a hard sell. I don’t know how those people sleep at night.
Timeshares are waste of money, I got sucked into a WESTGATE one in Florida BIG MISTAKE about two years ago i told them i didnt make $50,000 they said oh no problem and my payments would be cheap boy were they wrong, I tried to look for a class action suit but found nothing. I stopped paying and its probably going to go on my credit report, I was even told that it wouldnt be I guess that was the hook, line sinker. DONT PURCHASE A TIMESHARE EVER!
I am planning on stopping payments to westgate. has anyone went through through a foreclosure with them? Did they come after your assets? I still owe them 13,000. I own a home and do not want a lean placed on it. I am getting ready to retire. I don’t have any credit anyway.This is nothing but a scam.I am writing my congress today!NOT THAT WILL DO ANY GOOD ANYWAYS!
Hi I live in the uk. does anyone have a TS at the Merriweather resort ft lauderdale fl?
I am also thinking of stopping my maintainance fees.
thanks.
We purchased a Westgate TS in Branson Woods this was in Oct of 2007. We are now having problems payin our monthly payment ($330 mth), and haven’t payed the maintenece in 2 yrs ($565 yr). I have called them and told them we can’t afford it, of course they said they don’t do buy backs and we have researched the companies that supposedly sale them for you, and don’t trust them. I was just wandering if anyone else has Westgate and if they have stopped paying like some of the others have on theirs. We so desperatly need to get out of this and I wish we would have just walked away when we were waiting to sign the contract, like my gut was telling me to do. They just made it sound so good! We just can’t afford it anymore, the price was 18,900 and we are only down to about 15,500 in 3 yrs. Figured it up and they have us on a 10 yr payment plan and we will be paying back right at $40,000 when all said and done, that is a college degree for one of my kids. They take the payment directly from our account each month. I am at the end of my rope worring about this each month. I had just read Mayra’s comment and has me even more worried now. I just need some advice please! Thank You!!
Hi Im canadian,I own TS in daytona BEach at Grand seas Resort. The unit is paid in full however I have been paying maintenance fees for the past 2 years and have not been able to use it. If I were to stop payng for them how would this affect us since we are canadian? It is a deeded porperty and I dont want my kids to have to worry about this when we are gone,
I paid in full for an Europe resort group membership certificate 9 years ago, I didn’t use it for the last 3 years and I decided to surrender it. Do I need to pay any fee to do it? Since I bought it when I was in Hong Kong 9 years ago, but currently I lived in US, Will there any harm the resort group refuse to take it back?
Many thanks.
Hi all.
After I signed the deed in lieu (had it reveiwed by a lawyer and he said it was ok) I received the check of $125.00 like they promised in which the letter stated that they would send us that check once it was offical, which I am assuming it is since I have not received any calls or letters. The only thing a separte department wants which is maintance wants is $700 for the past fees and I am done, however I am not paying that. I only owed around $300 dollars but they are trying to add on interest from the months I didnt pay and taxes that I owe. Not paying them another dime. I have been putting the money that I owe into my private account and after one year that would have went to them i have $3,000. In the next 8 years that I would have been paying I will have $24,000. So I hope this all motivates you to stop paying TS it is not worth it, and the threatening phone calls and letters will stop just give it time and do not let them intiminate you. I checked this website once a month around, and I know alot of people are desparte for opionions I know I was. But if anybody needs any advise or opionions, my email is Rosest1009@yahoo.com Good luk every1! ill check back soon.
Dorothy, that gives me a lot of hope. Did you ask them for the DIL or did they offer it? So far we have just ignored their calls. Should we try to talk to them again or just wait it out? We talked to them several months ago before we stopped making the payments and tried to give it back to them, and of course they wouldn’t take it. I am really happy for you and your new found freedom. Take care and keep sharing.
Dorothy can you tell me how many pages were on that form and how many pages had to be notarized? Thanks
Dorothy, Thanks for sharing. I’m 100% sure your post will go a long way in clearing up the fog for a lot of folks caught up in this quicksand that is dressed up and called timeshares. Priceless information.
Kind Regards
Dorothy,
I stopped last Feb, and Im just waiting for the DIL letter seems they stopped harassing me now. Thanks Dorothy.
Hi Traci, I’m a USA citizen. I stopped paying about August of last year and after numerous calls both to home then to my cell phone and they also referred the issue to collection agency they offered me the “deed in lieu of..” in July of this year as well as a $124 check to cover notary cost. I did receive the check as they promised and it appears to be over. The correspondance did said I still have the past due maintenance fees to contend with but they can do what they want with those as they are only $2200 not the $50,000 for the timeshare. My credit score fall from 750 to 635…but I can rebuild that. Good luck to you and your husband, hang on and don’t give up. They have to take these things back- as I see it they won’t gain anything in a foreclosure, they can always resale the damn things to someone else. I’m thankful for this site and all the people who have helped me along the way. You are NOT alone!
Hello, I own a timeshare at Westgate Resorts (I HATE THEM!!). I bought the property in 2004 for $7300 and have been paying faithfully until Aug 2009. I just couldnt do it anymore. Then a couple of months ago, after all the threatening calls, I borrowed money to catch up. So now I’m up to date. However, I did tell them that I will not be able to pay anymore and the rep mentioned that I can give the property back if they see that I am going through a hardship. No one from westgate EVER told me this or else I would have done this from the beginning. SO, I sent them a whole bunch of details and with all that I sent them they said that I am still capable of paying and they cannot take back the property. I am seriously thinking of foreclosing but the property is under both mine and my husband’s name, so not only will I mess up my credit, I will mess up his. If it were just me, I honestly wouldn’t care. What bugs me out about this whole thing is the fact that I have paid well over $9000 for this damn timeshare and I STILL owe over $5600 towards the property. AND THE BUYING PRICE WAS $7300!!!!!! I know, I know, interest but how much were they taking that I still owe over $5500 on this TS????
My question is WHY? OH WHY??? is it considered a regular real estate foreclosure??? It’s time! Aren’t we paying for time at a property? A little piece out of every other year I get to stay there (which by the way I never did). It is not a home, or a condo or a co-op – why would they treat it as a regular foreclosure and have us get penalized??? And out of all the reports of scams that the majority of these people do, why does it feel like we are the ones who get burned while they still get to use their sneaky traps to get us, the innocents??????
Why do the laws protect them and NOT US knowing full well how these timeshare companies really are??????
-Frustrated Mayra
Try reading some of the older posts they are full of really good info. I can’t tell you alot from personal experience because I am in the same boat as you are. After finding this site, my husband and I just stopped paying our ts payment in July. We were current on our monthly payments but are behind on Maint./taxes from 2009/2010. We have been in collections for over a year now for those fees and I’m sure it won’t be long before we are in collections for the principle as well. We are going to take our chances and hope we get a deed in lieu of foreclosure, if not we will just let them foreclose. We tried to give it back to the ts but they don’t want it. There is no selling it either, just look on ebay and see how many are sold for really cheap. We need to understand, we will always be burdened with the ts unless we get rid of it. Even after we have passed away our kids will have the maint./taxes to pay. I never realized that until I found this site. I do not want to tie my kids down to my mistake. From what I have read, if you are not a U.S. citizen(we are), this will not effect your credit, but if you are it will be just as bad as a foreclosure on your house. That’s why we should all hope for a deed in lieu of foreclosure. I will keep posting to update on my experience and I hope all of you will do the same. It makes this a little easier knowing we are not alone.
Thank goodness I found this site. Have a TS at Sheraton Vistana in Orlando purchased in 1991. Want to give it up, it was never on payements so is paid in full. What is the consequence to a Cdn citizen of not paying maintenance fees? Collection agency as well? It is a warranty deeded property, whatever that means. I need to walk away from this but don’t want liens put on property we own in Canada. I wonder if they’ll offer us a WDIL. Should I phone the resort and tell them we can’t pay or not contact them at all.
OK, so i have a time share and they decided to build an addition and a pool and other improvements. now they are trying to feed me a bill for all this in the sum of 5,000. i dont have that kind of money and i dont even use the property anymore, so i dont plan on paying that $5,000. will they just foreclose on that property or will they attempt to sue me in court? i am already in the timeshare collection agency ( that right they have special companys that only deal with time share collections)
I bought a Worldmark by Wyndham Timeshare, also affiliated with RCI in 2008. It is not for just one resort, it is a timeshare for multiple locations all over the world. I bought it for $18,500 but not outright. I am making monthly payments plus maintenance dues. I have only paid aprox. $3,000 principle + maintenance.
I have good credit but i want to get rid of this waste of money right now. I do not want to pay this off anymore. What do i do? My credit score is not worth $16,000 of wasted money. How badly will this affect my credit score if I “cancel”? Will they foreclose if i stop paying?
Oh, and I NO LONGER make close to the minimum yearly wage of $40K to qualify for the timeshare to begin with! Actually, I NEVER made that much, but the SALESPERSON PRESSURED ME INTO BUYING IT when i was only 21! I don’t use the timeshare because i don’t even make enough money to go on vacations! Can I call them and make a deal to cancel with minimum damage? PLEASE HELP THANK YOU!!!! PS There is no property-lien on this loan. THANK YOU!!!!
If your timeshare is paid in full and is not “deeded”, then simply stop paying the maintenance fees. The only thing the timeshare company can really do is revoke your membership.
I own a 2-bedroom unit at Hilton Grand Vacations in Honolulu, Hawaii. I called the Hilton resale department today to sell the property. I was told that I no longer owned the property because it was foreclosed upon. Now I want you to know that there was no loan on the unit. It was fully paid for. I am hesterical because I paid over $15,000 for it. I contacted an attorney in FL today who advertises that she is an advocate for people with timeshare issues. She told me that law in Hawaii is such that it is not necessary to contact the owner. Hilton can simply file a lien and then take the property. It is not required in Hawaii that they go thru the courts and it is not required that they notify theowner of a foreclosure proceeding. The attorney told me to look for something called ‘power of sale’ in my contract. She said it would probably be in the small print where no one would ever see it. She said that if the ‘power of sale is not in my contract, that then she could help me. How can the laws of any state allow this to happen. She said that could happen with your house also. They do not have to notify you. However, if I were in a house, I would know because someone would be there to evict me, but with a timeshare, I am not present on the property so I have no way of knowing what is going on. How can this happen? They took my my $15,000 property because I owed them $860. Can you help? I really need the money from this sale. Thank you
hi I got scam in to buying a ts at the grand view of las vegas. april 22 2010. I just made my first payment the realize i really can’t afford it. so i stop paying. don’t really know whats gonna happen. don’t really know much about ts. anyone got a ts at grand view. just wondering what they well do if i stop the payment…..please help…..
you might also try google voice. At least then you can decide which calls to forward to a real phone number.
Hey Dorothy, are you a u.s. citizen? Just wondering what could be in store for me. How long did it take them to send you the deed in lieu to settle your account? Hopefully, you are finished now, but please keep us updated. I am really nervous about this. Summer Bay calls at least 2-3 times a day and at least one email. That could be easily fixed, thinking about changing the phone number, or doing away with the land line all together. Don’t think they have cell phone numbers.
Wyndham finally sent me the deed in lieu of foreclosure paperwork….after months of harassing calls and referral to a collection agency. I think they try to scare and intimidate people into paying before deciding to send the deed in lieu forms. I signed mine and sent them back so now what happens?
Hey Melham, I’ve been reading the posts. Most seem to have bought from the same ts. Also, others that have gotten the deed in lieu of forclosure seem to live outside the u.s. We are u.s. citizens, so we are stuck with the sucky credit if we decide to go this route. Just testing the waters I suppose. We got suckered into ts just like the rest. We did buy a resale so not near as much money as others, but it’s still a struggle. We have had it only 3 yrs. and have never gotten to use it. Gosh, until reading this post I never realized how many of us there are out there. I didn’t know they could really forclose if you were still making the monthly payments and not paying the maint/taxes. You would think they would have done something already since we haven’t paid those fees for 2009 & 2010. I wish someone has been through this with Summer Bay, so I didn’t have to be the guinea pig, but I guess somebody’s gotta get this ball rollin’. My husband is usually the one that jumps into bad $ decisions. I wish I could say this was his fault, but I talked him into it. How stupid I was!!! As I said in my other post, the ts hasn’t been able to get July’s payment, and that was really a blessing in disguise. Well, I guess we are just gonna ride the roller coaster and see what happens. I am tired of throwing money away that no one is benefitting from, well except the ts. But that is fixing to change. Thank you so much for your support! I will probably need alot more of it before this is over. Btw, how are things going so far for you? If yours gets settled soon, please keep supporting the rest of us out there. We are really going to need your encouragement and wisdom. I salute all of us brave souls for wising up!
TRACI,
Try to read above posts and then you can decide from there.
Has anyone ever bought through Summer Bay in Orlando? We still owe bout 4 years and have not paid our maint. fees/taxes for 2 years. My wallet was stolen the first of this month so I cancelled all my credit/debit cards. TS was unable to collect, so instead of sending them the new numbers to resume our payments, my husband and I have been thinking about just letting it go. We are also in a finacial hardship. My husband was laid off over a year ago. We were turned over to collections for the maint. fees/taxes sometime last year with the threat of forclosure. Up until this month we paid our ts on time. Anybody got some advice?
Hi Tracy! Could you let me know how things are with your ts case. I am with Sb but getting started since jan 1. Would appreciate any info you could pass along. thanks….diane
And…another question. What if with Wyndham you have used points to pay your maintainence fees ahead of time. Is that considered a “payment”? Thanks
Thanks Jason,
Does it seem to matter with anyone the outstanding balance on the loan or just a lack of payments?
Susan,
I talked to Wyndham before stopping payments and asked what options were available since I could not afford the TS anymore. They said either pay or dont pay and be delinquent. I specifically asked about Deed in Lieu of Foreclosure and they said that a property has to be 150 days past due…no payments made what so ever…before they will even consider a deed in lieu of.