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 –Â 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/
My husband and I were in Vegas this week and signed up to by a TS and upon leaving realized that we made a huge mistake. We sent off a revocation form three days after the purchase to hopefully cancel it. Has anyone had any luck with the revocing a sale of TS? I cancelled my credit card so that they cannot take anymore of our money. We live in Canada, it was our first time in Vegas and feel that when you are on vacation everything seems better than it really is and what they said and what is in the contract seem to be very similar but very different. I feel like I never want to go back to Vegas after what has happened and hopefully we can get out of this deal and not have to go through what all of you have gone through! Hoping for the best!
I dont know much about the owners advocate, but after having paid numerous resale companies hundreds of pounds over the last few years, the idea of shelling out more money, as i believe they charge quite a substantial amount of money, to something which isnt 100% guaranteed to get you out of the timeshare, I'd much rather save my money, cut my losses with Westgate, and go on my nice 3 week holiday timeshare free!!
And dumb blond, if you are still within the period that you can cancel your agreement, cancel it. My timeshare was a deeded (not points, points are worse!!) timeshare with Westgate Resorts, and every time I wanted to to book my week, they tried to charge me extortionate amounts of money to do so, even though I was an "owner" The maintenance went up by more than 50% in 2 years, and you are stuck with these damn maintenace fees for the rest of your life, even after you have actually paid the damn thing off!!
Timeshares are a scam, and a complete waste of money. Save your money and go and stay somewhere nice for a fraction of the cost
hey i want to know more about crystal and her situation with the owners advocate..we just signed with him to try and get us out of a timeshare in virginia beach…gold key are bums…we have called and left many messages to talk to someone about this..but no call backs…only call backs we are getting is wanting us to pay our maintance fee and the last months payment which i stopped payment on…ive been reading on here..some sya it doesnt even show up on your credit score…is this true….if so why am i so worried about this…its been a hardship on us…first we were suckered and lied to by the sells team…and nothing has been true about it…we were told we wouldnt be paying a closing fee..well we did…told it was easy to change weeks…but not so much…im frustrated and irritated about this whole deal..hoping and praying to get out of this whole mess…and next time i see a timesahre seller ill run not walk the other way screaming…..any info would be greatly appreciated….
Wait till you start getting hit with the maintenance fees! It costs me less money to book a full holiday every year, than it does to pay for this blood sucking timeshare. Example, I paid £160 per month, which is £1920 per year. I booked a 3 week holiday for weeks, with flights and accommodation, for £1500!!
Is there not anyone who enjoy having their TS and see it as a good way to vacation? All this reading about stopping payments, high maintenance fees really make me scared. Just bought one with points in Dec. To me it sounds good to be able to go to different places in the world. How can the US government allow TS if they are all scams and putting people into hardship? Where do you all have your TSs?
Yep, stopped the payments last month. Strangely though, I havent had any calls or letters yet, but Im expecting them. Ive just had enough of wasting my money on something that is worthless. I'd recommend you to do the same, as there is nothing they can do to make you pay, and it wont affect your credit history either, as you are not a US resident
To Tracy – Have you managed to get out of paying? I want to get out and am a non US citizen/resident.
We are almost through paying Silverleaf Resorts. We missed 2 payments and they threatened foreclosure. We made arrangements but they reported the bad credit to the credit agency but refuse to report all of the on time payments. We are in the process of wanting to buy a house and this shows up on our credit report. What can be done to get the positive information reported? Even when it is paid off they say they will take another six months to provide the deed and report that it is paid off.
Whoa there!
Let's set the record straight Radha, DO NOT advise US citizens to take this decision lightly. Yes I am a US citizen and have stopped making payments, but I have spoken with a lawyer beforehand and will share with everyone the repercussions of defaulting on a loan.
First and foremost, you will ruin your credit for 7 years. If you don't feel like you'd need to get a loan for a car, house, cable or electricity or credit cards than go ahead. This is the least of your worries.
Because timeshares in the US are deeded you will basically be defaulting on a mortgage, which means that they will take your timeshare to auction once they have taken it from you. Most timeshares won't sell at auction, but if they do sell for less than what you've paid, you will owe them the difference. This means that if you bought it for $20,000 and they sold it for $2,000 they can still recuperate the difference of $18,000 from you. They have every right and very well may come after you for the balance. Depending on what you own they may take you to court for your car or house. If you don't own any assets they can garnish your wages. Also, heads up, the money that they cannot recuperate from the auction will be reported to the IRS and you will have to pay taxes on it.
My personal situation includes a co-owned home. I was concerned that they would come after my home, but because it's jointly owned and the timeshare is in my name only, they can't come after that and I own no other assets, yes not even a car. But what I'm banking on (no pun intended) is that they'll have too many people defaulting to be able to come after us for the money owed. Court costs a lot of money and without assets to go after they most likely will make the decision to not pursue people, especially those that they will be difficult to collect.
So, for all US citizens unfortunately we may wind up paying for our mistakes in the end, but you have to make that difficult decision and live with what may happen.
Best of luck to us all.
Hello everyone,
Me and my husband were duped into purchasing a Shell Vacations Timeshare and we paid over 14000 for it. I am currently walking away from my home that we cannot afford anymore due to its interest only loan and losing over $150000 in equity. Would it really matter to just stop paying on the timeshare? It would save us over 200 bucks a month which we will need because credit cards will be out of the question for the next couple of years… Why would the IRS tax non payment of timeshares when they cant do that for homes that people walk away from? Also, Can they sue you in Arizona, since its a no fault state?
Hi All,
Thanks for reading my post and thanks for this site. A one stop for all persons like us.
I want to tell timesharehater and everybody that NO BODY can sue you unless you do a crime. And being not able to repay the loan is not at all a crime, as the timeshare is with them. So they can't do any thing to you even if you are in US except threatening you.
And where do you live Mr/Ms timesharehater, if possible change your phone numbers to avoid the nonsense calls. And this time give your phone number very carefully. never post your phone number on the internet
Doing this may effect your credit , but due to the market crash, it will be common so you may get fresh loans next time when you like, but of course may the interest rate go high. Anyway leave it.
Just Do what ever I told, only if you dare to. As at any point of time if you get loose and let the fear enter your heart then don't follow my steps. This is recommended for NON US people, and just an advise for US guys. If credit history wont matter then anybody can do it.
They wont sue, you dont live in the US, so they cant sue anyway, its a load of rubbish to get you to pay, stick to your guns, and just ignore the calls and letters. thats what Im doing 🙂
Radha, thank you so much for your information, I am also a NON US Resident and purchased a timeshare in October. With the slide of our exchange rate, this timeshare has become very expensive and so we are unable to pay since January. We have been getting the harrassing calls, and the polite threats of being sued and that our credit rating will be affected (who cares I dont live in the US). I am just worried that they might sue us for money once it has gone into foreclosure. What do you think?
Hi Timesharehater
As a non u.s. resident who only JUST PURCHASED a timeshare and has made only one downpayment, i too have realised the lies and scam they pulled ovcer us and intend to fight back by NOT PAYING THEM any cent further. As a fellow non-resident, can u tell me how this turned out for you??
God bless us all..Thanks..
If you are in another country, what matter does it to just default? Even if it affects your credit over here, it won’t wherever you live, and with the world economy what it is, even COUNTRIES are bankrupt. Just walk away!
Mary Mary
Thank u so much for that! I feel alot better knowing that something can be done to such an evil EVIL organsiation. I will..i will turn my back on them…MONSTERS!
i AM GRATEFUL TO YOU AND ANYONE FOR UR INPUT. tHANK U FOR ACKNOWLEDGING MY FEARS.
gOD BLESS US all.
God Bless you too, in Jesus Name. Evil is evil, turn from it and shake the dust of it off your feet and be happy. Don’t let evil prevail in your life, it’s not worth it.
EVERYONE, take notice, IT’S NOT WORTH IT! As they say over here ‘NO FEAR”!
Marsha where do you reside? What happened to your TS? Were you able to get out and how?
Hi Rcc
I reside in the caribbean. Since being scammed and having paid just the deposit on that one time, i never ever paid anything again. They tried calling at first, but nothing since late last year.
Where are you from?
Marsha – we’re from Canada. So you purchased in Sept 2011 and only paid the deposit, what’s happening now, 9 mths later? What is the TS company you bought from? How long did you get phone calls from them? You didn’t get any cancellation letter or DIL? Is it in your credit report? Thanks Marsha!
Yep Radha, your 100% correct, it has taken me 6 years of paying for the damned thing to realise it!! I feel liberated now Ive cancelled the payment, and now I know they cannot and will not get anymore money out of me, If they even dare call me, they will be told in the most unpolite fashion to F*** Off, and stick their timeshare where the sun dont shine!!!
Radha and all non-US
just cancel this crap. cancel credit card paymt.
cancel your phone number, whatever.
don't let those b@sturds take another penny from you.
they are slime
Hi All,
I have left US since 6 months. I called up the Timeshare people to know about my Interest I paid to get Tax Returns. They told me the figure of some 1000+ USD. I filed and I got returns with no questions. But timeshare also told the case is with the collection agency. I dont know what are they doing as I have removed all my phones and every details that a collection agency could know. Eventhough I have my Credit card still in a good stand.
I suggest strongly to all those who does not belong to US and want to leave the country then the best part is dont pay timeshare any thing even though you get calls from any body. No police nothing. No body can do any thing to you even though you will be staying in US.
You may get some documents, dont care about them and if possible chage to a good house if possible before doing the steps below.
Follow these steps if you wont care for Credit History.
Step 1 : Remove all your automated payments.
Step 2 : Request your bank to provide a new replacement card with a new card number.
Step 3 : Take a new phone connection and if its landline then pay extra few 30 USD(for comcast) to get a new number.
Step 4 : stay happy.
Step 5: If you cant do any of the above and if not applicable to you then dont even care about any calls from any agency. They are bull shit people and do only the job of threating people in soft words. For example: They wont say We will make you pay money, But rather they will politly say Sir if you wont pay the due then it will be esclated and it could be more serious and I am afraid you wont able to face that situation.
Its PIG shit.
Anyway if you leave the country then you wont have to worry as no collection agency will do these research where we are and follow us. As US laws wont apply to any other country.
REST IS ALL YOUR WISH HOW YOU WANT TO DO.
I tried talking to bluegreen about my hard times, being the only one working right now. They were not interested at all, told me that it is my responsibility, that we signed the papers and they do not care if I default or file bankruptcy, that they will not help me at all. Basically they said it is all my problem, none theirs. I wish I only owed them that much. They have been nothing but rude and uninterested in my situation. Absolutely nothing like the sales pitch. You would think as much as I pay every month, and the fact that I have paid faithfully for years that they could be a little decent to me on the phone. Guess that is too much to ask. What is this about not being able to stop the payments from my checking acct? Oh what I wouldnt give to have had a brain before I signed those papers. Guess that is what I get for being so selfish and wanting my family to have nice vacations. What a joke, with my high payments I cant even afford to buy groceries.
Well I still dont know what im going to do. I am hoping that when i call bluegreen and tell them that im going to forclose the will listen and work with me. I really have to get them to drop the amount i owe on my loan so i can get ride of other debt. I owe 12k on the loan if they would drop to like 9k or 10k for a lumpsum payment i would pay off them right away, then pay off the cars. But i dont know if they would. My husband thing we should screw around with them, but i dont want extra late fees and our interest rate to go up, apprenently in our contract if we miss a payment they will put our already rediculous rate up to 13% daily accoring intrest. He things we should call them, tell them we are having issues making our payments on things and we havent missed a payment through them yet because they take it electronically, but we will miss a payment throught them soon. Basically say hey look, my wife fell into a small inheritance and we like using the timeshare and want to keep it but we cant if you arent willing to work with us to settle on a lower amount owed. basically if they say not then, well say "you telling us you would rather us forclose then take a gaurenteed 10k right now..or whatever the amount, I dont want to pay the full price, its rediculas when i see double what i own selling for only 7k and payed almost 20k for it. Stupid economy.
Ive just stopped payments on my Westgate timeshare. I'd advise you to cancel your card, that way they cant take any money from you. Its good that you are not a US citizen, as they cant touch you. I'm in the same position being a UK cictizen. The fact is, is that the loan is secured on the timeshare, so they will probably send you threatening letters for a bit, lots of phone calls, but just ignore them. Eventually they will get fed up, and take the timeshare back, as that is all they can do.
I have just notified Grandview that I will not be able to make payments anymore and was hoping they can take it back. Blunt reply back was: no, i have to sell it.
I have already contacted my bank to try and stop payments, but alas, because it is a cc, the payments can only be cancelled by the person requesting payments!! So, I am more than willing to keep my cc at its limit so as to prevent further payments taken untill such time that they stop trying to.
I have asked to speak to someone in the TS finance department so that I can warn them of my intentions. I am fortunately not a US citizen, nor do I live in the US, so couldnt care less what they do to my US credit score (not that I have one!)
Has anyone ever gone through the whole process of not paying, foreclosure…..etc??? Very curious to what they will do, bearing in mind there is so many of us that want to get out!
DH and I are 2x TS owners (yeah, we were that stupid). Now of course we have had some emergency expenses come up *along with* news about our upcoming layoff (yes, both of us). One is through Shell and the other is through Grandview (Las Vegas). Shell is paid in full and Grandview is not; we are US residents. Does anyone know will either of these guys take these d@mned things back?
Thanks!
can someone tell me what a "BK filing" is. Thanks…
Hi, has anybody been able to run a due diligence on the Owners Advocate? i called them last time and was attended by a very nice young lady who after explaining the basic process said that to start i only needed to pay 1000 which i dont have. she even sent me a so called "contract" where the OA ensure that i will get rid of the TS otherwise they will give me my money back. This contract is not signed by anybody of course.
thanks,
Timeshare is not mine but part of my mother's estate. Timeshare purchase paid in full, if the estate stops paying maintenance fees does this affect my personal credit as the executrix?
Mine is a pretty long story, to make it short. We bought around 4-5 years ago and everything went ok, we had trouble making reservations, was advised to upgrade to "have more options". I did, well still no options and like a dummy upgraded again. Still cant get the reservation I want. Hubby out of work, I am making monthly pmts of 750. Was told my maint fees would only increase maybe 100-200. No try 600-700. The account is frozen even though I am now paying 1000 month to pay maint fees also. I am struggling, worrying about my family, trying to work 2 jobs and am paying all that money and cant even send my family anywhere. I have asked for help and they talk to me like the idiot I am for getting involved with them. I told them I was going to have to stop paying and they basically said whatever. I have done this to myself but only because I was told one lie after another. I also read on another website that if you default they can garnish wages. Is this true? I am really losing sleep over this and not sure what to do. I cant even afford to see a lawyer at this point, I feel like it is only a matter of weeks that I can continue before I have to start thinking about more basic needs and a timeshare that cannot be used is not a basic need. I just wish my thick head would have realized that years ago. You know for all the money we pay I would have demanded the manager come out with some answers. Even the people on the phone are rude. Any answers would be greatly appreciated.
Tina i own through bluegreen also…i have had some issues but not many. my biggest was my family and i stayed at christmas mountain over thanksgiving and we had these big nasty stink bugs all over our villa and the juccuzi didnt work. i called and they came out and somewhat fixed the juccuzi which stoped working and giving hot water like before it even reached the jets..so basically the first three nights we couldnt use it..we killed like 10 of those bugs and they are called stink bugs for a reason…they look like big cocroach beatles…ewww black and nasty..my kids were scared to sleep alone. so basically you go to sleep and find one staring at you or look at you in the morn from your sink…ewww. so we calle them over they sprayed a bug..guess they didnge belive us. so the next mornign we went to complain to the manager and she was in the back forever and acually never did come out to talk to us. Some guy talked with us..to make a long story short…half way in our trip there compromise was for us to pack up all our stuff..(remember this is thanksgiving) with our kids ages 3 and 5 and get it all in the car go to the villa up the block and unload and put everything away, just to in two days put everything back in the car. No extra nights stay/ no points back/ no nothing to compromise for the trouble we had. they said the bugs were noraml around that time of year. iv been there alot..i mean alot. no bugs have i ever seen till then the next villa had two bugs. that villa was infested with bugs. anyway that is why we will never upgrade or buy more points through them cause of the way they treated us. you would think that someone who pays for a 20,000 timeshare would get treated with a little more decensy..hell i know a hotel would have gave me my money back or a nights stay for free. anyway..what is your problems..if it has to do with getting what you want when you want it i may be able to help..i work the system pretty good.
oh here is an interesting place called the time share dump…these ppl sometimes take your timeshare along with payments and mainance fees all you pay is the transfer and title fees to put it in there names…which to me is better then paying all that interest..
http://timeshare.qcommerce.com/default.htm#tdump
Did this time share dump work out for you?
This might work in some states IF your TS is PAID UP.
According to this place, ”
Other than taking over maintenance fee obligations, we WILL NOT pay you any other amounts for your ownership interest.”
One Simple rule: never pay anyone UP FRONT. If they ask for it, then they are also scamming you.
does anyone know or ever herd of a timeshare company that would be willing for you to pay a lump sum to settle your time share for less. Basically my mom passed away when i was a kid and i get my first lump sum settlement amd we own timeshare through bluegreen. We like our timeshare and alway use it. or find a way to use it..if you own your own buisness did you know you can give your time share away to your employees as a bounus and claim it on taxes..i havent done it but know ppl who do.
Basically we owe 12,300 on our timeshare of which we have already paid about 8k in interest over the last five years, we purchased this one for 17k and before we upgraded to this package we had a lesser one for like 10k and payed on that for three years. I want to pay this off. its the first thing to go. i also have to cars with better intrest rates. i owe about 14k to those..and well if i can get bluegreen. to like erase or work with my on excepting my 9-10k lump sum and calling my account closed and paid in full or even settled…idc. then that would free me up enough money to pay off a car and all my credit cards..
We have never been late on payments, we arent in like financial hardship, although we will be if we kept paying there price…lol basically im thinking i might have to bluff them into thinking im gonna forclose..or default..ect. whats the worse they can do? say no…oh well then ill pay em off in full and NEVER NEVER buy anymore points again…i have enougha nd am happy with what i have.
Ken – The phone number is (866) 644-7776.
I have read all of these and wow!!! I have really been had by my timeshare. Is there anyone familiar with bluegreen or anyone other than me having problems with this company?
MB- How do I contact the owners advocate you used?
Crystal – We used The Owner's Advocate last summer and they got our contract cancelled and 100% refunded. It took roughly 6 weeks for the money to be returned to us. They did everything they said they would and were very professional.
Bob – The company is located in Santa Barbara and they are members of the Better Business Bureau. They help people get their timeshare contracts cancelled.
How about combining two contracts into one contract with a purchase of more points added in and a hefty amount financed through Wyndham. The maintenance fees are killers monthly. We approaced Wyndham about downsizing to fewer points and they refused. We like Wyndham but don't know who to talk to to downsize our points yet stay with the timeshare program. ANy suggestions? Isn't there a national timeshare owners' advocate group? If not, I'll help start one. Maybe we can find some legal loopholes. PLEASE RESPOND
Hi,
Has anyone that owns a TS with Whyndam seen their maintenance fees increase dramatically over the last couple of years?
Are the maintenance fees somewhat connected to the amount of points you owe?
Thanks
to crystal: Who is this owner’s advocate?
We too have a timeshare at Westgate Lakes in Orlando. We took it out back in 2003, and have been paying more than $200 a month for the damned thing plus $800 every other year in maintenance fees. We live in the UK and are UK citizens, and have found that it is much cheaper for us to stay in a hotel, than stay there! We are thinking about just stopping the payments, as we've been trying to sell it for the last 4 years without success. Its a financial noose around our necks and we just want rid of it. If we stop paying, apart from foreclosure, is there any other action they could take against us, bearing in mind we dont actually live in the US?? Thanks
JUST STOP, and forget about it. What could they possibly do to you? They’ve been after me for years, but never take any action, because they CAN’T. If yours’ is a Wyndham resort, go online and google to see the law suits against them. They wouldn’t dare show up in court, they’d probably be the ones arrested. I owe over $5,000 in maint. fees and that’s for only 2 YEARS. There is NO way they will get that or another penny otherwise out of me.
Mary, are you finally out of your TS with Wyndham? What happened, how did it go? Thanks!
My husband and I have also retained the owners advocate to help us cancel our timeshare contract. If they really can get the contract cancelled they will be worth every penny of the $999 fee that they charge. I have just received my final documents which they are sending to the timeshare company and giving them 15 days to respond. They said most cases are resolved in that time period, but they will continue to fight the company if they do not agree to cancel the contract because of how they fraudulently sold it. I researched this company upside down and inside out trying to find anything bad about them that I could and came up with absolutely nothing. If they do deliver on their promise then I will most definately yell it from every mountaintop I can find, I will be the best free publicity they ever dreamed of getting. It has been nothing but absolute hell since the day we signed that contract in 2004 and it is unbelievable the things these timeshare companies have and continue to get away with. I will definately let everyone know the results of our case, good luck to everyone.
any update on that?
Have any of you who are in trouble considered a BK FILING on the time share a Chapter 13 or a full 7 to remove all the problems I mean if your going to waste 7 years on your credit why not make it worth the wait? after 2 years in BK you can re-establish your selves with new credit as with a chapter 7 it last 8 years to re-file and 10 years on the record but the Fico only uses 7 years…. Plus you should all know you are entitled to make a 50 word statement to be placed on all 3 credit agencies as to why you filed a BK… or even why you let a Time share go in the first place…
one more thing the reason I wrote here was this::: I to am in a time share I bought at west gate lakes in orlando in july of 08 I was told several times how easy it was to make money off of the referrals and sell my free weeks and if I wanted to rent my odd year time share out NO PROBLEM plus how the Maintenance fee was 599 and taxes were 112 so i would pay a odd year fee of 711 and here is the new year 2009 and that bill showed up as 752 so I called and was given some excuse as to the rise for upgrades even as the real estate markets have tank and the property taxes have come down there rose why???? no answer from the rep… next I remember asking the girl "a brenda" which this was being recorded at closing that if the wife and I decided to cancel this after we went home from our vacation what's the time frame … and was told that once we sign its ours being a "DEEDED PROPERTY" so that if we were not 100 hundred percent sure now was the time… we had the kids crying for sea world i had my discount and free tickets for doing the morning show the deal looked easy to refinance once home RIGHT!!! so I signed!!! One paper after another real quick to get us out of there and (ITS MY FAULT FOR NOT READING PAGE AFTER PAGE BUT I FIGURED I WOULD THAT NIGHT IN THE HOTEL WHICH I DIDN'T TIL I GOT HOME 10 DAYS LATER) and when we got home and called the bank to refinance this 17.99% deal for 10 years at 243.12 a month with the $2000 I put down owning now 13500 the condo was 15k plus 501 closing costs it was a nice looking deal at the time all done real fast your thinking a $243 payment is nothing RIGHT???? WRONG!!!! because now the trouble starts: no refinance bank laughed I was a fool for getting into it, in seven months only 300 bucks has come off the principle and no way to sell it or the free weeks it like a time bomb right… then the economy and lost wages hits and now the future is bleak (I was banking on pre-paying for future vacation like so many but not now) so I will be probably doing a chapter 7 but I feel for those out there like me BUT we should have read the fine print because I got into it with the mgter of finance there over the fact that it stated 10 days from contract signing and it was the day after that 10th day I wanted out and there was nothing he could do after the 10th day and I told him about the recorded closing and was told she said no way out yet florida law had it 10 days in small print on the last page and how slick they are in not letting people KNOW THE FACTS AT CLOSING!!!!!! but like I said who saw the economy and lost job coming and the deal and pitch was so easy to fall for… YET I should have read the fine small print!!!! so if you default you can make it all go away with a BK filing and write a statement as to the reason your filing a BK and people look at that when later in life they judge you for CREDIT!!!!!
Jamie,
good on you mate!
that's the best thing is for everyone to just default on those b@sterds and they go under – belly high.
This is somewhat maintenance fees related, and I have not found anything else similar online. My old Timeshare just sent me a General Warranty Deed for a unit I have not owned since December, 2005. I am assuming that they have not been able to collect any maint. fees from the new owner, so have quietly "Granted, Sold and Conveyed" it to me and recorded it at the county all without my knowledge/consent. How can it be legal? How do I fight this? This is a new low even for a timeshare company.
Hi everyone,
Just to make a quick comment on Ken's comment. Yes they can and will raise the fees regardless of what they tell you. In fact that was part of my reasons to ditch the timeshare. Besides not being able to pay the "mortgage" this year they also raised the rates by like $50 this year because of these updates and are continuing to raise them by 10% over the next 5 years! So, with fees being like $360 now, by 2014, they'd be at $580! A ridiculous price to pay, especially when no one even gets a 10% cost of living increase.
So, I've just started to stop payments and haven't heard a peep out of them. I'm hoping that they'll be bogged down by the shear volume of people foreclosing.
Also, if they can't make their bills they'll go bankrupt. There actually are strength in numbers, so I feel like if everyone started foreclosing, they wouldn't be able to keep open.
On a personal level, I've fought so hard with the timeshare that I have because they've lied to me and ignore whatever I say and treat me with such poor service that I absolutely refuse to pay them anymore. Hopefully they'll go under soon and I can be rid of this nightmare!
can someone please help me… i need advice or opinions. i lost my job and cant pay for a vacation resort unit that i just bought into in december 2008. i gave money for closing costs, and they gave me papers showing i still owe down payments, and also monthly payments starting in januray 2009. before the balance of my down payments and my monthly payments were even due, i lost my job, and now cant pay for this resort unit. i called the resort and told them, so many different people that i cant pay anything. they keep calling me everyday, in which not bothering me, i keep telling them, i'm still without a job, barily taking care of my special needs child and having yard sales every day just to eat meals and buy diapers. i told resort of all of this, they still keep asking me can i pay anything at all on the down payments. they said they need all down payments to be paid before my paperwork (deed) can be filed with the courthouse. i keep telling them im sorry that i purchased resort and signed papers but i didnt know i would lose job, and now having really hard time. cant get any help no where. family has brought household items and some baby food. im thankful for that. but this resort stuff is haunting me everyday and im stressed out as it is with no job now. i been looking for a job every since i lost mine, no luck but pray one will come soon before they start foreclosure on my house i live in everyday. can someone please give me advice or opinion…. will i get sued? im so scared. my family and old house i have now is what matters most to me, but people telling me im going to be sued and resort time share place will take away my vehicles, because the resort people asked me to write all my vehicle information down on paperwork and they are old vehicles but they are paid for, and now im afraid they will put lien on my vehicles. and im really afraid they will sue me. i ask resort company if i could just voluntarily surrender the time share unit back to them since i have no job, and they said no. i ask them is there anything they can do to help me. they said we will work with you on the monthly payments but first you have to finish paying the down payments $461 monthly for 3 months, and $227 for monthly payments we will work out later. so far im late on 1 down payment and 1 monthly payment, but fixing to owe for februarys down payment and monthly payment. ive been begging them please cancel contract or something. i now understand i cant. they said its legal binding contract and im breeching it if i dont pay anymore money and they said it will start legal processing. i know there's no help or hope for me in this situation, but any advice or opinions welcome. please everyone pray for me to get a job soon. time share stuff scary, but losing my family, worse. in love, -Jamie
Pink,
would you consider disclose what are the fees you are paying to the Owners Advocate?
i would try contacting them but with all the scammers out there who sell promises on helping to get rid of your TS for a "small-in-advance" fee, i have my doubts…
thanks,
Don’t do with them, they are scammers, I have a
friend of mine who lives in Tennesse, and I told her
to go check their office because one of the
facilities is in Nasville, well she did, she told
me that it was and old office with a black guy at
the desk talking on the phone and they got at the
door and nobody stand to opened, the places was
looking no very professional, my friend called
me I am living in Sebring Florida, and told me don’t
doing their are scammers, so I didnt’. Get a lawyer
and State Attorney is your time share in Florida,
there is a lawyer names Anna Pellegrino, google her
one of us here in this forum said thay she was
helping her to get ready his time share, so far
those liers haven’t called him and also his credit
is been ok, Good luck my email is milengon@yahoo.com
if you need more information I can send to you.
First think she said to me is stopped pay, I caller
my Credit card company and I will change next week
my card, I did fax to Payments in ORANGE LAKE to
informed to them that they aren’t longer autorized
if you want to check your credit for free to see
if the financial lender of the resort reported the
this balance go to http://www.annualcreditreport.com it is
the only website that it is authorize from give your
report for free, my lawyer told me if the lender
isn’t in your credit, they cann’t report you if you
stop to pay, good luck.
MITCH
I agree. just stop paying them.
So help me, I won't pay those people another dime.
I agree with you on that Mishi, we have learned our lesson the hard and expensive way. Me and my husband mailed a legal notification to West Gate Resorts through the help of the OWNERS ADVOCATE. They are helping us cancel our timeshare contract and at the same time, file a complaint for all the false hopes and promises that they have told us during the presentation. If the case will not be resolved, they will completely refund our payment. Anyone who is familiar how The Owners Advocate works? All I know is that they are credited by the Better Business Bureau and they have helped people to get rid of their timeshares. We are planning to go back to our country this summer and we really need a lot of money and we cannot afford to pay anymore so we stop our monthly payment since January and never paid our maintenance since we just got our ts last august 2008. We never get a chance to use it.
And here I thought I was all alone as well. My hubby and I purchased our timeshare only 2 years ago. We were living in the east coast at the time and the timeshare is located in Virginia. It was a good idea when we were living there. Its not anymore since we are now living in Montana due to him being in the service (joined after our timeshare purchase). Our TS is now a great burden and we want anyway to get rid of it. Unfortunately I don't know what options we have because we just recently purchased it and still owe a significant amount. I am trying hard not to lean towards foreclosure b/c of other reasons besides the obvious. I'm really lost and angry and confused. Can anyone offer any help what-so-ever.. and yes I do realize that this is a hard (and expensive) lesson learned!! 😀
At the very least the timeshare should be subject to SCRA intereset rate protection. When becoming an AD SM, any interest on debt (except student loan debt) acquired prior to AD must be reduced to 6% during the time the SM is on AD. It is retroactive and the SM has up until 180 days of leaving AD to request the forgiveness.
There is relief for the creditor if the SM actually earns more on AD than in the civilian world… but my understanding is that they need a court order to get it.
Hope that helps.
I am so glad to find out that I am not alone. The TS market is a big, big, scam. I too was scammed into buying a TS in Vegas. I have great credit, but I am giving up as well. I am just not going to pay. My yearly maintenance fee continues to increase each year.
I wonder if these scamm artists can garnish wages or IRS refunds?
josie how is it going since u last paid?
the last payment i did to my TS was a few months ago. Yesterday i received the 1st notification about my past due. lets see how it goes.
btw, i havent payed the maintenance fees either, which turn out to be quit higher than the ones stated in the documents i signed. do you know if this could be a reason to sue those liars??? i was never told the maintence fees would increase.
thanks,
Check the fine print on maintenance fees. I bet it’s in there. If not, then you do have a case. That is, if you can afford to sue. Good luck. They are evil!
Hi, I cannot pay for my timeshare anymore, it is in virginia beach, i pay 375 a year and i have a fixed week: week 49 which falls aroung the second week of Dec. If you would like to take it it is free for this year since i already paid the fees for 2009, also for an extra charge you can become a member of rci and travel where ever you want. I will pay for all the fees involved in the transfer, you will not pay a penny until Jan of 2010. email me if interested at gracee12003@yahoo.com