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/
Hi Kim,
Be careful with those companies offering you to sell the timeshare, since I already tried one and lost $700. Don't pay them anything upfront, that's my advice.
hi erick we too have timeshare in westgate and have been conned by 2 companies who say they have buyers for our timeshare. i will be interested to hear what happens to you as i feel the same. i can never get an exchange through interval international and do not want to go to america for a few years to come. kim
Hi Everyone,
I have a week every other year with Westgate in Orlando, and after more than 7 years paying my mortgage and maintenance/fess, I decided to stop all payments this month (I'm sick and tired to give them my money), because I never used, I tried to sell it and didn't work, I tried to rent it and didn't work. I'm a non US citizen, so honestly don't care about mi credit record in US, but I travel constantly to US or passing through US, so my only concern at this point is to have problems at immigration eventually, but anyway I won't pay them one single penny for this timeshare. I was supposed to pay yesterday and I didn't. I'll keep posting monthly updates here to let you know what happen with my case.
Hi Trueblue
I also own a timeshare at Tahiti Village in Vegas. I bought the timeshare in 2007 after I was scammed into buying the timeshare. I called Tahiti Village to see if their is any options to get rid of my timeshare. They said theneir is nothing they can do. I am also down with getting an attorney. If anyone has any ideas please contact me at Hnybear68@yahoo.com
Has anyone done any business with Florida Veterans assistance
1) What's to stop someone from picking up all the timeshares at a location for nothing or even get the owners to pay to be rid of them and then own the whole place and turn it into a hotel or something?
2) Maybe one could even pick up a majority of the timeshares and then force whatever one wanted on the minority?
3) TS owners are *owners* after all, right? Isn't that how the things are pitched? Couldn't the TS *owners* band together and abolish the fees and sell the whole resort and divvy up the proceeds? SOMEONE must have the legal power/ability to unravel these nightmare schemes!
I tried Owner's Advocate in November… they said they could help, offered a money back quarantee. I was to pay two installments of $550 each- one payment with the contract and the other in two week- The cashed the first one on November 12th, I sent them all the paperwork requested, copy of the Wyndham contract, notorized customer statement, stopped the bank debit. Then waiting for them to start the ball rolling I e-mailed them. And get this, the reply was that they were prohibited from communicating with me any further due to a pending lawsuit against them by Wyndham. This was November 17th- attached to the e-mail was a copy of the affidavit. Luckily for me they had not cashed the other $550 check- I placed a stop payment on it. Beware of Owners Advocate- It sounded like they would have been able to help until Wyndham filed the suit against them—-if that document was even legit. I don't know any more. I'm getting the calls from Wyndham now and I don't care because they can't get blood from a turnip- Besides, they can't hurt my credit much more. I'm trying to go through a short sale on a home I used to own and my credit score has already gone from 760 to 6 something.
Hi Glen,
Yes, you can opt out with-in 30 days. I got my TS with Wyndham and i sent them back the brochures, and a letter to surrender the timeshare with-in a month. There was no problem. I didn't have to pay anything.
Hi C1,
I have been trying to get out of Wnydham and no luck if over 5 days no way. How did you do the 30 days ???
Note to Glen, YES, and DO OPT OUT! It may seem like a deal when you're there, but seriously, if you think about it, it really is a scam. Even if you go back to Hawaii once a year for the next 25 years, you would pay a lot less to rent out a hotel for $1600, and don't forget the timeshare maintenance fees will increase significantly over the next several years. So, next year you'll pay $1,000 ($25,000/25 years) plus $660, then in 2011, you'll pay $1720 per year and it will continue to increase. Heaven forbid there be a remodel or a hurricane that does damage to the resort, your maintenance fees will increase exponetially, like up 25-40%. The problem is that the board that makes the decisions on the fees is comprised of the resort staff, so there's no independent or owner representative to have a say in things. It's a SCAM, get out while you can!!!!
My hubby and I did buy an "upgrade" in Florida for the points, but the more we thought about we decided it was a stupid idea and we'd much rather travel the world than continue to go back to the same place over and over again, so we wrote the letter back to them and they cancelled the contract. No fees…in fact they cannot charge you fees since they haven't yet recorded the deed.
Oh and speaking of traveling the world…don't ever let one of those lying reps tell you that you can get destinations anywhere in the world. They are few and far between and subject to availability. So, if you book your vacation 2 years in advance and are lucky enough to have someone else bank early, you have a snowball's chance in hell of getting a destination. It never happens and RCI and Timeshares are just a giant scam that no one should participate in.
Use your head and invest your money more wisely into something that appreciates in value, not something that is worthless (you can't sell these things, yes, even Hawaii) and will cause you to hemorrhage cash for the rest of your life.
Has anyone ever opted out of the agreement in 7 days and if so, what type of charge did they have to pay if any?
monthly update -although i skipped november-
finally got a letter from the TS offering me to sign the WDIL (warranty deed in lieu of foreclosure). basically after signing this and paying the processing fee (USD 250) im out of the nightmare. as a recap, im not a US citizen or resident, and bought or better said, was sucked into it on may 2007, stopped paying on nov 2008 and one year later, got this option to get out, which im gonna take.
has anybody had a bad experience with this WDIL signing process? am i being lied again by the TS people?
really appreciatte your comments
thanks,
My wife and I purchased a 1 week timeshare in Hawaii today through Wyndham Resorts. It looks like a good deal, we paid 25000 for a 1 week block with maintenance fees of about $600 a year. We plan on paying the 25000 out asap, however the $600 a year maintenance fee is not a garantee and I understand that that amount can go up over time and after reading above comments I wonder if there is anything good to be said about this company? I believe we have 7 days to opt out of this agreement. Any comments would be greatly apprieciated as we leave Wiakiki on Friday
Hi… I am lucky to have browsed through this site. Like you, I am suffering every night thinking about what could possibly happen next. I first bought a TS last Dec 2005, moved it to a different location, and got more points. Unfortunately, i got sick, and found paying difficult. I stopped paying since August, and is now harrassed by calls at home, in my cell phone, and even at work. I have no defaults in my payments with mortgage n car except this one. I feel so “little” when i talk with the collection person. Reading through your sharing lifts my spirit.
10 years ago my husband and I bought a week with Epic Timeshare and upon final payment received a deed for the property. That company went bankrupt and sold us to another company who made us members with an offer to become owners which we never accepted. When that company went bankrupt we were sold to another timeshare company. Each time we were sold to another company the maintenance fees doubled. At this time the maintenance fees are higher than we ever expected….although from reading the messages above not as bad as they could be. My husband and I are catagorized as members, not owners, and thus feel like we could cancel our membership anytime. What do you think about this membership vs. ownership situation? Could it be of some help legally to get us out of our timeshare commitment?
FYI, if anyone out there would like to have our time share it’s free. One week with any of the resort’s accommodations, no set week. Diamond Resort has a lot of locations to choose from. Please contact us at jmvpalz@ca.rr.com
hello,i am in process of divorce and i would like to know what can i do if my husband decide to do not pay for the time share that we bought in florida 3 years ago. i am giving up my share,,, but if he stops to pay it will afect me?
Hi Mandie, think your doing a great job helping people :), we have a timeshare in florida with orange lake resort orlando (have you heard of them?) we are struggling to pay the rest of the timeshare off and have spoken to them various times and said just take the property back we dont want any money back (so cutting our losses, i mean theyve got some of the money back and we havent used it so they havent lossed anything) but they refused coming out with things like taking us to court etc similar things to whats happening to everyone it seems. we live in the UK and will seek legal advice i think but just wanted your opinion on this, are they just trying to scare us by the whole court thing i know it will come down to it if we want to foreclose it, just not sure whether to stand strong and tell them we cant pay the money, take it back and resell it?
any experiences with orange lake resort would be great i know there were a couple above especially johnny99 as im a brit who bought last year lol.
Thanks for your time,
Dan
Wayne,
My wife and I were scammed by a salesman at the Celebrity Resort in Kissimmee, Florida in August,2008. He further enticed us to convert our week to 22,000 RCI points, lying us that this number of points may worth more than one week at our home resort and was more flexible to use for buying airplane tickets, etc. We have never used these points until recently by only finding that these points were worthless, they could only book two nights at my home resort. Basically, this means we pay $550 maint. + $150 RCI membership + 140 transaction fee =$840 for two nights each year. If we book two nights from resort's website, it only costs us about $200. We have paid off my loan, but we will stop paying them any maint. fee to avoid further loss. We will seek for a deed in lieu of foreclosure. Of course, I will file a complain with BBB for their fraudulent sale tactics.
Timeshare Organizations like Celebrity are really the scum of the earth. These fraudulent businesses should be banned by the government.
I read in other sites, people start writing to their congress representatives, or even President Obama, for a ban of these businesses.
I signed for a timeshare in Aruba and now I think it was a bad idea. I'm still paying the downpayment and have not yet on the principle. They currently don't report to credit Bur. How can I get out of this!!!!
I was also suckered into paying for a TS in Orlando. I paid off the mortgage, but was not happy with the limited availabilty for the week that I was supposed to own, and I am trying to get out of it. I have not payed the maintenace fees for the past five years, and a collection agency is trying to get me to pay the past dues plus fees and interests. No luck of having anyone foreclose on this "property"..
This web site has postings from a lot of people with a lot of questions and no answers or solutions are offered! Is there a place where the answers are posted?
I too have problems with Silverleaf in Tyler, TX with their lies and everytime I call, no vacancies, call back. Then, they didn't tell me that I was getting a raw deal. The so called week vacation is during the first week of school which they new we didn't know what they were selling us. We just got suckered into something and trying to get out. I called the Owner's Advocate and hope they can help us. Got voice mail but this is a Sunday. God knows and understand all and will work it all. I believe it and believe in him. He gives us knowledge, wisdom, and understanding.
Hi everyone I'm in the Uk and just approaching my second unpaid month. Received a phone
call today asking for payment. Phonecalls being received every two weeks.Contacted debt advice line who said it was possible to chase this loan through UK courts.It would cost timeshare company alot of money to bring the case through the Uk courts.
We paid off our Club de Soleil (Consolidated Resorts) this year. We have never been able to stay there for the past 15 years because there was never a vacancy. They always tell us we should have called a few months earlier. I figure if we cannot stay there, what’s the point of paying maintenance fee? They have been leaving messages on our answering machine. They called a few nights ago and asked me to pay and I said “No” and hung up.
I’m going to offer my unit to Timeshare Dump and see what happens with that. I’ll post again on the results and whatever else happens. I am a US citizen, too.
All these other options for getting rid of your timeshare – please Google the business before calling them. Even some of the charities will direct you to the scammers.
FYI for those that are being foreclosed upon and the company is coming after you. If you are not located in the same state as them, they can either serve you papers through certified mail or personal service (someone comes to your door). The second option is very expensive, so most people send things through certified mail.
Lesson: Do not sign anything that is sent through certified mail. If they can't serve you, they can't pass judgement against you.
I know it sounds sleezy and I've actually been the recipient of this trick, but it works. Don't accept anything that is sent through certified mail and don't ever tell a stranger your name.
Best of luck!
Oh and in my case, I stopped paying in Dec last year and they've said they are turning my case over to an attorney twice with no one ever calling or writing me.
Also, they lied in the letter and said that they have made numerous attempts to work with me…what a load of bull! Is sending a threatening letter considered working with me? I hate timeshares…hopefully we can pass this info on to the next gen so that they can learn from our mistakes.
JUST LIKE PRISONERS OF THESE SCAMMERS. File complaints to http://www.ftccomplaints.gov.
Give them the details how you purchased and company involved(seller and financer). If we grow in number, they will file class suit for us.
These cheatings should be stopped. WRITE YOUR CONGRESSMEN and EVEN THE PRESIDENT OBAMA so THEY CAN LOOK INTO this TS industry AND THIS SCAMMING WILL BE ENDED. The Good will win againts the evil. Again NUMBER is POWER.
It's unfortunate but I see I'm not alone-I bought a Wyndham ts in 2007 in Orlando and should have left it at that (I could afford it) but no I let them fast talk me into the dreaded "upgrade" in August. Now my payment plus maintenance fee exceed one of my paychecks. I listened to the fast talking, slimy sales person tell me how she would help me to offset most of the cost through renting the points, and that she couldn't be my rep unless I upgraded. Of course, after the sale I could not get a call in to her nor a callback. Feel like such a idiot. I've made 2 payments and am considering canceling my bank draft this month. The information all of you have given is very helpful..I'm at the realization that although my credit score is good and I valued it- I now have faced the fact that my sanity, financial stability and peace of mine is more important. I can rebuild it again. My only asset is my car and my home. The lawyer I spoke with on another matter told me that as long as my house was under homestead exemption it can't be touched; as well as annuities, I thoroughly despise the word "timeshare" and "Wyndham". I've been waiting on a class action suit myself- count me in!!! I am curious about the matter of them going after wages as someone stated earlier. I used to think it was a good thing to pass on to my kids-when the fees were only $32 a month but now they are $202. That's not a burden one wants to pass on to people they love. We're all in this boat- with no paddle or half of one LOL- good luck my brothers and sisters.
We bought a timeshare in Mexico in 1998 for around $10,000 and it is paid off. We traded with RCI a few times and hvae decided it’s too much hassle to get the weeks we want. We haven’t paid a maintenance fee in several years and owe around $1,000, according to a letter we just received. We live in Canada. If we don’t pay the fees, will this affect our credit since it’s not a Canadian company that we owe to(the resort is based in the US, Miamai I think)? I can handle the letters and calls from creditors, if that happens. But I am concerned about the credit score.
Patti
So Owners’ Advocate dropped the ball? Told you TS was cancelled when it was going into foreclosure? They guarantee money back if they can’t get a successful TS cancellation – will you get your fee back from them since, obviously, the contract wasn’t cancelled. Still considering losing my down payment and taking a hike – hate to toss more $$ at this through Owners’ Advocate if they aren’t going to follow through.
I writing this in MARCH 2011 and have read 2 years worth of whinning.
I too have a million point contract with WYNDHAM that I would like to “just get rid of.” But NO ONE has come back here with a TIMELY SUCCESS STORY describing exactly how they were able to get out. I too have been contacted by OWNERS ADVOCATE as well as dozens of similar companies.
HAS ANYONE ACTUALLY BEEN GIVEN A “WARRANTY DEED IN LIEU OF FORECLOSURE” by WYNDHAM or any other company?????????
yes,
it has taken about 3-4 years when the TS is paid off and it is just the Maintenance Fees
Yes. I also have (had) over a million points with Wyndham. I stopped payments in Oct. 2010 & I received a DIL in Feb. 2011 on my largest contract (750,000 pts.) I am still waiting on the two small ones.I was told I would see those in 30-60 days. I’m waiting! Good luck & stay strong!
Dan / Patty
You posted about The Owners' Advocate. I contacted them and just rec'd paperwork. Seems like a good deal, but then, so did the time share. What is your take on them? I can't find anything negative and an online search turned up a positive reference to them in a time share article in some travel magazine. They have lots of testimonials, but those can be fabricated easily enough.
Do you have any information?
Purchased TS at Pueblo Bonito, Cabo MX Aug 30, 2009 – made down payment, balance due by Nov 29, 2009. Would like to stop process. Wasn’t told of 5 day cancellation window but that has passed anyway. May work with The Owner’s Advocate and have emailed PROFECO, the Mexican consumer protection agency. Has anyone here ever tried to get out from under a TS before purchase has been completed? And, can I just not pay balance?
I tried to get my spouse off the contract so if we forclose, it won’t affect his credit, but they told me that they can’t do it and won’t. I even told them I was divorced and he would be willing to sign any papers approving him to be removed and both the mortgage service company and the resort told me no way. Has anyone had any success in getting a name taken off the contract?
Also, does anyone know if I do get a settlement deal with my resort to avoid forclosure if that will affect my credit terribly since it won’t actually go through all the forclosure steps? Like that deal Daniel got above for Tahiti Village? Thanks!
Hi Tony the phonecalls have started and there telling me they want
to work with me. The guy said that it will get worse for me when
a debt collection agency in Uk will approach me. He said that my
account was listed by credit refrence agencies in Uk.
I said that i checked and that Us accounts not listed in Uk
He then changed town and offered to refinance for another ten years!
I said i could not afford it and hung up!
I have taken it with a pinch of salt as he said all accounts were listed
worldwide. What a complete joker!
Johnny 99, nice to see a fellow in arms against paying on their timeshare. I just received a phone call yesterday about missing my first payment. After hearing Dave Ramey’s take on the WHOLE timeshare game, I am tired of feeling like I have been taken advantage of. Come and take your stink’in timeshare, cause I don’t want it you slimeballs.
Patty,
Can you tell me your experience with The Owners Advocate? Is it something you would recommend to your friends? I have been misled by my timeshare company and would like to do something about it. I’m not sure if I can trust anyone in the timeshare industry. Any feed back would be very appreciated.
Allie
Yes it effects your credit score. Over the last 11 months we have been trying to get out of our timeshare. Owners Advocate, told us they guaranteed they would get it cancelled. We received a notice, Owners Advocate said to do nothing that the contract had been cancelled. Come to find out the letter was the last demand before they foreclosed. It never mentioned anything about foreclosure. We recently ran a credit report, and it appears as foreclosure proceedings started. And yes it has negatively effect our Credit, we had prefect credit before this. Didn’t even understand what was happening.
Daniel, I too own at Tahiti village las Vegas and is considering stop making my payments; I still owe on the mortgage. Please let me know what the process was for you, what happened, did it effect your credit score, did they threaten to sue you etc.
Also, if anyone has this answer, my timeshare mortgage has never appeared on my credit report on either of the 3 main beureas. I have record of 4 credit reports over the years and it appears no where. I was wondering if I did stop making my payments and I forclosed on it, if they can even affect my credit score then?
Daniel,
Always remember… if it’s not written — it never happened. I wouldn’t provide them anything unless they were willing to FEDEX me an updated contract for this timeshare, with their signature included on it and notarized.
That’s my two cents worth of advice.
Hi everyone just missed my first payment and awaiting any repurcussions.
Its early days for me though!
My Tahiti Village Las Vegas time share is about a week away from foreclosure. The last person I talked to said that for $3000, I could get a deed in lieu of foreclosure and all of my financial obligation would go away. I still owe 16K on it (plus annual maintenance). With these people, I’m hesitant to pick up a phone and give them my credit card information with authorization to charge 3K. Advice??? I have to move quick. Thanks, Daniel
I bought my timeshare in August 2008, and Im having the same difficutlties as everyone else and would like to find a way to get rid of this problem. I still owe a large amount on this time share,but i like so many would like to get out of this new debt and don’t know how. I think that people who did this during a vaction and didn’t have the time to reconsider the consequences of my actions without having any knowlegde of their laws in that area should be forbin.
Herman, everyone, here my monthly update: no calls, no letters, nothing.
will get back here in november.
My wife and I purchased timeshare from Westgate Town Center, Kissimmee, FL (Orlando area). We almost made it through their high pressure sales tactics, but allowed the final guy to “shame” me into purchasing this timeshare for my wife (what an idiot!). My initial purchase was for Value Season, even years (2 bedroom). The information they provided me, included the week we planned to use on an annual basis, week 22. However, the “developer” decided to remove this week from the “Value Season” which would make it VERY difficult for me to use this timeshare. It seems they can change the rules anytime they please. In any event, my last visit with them (may 2009), I let it be know that I was lied to. The next thing I knew I was talking to another associate who gave me an offer to upgrade my timeshare from Value Season to Annual (floating) for $4.6K more. My wife and I agreed to this, thinking this would suit us much better. Four months later, I was looking through this contact and noticed something that was never brought to our attention. The following statement was included on the contract:
THE DEVELOPER HAS LIMITED YOUR RESALE RIGHTS. ANY FUTURE PURCHASER (OTHER THAN A TRANSFER AS THE RESULT OF DEATH, DIVORCE OR TO AN IMMEDIATE FAMILY MEMBER) WHO BUYS YOUR TIMESHARE INTEREST FROM YOU WILL HAVE SEVERLEY LIMITED OPPORTUNITY TO RESERVE OCCUPANCY IN THIS TIMESHARE PLAN.
After identifying this unexplained statement, I submitted an email to Westgate to expaon this statement, their response was:
Per your contract, you are deeded one week each year at your home resort. As a benefit of purchasing your timeshare from Westgate Resorts, you have the option of exchanging to other resorts within the Westgate family of resorts, as well as exchanging outside of the season you purchased. This benefit is not offered to resale buyers. Resale buyers are restricted to the same season of ownership which was originally purchased, are not allowed to upgrade to a different season, cannot developer exchange to another Westgate Resort, and cannot make a reservation sixty (60) days or more in advance of the requested check in date.
My questions are:
a. Why would they include this statement in the contract? Why wouldn’t they want us to sell this timeshare, which would ultimately ensure continued payment of maint & taxes each year?
b. Although I am not yet ready to sell this timeshare, but when/if that time comes, what do you think the chances of us finding anyone interested in purchasing this timeshare would be? Is there any chance of us successfully getting Westgate to remove this statement from our contract?
I feel that they tricked us again, which really makes me ticked off at myself for allowing this to happen. Why can’t Westgate conduct business in a more ethical and honest manner? I have been considering reporting this to Florida’s Attorney General… any thoughts on that idea/strategy?
Thanks for any input/recommendations/opinions/advice.
Shannon, Feel free to contact me here is my email dsjunkie2005 @ yahoo.com. I talked to a lawyer today and he said maybe if we can get enough people together to complain about these timeshare scams, someone will close them down.
My partner and I got swindled into buying a westgate timeshare in Las Vegas at the new planet Hollywood towers last December. We aren’t using it and really can’t afford the mortgage payments. Bad move on our parts! We are both on the deed and are considering stopping payments. I called Westgate last night and the girl was no help. I wasn’t expecting them to offer up any information on how to sell the timeshare but she couldn’t give me any info on what happens when you stop paying other than foreclosure. My partner is in the process of filing for bankruptcy and her attorney said her name will more than likely be removed from the account. I’m curious if anyone knows how this will affect me and my credit since I’m not filing. Any advice or info will be greatly appreciated!!
I bought a Westgate Timeshare and they promised to build a waterpark. SO far no Waterpark 2 years later. Isn’t this a misleading part of a contract. In the meantime we joined Festiva with the option they would buy our Westgate porperty. They could never get the information they needed form them so now Festiva has to give us all our money back and we are still stuck with Westgate and from what I hear you can never get in anywhere with them. My husband has lost his job and we can’t really afford any of this mess.
We bought a time share in Maui a few years ago. Since then I come to my senses and stopped paying for it. We could never book anything we liked, typical problems with timeshares…etc..etc.
I did not pay for the past 7 months and yesterday I have received a litter including Deed in Lieu of Forclosure documents. Basicly Wyndham will take it back..???..Am I reading it right?
Anybody else know anything about that?
Kindest Regards,
Hi everyone just another Uk citizen who got suckered at Orange lake, Florida.
Have been paying mortgage for a year but enough is enough. It’ cheaper to pay for your
holidays! Too much fun and discounted disney tickets got to my head.
No more mortgage payments as I have cancelled autopayment.
Alot of Brits were buying last year. How have people like Tracy and Radha got on?
Can they sue outside of the USA?
Has anyone had any luck with the class action law suit?? I'm very interested in being involved!
Why are people here so worried about timeshares coming after assets…. Look first off you never secured this time share with a House a Car or anything …. They got you to buy the Timeshares with there Financing and I bet None of your credit reports were pulled to qualify you… all you needed was a credit card or a check to put a down payment and sign a deed to purchase… So now you default… you all have told them your about to default “please take it back”… and they the Timeshare people don’t care or listen all they offer is heart ship papers to defer a few payments or they try to offer you a few months to catch up ect ect none of them have a program to sell at your cost the time share (WHY IS THAT????? to new people) who come to there shows and might have a need for these timeshares and have the money we all don’t have….and the answer is they bean counting (volume sales over ride the defaults) sure they send it to there personal collection scare you over and over but it will go away and why because its cheaper for them to just resell it…..(but some of you get scared from collections and pay yet even more money to think or try to make it go away) again bean counting if they can get 10 people to pay out of a hundred its better then nothing so that why they do it through scary collections or threats of law suits…. I bet if you all looked at the counties where the deeds are suppose to be filed or on file and asked if westgate recorded them in your name with westgate as a lean holder…… your not even listed and if you ask they will tell you it still under pre-contraction and will be recorded shortly or that they don’t record it until its pid if full yet at closing you had to hurry and get the payment in and papers signs so they could record in 30 days right???? so that there was the first FRAUD STATEMENT TO YOU ALL …. so how can they claim they must pay hugh fees to re-claim the deed and file hugh dollar forms to recoup a defaulted timeshare when the deed is in a file cabinet at the resort……. I just got into a hugh fight with WESTGATE RESORTS and why did I get into a fight is because I wanted to talk to a MANAGER who has decision making powers and all I got was the run around from one dept to another and finally the girl on the other end told me no manager will talk to me since it has been explained there is nothing they can do except send me a heart ship package,,,,, and then like magic she hung up on me and so I recalled and of course its in the system and that girl was snoty as hell at me yet I’m suppose to be a owner ect ect so I can see where this is heading so Today I cancel my credit card and they can kiss my A$$ I already have my house note 3 credit cards and car and I’m actually negative equity on my house due to market values in the toilet my car is 12 years old and I will never buy a new one so its junker’s for that department and as far as credit cards go I won’t be needing any more and will probably once one is paid in full cancel it to just have 2 cards for emergencys only…… Now I’m not behind yet but I will be soon, I can’t get financing on this TIMESHARE the banks laugh at me for getting this timeshare, there is no lending on home equities so I’m stuck at 17.99 percent on a 13k balance and told westgate to sell it at a show to someone for my balance but they won’t…… So now once default sets in there the stupidest group of business men why:::: because they would rather go into collections,,,,, court cost ect ect then take back and resell a unit when we or ME are willing to give it back In my view I already lost 5200 in fees monthly payments closing costs taxes and maintenance so its not like they haven’t made money off me so in my opinion sell the 13 k balance to someone who can afford it and be happy because I have been trying to sell it now for 10 months with no takers and they have shows daily so why they won’t help in a resell is beyond me…. Now here is where it becomes funny My unit is built but they are still months away from getting a “CO” certificate of occupancy meaning I been paying on a unit not ready for use TAXES AND MAINTENANCE now WHY what was being maintained??? and then if you look at your contracts you paid up front pro-rated taxes and still got hit with a yearly fee which is a SCAM FRAUD… plus now once you do default and you were willing to give it back and walk away you all think they will “SUE” and will have a Claim on your assets or WAGES HOW????? they will have to come to your state hire a Lawyer get a court date and then serve you papers to even go that route which then you can have your day in court….. every state has exemptions if they try to claim on a house or car if it even for some crazy way got that far….. do how much money they will have to spend to go that route???? they would have to be the dumbest group of people in the world then to just take it back in the first place….. and as far as credit goes…. write a statement on your reports and explain this default and trust me no one will blind a eye at it for whoever makes you a offer to sell something if there a way to do a deal they will… and timeshare defaults are not looked at if is was a REAL HOUSE as some claim here… sure it will be a default but once they see your statement it will be over looked…… But now if you have a joint contract I would have the partner removed Lie to them say its a divorce settlement or something they will send you a form sign it ect ect pay a 150 bucks and remove one of you off the contract so if you do default and credit is destoried and in the end your sued to death the other spouse has the credit and assets in her or his name to live on!!!!!! it will be you who takes the hit….. But it will cost them a Mint to go that route then to just take it back and have a collection agency buy your debt for a few pennies on the dollar and scare you into a deal and once they call get there name and number company name and contact a attorney after you tell them your recording this call and advising them not to call you again or you will sue the collection agency for harrassement and undue stress and health related issues they are putting you and your family through since you know the resort resold your unit or will resell you unit probably for a higher dollar then you owed. then Hang up on them unless they hung up on you!!!!!!
Hi Ken,
Thanks for that. Would appreciate any updates!
I stopped payments in May and have just received my second ‘make payment or foreclosure will start’ letter. I have previously sent an email and letter to them with regards to ‘misrepresentation, false claims etc’ but no answer, so i’m ignoring their letters as well.
Hi Herman,
im a non us resident and “on my way” to foreclosure. I stopped payments in Nov-08. Last week i received a letter from the timeshare (westgate lakes @ orlando) informing that if i dont get up-to-date with the payments the foreclosure process will start.
i’ll be giving monthly updates here.