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Advice on how to eliminate my timeshare

e.bram

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My pal plans to retire into his oceanfront house in the Philippines with his SS , German pensions and IRAs.
When he bought the house it was was supposed to go up in value(sound familiar), but it didn't like a lot of others it did not.
His mortgage was issued by a big bank with many high power lawyers, he signed the note.(sound familiar). So a signed note composed by high power lawyers from a big company(like the developers)has not managed to get him to pay.
Why not, according to many posters insulting and degrading me, it should be slam dunk.
 

Quadmaniac

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I have a friend who bought a house a few years ago with $0.00 down. Lawyers for the bank, seller and my friend. He paid mortgage for 2 years and stopped. He has been living in the house for the last 3 1/2 years paying only utilities and insurance. Not mortgage or even real estate taxes. Still has his credit cards.

And you think there will be no fallout and he will be living there for ever in such an arrangement ? Guaranteed someone will be paying for the mortgage, as the bank is not going to just "write it off".
 

tthomas

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No, I haven't attempted any of the options of mentioning to them that I no longer plan on paying them any f my money. That's why I'm here asking for advice. I had also thought that a foreclosure only lasts for about 4 years, not 7. And as I mentioned earlier, I "got all my ducks in a row" before refusing to pay them; as of right now, my credit is near perfect and I applied for several credit cards with a large amount of credit on them IN CASE i needed them for emergencies down the road with a very fair interest percentage. I also don't plan using my credit for that matter an any large purchases for the next seven years anyway - house, car, etc. I also just finished moving into my new apartment, which I would not otherwise be able to afford if i still continued to make the regular monthly payments to the TS company.
Question: Does timeshares show on your credit report. My current TS does not show on my credit report, and I am in the same boat as cm-cm. I have to stop paying on my TS, and it is already in default, however, will this TS appear on my credit report now? I have learned my lesson this time with TSs. No more for me, it's a trap, especially if you don't use it.
 

Passepartout

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Question: Does timeshares show on your credit report. My current TS does not show on my credit report, and I am in the same boat as cm-cm. I have to stop paying on my TS, and it is already in default, however, will this TS appear on my credit report now? I have learned my lesson this time with TSs. No more for me, it's a trap, especially if you don't use it.

The non-payment of ANY debt obligation has the potential to ruin you financially. Will it happen? Only your financial advisor has that answer. Since you have already stopped paying your obligation, why not contact (in writing) the HOA at your TS and suggest returning the deed to them? Tell them they can have whatever you've paid, and the deed-with signed quit-claim- in exchange for them not foreclosing.

They are under no obligation to accept it, but if you can persuade them that they'll incur larger legal fees to foreclose than simply re-titling the week into their name (you might have to offer to do that), everyone wins.

As to buying something you don't use being considered a trap, heck, everything is like that. A car you don't drive, a girlfriend in another city, a boat. They'r all a drag if you don't use 'em.

Best Wishes for an outcome you can live with.

Jim
 

alexan56

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Help- Getting off wyndham

Well my friend's situation is kinda different, she lives in Venezuela and "purchased" a 150k wyndham account. She recently got into some debt and has cancelled her Credit card (Aug 15). Will wyndham come after her? As she is overseas and doesnt mind the bad credit.
 

Passepartout

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Well my friend's situation is kinda different, she lives in Venezuela and "purchased" a 150k wyndham account. She recently got into some debt and has cancelled her Credit card (Aug 15). Will wyndham come after her? As she is overseas and doesnt mind the bad credit.

Just one post of the same question is enough. I answered the question in the New to Timeshare Forum.
 
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