Has anyone defaulted on a Wyndham Hawaii loan? Can they come after me?

[HilaryMeeken]

I recently attended an “owners update” at Wyndham Waikiki Beachwalk. I was taken downstairs into a private room designated for “Wyndham Hawaiian Owners” platinum or higher, away from “sharks”, as my presenter referred to them as we passed the other sales people.



The purpose of my update was to educate me on a new service provided for Hawaiian platinum or foundry owners. No phones were allowed, nor any communication with anyone outside the room, it was all very hush, hush and I was told I could not repeat anything I had heard in the update, I couldn’t even tell my son who I was traveling with. The presenter was giving the inside scoop on how bookings work and how to beat the system. He was assigned to me to help with booking and give me advice how to “maximize my benefits”. He even told me he had a couple of people lined up who were coming back from a cruise and needed a place to stay in Honolulu that I could rent some of my points to them for 8k. He told me lie after lie, after lie. He even showed me a listing of one of his clients had in Maui over Christmas going for 17k. The only problem was I had a mixture of points, some Hawaiian, some not. So he brings in a “steal” with one of my unexercised right to purchase more points at a rate frozen back in time to convert to all points to Hawaii so I can “maximize my benefits” and work the system. Eight hours later I’m signing the contract…I told the salesman I could not afford it without renting out some time and maximizing my benefits as he referred to it. He said he’d help me and be my side and would be calling as soon as the contract when through.



As you can probably guess, he’s pretty much ghosted me. I’m thinking of defaulting on the loan and stop paying my maintenance fees. Does anyone know the consequences of doing this? Do I just lose the deed or can they come after me?



Does anyone know a good attorney in Hawaii who can help me out?



Desperate in California…

 

[DeniseM]

RESCIND: You should immediately find your purchase papers and find the info about rescinding and follow the instructions EXACTLY.

 

[bnoble]

When did you sign?

 

[HilaryMeeken]

RESCIND: You should immediately find your purchase papers and find the info about rescinding and follow the instructions EXACTLY.

It's too late, it's beyond the 7 days. I tried to rescind and the timeshare presenter brought me back into the private and pressured me to rescind for 2 more hours...which I did.

 

[HilaryMeeken]

When did you sign?

It's coming up on 2 months. I was too ashamed to admit what I did and kept it to myself for weeks...

 

[HilaryMeeken]

I'm thinking of just stop paying the mortgage and maintenance fees.

 

[bnoble]

That will freeze your account, and eventually you will lose it. If you were already Platinum, that’s a substantial amount.

 

[dioxide45]

I took a look at this list of laws by state and I don't really know if hawaii is anti-deficiency or not. If they are not, then it is possible for them to try and come after you for the remaining balance of the loan after the timeshare goes through foreclosure sale. This could mean you would still owe thousands of dollars even when you no longer own the timeshare because of foreclosure. That said, they may be unlikely to do that but they may still write off the balance which could result in a 1099-C and a big tax bill at the end of the year.

 

[RENTER]

I'm thinking of just stop paying the mortgage and maintenance fees.

PM sent

 

[90_Min_Sales_Pitch]

Away from “sharks”? I think this is an example of how we can't get too comfortable with a certain sale pitch or format. There may be new tactics implemented in a few months or a few years, that have never been tried before. I've done 20-25 timeshare presentations without ever buying retail, but I can't say that there has never been a time when one of us wasn't tempted. While some are immune, the bulk of us should probably stay away. I believe in general, those willing to use others make themselves vulnerable to be used. These timeshare companies know this, so flaunt it in our face, "want to take advantage of us?"