# Wyndham Financial Hardship Packet



## gygull (Aug 14, 2015)

We've been Wyndham owners for 10 yrs now. we started out as Discovery owners, worked our way into 2 deeds & then upgraded 3 yrs ago to Club Wyndham Access. We love & thoroughly enjoy our vacations. 
Times have changed & life has happened for us. Our  CWA purchase included Pathways. I was reading some threads on Wyndhams Ovation plan last night. I went ahead & inquired about Ovation through Wyndham last night. This morning I had rcvd an e-mail from Wyndham regarding my inquiry. Since we still have a loan balance I do not qualify for Ovation. That was expected. 
This was our option offered by Wyndham. 

A Financial Hardship packet which initiates a comprehensive review of our financial situation to determine our eligibility of relief.

Has anyone ever had to go this route & what are the odds of Wyndham actually relieving us of our CWA?


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## mistalong (Aug 14, 2015)

*No compassion whatsoever*

My mother in-law filled out one when her husband died.  All they did was allowed her to delay payments a month or so.  If you're wanting to get out of the contract, you can forget it.


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## Ty1on (Aug 14, 2015)

mistalong said:


> My mother in-law filled out one when her husband died.  All they did was allowed her to delay payments a month or so.  If you're wanting to get out of the contract, you can forget it.



Oh he can get out of the contract, but it would involve foreclosure.


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## ronparise (Aug 14, 2015)

I know someone in your position that filled out the "hardship" package. Like you she had made two purchases and had financed them both. Ultimately Wyndham took the whole mess back.

There was a period of time where they were reporting non payments to the credit bureaus. Im not sure what the outcome of that was. Im sure her credit scores took a hit, but I dont know how much

The process that they put her through was very similar to what banks made people go through during the great recession to qualify for a short sale. Basically they make you show  what changed in your life that now you are unable to pay what you were qualified for when the loan was first approved. They want to see the  same information (bank statements, assets, liabilities, income and expenses) that you need to show to qualify for a loan.  Now you need to show  the same info to prove that you can no longer pay it. 

The catch is if you are paying each month, clearly you can pay. You may have to not pay for a while to help make your case, and to convince them that there really is no other option for them, except to take it back

Good luck


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## am1 (Aug 14, 2015)

mistalong said:


> My mother in-law filled out one when her husband died.  All they did was allowed her to delay payments a month or so.  If you're wanting to get out of the contract, you can forget it.



Not letting someone out of a contract does not mean they do not have compassion.  It would be great if Wyndham would allow people out of contracts as then they could sell them again but they are not obligated to.

Things happen and people should plan for them. 

I wish everyone all the best in be able to get out of their contracts or at least the payments.


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## 55plus (Aug 14, 2015)

Depending on how much is owed, the number of points involved and type of points (deeded and/or CWA) maybe it has value to someone? The key is, how much is still owed. If the price works out to about the current resell rate someone may be interested. How much do you own on the loan?


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## mistalong (Aug 14, 2015)

am1 said:


> Not letting someone out of a contract does not mean they do not have compassion.



Hence the reason I wrote the entire statement and made the title No Compassion.  By delaying it only a month, it takes a while to get the estate settled.  So while she's fine now, it would have been nice to have some compassion and give them a period (longer than 30 days) to regroup.


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## gygull (Aug 14, 2015)

I'm willing to deal with a foreclosure, if it gets me out of it. Trust me when we upgraded 3yrs ago, we had the means financially. When I say life happened it was not anything we could prevent. Horrible car accident, got hit by a drunk driver. Spent over a yr recovering from all my broken bones. We walked away from a new business we had just gotten into. At this point, it's been slow payments for the last 2 months. I'd rather spend my money on my daughters college education rather than a timeshare. A luxury that we've enjoyed for 10yrs. Plan was that we'd have it payed off in 2-3yrs. Again that wasn't going to happen after car accident. We still owe $58k, 714,000 points CWA with Pathways. At this point whatever it takes, unfortunately.


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## ace2000 (Aug 14, 2015)

gygull said:


> I'm willing to deal with a foreclosure, if it gets me out of it.



Is it possible to sell it?  You mention you still have a loan balance, but don't mention how much.  You're going to have to balance paying that amount owed vs. the foreclosure process.  Neither alternative is a good one though.


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## 55plus (Aug 14, 2015)

gygull said:


> We still owe $58k, 714,000 points CWA with Pathways. At this point whatever it takes, unfortunately.



$58K is to much to get someone to buy it resell. I bought a new Corvette several years ago for that much. Sorry, but your options are limited.


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## Ty1on (Aug 14, 2015)

gygull said:


> I'm willing to deal with a foreclosure, if it gets me out of it. Trust me when we upgraded 3yrs ago, we had the means financially. When I say life happened it was not anything we could prevent. Horrible car accident, got hit by a drunk driver. Spent over a yr recovering from all my broken bones. We walked away from a new business we had just gotten into. At this point, it's been slow payments for the last 2 months. I'd rather spend my money on my daughters college education rather than a timeshare. A luxury that we've enjoyed for 10yrs. Plan was that we'd have it payed off in 2-3yrs. Again that wasn't going to happen after car accident. We still owe $58k, 714,000 points CWA with Pathways. At this point whatever it takes, unfortunately.



Yeah, if Wyndham doesn't offer full cancellation, you'll have to go foreclosure.  Just stop making payments and their collections and consumer finance departments will take care of the rest.

If there ever was a case for Wyndham authorizing a deed in lieu, I think you qualify for it.


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## Explorer7 (Aug 19, 2015)

Unfortunately the answers you provide on the hardship package make it a streamlined process for Wyndham to know where to garnish any assets they can identify should they hold the mortgage and decide to get a judgement against you for any unpaid fees or payments. They would likely go after any savings in your name or recently moved out of your name to avoid garnishment.


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## vacationhopeful (Aug 19, 2015)

Sorry for your problems .. bankruptcy might be an option you should consider. I have known way too many people who get onto "payment plans" based what they HOPED or the creditor DEMANDED/stated as the lowest ... that do not work out. 

See a financial planner and a bankruptcy lawyer ... one to explain how to cover YOUR old age and the other to HELP you adjust your day-to-day balance of income & expenses within reason.

As much as YOU would love to PAY for the kids' college education ... they are young and can get loans. You have to pay for a roof and food NOW plus put money aside for YOUR retirement years. 

Your life (including your financial life) changed with that accident.


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## DeeDibble (Aug 19, 2015)

Explorer7 said:


> Unfortunately the answers you provide on the hardship package make it a streamlined process for Wyndham to know where to garnish any assets they can identify should they hold the mortgage and decide to get a judgement against you for any unpaid fees or payments. They would likely go after any savings in your name or recently moved out of your name to avoid garnishment.



Good point - won't go that route when and if I want out


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## ronparise (Aug 19, 2015)

You have made the case to us that you can't pay this  now make the case to Wyndham. Of course if you have the assets; it's not a hardship case and you should just pay what you owe. 

Wyndham is routinely taking back deeds now. It won't be the best deal they have ever made but Wyndham will do well by you. They pay you $58k and resell it for twice as much

By the way you read that right. By forgiving the loan (if that's what they do) they will be paying you $58k. And you will have to pay taxes on that income


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