# [ 2012 ] Wyndham taking back deeds



## simpsontruckdriver (Oct 30, 2012)

Yes, they will, under certain circumstances. Since I was out of work for 2 months, I am 2 months behind on MFs. I called Wyndham to see what we can do, they can only work out payment plans. _BUT_, they have a plan called the "Customer Assistance Program". If the MFs are a hardship, they *MAY* take the timeshare back once the payments are up to date *and the mortgage is paid off*. But, not all timeshares qualify. This is *NOT* for those who can afford the MFs but simply want out.

TS


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## Rent_Share (Oct 30, 2012)

It's the can't/won't delima that so many in here have an issue with.

The HOA's should pragmatic if the circumstanses are the debtor CAN'T pay, everyone is better off taking it back at the lowest possible cost, since they are going to end up with it anyway, with more unpaid fees and higher legal costs to gain clear title.


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## simpsontruckdriver (Oct 31, 2012)

I informed the rep that I have NO intention of giving it up. My wife and I enjoyed our 2 stays this year with our 128000 points (May @ Wyndham Bonnet Creek and Labor Day @ Wyndham Ocean Walk). Chapter 13 bankruptcy is also planned, but we'd rather catch it up (Ch 7 is destroy all debts, Ch 13 is to let the court do a payback plan).

TS


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## Rent_Share (Oct 31, 2012)

I just reread your first post, I didn't realize that they required the mortgage to be paid off and would take it back if the maintenance fees were current, how generous can they be.

Since your already planing Chapter 13

Add up the cost of the remaining payments versus the resale value. I would not "catch up any more timeshare debt. With your zero equity position, you should be able to let the secured creditor take it back and whipe out any further liability.

Once your plan is confirmed then purchase resale and resume your family vacations for only the annual maintenance fees. There's 154,000 available in the bargain deals for $ 150 Closing Costs Seller will pay the $ 299 Wyndham gouge for putting your name on the acccount.


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## ace2000 (Oct 31, 2012)

Rent_Share said:


> I just reread your first post, I didn't realize that they required the mortgage to be paid off and would take it back if the maintenance fees were current, how generous can they be.
> 
> Since your already planing Chapter 13
> 
> ...


 
Exactly what I was thinking.  Get out of it!  You might be emotionally attached to it since you paid the mortgage.  But it is worthless now, and you have an easy escape route.  If you decide you want something similar (or better) in the future, you'll be able to get it at a low cost then.  But for now, you've got an easy escape.


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## Rent_Share (Oct 31, 2012)

In the mean time rent a reservation from a VIP


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## simpsontruckdriver (Oct 31, 2012)

Actually, all my points were bought resale.

TS


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## ace2000 (Oct 31, 2012)

simpsontruckdriver said:


> Actually, all my points were bought resale.
> 
> TS


 
Ok, I see.  I was looking at the first post where you said _if the mortgage is paid off_.  Now I see where I read it wrong.  

I still believe that if you're struggling financially, it would be best to jettison it and then get a different deal later.


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## Pietin (Oct 31, 2012)

Don't know if a judge will let you keep it in a bk.  A timeshare is a luxury item.  Good luck.


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## Renny30 (Oct 31, 2012)

I have a friend going through the same thing. He owes Orange Lake $3000 in MFs and taxes. They are willing to take the week back, but he is emotionally invested that he's trying to pay this money that does not have. His wife is very sick and he is disabled. It's not a good season for him. her medical has completely bankrupted them. I don't believe in folks walking out on debt, but the resort offered to take it back.

I showed him auctions for $1.00 on eBay, but he keeps saying "We paid $12,000 for it and I have a week banked with RCI." Lord help...trees blocking the forest.


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## chapjim (Oct 31, 2012)

Sunk costs have no place in rational decision-making.


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## simpsontruckdriver (Nov 1, 2012)

As of now, we're looking at Chapter 13 Bankruptcy. Chapter 7 is total dissolution of debts. Chapter 13 is reorganization (pay off in 3-5 years + erasing credit). I too want to pay all debts, and keep our home, which is why it will be Ch 13.

TS


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## Rent_Share (Nov 1, 2012)

simpsontruckdriver said:


> As of now, we're looking at Chapter 13 Bankruptcy. Chapter 7 is total dissolution of debts. Chapter 13 is reorganization (pay off in 3-5 years + erasing credit). I too want to pay all debts, and keep our home, which is why it will be Ch 13.
> 
> TS


 


Pietin said:


> Don't know if a judge will let you keep it in a bk. A timeshare is a luxury item. Good luck.


 +1

Explore keeping your home within a 7


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## Renny30 (Nov 1, 2012)

simpsontruckdriver said:


> As of now, we're looking at Chapter 13 Bankruptcy. Chapter 7 is total dissolution of debts. Chapter 13 is reorganization (pay off in 3-5 years + erasing credit). I too want to pay all debts, and keep our home, which is why it will be Ch 13.
> 
> TS



All the best to you. I know you are doing a 13, but I know several people who did 7's and kept their homes, so hopefully it will work out.


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## Timeshare Von (Nov 1, 2012)

I ditched two Wyndham fixed weeks back in 2011.  The first went back to POA.  We had acquired it for no upfront costs and the MF's were current.

The second, I gave away here on TUG.  I had bought it resale for around $5,000 so it was owned free & clear with all MF's current.

Whether you give it back to the developer or POA/HOA . . . or give it away here on TUG, you will need to own it free & clear and be current on MF's.  Nobody will take your TS that is heavy in debt.  Why would they?

In our circumstance, it wasn't a matter of not affording the payments but more of the financial reality that we could rent at either of those resorts for less than the MFs PLUS with the change to RCI TPU points, their valuations were poor and would no longer get the great (Hawaii) trades we had been getting in year's past.

If you have an opportunity to rid yourself of them, I would encourage you to do so while you can.


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## Passepartout (Nov 1, 2012)

simpsontruckdriver said:


> As of now, we're looking at Chapter 13 Bankruptcy. Chapter 7 is total dissolution of debts. Chapter 13 is reorganization (pay off in 3-5 years + erasing credit). I too want to pay all debts, and keep our home, which is why it will be Ch 13.
> 
> TS



Your home is exempt in a Chapter 7- unless it's some kind of mansion. As is a car up to a certain value. Work with a good BK attorney. Preferably one associated with Nat'l Assn. of Consumer BK Attorneys. www.nacba.org I just looked and didn't see a link to members' locations, but it's an affiliation that is worth looking/asking for.

Jim


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## bogey21 (Nov 1, 2012)

Passepartout said:


> Your home is exempt in a Chapter 7- unless it's some kind of mansion.



Mansions used to be exempt in Texas.  I don't know how it works now.

George


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## alexadeparis (Nov 1, 2012)

As a Bankruptcy attorney, I can tell you that regardless of which Chapter filed, if the timeshare is paid for, the only hope you have of getting rid of the timeshare is if the Trustee wants to sell it. That could happen in a 7, but not in a 13. But, given that we are talking about a Wyndham, the OP will STILL be stuck with it. You can only give back a timeshare to a developer that has a balance owed, once you own it outright, you are stuck. That said, there is always the bargain deals board.


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## Rent_Share (Nov 1, 2012)

Couldn't it be abandined as worthless in a 7 and the corresponding unpaid and future obligation for maintenance fees be discharged/rejected ?

If I was a 13 creditor and the monthly payment for distribution was reduced due to a monthly timeshare maintenance fee payment, I would not be happy


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## persia (Nov 1, 2012)

Call Wyndham and tell them you are dead and none of the heirs want it...


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## ace2000 (Nov 1, 2012)

persia said:


> Call Wyndham and tell them you are dead and none of the heirs want it...



I tried what you said and called Wyndham and said I was dead and none of my heirs wanted it... for some reason, they're having a hard time believing that.


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## pacodemountainside (Nov 1, 2012)

Have  "persia" call and say  he/she  was  former guardian  and winding down your affairs.


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## simpsontruckdriver (Nov 10, 2012)

I'm not able to give it away (128000 yearly and 128000 biennial odd year, January start @ Star Island). In order to do it, I would require:

$  534 MFs 3 months late + 3 months during transfer + $98/yr fee @89.12/month ($1069/yr).
$  598 Transfer Fees for 2 contracts.
$  175 Legal Timeshare Transfer fees (max).
-------------------------------------------------------------
$1207 total to transfer.

If someone wants to pay all this, I would gladly do it (I have no way to do it up front). But, why would someone pay all that for a package worth less than $100? Charity (helping me out)?

The other option is just to pay more than the MF until either my settlement from a Debtor Harassment lawsuit comes in and pay it off, or pay it off in January when my former job's 401k is paid out.

TS


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## SOS8260456 (Nov 10, 2012)

simpsontruckdriver said:


> I'm not able to give it away (128000 yearly and 128000 biennial odd year, January start @ Star Island). In order to do it, I would require:
> 
> $  534 MFs 3 months late + 3 months during transfer + $98/yr fee @89.12/month ($1069/yr).
> $  598 Transfer Fees for 2 contracts.
> ...



So it will cost you about $1200 to "give" it away.  Or $534 to give back to Wyndham.

The contracts are not even that great.  

If they are willing to take them back, do it.  Then save the extra $700 you would have paid to "give" it away and when things look better I am sure you can get a great deal on another Wyndham points contract.  One with probably lower maintenance fees.  

You have a great opportunity to start with a "clean" slate.  Each month you delay, the amount to get out of it goes up.

Sorry that you have to go through this.


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## Rent_Share (Nov 10, 2012)

Stop paying, make it go away during the Bankrutcy

Wyndham won't get their past due maintenance fees since they are receiving their collateral in lieu of payment


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## vacationhopeful (Nov 10, 2012)

Rent_Share said:


> Stop paying, make it go away during the Bankrutcy
> 
> Wyndham won't get their past due maintenance fees since they are receiving their collateral in lieu of payment



I agree with this suggestion. After things settle done, get another resale contract. Until then, when you have extra money, RENT from a VIP owner who can get you the discount. Might decide it to be a better deal in the long run to continue to rent.


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## simpsontruckdriver (Nov 17, 2012)

We signed the contract with the attorneys yesterday. So, within the week, Wyndham should be receiving notice from them about it. We haven't filed, as the $$$ has to be paid off first (yes, bankruptcy lawyers must be paid). As I said, they would take the deeds back *IF* they want to, and *IF* the account is current. My personal opinion is, since I am only behind a few months, they should take it back, then resell it for a profit.

Back when I stayed at Bonnet Creek in May, the sales crew offered 154000 points for less than $3000. That is/was probably resale. They could do it if they wanted to.

TS


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## lwcgrad08 (Jan 17, 2013)

If u own ur vehicles can they take them?


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## Dakine (Dec 28, 2014)

*Timeshares waste time*

Just look at all our time we spend trying to use or get out of TS.  Life is too short to spend it here, talking about TS.  I would pay to get rid of mine but I don't have much time. just venting...


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