# What will happen to our Worldmark credits?



## jnfchris (Jun 12, 2008)

Hi.  My husband and I have had WorldMark by Wyndham for about 10 years now.  We (very unwisely) kept adding credits and we still have 10 more years to pay on it.  I would like to consider the "deed in lieu of foreclosure" thing and my husband argues that Wyndham is the only timeshare that actually appreciates in value.  I say that Wyndham depreciates just like they all do only it's a bit more flexible.


I would love some advice about the foreclosure thing but I understand if I'm on the wrong board.  Any information would be wonderful.  This whole ordeal is making me sick to my stomach about how goofy we were.

Thank you,
Jennifer


----------



## timeos2 (Jun 12, 2008)

Appreciates in value? Did you get the points for free? (Joking) That is the ONLY way it will appreciate. What actually happens is the minute your rescind period ends you have lost 50-90%+ of the RETAIL value. If you purchased resale you may be able to sell for a few dollars more or only a few dollars less than you paid. 

Your husband obviously hasn't looked at the sale prices for Wyndham Points if he thinks they "appreciate" in value.


----------



## jnfchris (Jun 12, 2008)

thank you, at least I'm not crazy.  Is there a specific forum where I can get info on the deed in lieu of foreclosure thing?  Thanks  Jen


----------



## Bill4728 (Jun 12, 2008)

I'm not sure what you are asking. 

Are you asking what is the value of my Worldmark points? They are worth about $0.60-$0.70/pt. If you have 10,000 pts and own less than $6,000, you should be able to sell your points and pay off the financing. If you own more than $7,000, you will have a problem getting rid of them. 

A "deed in lieu of foreclosure" is when you ask if Trendwest/Wyndham is willing to take the points and let you off the hook for the balance of the money you owe.

PS you're asking about Worldmark,  "Wyndham" is what we here on TUG call a different TS company ( AKA FairField/Wyndham)


----------



## jnfchris (Jun 12, 2008)

thank you very much for your responses so far.  We have 26000 worldmark credits and still owe in the land of $25000.  We just can't do it anymore.  We're going to be paying on it until we're a hundred.

I know there's pretty much no way out of it except for the foreclosure thing.  Do people just stop paying?  Do you warn the timeshare company.  Do we apologize profusely about screwing them out of a ton of money and do it anyway? 

I'm sorry, I know you guys can't give me an answer, I just need a sounding board.


----------



## RichM (Jun 12, 2008)

First of all, there is no deed.  You don't own any real property - only a contract with 26,000 annual credits.  And, if you default, there wouldn't be a foreclosure - it would be similar to defaulting on any other consumer credit line.  Either way, there would be ramifications to your credit score.

You may be able to find someone willing to assume your loans - sometimes people do that on e-bay. Right now you owe about $0.96/credit so it's not a horrible position to be in for a loan assumption.  The retail, developer cost for 26,000 is probably around $48,000 now so it might be a way for someone else to buy in to a relatively large account at a reduced price.

You could also consider selling off some of the credits, let's say 10,000, for $0.70 ea. and use that $7,000 to pay down the loan balance or 16,000 (retaining 10,000 for yourself) for $11,200.  Then, perhaps, find a way to refinance the remaining balance through a 0% credit card balance transfer or some other line of credit that likely has a much lower rate than the existing loan.


Just my opinion.

__________________
WorldMark Owners' Community -      
	

	
	
		
		

		
		
	


	




      - www.wmowners.com


----------



## jnfchris (Jun 12, 2008)

thank you very much!


----------

