# Anyone ever had success with [getting wyndham to take a timeshare back?]



## lwcgrad08 (Mar 22, 2013)

anyone ever had success getting wyndham to take a timeshare back... i am willing to lose the 40k i have put in if they would just let me out free and clear


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## cassvilleokie (Mar 22, 2013)

*wyndham points*

[We do not permit timeshares to be offered in the discussion forums - they belong in the Bargain Deals Forum - DeniseM]


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## ronparise (Mar 23, 2013)

lwcgrad08 said:


> anyone ever had success getting wyndham to take a timeshare back... i am willing to lose the 40k i have put in if they would just let me out free and clear



I know two people that got wyndham to take back part of what they owned. In both cases they had made several developer purchases, and Wyndhan took back the most recent.. returned their money too


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## benyu2010 (Mar 23, 2013)

I think the OP meant the ownership was purchased a while ago and no longer needed. OP could not find a simple and cost free to dispose his ownership which he paid $40K for.

Unfortunately, that $40K was long gone since a few days after you walked out sales office. $40K developer purchase was a pretty sizeable account and may have some value left depends on its home resort if it's a Wyndham timeshare, or definitely has positive value if it is WorldMark. You may simply give your resort name, and many knowledgeable folks may point you to the right direction or place. Unless the account has a loan balance, I don't think it requires too much effort to sell it or give it free.


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## simpsontruckdriver (Mar 23, 2013)

I was OFFERED to take back my resort, due to my financial issues. In other words, if you can't afford it, but if the MFs are not late, call Financial Services. Just tell them you can't afford your MFs, it's a hardship, they MIGHT offer to take it back. It's worth it if they do, doesn't hurt to ask.

TS


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## bogey21 (Mar 23, 2013)

I have no experience dealing with Wyndham but I did successfully Deed Back a number of Weeks to HOAs.  My advice is to be persistent.  If they say "no", call back in a couple of Weeks and try to talk to someone else.  You just never know when you will catch someone who is sympathetic.

George


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## lwcgrad08 (Mar 23, 2013)

i have paid in about 40k still owe about 37k... i have a vip deed at daytona for the 300k... i am willing to let them take the 40k and run if they would just let us out free and clear of any and all contracts...


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## bogey21 (Mar 23, 2013)

lwcgrad08 said:


> ... i am willing to let them take the 40k and run if they would just let us out free and clear of any and all contracts...



I don't believe they will let you walk away from an outstanding  $37k debt.  I assume you signed a note and owe the money.  Why should they let you just walk away?  

George


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## ronparise (Mar 23, 2013)

bogey21 said:


> I don't believe they will let you walk away from an outstanding  $37k debt.  I assume you signed a note and owe the money.  Why should they let you just walk away?
> 
> George



Because its a cheaper option than foreclosing


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## timeos2 (Mar 23, 2013)

ronparise said:


> Because its a cheaper option than foreclosing



When a balance is due on the loan the HOA usually won't even consider foreclosure as they would stand second in line.  A loan company, whoever it may be, will be after the $37K they long ago gave Wyndham and now expect back from the buyer. They won't go away easily and are also unlikely to foreclose as they don't want title (making THEM responsible for the fees - why would they do that?).  They will likely continue to hound the buyer as much as they legally can and use every bit of pressure possible to get payment. When you owe on a loan it is a different animal than owing an HOA for fees.  

This can't even be given away until it is paid for.


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## bogey21 (Mar 23, 2013)

I'm with John on this.  If I am the lender, I go try to collect my debt with vigor.  Heck, we don't even know if Wyndham holds the note.

George


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## Tia (Mar 23, 2013)

I did read sometime somewhere online that they (not sure which) were  bundling ts loans and selling them........ to investors 



bogey21 said:


> I'm with John on this.  If I am the lender, I go try to collect my debt with vigor.  Heck, we don't even know if Wyndham holds the note.
> 
> George


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## benyu2010 (Mar 24, 2013)

Tia said:


> I did read sometime somewhere online that they (not sure which) were  bundling ts loans and selling them........ to investors



Someone with particupar knowledge of market for this specific investment may shed some light on this? My guess is it could be sold anywhere between 50-80 cents as secured high risk, though the underlying could be worth very little, if not zero at all


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## ronparise (Mar 24, 2013)

benyu2010 said:


> Someone with particupar knowledge of market for this specific investment may shed some light on this? My guess is it could be sold anywhere between 50-80 cents as secured high risk, though the underlying could be worth very little, if not zero at all



There are all kinds of possibilities. But I dont think Wyndham is selling the mortgages directly


 here is a press release announcing recent activity



Wyndham Worldwide Completes $275 Million Term Securitization

PARSIPPANY, N.J. (November 2, 2012) – Wyndham Worldwide Corporation (NYSE:WYN) today announced that it has completed a term securitization transaction involving the issuance of $275 million of asset-backed notes. Sierra Timeshare 2012-3 Receivables Funding LLC issued $209 million of A rated notes and $66 million of BBB rated notes. The notes were backed by vacation ownership loans and had coupons of 1.87% and 2.66%, respectively, for an overall weighted average coupon of 2.06%. The advance rate for this transaction was 89%.
Sierra Timeshare 2012-3 Receivables Funding LLC is an indirect subsidiary of Wyndham Vacation Ownership. The transaction was completed in reliance upon Rule 144A and Regulation S as a placement of securities not registered under the Securities Act of 1933, as amended, or any state securities law. All of such securities having been sold, this announcement of their sale appears as a matter of record only.

It says they are selling asset backed notes, not the assets themselves.
I think what they are doing here is bundling up a bunch of timeshare mortgages (the assets). but they are not selling them, What they do (I think) is to create a derivative,  bond like investment backed by the mortgages. In this case the investment is paying an interest rate of about  2%

The investor pays 89 cents on the dollar value of the morgtages and gets a note from Wyndham for  2% .All the investor owns is something derived from the mortages, not the individual mortgages. Wyndham or their subsidiary still holds the mortages, and when there is a default Wyndham will still be responsible to the investor for the 2%, but if there are defaults Wyndham will get the property back to resell


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## puppymommo (Mar 25, 2013)

If someone did successfully get Wyndham to take back a timeshare that wasn't paid in full, they would probably have to sign a non-disclosure clause and woundn't be talking about it on a public board.


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## ronparise (Mar 27, 2013)

puppymommo said:


> If someone did successfully get Wyndham to take back a timeshare that wasn't paid in full, they would probably have to sign a non-disclosure clause and woundn't be talking about it on a public board.



right you are. I was talking to someone that wanted to give back their timeshare  to Wyndham. When I asked them recently how's it going. there answer was...Im not allowed to say

I have no doubt that he was successful,  but as I said...he cant say.


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## lwcgrad08 (Mar 27, 2013)

i wish it was as easy as me keeping my mouth shut.... i was basically told today that i am screwed


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## utz20 (Mar 29, 2013)

Wyndham did take back three contracts of my mother's. They were paid in full and were apparently on their "list of acceptable properties". They will not take back the one that was a fixed week converted to points. I have just placed an ad for it here but it hasn't published yet. It will probably need some modification and I hope I get feedback. 

For the ones they did take back we dealt with financial services, accounts resolution "team". My mother is widowed and finances are tight but she is not struggling. We had to fill out detailed financial info but it worked.


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## ronparise (Mar 29, 2013)

utz20 said:


> Wyndham did take back three contracts of my mother's. They were paid in full and were apparently on their "list of acceptable properties". They will not take back the one that was a fixed week converted to points. I have just placed an ad for it here but it hasn't published yet. It will probably need some modification and I hope I get feedback.
> 
> For the ones they did take back we dealt with financial services, accounts resolution "team". My mother is widowed and finances are tight but she is not struggling. We had to fill out detailed financial info but it worked.



I cant imagine why Wyndham would care but for a week converted to points its a simple matter to go back and make it a straight week again....

Regarding the detailed financial information...this sounds like the regular real estate market and short sales...A person has to qualify for a mortgage by supplying information that demonstrates his ability to repay the thing...And to un-qualify for the loan he has to demonstrate that he cant repay it...That means showing tax returns W2s, 1099,s, bank and brokerage statements and usually a statement as to what changed between the time the loan was granted and now.  etc etc.


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## csxjohn (Mar 29, 2013)

utz20 said:


> .... I have just placed an ad for it here but it hasn't published yet. It will probably need some modification and I hope I get feedback...



If you are trying to unload it at a rock bottom price you can also put it on the "bargain deals" forum.  It will appear instantly.

I never got feedback from my classified ads but plenty, both positive and negative, on the bargain deals forum.


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## chadwill (Mar 29, 2013)

utz20 said:


> Wyndham did take back three contracts of my mother's. They were paid in full and were apparently on their "list of acceptable properties". They will not take back the one that was a fixed week converted to points. I have just placed an ad for it here but it hasn't published yet. It will probably need some modification and I hope I get feedback.
> 
> For the ones they did take back we dealt with financial services, accounts resolution "team". My mother is widowed and finances are tight but she is not struggling. We had to fill out detailed financial info but it worked.



Where the 3 contracts Wyndham took back points or weeks?  What resorts did they take back?


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