# Has Wyndham ever...



## gone 4 good (Jun 3, 2013)

Taken back a resort due to financial hardship.  I know there are many of you laughing, but I am seriously wondering...will they do a deed in lieu of foreclosure or is that just a dream?  Has anyone experienced a foreclosure through Wyndham.  I have talked with a few people and you get the gamut-they don't do anything to they go after you with everything they have.  Due to loss of job, I am just wondering what to expect if I can't work something out. I still have a mortgage on my points + obviously maintenance.  Yes, I was one of the stupid ones that learned about resale too late (but any added points have all been resale).  Thanks for any sincere replies.


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## sjsharkie (Jun 3, 2013)

gone 4 good said:


> Taken back a resort due to financial hardship.  I know there are many of you laughing, but I am seriously wondering...will they do a deed in lieu of foreclosure or is that just a dream?  Has anyone experienced a foreclosure through Wyndham.  I have talked with a few people and you get the gamut-they don't do anything to they go after you with everything they have.  Due to loss of job, I am just wondering what to expect if I can't work something out. I still have a mortgage on my points + obviously maintenance.  Yes, I was one of the stupid ones that learned about resale too late (but any added points have all been resale).  Thanks for any sincere replies.



Sorry to hear about your financial situation.  (I'm not laughing.)

Since you have a mortgage, I doubt they will take it back.  They'd rather use the threat of foreclosure and credit damage in the hopes that you keep up payments.

I assume the mortgage is far more than the property is worth.  You can try to call, but I'd doubt it would do any good. 

Good luck to you.


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## timeos2 (Jun 3, 2013)

The real problem is that you have a loan. While the annual fees can sometimes be negotiated away or reduced when you still owe on the original purchase there is a third party lender in the mix that laid out real dollars to Wyndham for your overpriced points. They have the resources and the reason to go after you with everything they have to collect. 

Now if some of your ownership(s) is a separate resale you can sell / give away / deed back that ownership. Only the one(s) you still owe on are problems to sell or deed back.  

Unload those that have no loan and approach the lender(s) for those that do and see if you can get them to agree to a buy out amount. You'd have to come up with cash but you'd be out from under it.  Good luck.  You are doing the right thing by getting things done correctly and not just letting them slide and hoping it wll go away. It wouldn't.


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## simpsontruckdriver (Jun 3, 2013)

Actually, it would be a good idea to call Wyndham Financial. We have told you what they MAY say, or they MAY give you other ideas to assist. They want your money, they don't want to go through Foreclosure. It wouldn't hurt to call:

Club Wyndham Loan Admin:          1-888-739-4016
Club Wyndham Financial Services: 1-888-739-4022

TS


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## ronparise (Jun 3, 2013)

timeos2 said:


> The real problem is that you have a loan. While the annual fees can sometimes be negotiated away or reduced when you still owe on the original purchase there is a third party lender in the mix that laid out real dollars to Wyndham for your overpriced points. They have the resources and the reason to go after you with everything they have to collect.
> 
> Now if some of your ownership(s) is a separate resale you can sell / give away / deed back that ownership. Only the one(s) you still owe on are problems to sell or deed back.
> 
> Unload those that have no loan and approach the lender(s) for those that do and see if you can get them to agree to a buy out amount. You'd have to come up with cash but you'd be out from under it.  Good luck.  You are doing the right thing by getting things done correctly and not just letting them slide and hoping it wll go away. It wouldn't.



John

I think you ate wrong about what Wyndham does with the mortgage loans...I dont think they sell them, (if they do they sell them to themselves).   Rather they issue notes backed by the mortgages. Wyndham continues to hold the mortgages they will be the ones to foreclose or  make a deed in lieu deal. Actually its a Wyndham subsidiary. So you are right,,,technically it is a third party but its a third party in the control of Wyndham

here a recent press release; 

_PARSIPPANY, N.J., March 21, 2013 /PRNewswire/ -- Wyndham Worldwide Corporation (NYSE:WYN) today announced that it has completed a term securitization transaction involving the issuance of $300 million of asset-backed notes. Sierra Timeshare 2013-1 Receivables Funding LLC issued $231 million of A rated notes and $69 million of BBB rated notes.  The notes were backed by vacation ownership loans and had coupons of 1.59% and 2.39%, respectively, for an overall weighted average coupon of 1.77%. The advance rate for this transaction was 91%.
Sierra Timeshare 2013-1 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.
_
In any case I know of one person that negotiated a deed in lieu. 
Also I have been offered points with an assumable mortgage. These assumable mortgage points packages came back to Wyndham somehow.


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## timeos2 (Jun 3, 2013)

ronparise said:


> John
> 
> I think you ate wrong about what Wyndham does with the mortgage loans...I dont think they sell them, (if they do they sell them to themselves).   Rather they issue notes backed by the mortgages. Wyndham continues to hold the mortgages they will be the ones to foreclose or  make a deed in lieu deal. Actually its a Wyndham subsidiary. So you are right,,,technically it is a third party but its a third party in the control of Wyndham



Ron - They may not be selling the loans and they may or may not be backed by the property (they could just be unsecured Personal loans). The key is when there is a loan - not just fees - due the picture changes.  An Association will usually not foreclose on an ownership with an outstanding mortgage as the loan trumps the Association claim. They could foreclose on the deeded owner but the ownership would still be encumbered by the loan. No clean title - no ability to resell - the Association spent the money to foreclose for nothing. 

None of that means the OP shouldn't ask if the lien holder is willing to take a settlement. They might. Then the OP would also have to deal with any fees due (if any).  It is just all more complicated than usual.  

The third party involved may be yet another arm of Wyndham. That doesn't mean they will agree with other areas (sales or operations) of Wyndham as to what it best for them in every case.


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## ronparise (Jun 3, 2013)

timeos2 said:


> Ron - They may not be selling the loans and they may or may not be backed by the property (they could just be unsecured Personal loans). The key is when there is a loan - not just fees - due the picture changes.  An Association will usually not foreclose on an ownership with an outstanding mortgage as the loan trumps the Association claim. They could foreclose on the deeded owner but the ownership would still be encumbered by the loan. No clean title - no ability to resell - the Association spent the money to foreclose for nothing.
> 
> None of that means the OP shouldn't ask if the lien holder is willing to take a settlement. They might. Then the OP would also have to deal with any fees due (if any).  It is just all more complicated than usual.
> 
> The third party involved may be yet another arm of Wyndham. That doesn't mean they will agree with other areas (sales or operations) of Wyndham as to what it best for them in every case.



My point is that there is no 3rd party lender involved as you suggested. Its all Wyndham. Of course a loan makes it more complicated than just maintenance fees. But to answer the ops question directly...I know someone that has negotiated a deed in lieu with Wyndham. The process is very similar to what the banks put their borrowers through when negotiating a short sale or deed in lieu with a regular home mortgage. The borrower has to "qualify" which means a full financial statement, a statement of monthly expenses, and months and months of bank statements. to prove he cant make the payments...Is it easy? No. but it has been done 

When its just maintenance fees, its all Wyndham too.  Most of the Wyndham resorts have  a deal with Wyndham..If they foreclose (and Wyndham will help them foreclose) Wyndham will agree to buy the foreclosed week from the association.  The week will then  end up in Club Wyndham Access.


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