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Please help! I want to cancel my Welks Resort "Vacation Ownership"/timeshare

H

Hneedshelp

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My boyfriend and I bought our "vacation ownership" aka timeshare from Welks Resort in March 2012. We were suckered by their presentation and free weekend stay in a villa at their Escondido, CA location that yes "the dream vacation" sounded amazing through their program. We signed all the paperwork and contracts and what not.

Long story short, I realized now that we have been lied to and fooled to sign up. I feel we were scammed. We are way passed our rescinding period and I need help. DOES ANYONE KNOW HOW TO CANCEL THEIR CONTRACT? Any advice or help is greatly appreciated! I don't want to give these people any more of my money.
 
No, there are no magic ways out as you realize once you pass the rescind period. Now you must get them to agree and pay whatever it takes to do that or risk your credit & force them, by non-payment - to realize they have to take it back as you simply will not pay another dollar on it. It won't be easy as you agreed to a binding purchase they will likely try to make you honor.

Resale of a timeshare with a loan outstanding is virtually impossible and you can't sell it until it is paid off.

Good luck - this won't be easy to get out of now. But if you really don't want it then decide NOW what you plan to do & do it immediately. Don't waste another dollar if you plan to dump it.
 
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Unfortunately, you had time during the rescission period to look over the contract and tell them it isn't for you. I hate to say it, but my opinion is, you own it, and until you find someone to sell it to, you are responsible to pay what you owe. The even worse news is that if it isn't paid for, it's highly unlikely to find a buyer. Occasionally SOME developers will accept deedbacks by taking what you have paid as a penalty. It doesn't hurt to ask.

Regardless of what you are told, DO NOT pay ANYONE ANYTHING upfront to sell this for you.

The best way to get value from this TS is to learn how to use it. Many Many members of TUG found us this very way. They bought a developer week and then stayed here to find out how to get the best use of it. Good luck.

Sorry for the reality check.

Jim
 
I agree with the previous postings. Good thing is the Welk resorts are very nice and trade well. You could have bought a dumb
 
Just as I thought :( I never intended to cancel my membership until they sent my maintenance dues to a collection agency last month without notifying me. I've tried contacting their offices and never got a call back. I even met with a representative who "reviewed my folder" and said "there is no record of any attempts made to contact you, so you have that in your favor" only to find out the number he gave me led to developers and was basically a dead end. I am meeting with an attorney tomorrow to review my contract. If I am stuck with this, then I'll try to find a way to use it. What an expensive mistake!
 
Default and offer a deed in lieu of foreclosure
 
Not generally considered a good idea by most, but here's the deal. You simply don't pay your payments or MF, when they turn you in for collection, you tell them you'll sign the deed over to them so they don't have to go through the expensive and legal process of foreclosing on you to get the deed. You forfeit whatever you've paid. It's a blemish on your credit rating, but there are those who aren't planning to use their credit for some years, and there are those who feel that a timeshare foreclosure is not a big deal.

There is no guarantee the developer will go for it. I feel it's risky.
 
Passepartout said:
Not generally considered a good idea by most, but here's the deal. You simply don't pay your payments or MF, when they turn you in for collection, you tell them you'll sign the deed over to them so they don't have to go through the expensive and legal process of foreclosing on you to get the deed. You forfeit whatever you've paid. It's a blemish on your credit rating, but there are those who aren't planning to use their credit for some years, and there are those who feel that a timeshare foreclosure is not a big deal.

There is no guarantee the developer will go for it. I feel it's risky.
Click to expand...

In this case they'd be defaulting not only on the fees but also the loan. Thus bigger risk & far more money at stake. But IF they did plan to go that route they shouldn't pay another dime until it gets settled.

I'd have to be in the pay & learn to use camp for least credit problems but long term that is a very very costly way to go. If they go the no payment route they risk a credit hit - could be a big one - but for that limited time pain gain a tremendous savings overall. Tough call. Only they know what would be best for their situation.
 
Passepartout said:
Not generally considered a good idea by most, but here's the deal. You simply don't pay your payments or MF, when they turn you in for collection, you tell them you'll sign the deed over to them so they don't have to go through the expensive and legal process of foreclosing on you to get the deed. You forfeit whatever you've paid. It's a blemish on your credit rating, but there are those who aren't planning to use their credit for some years, and there are those who feel that a timeshare foreclosure is not a big deal.

There is no guarantee the developer will go for it. I feel it's risky.
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Thanks for explaining.

Does anyone know if I would be able to transfer the title over to my boyfriend (who already has bad credit and is listed as an authorized user) and have him deed the title after?
 
Hneedshelp said:
Thanks for explaining.

Does anyone know if I would be able to transfer the title over to my boyfriend (who already has bad credit and is listed as an authorized user) and have him deed the title after?
Click to expand...

You usually can't deed over a title if there is a loan on it. many timeshare loans are not actually mortgages but personal loans. That would stay on your credit even if you signed over the property title to someone else. Not a good situation.
 
Essentially you have made a real estate purchase and like a house or condo, buyer's remorse is not a reason for terminating.

Never hurts to consult an attorney and in many cases a letter from him/her will result in amicable resolution. However, with TSs Developer has you around the ankles. That you verbally "misunderstood" sales weasels lies is not actionable.

Fortunately these days if yellow clunkermobile is a lemon and you met specific requirement you can stick it back to dealer, but if you just want red supersudser you are SOL.

Simply put, if Developers allowed canceling at anytime they would be out of business.

You can offer signing deed over to Developer so you do not have a foreclose on record but if in good shape financially will probably decline.

No, one can redeed a car, condo, house, TS, with lien/ mortgage, etc. and get rid of their liability. Read posts here on deeding TS here to Viking ships.

Yes, experience can be expensive. Unfortunately when one has acquired a lot really not able to use and young folk don't want to listen.
 
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timeos2 said:
You usually can't deed over a title if there is a loan on it. many timeshare loans are not actually mortgages but personal loans. That would stay on your credit even if you signed over the property title to someone else. Not a good situation.
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Another lie I was told. They told me I was able to transfer title to my boyfriend at the time of sales if I decided to do so instead of just adding him as an authorized user. I know I shouldn't have bought this in the first place but, yup I was naive. I am incredibly inexperience with this all and yup I'm a sucker. :bawl: I don't even want reimbursement. I just want to cut my loses and get out.
 
Hneedshelp said:
Another lie I was told. They told me I was able to transfer title to my boyfriend at the time of sales if I decided to do so instead of just adding him as an authorized user. I know I shouldn't have bought this in the first place but, yup I was naive. I am incredibly inexperience with this all and yup I'm a sucker. :bawl: I don't even want reimbursement. I just want to cut my loses and get out.
Click to expand...

So think it through very carefully now - then act decisively to accomplish what you choose.

- Contact the Seller and see if you can work out a deed in lieu & avoid a black mark for any type of foreclosure. They may be willing to do that for the money paid so far or with a sweetened amount they may ask you to pay one time. Just be sure to get it in writing that NO negative credit report will be filed.

- If they are not willing then decide if you are better off paying off the loan & the fees and trying to utilize the ownership OR if you want out no matter what.

- IF the decision is to get out regardless of the possible credit hit then make it clear NOW that they will see not one more penny from you and stick to it. They may then decide to take a deed in lieu to avoid the costs of a foreclosure & legal fees to enforce the loan. They may not & decide to sue you. That is where the true risk is but once you choose a path stick it out until it is settled and no longer in your name.

Good luck whichever path you choose. Learn from this and don't get drawn into any "free" gifts or weekends again. I hope it all works out for you.
 
Kinda seems you may not know every perk or good points (if any) to this ownership. I have read lots of post and learned a lot of tips on getting the most of my HGVC purchase. Maybe take a few days and go over every post on Welk resorts, you may find some stuff you can actually benefit from over the years. See what happens, TUG is free to check out.
 
timeos2 said:
So think it through very carefully now - then act decisively to accomplish what you choose.

- Contact the Seller and see if you can work out a deed in lieu & avoid a black mark for any type of foreclosure. They may be willing to do that for the money paid so far or with a sweetened amount they may ask you to pay one time. Just be sure to get it in writing that NO negative credit report will be filed.

- If they are not willing then decide if you are better off paying off the loan & the fees and trying to utilize the ownership OR if you want out no matter what.

- IF the decision is to get out regardless of the possible credit hit then make it clear NOW that they will see not one more penny from you and stick to it. They may then decide to take a deed in lieu to avoid the costs of a foreclosure & legal fees to enforce the loan. They may not & decide to sue you. That is where the true risk is but once you choose a path stick it out until it is settled and no longer in your name.

Good luck whichever path you choose. Learn from this and don't get drawn into any "free" gifts or weekends again. I hope it all works out for you.
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Thank you for your help. I am currently waiting to hear back from someone at the resort regarding my situation. It is almost impossible for me to get someone to call me back or to reach the right department.
 
vegasVIP said:
Kinda seems you may not know every perk or good points (if any) to this ownership. I have read lots of post and learned a lot of tips on getting the most of my HGVC purchase. Maybe take a few days and go over every post on Welk resorts, you may find some stuff you can actually benefit from over the years. See what happens, TUG is free to check out.
Click to expand...

You are right! I don't understand it. I set up an appointment to meet with my "representative" to review my ownership and he gave me a copy of my benefits but was in a rush to leave because he had a lunch date. He told me to call him with any questions and gave me his number. That number leads to developers and I can't get a hold of him. If I am stuck with this, I will see what will benefit me most. I don't want this mistake to affect my credit score.
 
There is very little chance you will be able to get out of this ownership - [Welk] has a lot of smart lawyers who write up the contracts to prevent that from happening. One of the things the contract says, is that any verbal promises from the sales person are not binding. Why? - because sales people say whatever it takes to make the sale...

At this point, your best bet is to learn everything you can about your ownership, so you can get the most out of it, and you have come to the right place for that. :hi:
 
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DeniseM said:
There is very little chance you will be able to get out of this ownership - Wyndham has a lot of smart lawyers who write up the contracts to prevent that from happening. One of the things the contract says, is that any verbal promises from the sales person are not binding. Why? - because sales people say whatever it takes to make the sale...

At this point, your best bet is to learn everything you can about your ownership, so you can get the most out of it, and you have come to the right place for that. :hi:
Click to expand...

:wave: I'm trying to find a bright side. I'm still waiting to hear back from them.
 
Hneedshelp said:
:wave: I'm trying to find a bright side. I'm still waiting to hear back from them.
Click to expand...

I would forget about that - they make their money from sales - they really aren't interested in you after the sale. This is the best place to find out how to use your ownership.

I will edit my post - Welk is not Wyndham. :D

Here is a question to get you started:

You will have to bring your maintenance fee up to date, to use the timeshare - can you do that?
 
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DeniseM said:
I would forget about that - they make their money from sales - they really aren't interested in you after the sale. This is the best place to find out how to use your ownership.

I will edit my post - Welk is not Wyndham. :D

Here is a question to get you started:

You will have to bring your maintenance fee up to date, to use the timeshare - can you do that?
Click to expand...

For my maintenance fee- they sent it to collections. I requested a debt validation from the collection agency since I didn't get anything in paper. All the information I had about it was over the phone. I'm waiting for a response on that as well.
 
Hneedshelp said:
For my maintenance fee- they sent it to collections. I requested a debt validation from the collection agency since I didn't get anything in paper. All the information I had about it was over the phone. I'm waiting for a response on that as well.
Click to expand...

But the question is - can you afford to pay the past due maintenance fee?
 
Hneedshelp said:
Yes. I am in good standing with my monthly payments as well.
Click to expand...

I'm sorry - I'm confused - if you are current, why did they send you to collections?
 
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