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Wesley Financial Group - Cancellation

S

signalvet

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To all,
I own property at Liberty Place in Charleston, SC. I still owe a bunch of money on the loan. I have contacted Wesley to see if they can assist me in getting out of this timeshare. Anyone else work with this exit company? Good / bad experiences? How are their fees?

Thanks!
 
They will take your money and not be of any real assistance to you... If you still owe money on the loan you are going to have difficulty in selling this timeshare until its paid off. They will tell you a different story and charge you money to sell it and they will not be able to. Please don't use them.
 
1) Why did you buy? There must have been something about the property? Is it because the property is not open and unusable? Do you want to perhaps keep and rent it out to cover costs and use some years?

2) Avoid the exit company. They will do what you can easily do yourself for free because the law is on your side.

(This is what an EXIT company would likely do.) If you want out, contact HGVC and ask for "deed in lieu" of foreclosure. Tell them if they say no you will walk from the property and allow foreclosure because "South Carolina is a non-judicial, anti-deficiency state." i.e. HGVC will spend high legal fees on foreclosure and in the end all they will get back is the property. They cannot legally go after your other assets unless you object to the foreclosure (which you won't because you want to get rid of it) so why not deed in lieu and avoid this extra cost, hassle and delay? Check the TUG sticky's on Timeshare Laws by State for South Carolina and hire an SC real estate lawyer for one hour (a few hundred) to go over these laws and confirm your approach as we are not lawyers. Do not hire the exit companies to do this.

3) Your credit score may dip but if you are in dire financial straits and cannot afford the timeshare it won't matter.

Good luck and please report back your outcome so you can pay it forward to others.
 
CalGalTraveler said:
1) Why did you buy? There must have been something about the property? Is it because the property is not open and unusable? Do you want to perhaps keep and rent it out to cover costs and use some years?

2) Avoid the exit company. They will do what you can easily do yourself for free because the law is on your side.

(This is what an EXIT company would likely do.) If you want out, contact HGVC and ask for "deed in lieu" of foreclosure. Tell them if they say no you will walk from the property and allow foreclosure because "South Carolina is a non-judicial, anti-deficiency state." i.e.They will spend high legal fees on foreclosure and all they will get back is the property. They cannot legally go after your other assets unless you object to the foreclosure (which you won't because you want to get rid of it) so why not deed in lieu and avoid this extra cost, hassle and delay? Check the TUG sticky's on Timeshare Laws by State and hire an SC real estate lawyer for one hour (a few hundred) to go over these laws and confirm your approach as we are not lawyers. Do not hire the exit companies to do this.

3) Your credit score may dip but if you are in dire financial straits and cannot afford the timeshare it won't matter.

Good luck and please report back your outcome so you can pay it forward to others.
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Agree with all of this. Great advice from @CalGalTraveler

What these companies do is beg the company to let you out of the loan. You can do that, or just walk away. If you owe a lot of money, you would do well to walk away.
 
@signalvet Although I don't have facts to help you, I'm sending this compassionate message to let you know that I sympathize with your situation and I hope you can achieve the best possible outcome.

@CalGalTraveler Thank you so much for providing such a clear and useful answer. I compliment you regarding how much you help all of us on this forum on so many different topics.
 
FYI...Here is the latest link to the Timeshare laws by state (Hat Tip: @Grammarhero who is a rockstar for pulling this together!)

1621699621599.png



tugbbs.com

Links to Official State Timeshare Laws and Guides/Manuals

somehow i accidentally moved this to the bluegreen forum, ive put it back in BSR but im pretty sure it was posted in another forum instead as a sticky (perhaps newbies?) let me know so i can move it back to where it was before =)
tugbbs.com tugbbs.com

(Hint: Perhaps you could become a member of TUG with $15 of the $3000 you saved by avoiding Westley as a thank you?)
 
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The OP mentioned in another post that the payments are $4,000/month on the loan, and $7,000/year for maintenance. Yikes.
 
signalvet said:
To all,
I own property at Liberty Place in Charleston, SC. I still owe a bunch of money on the loan. I have contacted Wesley to see if they can assist me in getting out of this timeshare. Anyone else work with this exit company? Good / bad experiences? How are their fees?

Thanks!
Click to expand...
@Grammarhero
 
Wesley Financial, and all exit companies, have no special powers. They can’t force any timeshare developer/HOA to take back a timeshare. What they do is what owners can do themselves which is plead/beg or take advantage of already available deed back programs. I’m convinced most, if not all, glowing reviews are the result of relatively easy success. The exit companies gladly take your thousands of dollars and keep the owner in the dark about their options already available to them.

Your situation is different due to the large number of points and large mortgage. Wesley will tell you they can help and will likely charge you north of $25,000 for their “services”. All they can do is plead with HGVC on your behalf.

You have received some excellent advice already. If you can afford it give the vacations/HGVC a chance. It sounds like you haven’t even used it yet. If you cannot afford it then do as @CalGalTraveler suggested and plead your case yourself with HGVC. If they cannot or will not offer any viable options then be prepared to walk away. Saying that, paying a real attorney to review your situation and possible consequences would be a good idea due to the your total dollars at play.
 
@signalvet As SC is an anti-deficiency state, the resort couldn’t even sue you for any deficiency balance. The resort may foreclose and then Wesley would then claim success even though you could have defaulted yourself without paying any money. Please kindly let us know if your credit got affected. It would help tuggers in similar situations moving forward.
 
@signalvet I once told a TS owner on Wesley’s fb page, they could deedback to DRI for $1k instead of spending $3k with Wesley. I then got blocked, although I’m glad the DRI TS owner saved $2k.
 

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Yeah, I would use those points to make high-value reservations (Hawaii, HHI, ski weeks) and see how much the OP can recoup renting as much as possible. Or, reevaluate how much you need a good credit report for the next seven years, and just default. That's a yuuuuge ongoing commitment.
 
Grammarhero said:
@signalvet As SC is an anti-deficiency state, the resort couldn’t even sue you for any deficiency balance. The resort may foreclose and then Wesley would then claim success even though you could have defaulted yourself without paying any money. Please kindly let us know if your credit got affected. It would help tuggers in similar situations moving forward.
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Whoa, that is all great news. I appreciate the time you have put into all of that.
 
To all - thank you for your great advice. Paying it forward I wanted to share with you what Wesley said to us. They quoted us $100,000 fee to get us out of our TS. I mentioned to them that this property was titled in SC and that I had gotten feedback that SC was a nonjudicial state and why we just couldn't walk away from the commitment and take a chance on our credit report. The rep told us that they just had a client that "walked away" and thought they were free and clear but the TS company put a lien on their house for penalties of nonpayment and since the maintenance fee is in "perpetuity" they owed all that back money as well. We asked him about getting a lawyer in SC -- and again he cautioned us not to do that because most lawyers do not know in depth about TS laws. He mentioned that Hilton would charge us a "Exit or processing fee" of 1 to 5K to take back the property. They stated that since we owed such a large amount of money that Hilton would aggressively pursue us in getting back their loan amount.

My thoughts are -- I am still going to pay almost half of the loan amount back and get nothing - will not use the property nor rent it. The structure of the fee -- is if you pay the full amount you get 10% off as a discount. If not, then you have to pay 30% downpayment and then structure a payment program with interest which has to be paid off in a year. I am going to be paying them the same amount of money I am paying my monthly TS fee.

We are going to call Hilton tomorrow as folks have suggested to see what they say and see if they will work with us. We are also going to contact a SC Lawyer -- anyone have a good POC that we can trust to review this with.

What do you think on this "offer" from Wesley -- are we being taken again ??
 
signalvet said:
To all - thank you for your great advice. Paying it forward I wanted to share with you what Wesley said to us. They quoted us $100,000 fee to get us out of our TS. I mentioned to them that this property was titled in SC and that I had gotten feedback that SC was a nonjudicial state and why we just couldn't walk away from the commitment and take a chance on our credit report. The rep told us that they just had a client that "walked away" and thought they were free and clear but the TS company put a lien on their house for penalties of nonpayment and since the maintenance fee is in "perpetuity" they owed all that back money as well. We asked him about getting a lawyer in SC -- and again he cautioned us not to do that because most lawyers do not know in depth about TS laws. He mentioned that Hilton would charge us a "Exit or processing fee" of 1 to 5K to take back the property. They stated that since we owed such a large amount of money that Hilton would aggressively pursue us in getting back their loan amount.

My thoughts are -- I am still going to pay almost half of the loan amount back and get nothing - will not use the property nor rent it. The structure of the fee -- is if you pay the full amount you get 10% off as a discount. If not, then you have to pay 30% downpayment and then structure a payment program with interest which has to be paid off in a year. I am going to be paying them the same amount of money I am paying my monthly TS fee.

We are going to call Hilton tomorrow as folks have suggested to see what they say and see if they will work with us. We are also going to contact a SC Lawyer -- anyone have a good POC that we can trust to review this with.

What do you think on this "offer" from Wesley -- are we being taken again ??
Click to expand...
Yes, Wesley is ripping you off by $100k.


Code of Laws - Title 27 - Chapter 32- - PROPERTY AND CONVEYANCES

www.scstatehouse.gov www.scstatehouse.gov
Operative language: “The mortgagor understands that he or she will not be subject to a deficiency judgment or personal liability for the mortgage lien resulting from a nonjudicial foreclosure procedure even if the sale of his or her timeshare estate resulting from the foreclosure for the mortgage lien is insufficient to satisfy the amount of the mortgage lien.”
Operative language: “The obligor understands that he or she will not be subject to a deficiency judgment or personal liability for the assessment lien resulting from a nonjudicial foreclosure procedure, even if the sale of his or her timeshare estate resulting from the foreclosure for the assessment lien is insufficient to offset the amount of the assessment lien.”
Note: non-objection or inaction likely leads to non-judicial, anti-deficiency treatment; objection may waive non-judicial, anti-deficiency treatment
 
signalvet said:
To all - thank you for your great advice. Paying it forward I wanted to share with you what Wesley said to us. They quoted us $100,000 fee to get us out of our TS. I mentioned to them that this property was titled in SC and that I had gotten feedback that SC was a nonjudicial state and why we just couldn't walk away from the commitment and take a chance on our credit report. The rep told us that they just had a client that "walked away" and thought they were free and clear but the TS company put a lien on their house for penalties of nonpayment and since the maintenance fee is in "perpetuity" they owed all that back money as well. We asked him about getting a lawyer in SC -- and again he cautioned us not to do that because most lawyers do not know in depth about TS laws. He mentioned that Hilton would charge us a "Exit or processing fee" of 1 to 5K to take back the property. They stated that since we owed such a large amount of money that Hilton would aggressively pursue us in getting back their loan amount.

My thoughts are -- I am still going to pay almost half of the loan amount back and get nothing - will not use the property nor rent it. The structure of the fee -- is if you pay the full amount you get 10% off as a discount. If not, then you have to pay 30% downpayment and then structure a payment program with interest which has to be paid off in a year. I am going to be paying them the same amount of money I am paying my monthly TS fee.

We are going to call Hilton tomorrow as folks have suggested to see what they say and see if they will work with us. We are also going to contact a SC Lawyer -- anyone have a good POC that we can trust to review this with.

What do you think on this "offer" from Wesley -- are we being taken again ??
Click to expand...
Why don't you tell Wesley that, for legal purposes, since $100k is a lot of money, and that you want to enforce agreed upon terms, you're going to record them on the phone and see if they make the same outlandish, false statements?
 
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Grammarhero said:
Charging an owner $100k for these "services" makes me hope that Diamond cleans Wesley in court.
Click to expand...

I would have been fine with mutually assured destruction before HGVC purchased Diamond.
 
signalvet said:
To all - thank you for your great advice. Paying it forward I wanted to share with you what Wesley said to us. They quoted us $100,000 fee to get us out of our TS. I mentioned to them that this property was titled in SC and that I had gotten feedback that SC was a nonjudicial state and why we just couldn't walk away from the commitment and take a chance on our credit report. The rep told us that they just had a client that "walked away" and thought they were free and clear but the TS company put a lien on their house for penalties of nonpayment and since the maintenance fee is in "perpetuity" they owed all that back money as well. We asked him about getting a lawyer in SC -- and again he cautioned us not to do that because most lawyers do not know in depth about TS laws. He mentioned that Hilton would charge us a "Exit or processing fee" of 1 to 5K to take back the property. They stated that since we owed such a large amount of money that Hilton would aggressively pursue us in getting back their loan amount.

My thoughts are -- I am still going to pay almost half of the loan amount back and get nothing - will not use the property nor rent it. The structure of the fee -- is if you pay the full amount you get 10% off as a discount. If not, then you have to pay 30% downpayment and then structure a payment program with interest which has to be paid off in a year. I am going to be paying them the same amount of money I am paying my monthly TS fee.

We are going to call Hilton tomorrow as folks have suggested to see what they say and see if they will work with us. We are also going to contact a SC Lawyer -- anyone have a good POC that we can trust to review this with.

What do you think on this "offer" from Wesley -- are we being taken again ??
Click to expand...


$100K......?????

Tell Wesley that if you had that kind of money you wouldn't be in this situation right now.

You claim you will not use the property, nor will you rent it. What was your thinking six months ago when you initially purchased your 4 weeks? Why did you purchase to begin with if you have no intention of using or renting?




.
 
Wow! Wesley charging $100,000 for something you can do for almost nothing is highway robbery. IMHO to avoid wasting that kind of money, I would gladly walk and take the credit hit - especially since they cannot go after your assets if you do nothing and you are very careful not to object to foreclosure.

Talk to HGV, if they are smart they will work with you because the law is on your side.

VERY IMPORTANT: Do not call HGV sales, because they will try to sell you something else "to relieve you of your burden." Make sure you are talking to the right group at HGV. Search the HGVC forum for the department and number.

This property was also supposed to be opened last year but Covid delayed it, correct? You may wish to bring that up in your discussions with HGV that this was not what was envisioned and you couldn't rent to cover your MF as the rep had promised without an open building.

If HGV resists, take the laws provided here and find a highly rated real estate lawyer in SC using Avvo or Rocket Lawyer and pay for an hour review the timeshare laws and confirm that SC is anti-deficiency state for timeshares so they cannot go after your other assets if you walk. Don't let them try to represent you or play games to bill you for more hours. Providing the documents to the lawyer will save legal fees having to research. You just want a second set of eyes on this.
 
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signalvet said:
To all,
I own property at Liberty Place in Charleston, SC. I still owe a bunch of money on the loan. I have contacted Wesley to see if they can assist me in getting out of this timeshare. Anyone else work with this exit company? Good / bad experiences? How are their fees?

Thanks!
Click to expand...
So, take a step back a couple hundred miles from earth and look at the situation. You bought in an "anti-deficiency" state. You spent a lot of money. You owe a lot of money. You have a contract with Hilton that only allows them to take back the property if you don't pay. They can't take anything else. They take back the property, and you own nothing. But, they get to keep all your money. And, they can resell the property again. When this is done - who got the better deal.
 
Wesley spewing falsehoods and outrageous advice in an attempt to separate you from $100,000. That is EXACTLY why we have been preaching to all that will listen to stay away from exit companies. They don’t care about you. They will pretend that they are an advocate for timeshare owners but in reality they are a shark in the timeshare waters.
 
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