Need Advice on new HGVC Purchase

[dlyn808]

Hey there!
i currently have HGVC but i must admit i am in over my head and need advice on how to get out of a new contract that i got pulled into. I am past the 7 day grace period to cancel the contract and get my refund, but my first payment is due on November the 1st and I would rather get rid of this contract and buy at resale price (cheaper right?). any and all help is greatly appreciated.

 

[Panina]

Hey there!
i currently have HGVC but i must admit i am in over my head and need advice on how to get out of a new contract that i got pulled into. I am past the 7 day grace period to cancel the contract and get my refund, but my first payment is due on November the 1st and I would rather get rid of this contract and buy at resale price (cheaper right?). any and all help is greatly appreciated.

Welcome to tug.

Many of us here on tug, including myself, purchased our first timeshare from the developer at full price so we understand how you feel. Then we found tug, learned a lot and purchased the rest resale.

The reality is you signed a contract and have missed the recession period thus you are liable. You can default but risk they will come after you and your credit rating will suffer. There are scammers who will tell you they can get you out of it. Do not hire and pay anyone to get you out of it. They will only take your money and you will still own it.

I own Hgvc and love the system. My suggestion is learn all about hgvc here on Tug so you can utilize your purchase in the best way possible and just enjoy it.

 

[dlyn808]

thank you for your response! my concern lies that i will soon be unable to pay the monthly payment due to loss of income ($4000 loss). do you think HGVC will take back the deed based on my financial strain?

 

[dlyn808]

sorry about the confusion. let me clarify: i absolutely love the resorts i have been to while a HGVC owner (i've had it for a year and upgraded recently) but my income will be taking a huge hit soon (before my first payment is due) so i wanted to know if i could get it deeded back to HGVC until i can get my financials up again and this time buy resale...

 

[CalGalTraveler]

Sorry to hear about your situation. You could try HGVC but you will take a deep hit on what you paid but will get out of future MF.

What did you buy? Depending on your unit you could also try to sell or rent if you can't sell and it is a desirable unit.

 

[presley]

sorry about the confusion. let me clarify: i absolutely love the resorts i have been to while a HGVC owner (i've had it for a year and upgraded recently) but my income will be taking a huge hit soon (before my first payment is due) so i wanted to know if i could get it deeded back to HGVC until i can get my financials up again and this time buy resale...

Usually, no, but you can always contact them and ask. If you don't mind the credit hit, just let them know you can't pay and you are going to default and don't send them any money. It may be cheaper for them to take it back without doing full foreclosure, but it's important not to make any payments to demonstrate your point.

 

[dlyn808]

Sorry to hear about your situation. You could try HGVC but you will take a deep hit on what you paid but will get out of future MF.

What did you buy? Depending on your unit you could also try to sell or rent if you can't sell and it is a desirable unit.

it's a 3 bedroom unit at Parc Soleil. 8400 points platinum, EOY starting 2019 for 529.39/month (amount financed 31684.50). MF at 1718.42 and CD at 170 *sigh*

 

[dlyn808]

Usually, no, but you can always contact them and ask. If you don't mind the credit hit, just let them know you can't pay and you are going to default and don't send them any money. It may be cheaper for them to take it back without doing full foreclosure, but it's important not to make any payments to demonstrate your point.

well my credit is pretty much shot right now, so i dnt think i mind the credit hit. but how much would it affect it? like a big chunk? but it doesn't show up in my credit report so how will it show up now if i dont pay? sorry i've never had this done before

 

[CalGalTraveler]

Unfortunately, you cannot sell it with a mortgage on it. 3 bedroom Parc Soleil units are listed for $4000 - 5,500 on Redweek so your mortgage is upside down.

You can try deeding back to HGVC however they might require you to pay off the mortgage. However if your credit is already gone, you could approach them with a deedback and cancellation of the mortgage so they don't have to go through the cost of foreclosure. FWIW HGVC owns their own mortgages so they could easily take the unit back into inventory and resell it. They may opt not to ding your credit because you are saving them the cost of foreclosure.

If that doesn't work and you don't care about your credit, you could stop paying. However read threads on Tug before you proceed. And do not pay anyone to sell your unit because they are scammers.

 

[Fredflintstone]

it's a 3 bedroom unit at Parc Soleil. 8400 points platinum, EOY starting 2019 for 529.39/month (amount financed 31684.50). MF at 1718.42 and CD at 170 *sigh*

Oh boy. What I know from some experience, the higher amount owed, the greater chance the timeshare company will sue. At 31684.50 owed, you may have reached the threshold of them suing you if you bail. I hope you have no assets like a house.

Sorry to give you this news. I would try hardship with them to see if they have any latitude.


Sent from my iPad using Tapatalk

 

[dlyn808]

Unfortunately, you cannot sell it with a mortgage on it. 3 bedroom Parc Soleil units are listed for $4000 - 5,500 on Redweek so your mortgage is upside down.

You can try deeding back to HGVC however they might require you to pay off the mortgage. However if your credit is already gone, you could approach them with a deedback and cancellation of the mortgage so they don't have to go through the cost of foreclosure. FWIW HGVC owns their own mortgages so they could easily take the unit back into inventory and resell it. They may opt not to ding your credit because you are saving them the cost of foreclosure.

If that doesn't work and you don't care about your credit, you could stop paying. However read threads on Tug before you proceed. And do not pay anyone to sell your unit because they are scammers.

"$4000 on Redweek"?!?! omg! r u serious?! what have i done?! now i'm really not getting any sleep tonight!
i have reached out to them via phone call (left a message for the Resolution Department and email also) so now it's a waiting game. i'll update here once i hear from them!

 

[dlyn808]

Oh boy. What I know from some experience, the higher amount owed, the greater chance the timeshare company will sue. At 31684.50 owed, you may have reached the threshold of them suing you if you bail. I hope you have no assets like a house.

Sorry to give you this news. I would try hardship with them to see if they have any latitude.


Sent from my iPad using Tapatalk

oh no please, not my house..i'm getting depressed by the minute *sigh*

i am trying the route of hardship with them. hopefully they have the heart to give me a little break...

 

[Fredflintstone]

oh no please, not my house..i'm getting depressed by the minute *sigh*

i am trying the route of hardship with them. hopefully they have the heart to give me a little break...

I’m sorry. Yes, try hardship. Worst case scenario try to spread the payments longer. I just know this much money is something they take more seriously. I am crossing my fingers for you.

Yes, sadly those same weeks go resale at 4 k. You could maybe take a second mortgage on the house or declare bankruptcy. My best guess is they will spread the payments farther if that helps. I honestly doubt they will let it slide but I have been wrong in the past and could eat my words.

I’m also sorry to tell you they are a business and have no heart. It’s all about profits.

One last thing, if you get a no from one person KEEP GOING UP THE LADDER. Be persistent.


Sent from my iPad using Tapatalk

 

[Fredflintstone]

https://www.nolo.com/legal-encyclopedia/florida-timeshare-foreclosure-right-cancel-laws.html

I have great news for you. Parc Soleil is located in Florida right?

If it is, check out the link above. Florida has non judicial, anti deficiency laws. This means they can only foreclose without court supervision and CANNOT sue for deficiency. What this means is if they lose money by you foreclosing all they get is your timeshare.

So, with that. Tell them you can’t pay and foreclose if they want.

Yay...gotta love Florida!


Sent from my iPad using Tapatalk

 

[dlyn808]

https://www.nolo.com/legal-encyclopedia/florida-timeshare-foreclosure-right-cancel-laws.html

I have great news for you. Parc Soleil is located in Florida right?

If it is, check out the link above. Florida has non judicial, anti deficiency laws. This means they can only foreclose without court supervision and CANNOT sue for deficiency. What this means is if they lose money by you foreclosing all they get is your timeshare.

So, with that. Tell them you can’t pay and foreclose if they want.

Yay...gotta love Florida!


Sent from my iPad using Tapatalk

THANK YOU SO MUCH FOR THAT! i see the light at the end of the tunnel!
YES parc soleil is in Florida!
i can rest a little easy tonight *whew*
but of course i will still keep you all updated when i get final word from them
thank you again

 

[CalGalTraveler]

FWIW...the primary home is not collateral for the loan so they cannot come after your home. Do not take an equity loan out of your primary home-if you cannot afford the TS you cannot afford the payment on the additional equity loan and could put your home at risk.

How long ago did you upgrade? If you could rescind the upgrade or have HGVC undo the upgrade as part of the deedback, perhaps your old unit didn't have a mortgage and you could sell it?

 

[Fredflintstone]

FWIW...the primary home is not collateral for the loan so they cannot come after your home. Do not take an equity loan out of your primary home-if you cannot afford the TS you cannot afford the payment on the additional equity loan and could put your home at risk.

How long ago did you buy?

Actually they can get a lien on your home IF the state allows for deficiency and they sue and win a judgement. Since this timeshare is in Florida, deficiencies are not allowed unless the person contests the non judicial foreclosure. So nothing to worry about in this situation.


Sent from my iPhone using Tapatalk

 

[dlyn808]

FWIW...the primary home is not collateral for the loan so they cannot come after your home. Do not take an equity loan out of your primary home-if you cannot afford the TS you cannot afford the payment on the additional equity loan and could put your home at risk.

How long ago did you upgrade? If you could rescind the upgrade or have HGVC undo the upgrade as part of the deedback, perhaps your old unit didn't have a mortgage and you could sell it?

i upgraded in september. the old unit still had a balance on it i know that for sure. but thank you for all your advice!

 

[DrQ]

If you live in Florida, your wages are subject to garnishment. If you don't live in Florida, but your state allows garnishment and a lien on your house, the judgement can be domesticated in your state for enforcement if your state follows the Unified Enforcement of Foreign Judgments Act. You might have to offer them 50 cents on the dollar to settle the matter, but if they can enforce a judgement, they may not budge.

Be vewwy vewwy careful.

 

[dlyn808]

update: i still have not heard anything back from the Resolutions Department! do they have that many complaints that they cannot get back to others within a day or 2? it's been 4 days since my fist voicemail and email to them. what is going on with this company? i again left a voicemail and email so they can't say i didn't try to resolve this! customer service also tells me it's only that department that can handle the issue! SMH
sorry all, just venting *sigh*

 

[ColonelFur]

Hello. How is your cancellation going with HGVC? We recently did tons of research on canceling including calling the "timeshare cancellation" firms. After prying information from several, we
just stopped paying everything in February 2019. After the normal debt collection messages back and forth (30 days here, 30 days there), we sent a Request for Deed-Back in Lieu of Foreclosure without Summary Judgement including outlining all the reasons we thought we were scammed in the sales presentation. In one week it will be 30 days from their receipt of that letter. We bought in FL but currently live in TX. Our TS wasn't worth the paper it was written on. We still owe $14K on the mortgage. We're hoping for a quiet resolution with a deed release form. One of the things we found out was the "firms" do not legally represent you. They are only consumer advocacy firms working through the same foreclosure process as an individual. So our cost to bury the TS company in paperwork is zero.

 

[Jes.stumpf79]

Hi, I know you wrote this post a few years ago, but I wanted to follow up and see how the process ended and if you could give me any advice. I would like to just give back the HGVC NY property I am still paying on and can’t afford. How did the process gif or you when you stopped paying? What should I send in the letter? How did this affect your credit score, etc? Help and insight would be greatly appreciated.