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Getting out of Bluegreen purchase

OldGuy

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It pretty much sounds like the only way is to walk out and take the hit in the credit report.

Not long ago I looked at all the foreclosures cases in the legal register, just for OLCC, and you will be joining hundreds of others. I would not encourage anyone to welch on sensible debts, but I suspect life will gone for you.

Just for kicks, because this gets bandied about around a lot, why don't you check your FICO score now, and post it, then come back and keep updating it after you default?

When I did that search, I also found some internal documents that discussed their financials, and their default rate was amazingly high. It said they do not check credit worthiness of any prospects. So it's mud on the wall and some sticks.

Although it did not discuss foreigner default, it gave the % they sell to foreigners, and there were no foreigners in any of the foreclosures, which is why I asked where Juan lives.
 
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Grammarhero

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Not long ago I look at all the foreclosures cases in the legal register, just for OLCC, and you will be joining hundreds of others. I would not encourage anyone to welch on sensible debts, but I suspect life will gone for you.

Just for kicks, because this gets bandied about around a lot, why don't you check your FICO score now, and post it, then come back and keep updating it after you default?

So, foreclosed TS go back to resort? Does it make sense ever to buy foreclosed TS as a sort of TS short sale? Maybe for $500 or $1k to get developer benefits?


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Passepartout

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I'm afraid our new friend Juan has his own ideas- like not reading contacts he signs. or following even long-shot shoot-the-moon chances to quit this purchase painlessly after he let the calendar run out on his rescission. I wish this weren't true and there was a way he could escape this without pain, but I don't know how.

Juan, if you're reading this, I see two choices. Eitheer you keep the timeshare and learn to use it and give your family many great vacations (TUG can help) or tell BlueGreen you aren't paying them anything and take whatever happens- which might (or maybe not) include bad credit report, foreclosure, higher car and house payments. Eventually, you will be able to rebuild your credit to what it was when you made this purchase.

Good Luck!

Jim
 

Grammarhero

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I'm afraid our new friend Juan has his own ideas- like not reading contacts he signs. or following even long-shot shoot-the-moon chances to quit this purchase painlessly after he let the calendar run out on his rescission. I wish this weren't true and there was a way he could escape this without pain, but I don't know how.

Good Luck!

Jim






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riverajuan

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I guess as I said only walking out seems to be the only choice.

How can this be the only choice?
 

Karen G

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Once owned these: FirstFairway@Walden X 2; Lawai Beach; ManhattanClub; PuebloBonitoRose; 4 South Africa--now timeshare-free

Grammarhero

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I guess as I said only walking out seems to be the only choice.

How can this be the only choice?

You let that be one of your only choices because:
1) you didn’t rescind within 7 days; and,
2) you signed an iron-clad, TS contract drafted by brilliant, well-paid, millionaire lawyers intended to limit your legal options, without apparently reading said TS contract.


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Grammarhero

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I don't think that will work because you can't sell a timeshare that isn't totally paid off.

That is Dave’s advice, which seems pretty crappy. But that’s one option which might, but probably won’t, work.


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If I was to fully pay the ts (about 8500) total payment. What happens then?
 

bluehende

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Grammarhero

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If I was to fully pay the ts (about 8500) total payment. What happens then?

You go on a weekly vacation every year and presumably pay $700+ MF annual as well.


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Grammarhero

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I don't think Dave understands what a timeshare salesman is and especially who they work for. I did get a good laugh imagining what would happen walking on to a Wastegate sales floor and offering that deal.

Spelling Westgate as Wastegate was pretty funny.


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I should be able to sale it or give away correct.

So basically even if you pay you still stock wit maintenance fees forever.
 

Grammarhero

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I should be able to sale it or give away correct.

So basically even if you pay you still stock wit maintenance fees forever.

You can’t sell or give a TS you owe money on. If you paid off, the resale price is about $1k for 10k BG points.


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bluehende

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Spelling Westgate as Wastegate was pretty funny.


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That name has been common here for years. I take no credit for the origins.
 

Grammarhero

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That name has been common here for years. I take no credit for the origins.

I was going to give you credit.


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TheTimeTraveler

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I should be able to sale it or give away correct.

So basically even if you pay you still stock wit maintenance fees forever.




Yes, if it is paid off then you can sell it or give it away.

Once you get it paid off, then sell it (or give it away) and your maintenance fees will finally end.....





.
 

T-Dot-Traveller

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.....there is nothing I can do to cancel this time share. This was a bad mistake in my part, but there must be other things I can do resolve this issue.

Or is this a case where once you in it you can’t get out situation.

I’m feeling worse the more I hear the negatives. Are there any positives?

1)-more space on vacations
2) -better vacation enjoyment
3) - = great vacations

Question : other than buyers remorse - why are you screwed & why do you NEED to cancel ?
 

Grammarhero

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To make Juan feel better, you overpaid by $7,300. It’s not like you overpaid by $8,500.
Resale 10k annual BG points costs $1,200 (high enough to avoid ROFR).


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Passepartout

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If I was to fully pay the ts (about 8500) total payment. What happens then?
If you pay off the mortgage, you will be able to use a BlueGreen timeshare for one week a year. They have many nice locations. You would need to call (or look at their website) to select a location, size unit etc. Yes, there is an annual Maintenance fee- here we just call it MF. it would be specified in your contract when it's due. You can also deposit your BG week into an exchange company like RCI or Interval International, that has thousands of resorts worldwide. For a fee you can exchange your BG week for one of theirs. They also have low cost cash-paid vacations for under $300 per week. These are usually NOT first line luxury places in season, but they are usually well located, clean, though possibly off-season.

OR, after it's paid off, you can sell it, give it away, or (possibly) deed it back to BG.

Jim
 

OldGuy

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So, foreclosed TS go back to resort? Does it make sense ever to buy foreclosed TS as a sort of TS short sale? Maybe for $500 or $1k to get developer benefits?


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Yeah, the resort gets them back. Now that I think about it, all of the posted foreclosures I've ever seen in newspapers and legal reporters is the resort foreclosing.

Back in the day, one of the seven weeks it has taken me 10 years to get rid of, by giving them away or deedback, was a foreclosure we bought in 1992.

Except for the first two EOYs that we bought retail, all of them were foreclosures or distressed resales or free from PCCs. There are some resorts in some locations and some situations where flipping weeks, at low, reasonable prices, almost makes sense.
 

Grammarhero

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Yeah, the resort gets them back. Now that I think about it, all of the posted foreclosures I've ever seen in newspapers and legal reporters is the resort foreclosing.

Back in the day, one of the seven weeks it has taken me 10 years to get rid of, by giving them away or deedback, was a foreclosure we bought in 1992.

Except for the first two EOYs that we bought retail, all of them were foreclosures or distressed resales or free from PCCs. There are some resorts in some locations and some situations where flipping weeks, at low, reasonable prices, almost makes sense.

As I understand it, you had seven TS? One TS took 10 years to give away or deed back? One $1 TS resale of mine is closing. I’m looking to buy one more TS resale before calling it quits for a couple of decades.


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OldGuy

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We have owned more than seven weeks (hard to keep track of timeframe), but that's how many we owned when I started liquidating. Up until 2005, we used 6 weeks a year ourselves.

Then . . . natural life changes everyone goes through.

In 2008, after several years where we were not using them, I began liquidating. I had jettisoned our first, two, Wastegate weeks long before that, and at first in 2008 it looked promising for the others. I was able to flip one for about 1/2 the going rate just a year before, for golf rights to a local resident at a resort (where we still own a week for golf rights which I don't use right now, but don't like to burn my bridges, golfwise). I mean, there's everything else in life, and then there's golf!

:D

I gave away two other weeks there, for free, or, as I like to think it, $1600 a year, forever.

I gave away two prime weeks (that had always been top traders in RCI up until faux points) at a diamond in the rough resort. Those were our trader weeks. A month ago we deeded back our last week there, after I lobbied the resort to do so for 10 years. For those who wonder if it makes a difference if you are persistent, I asked them if they were offering deedbacks to everyone, and they said, "No, we have a list."

We had owned and paid fees there since 1992.

About 10 years ago, a confidante at RCI suggested a SW FL resort we had never considered, after exchanges to SW FL in Snowbird Season, totally disappeared, down from the 15-20 resorts I formerly had been able to choose from. We exchanged into that resort for several years, then, in 2011, we bought a house there. That resort offers year-round amenities (beach) for local owners, and I found a distressed week from an older couple who could no longer travel, so that became our beach club. Then, I flipped that week to another local couple, and bought a better week from the association.

Except for the deedback, I have prepared and recorded the deeds on every sale.

So, now we own just two weeks, both for year-round amenities rights. At one we pay $800-ish, and get $600-ish when we rent it, and at the other we pay $500-ish, and get $700-ish when it rents.

But, I do more business with RCI than ever, after more than 160 exchanges, getting Extra Vacations and Last Calls for others, with three couples who have 5-year Guest Passes under our account. I have gotten stuff for one of them for 7 years now.

So, life is simple now. All I have left is waiting for a Tesla that can pull our travel trailer, so we can haul our five cats and dog back and forth from Florida, so we have our own motel at any WalMart, and a third bedroom/bathroom at our little Florida house.

:cool:

In an irony, DW had a brief stint last year working at a local resort for the company that owns the first resort we toured 30 years ago, and my Summer job is with the company that sold their resorts to the company that was our second tour 30 years ago, Wastegate. & I see timeshare-type people all the time.
 
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