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[ 2019 ] Letting timeshare foreclose

Grammarhero

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Thank you for your good explanation of the steps you took to get out of your timeshare. We are in the exact same situation. I plan on sending a registered letter to Williamsburg Plantation requesting to be "released" from our timeshare. Interval International bill is coming up at the end of the year and I don't want to pay for more years of trading that have been really difficult. 50 points on our credit score mean virtually nothing. If I need to I'll send an explanation of the timeshare issue to credit bureaus. Again thanks for the encouragement.

How has trading been difficult? Just curious.
 

Free2Roam

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So...

I.
I purchased a car about 15 years ago. It never really did everything the sales guy said it would. But I loved it nonetheless

It was shiny and new and I fell in love with the shine. That leather!! Power windows!! Are you kidding me?
Couldn’t wait to tell and show it off to my friends!! I was the man on the block for sure!!

Well, nowadays it doesn’t do quite what it used to. Starts a little harder. Shakes. Not much. Just a bit
Paint? Now that’s a problem. The sun has faded it pretty badly and the leather? Yep!! Pulling at the seams

The OL girl still got me to work and gave me many satisfying days cruising the town

I’m tired of it. The insurance is getting to not be worth it. The juice just isn’t worth the squeeze anymore and that brings me to my question

How can I get the selling dealer to take this back without affecting my credit or any financial woes?

I mean. I’m done with it and don’t want it anymore
I know I bought it but how is that my problem?

Any help??

If you had this car 15 years and getting rid of it would affect your credit... you probably already have financial woes. If the maintenance fees were too high, after all these years, you could just junk it... and maybe get a few dollars for parts.

Timeshares don't work like that.

Bad analogy.
 

Gypsy65

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If you had this car 15 years and getting rid of it would affect your credit... you probably already have financial woes. If the maintenance fees were too high, after all these years, you could just junk it... and maybe get a few dollars for parts.

Timeshares don't work like that.

Bad analogy.

The point. And I’ve made it many times here is that those who bitch that the resorts won’t give them a break and take their TS back is a joke

The point is
If you ask and beg them to take it and they do. Then you have won something not entitled to you.
If they don’t. Then file bankruptcy and be done
It really is just that simple!!

But to expect that the resorts should have to take it back as many here do is ridiculous
Everyone who owns a TS has purchased it. Good deal or bad. It’s yours. File banco and move ahead

My car thing was the fact I enjoyed it at some point. Got to brag about it for awhile. Got all of my personal use out of it. And now want to force the issue on the seller ( so let’s say for argumentative sakes that I have to forever keep insurance on it just so you get the point)

Read between the lines a little!!
 

Free2Roam

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The point. And I’ve made it many times here is that those who bitch that the resorts won’t give them a break and take their TS back is a joke

The point is
If you ask and beg them to take it and they do. Then you have won something not entitled to you.
If they don’t. Then file bankruptcy and be done
It really is just that simple!!

But to expect that the resorts should have to take it back as many here do is ridiculous
Everyone who owns a TS has purchased it. Good deal or bad. It’s yours. File banco and move ahead

My car thing was the fact I enjoyed it at some point. Got to brag about it for awhile. Got all of my personal use out of it. And now want to force the issue on the seller ( so let’s say for argumentative sakes that I have to forever keep insurance on it just so you get the point)

Read between the lines a little!!
I stand by my original response. And I still disagree. The system is flawed... and it's not the consumer's fault.
 

Gypsy65

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Yeah
Maybe flawed. But consumer should not buy things they have any chance of regretting

I get it. Days I don’t like my TS and I own a boatload
But. If the day comes and I decide to bail I will take the hit without whining if the seller won’t accept it back

I’ve dug many of my own holes and myself alone found ways out of them
 

Iggyearl

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But consumer should not buy things they have any chance of regretting

I drove my 2002 Odyssey 300 miles today. Will drive the same tomorrow. I will be in Virginia. Just under 300K on it. I want to get to 300K. My GOAL in life. If I don't make it, I will take it to the nearest junkyard. "Here - take my car." I paid cash for it in 2002. Owes me nothing. 17 years. If it was a timeshare, I would be on the hook. Can't walk away. Never ending. Do people know that after a "90 minute presentation?" No way. Were they told about the rescission clause in the contract? No way. Were they told about the verbal representation clause in the contract? No way.

Do consumers "Buy" timeshares. No, they are "Sold" timeshares. For better or worse, the product is SOLD, and the average consumer has NO IDEA of what they are getting into. By the way, Tug members are not "average" consumers.
 
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Gypsy65

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I drove my 2002 Odyssey 300 miles today. Will drive the same tomorrow. I will be in Virginia. Just under 300K on it. I want to get to 300K. My GOAL in life. If I don't make it, I will take it to the nearest junkyard. "Here - take my car." I paid cash for it in 2002. Owes me nothing. 17 years. If it was a timeshare, I would be on the hook. Can't walk away. Never ending. Do people know that after a "90 minute presentation?" No way. Were they told about the rescission clause in the contract? No way. Were they told about the verbal representation clause in the contract? No way.

Do consumers "Buy" timeshares. No, they are "Sold" timeshares. For better or worse, the product is SOLD, and the average consumer has NO IDEA of what they are getting into. By the way, Tug members are not "average" consumers.

I totally agree
I have never said that the way they are sold is a good way to do business and I also agree that many are misled and some flat out lied to
That is a problem. One I strongly feel is just now starting to get addressed. Might be wrong. But I see a shift starting. And it will have to change for the next generation

My argument is when those that have owned for many years. Some for decades now feel that the seller should man up and take it back
Really??
Why? If after all those years the owner never figured out how to use them and knew that MF were forever then that person should absolutely be stuck with it. Simply for being an idiot for decades

I get it that when they first bought that it very well could have been from a slick willy but by now that person should have received some type of benefit for what they owned

And not all of the complaints are from developer sales
Many are from $1 sales who now want out

$1 sale?? Yep. They knew what they were getting
 

mommacarus

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So...

I.
I purchased a car about 15 years ago. It never really did everything the sales guy said it would. But I loved it nonetheless

It was shiny and new and I fell in love with the shine. That leather!! Power windows!! Are you kidding me?
Couldn’t wait to tell and show it off to my friends!! I was the man on the block for sure!!

Well, nowadays it doesn’t do quite what it used to. Starts a little harder. Shakes. Not much. Just a bit
Paint? Now that’s a problem. The sun has faded it pretty badly and the leather? Yep!! Pulling at the seams

The OL girl still got me to work and gave me many satisfying days cruising the town

I’m tired of it. The insurance is getting to not be worth it. The juice just isn’t worth the squeeze anymore and that brings me to my question

How can I get the selling dealer to take this back without affecting my credit or any financial woes?

I mean. I’m done with it and don’t want it anymore
I know I bought it but how is that my problem?

Any help??
Maybe the dealer would take it back for nothing? Or maybe you could pay them a fee to take it back?? That is essentially what I am looking for. The timeshare is fully paid for, the maintenance fees have been paid on time every year since I've owned it. I am not able to use it any longer, it is not worth anything to sell, heck - can't even give it away. I am not typically the kind of person that walks away from responsibility/obligation, but I refuse to continue paying for something I can no longer use in to my retirement.
 

mommacarus

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The point. And I’ve made it many times here is that those who bitch that the resorts won’t give them a break and take their TS back is a joke

The point is
If you ask and beg them to take it and they do. Then you have won something not entitled to you.
If they don’t. Then file bankruptcy and be done
It really is just that simple!!

But to expect that the resorts should have to take it back as many here do is ridiculous
Everyone who owns a TS has purchased it. Good deal or bad. It’s yours. File banco and move ahead

My car thing was the fact I enjoyed it at some point. Got to brag about it for awhile. Got all of my personal use out of it. And now want to force the issue on the seller ( so let’s say for argumentative sakes that I have to forever keep insurance on it just so you get the point)

Read between the lines a little!!
Isn't it that the resort could take the week back and resell it AGAIN for another profit? Just sayin', I don't think that is the case with your 10 year old car.
 

WVBaker

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I am not able to use it any longer, it is not worth anything to sell, heck - can't even give it away. I am not typically the kind of person that walks away from responsibility/obligation, but I refuse to continue paying for something I can no longer use.

Many divorce proceedings begin with that opening line.

Sorry, just had to get that in. :)
 

OldGuy

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Isn't it that the resort could take the week back and resell it AGAIN for another profit? Just sayin', I don't think that is the case with your 10 year old car.

Not everyone on the Internet is your friend, not everyone who owns a timeshare is on your side. They never will be.

Life's too sweet to muddy it up with them.

A stranger-on-the-Internet's version of what is right and wrong does nothing to resolve your situation. You and a million-and-a-half other owners (conservatively).

Do whatever you need to do.
 
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Gypsy65

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Isn't it that the resort could take the week back and resell it AGAIN for another profit? Just sayin', I don't think that is the case with your 10 year old car.

I get that. And having an out would be great. Or should I say having an easier out?

I think resorts don’t want them back as they may get caught paying the MF’s if not sold

Maybe if the resorts took them back on a consignment type basis?
I agree to make any and all financed payments or MF’s until they sell it

I’m sure there are many times that the sales team could sell what we have to sweeten the pot for a new buyer if they had it at their disposal

This way you have a chance of getting out and they have something to sell that they took on with no risks or expenses to them
 

scot111

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JUST STOP PAYING, and don't answer any calls from unidentified callers.
They stop pretty fast since the $$ involved is peanuts and hardly worth the effort to collect.

I'm not a lawyer ... and I didn't stay at a Holiday Inn Express

but I'm FIRMLY in the camp of STOPPING PAYMENTS and NOT answering calls and NOT responding to letters
to any "alleged" financial obligation ... to do with a timeshare.

statistically the the upside of simply stopping payments far exceeds the downside.
20 years ago I might not have taken that trade, but today I would.
 

OldGuy

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20 years ago I might not have taken that trade, but today I would.

Amen.

The warning signs could not be more obvious.

Just to say it as common-sensicle as I can, timeshares should be for people who want to timeshare.
 

Gypsy65

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I see the board deleted my post to you

I guess that was to sensitive
Sorta like everyone get a trophy

SMH!!
 

Free2Roam

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I see the board deleted my post to you

I guess that was to sensitive
Sorta like everyone get a trophy

SMH!!
I read the post before it was removed.

TUG moderators are diligent. Disagreements are allowed, debates are encouraged, but when it comes to name-calling and personal insults, the post will be removed and sometimes the poster will be reprimanded.
 

Grammarhero

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I read the post before it was removed.

TUG moderators are diligent. Disagreements are allowed, debates are encouraged, but when it comes to name-calling and personal insults, the post will be removed and sometimes the poster will be reprimanded.

I actually like both @Gypsy65 and @OldGuy. @Gypsy65 thats the way @OldGuy talks, which wasn’t aimed at you. He says internet strangers aren’t your friends all the time. That’s his common refrain and cautious warning to us all.

Old guy and I actually had a disagreement and debate as to the legality of foreclosing on a TS on a resale owner who never saw the original Ts contract and reporting such foreclosure to the three credit agencies.

Apparently, the debate was so subtle that other TUG posters accused us of personal bickering and wandering off-topic, although we were always on the topic of TS foreclosures.

@OldGuy and I were always respectful. He knows a lot more about Ts than I do. He respected my legal background.
 

OldGuy

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FWIW, I don't know what y'all are talking about because there are some users posts I don't see. But, someone must have said something. I've been on many forums almost ever since Mr. Gore invented the Internet, and they all have some who tend to bully and team up and be nasty, especially to newer users, regardless of how much experience and knowledge the new user brings.

People with different opinions don't bother me at all, that's what this is all about. But as soon as it's obvious that someone does not understand the difference between discussing issues and insulting someone, or following their posts and picking at them, I simply Ignore them, the same thing people should do with people like that in real life.

People say life's too short for crap like that, but I don't know how short life will be. Even if it's not short, dealing with crap is not fun, so why do it any more than you have to?

Given the number of people who are registered on this site, nearly 100,000, the few I have blocked is insignificant.

Not seeing some posts makes some threads inconsistent, but seeing some posts makes some threads worse.

Repeating, I don't know who said what and don't care; I'm just explaining how I deal with crap on forums.
 

suzannesimon

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I’m a retired real estate broker. Back in the 90’s, I sold a house to a lawyer. For whatever it’s worth today, during the process I asked the lender how the loan was going. He said everything was fine except there was a little problem of unpaid timeshare payments. He said not to worry that underwriters never pay any attention to timeshare delinquencies. She got the mortgage without a problem.
 

LannyPC

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I’m a retired real estate broker. Back in the 90’s, I sold a house to a lawyer. For whatever it’s worth today, during the process I asked the lender how the loan was going. He said everything was fine except there was a little problem of unpaid timeshare payments. He said not to worry that underwriters never pay any attention to timeshare delinquencies. She got the mortgage without a problem.

Your post might be better suited for this thread:

https://www.tugbbs.com/forums/index...ted-on-ts-loan-50-pt-fico-credit-drop.292966/

Also, did the person say that underwriters never pay attention to timeshare delinquencies or they rarely do so?
 

suzannesimon

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I’m a retired real estate broker. Back in the 90’s, I sold a house to a lawyer. For whatever it’s worth today, during the process I asked the lender how the loan was going. He said everything was fine except there was a little problem of unpaid timeshare payments. He said not to worry that underwriters never pay any attention to timeshare delinquencies. She got the mortgage without a problem.

I think the lender’s response was that she had defaulted on her timeshare , “but we don’t worry too much about that”. I also heard a property manager say the same thing on a rental application once. The attitude was they thought all timeshare developers were crooks so they didn’t blame anyone for defaulting. Of course, this was a couple years before FICO scores, but if you have excellent credit and you default and it only goes down 50 points, that’s Not going to cause you a lot of problems. I was always told FICO scores are determined by the % of credit you use. If you have credit cards and lines of credit available of $400,000 and only owe $20,000, you’ll have a high score. They say you’ll nick your score, though, if you close your unused accounts because the available credit will be reduced and your % of the total owed will go up.
 

OldGuy

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Firsthand experiences with credit issues, or non-issues, after defaulting on a timeshare would be helpful.

There was one posted this past week.

I would post one, but I/we have never defaulted on anything, even $4000/year maintenance fees on unwanted timeshares, which likely explains our 809, which, for no known reason, went up 3 points this month.

I'm thinking it went up because I have been working at reducing our expenses, including that $4000/year for unwanted timeshares.
 
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OldGuy

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I’m a retired real estate broker. Back in the 90’s, I sold a house to a lawyer. For whatever it’s worth today, during the process I asked the lender how the loan was going. He said everything was fine except there was a little problem of unpaid timeshare payments. He said not to worry that underwriters never pay any attention to timeshare delinquencies. She got the mortgage without a problem.

Why would a lawyer not make payments on something that she knew she had a legal, binding contract for?
 

Grammarhero

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Why would a lawyer not make payments on something that she knew she had a legal, binding contract for?
Because lawyers don’t always follow their legal, binding contracts. That’s why you see so many lawyers in foreclosures, contracts lawsuits, or bankruptcies.
 

OldGuy

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Because lawyers don’t always follow their legal, binding contracts. That’s why you see so many lawyers in foreclosures, contracts lawsuits, or bankruptcies.

It was a rhetorical question, what with all the paralegal advice given on this forum about timeshare owners fulfilling their legal obligations, but I think you knew that.

I see I forgot my winkie smilie.

:cool:
 
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