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HELP! Family member needs to unload Wyndham and Hilton

Discussion in 'Buying, Selling & Renting Timeshares' started by Angela Fraleigh, Jul 4, 2019.

  1. Angela Fraleigh

    Angela Fraleigh Guest

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    A family member is being forced to retire, he is 75 years old, and once that happens will no longer have the income to pay for a Wyndham and a Hilton timeshare.

    I don't know much about timeshares and what the values are- He has over a million points with Wyndham but still owes about 150K. For the Hilton, it looks like they owe $75K.

    What are the options? Would anyone buy this? For Wyndham, Ovation won't work because they owe money and he can't claim hardship because his company won't provide any paperwork that suggests he's being forced out for PR reasons- also they won't even accept it as hardship for months to years?

    What are options? go into default? just stop paying and take the hit on his credit score? would the timeshare try to sue?

    Should he try to sell? Would anyone see the value in this?

    please help? I'm at my wits end.
    Thanks in advance.
    Angie
     
  2. TheTimeTraveler

    TheTimeTraveler TUG Member

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    Hi Angie, and welcome to TUG.

    There is no market for these ownerships because of the monies owed. I am not even sure of the value of these even if they were owned outright.

    I must say that the amount owed is incredibly high and it's hard to understand why someone digs themselves so deep. The salespeople must have really pushed hard.....

    Stayed tuned for many more responses and some free advice!

    Best of luck!





    .
     
    RX8 likes this.
  3. Passepartout

    Passepartout TUG Review Crew: Veteran TUG Member

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    Hi Angela, $225,000! DOLLARS!! On Timeshares!! At age 75??!! This may be a record of some kind- at least on TUG.

    Perhaps a good question is 'why is this person forced into retirement? Age 75 seems well into time for voluntary retirement.

    First, there is no value to timeshares that aren't paid for, and honestly not much for those that are.

    I'm sorry for the situation your family member finds himself in, but sadly, it's of his making, and not worth your being 'beside yourself'.

    I would encourage him to see a financial and/or legal professional, and discuss the potential ramifications of bankruptcy, foreclosure, and default.

    I wish him Good Luck.

    Jim
     
    Last edited: Jul 4, 2019
  4. rapmarks

    rapmarks TUG Review Crew: Elite TUG Member

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    i can’t even express how horrified I am at a person 75 years old owing $125000 for timeshares.
     
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  5. DaveNW

    DaveNW TUG Review Crew: Expert TUG Member

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    Add me to the surprised list. If he still owes that much, I wonder how much he owed to begin with? Since Wyndham and Hilton are sold separately, he had to have purchased them separately. Simply incredible. Rhetorical questions:

    Did he buy one because it was presented as so much better or cheaper than the other? Didn't a red flag go off at some point that these prices were outrageously excessive? Break those points down to how much you need for a week, and do the math - there aren't enough weeks in a year to use that much. And at what cost? Maintenance Fees on that much is certain to be costly - how much are those vacations truly costing?

    Simplest advice: See a financial counselor, and pursue forfeiture.

    Good luck!

    Dave
     
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  6. rickandcindy23

    rickandcindy23 TUG Review Crew: Expert TUG Member

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    Looks like $225K. :0
     
  7. DaveNW

    DaveNW TUG Review Crew: Expert TUG Member

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    You mean TWO Twenty Five.

    Dave
     
  8. rickandcindy23

    rickandcindy23 TUG Review Crew: Expert TUG Member

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    I would stop paying, simple as that. At 75 and with his record of buying on a whim and not really thinking it out, I think bad credit could serve him well in the end.
     
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  9. rapmarks

    rapmarks TUG Review Crew: Elite TUG Member

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    Sorry, typo.
     
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  10. rapmarks

    rapmarks TUG Review Crew: Elite TUG Member

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    Forced retirement at 75 and not enough money, really a sad situation
     
  11. Passepartout

    Passepartout TUG Review Crew: Veteran TUG Member

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    We don't know, and from a couple of paragraphs we certainly don't know enough to give advice.

    On the surface of it, it looks like this person needs a bankruptcy, and a conservatorship needs to be put in place to protect him from himself.

    Best Wishes. This is well beyond the abilities of TUG to address.

    Jim
     
    Last edited: Jul 4, 2019
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  12. SmithOp

    SmithOp TUG Member

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    I agree with Jim, it sounds like he is not solvent with this obligation, time to see a bankruptcy professional.

    If he is being given an exit package there may be funds to pay for advice.


    Sent from my iPad using Tapatalk Pro
     
  13. Grammarhero

    Grammarhero Official TUGBBS Rescission Master TUG Member

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    OP. Your family member is screwed and living far beyond his means. There are no good choices in which he can escape with his credit intact. He pretty much has to pick the best of bad options.

    1) he can default on his TSs, probably running his credit.
    2) he can file for bankruptcy, maybe chapter 7 or 13. However, if chapter 7, the trustee can force him to move out of his house (if too large), sell his cars, and liquidate his assets, including family heirlooms. If chapter 13, he might keep his home and cars.

    TUG preaches spending carefully and wisely, particularly on Resale TS. Dave Ramsey is popular on TUG. This is what happens when someone spent lavishly for years.

    Good luck.


    Sent from my iPhone using Tapatalk
     
    Last edited: Jul 4, 2019
  14. Grammarhero

    Grammarhero Official TUGBBS Rescission Master TUG Member

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    I didn’t think about that. Jim, you’re always really smart. Guardianship or conservatorship would help.


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  15. Robin G

    Robin G TUG Member

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    Personally I think the OP has the numbers wrong . However if indeed that is what the person owes id be hiring a lawyer to see if they weren’t pressured into buying and taken advantage of do to being elderly and not legally competent to make such purchases .
    Maybe that’s why he’s being forced into retirement...maybe he’s not able to make true decisions.
     
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  16. Grammarhero

    Grammarhero Official TUGBBS Rescission Master TUG Member

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    1 million Wyndham points bought retail does equate to $150k.

    I don’t disagree that the man has lost his mental faculties.

    Unfortunately, being legally incompetent is really hard to prove. He literally has to be in the hospital, who might have reported such legal incompetency to the state, who will then appoint a guardian for him.

    If he’s been working and his coworkers did not call the hospital for him, that’s hard to prove legal incompetency.


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  17. CPNY

    CPNY TUG Member

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    Was this his retirement plan? Buy a million points and live in his timeshares? Was he working until 75 just to pay for these timeshares? Unfortunately that debt will be passed along as well. Why the heck did he buy a million points at 150K!? Jesus, and here I was upset for all these years buying my TS through the developer before the internet lol
     
  18. Gypsy65

    Gypsy65 TUG Member

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    Your post made me laugh!!

    Still laughing!!!
     
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  19. Gypsy65

    Gypsy65 TUG Member

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    To the OP

    Is the 1/4 million owed to the developer or is that a personal loan?

    If he had the credit to personally finance this ordeal. That might make a small difference
    But not a new kidney type difference
     
  20. RNCollins

    RNCollins TUG Lifetime Member

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    Hi Angie,

    I’m sorry for all the trouble this has caused your family.
    This sounds like a case of taking advantage of the elderly.
    Your predicament reminded me of this YouTube video of a woman’s experiences with Wyndham:

     
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  21. Grammarhero

    Grammarhero Official TUGBBS Rescission Master TUG Member

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    If I become older, lost my mental faculties, and bought $225k in TS retail, I want my wife to shoot me.


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  22. Grammarhero

    Grammarhero Official TUGBBS Rescission Master TUG Member

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    If I had unlimited wishes, I wished that woman read TUG before all purchases. Her daughter deserves some blame too.


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  23. bogey21

    bogey21 TUG Member

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    It is real simple. He should either default or consider bankruptcy. It all depends on what else he owns or doesn't own. I'm not big on engaging professional advice but this may be a case where it is warranted...

    George
     
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  24. Angela Fraleigh

    Angela Fraleigh Guest

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    Okay, Thanks. your responses help confirm our worst fears. yikes. He has owned the timeshares with Wyndham since 2009 and from what I can tell has paid off 150K and still owes 150K. I have no idea how they ever thought they would get enough use out of it to make sense for the financial investment. And yes, I believe he was working, way past retirement age, to help cover the costs of the timeshares. The monthly costs on the two for both maintenance and mortgage total around $4000. This is more than they have available from Social Security.

    He has a 401k. If he claims bankruptcy will they try to take money from this and try to take his house etc?

    the contract is 346 pages long. From an outsiders point of view Wyndham looks criminal to me. If anyone has a legitimate lawyer or financial advisory they trust and can help advise please let me know.

    He is embarrassed and I don't want to further shame him about it. But I don't see a way out except for default.

    Does anyone know if Wyndham sues if you stop paying? They won't help come up with solutions other than transferring the deed to a family member- NO THANK YOU- or if its already paid off.

    ugh. Thanks.
     
  25. Gypsy65

    Gypsy65 TUG Member

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    Are you sure he owns timeshares and not the entire building?
    2009 until now is 10 years
    I guess I didn’t know they financed these for longer ??

    Legal advice is what you need them to get
     
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