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How do I get out of timeshare past state law rescinding date?

Discussion in 'Buying, Selling & Renting Timeshares' started by TrevorR23, Oct 18, 2018.

  1. TrevorR23

    TrevorR23 Guest

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    We are 12 days into this since we signed and realized we should not have done this and it looks like the state we signed is Wisconsin and their law is 5 days.

    What are me and my wife's options for getting out this?
     
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  2. DeniseM

    DeniseM Moderator

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    Since you signed a binding legal contract when you bought your timeshare, and the development company has a lot of smart lawyers to make it very difficult to get out of your contract, your only realistic option is to stop making the payments and let it go into foreclosure.

    If it goes into foreclosure, it won't be pleasant, but eventually (may take many months) they will take it back. In the meantime, you would probably be harassed by debt collectors to see if they can motivate you to pay, and it may ding your credit.

    But after you stop paying for several months, they will give up on you, foreclose, and your ownership will end.

    If you already have bad credit, or don't care about your credit, this is a viable option.

    **Don't be fooled by the "rescue companies" who tell you that they can get you out of the contract for a hefty fee - they are ALL scammers and will only make your situation worse.
     
    Last edited: Oct 18, 2018
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  3. Passepartout

    Passepartout TUG Review Crew: Veteran TUG Member

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    You don't have any options. If it's paid in full, you can sell it or give it away, but it isn't worth much. Might as well stick around TUG and learn to use what you bought. Those contracts are well conctructed. There are no magic words anyone can write them to make it void. Do Not sign up with any of those upfront fee timeshare exit outfits. They are all scams.

    Sorry we didn't have this conversation last week, but welcome to TUG. About half of us found TUG the same way. You're in good company.

    Jim
     
  4. TrevorR23

    TrevorR23 Guest

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    Well, my wife and I have very good credit, so if our only option is to not make payments then that really stinks. We took the bluegreens mastercard option and thought we would roll into a different loan.
     
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  5. TrevorR23

    TrevorR23 Guest

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    Ours is with Bluegreens and we went with the Silver option; I'm banging my head on the wall wishing we didn't get suckered into this.
     
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  6. TrevorR23

    TrevorR23 Guest

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    How will this play out if we don't pay anything since we took the mastercard credit option bluegreens offer?
     
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  7. DeniseM

    DeniseM Moderator

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    You will have to cancel the Master Card to block future payments.

    It is really difficult to refinance a timeshare because the resale value of a timeshare is far, far below the sales price, so it's not valuable collateral.

    If you own a home, a home equity loan can be a very good option to refinance your timeshare, at a low interest rate, and the interest on a home equity loan may be deductible.
     
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  8. TrevorR23

    TrevorR23 Guest

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    Refinancing is not an option since we did that this year.

    Since we took the Master Card option from bluegreens isn't it considered paid for?

    So what happens if we cancel Master Card to stop payments with the deed?
     
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  9. DeniseM

    DeniseM Moderator

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    Since we took the Master Card option from bluegreens isn't it considered paid for?

    No - because it's not paid for - Master Card is just your financing.

    So what happens if we cancel Master Card to stop payments with the deed?

    THIS: If it goes into foreclosure, it won't be pleasant, but eventually (may take many months) they will take it back. In the meantime, you would probably be harassed by debt collectors to see if they can motivate you to pay, and it may ding your credit. But after you stop paying for several months, they will give up on you, foreclose, and your ownership will end. It may take a year or more.
     
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  10. TUGBrian

    TUGBrian Administrator

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    id still try to rescind per the instructions in the contract...nothing to lose at this point by trying!
     
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  11. hudshut

    hudshut TUG Member

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    I agree with Brian.
    FIRST, MAIL that letter of rescission. See what happens.
     
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  12. Passepartout

    Passepartout TUG Review Crew: Veteran TUG Member

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    Looks to me like you have 2 options. One- you default and take the consequences. It MAY ruin your credit for up to 10 years, but that will eventually rebuild. There is a chance- small as it might be, that you can write a letter to the developer you bought from, explaining how this purchase really puts your family in hardship. Loss of job, illness, mental anguish, whatever. Maybe, just maybe, they'll offer you a smaller, cheaper packagee. Don't bet on it, but this has happened. OR TWO- learn to use what you bought. Sure, you overpaid. But there was SOMETHING that tipped you over. You saw value in the presentation. The salesweasel lied, but that's what they do. There was a kernel of truth in what you were told. Buckle down and PAY THIS OFF. If it takes working some overtime, or even taking on a second job for a while. PAY THIS OFF. Your credit won't suffer, and you can look back and feel the accomplishment PLUS you'll get some great vacations and family time going forward.

    Personally, I think I like option 2 but then I have seen the value in family time that means far more than the money you spent on this TS.

    So just for my curiosity, how much did you spend for this? Is it worth wrecking your credit life over for the next dozen or so years?

    Jim
     
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  13. Fredflintstone

    Fredflintstone TUG Member

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    Everyone is right. Send a recession letter ASAP and see what happens. Then, decide the next steps. I may be wrong but the Silver level won’t get you too far in timesharing. You could consider keeping the thing if they won’t take it back and then adding on another Bluegreen. With any luck, you might get that real cheap or free on TUG thus lessening your costs and increasing your usage ability.

    Foreclose is an option through non payment but everyone here is right...you may take a big Credit hit that improves in time.


    Sent from my iPad using Tapatalk
     
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  14. LannyPC

    LannyPC TUG Member

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    Don't need to bang your head against the wall. As was pointed out in an earlier post, many here on TUG regretfully bought at a sales presentation. It is really sad and deplorable the methods these sales people use to sell the product.

    There is the possibility that you could use what you bought. But if that doesn't seem practical, then try the suggestions that were already mentioned such as sending a rescission letter anyway or just stop making payments and let it go into foreclosure.
     
  15. Panina

    Panina TUG Review Crew: Expert TUG Member

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    I now consider myself a seasoned timesharer and I purchased my first timeshare from a developer too. Many tuggers did the same. Do I have regrets? Yes and no. It happened but that first purchase at full cost got me into the world of timesharing that I love. Over the years I purchased other timeshares which more then made up for the full price I paid.

    Welcome to Tug. You have come to the right place to learn how to use the timeshare you purchased to maximize the best way to use it. With timesharing you will have many wonderful experiences, use it and let yourself enjoy it.
     
  16. Passepartout

    Passepartout TUG Review Crew: Veteran TUG Member

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    I kind of like the suggestion that buying Silver season probably is not the level of 'luxury' you really want. Is this 'shoulder' season? As suggested, you may consider buying AT RESALE, OF COURSE, another bundle of points to add to what you bought from the developer. This could well bring what you own up to a level where you can share with family members and friends and really feel like you got something woth having. It sure makes those checks easier to write if you can see the value in what you pay for.

    Whatever you choose, I wish you well!

    Jim
     
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  17. TrevorR23

    TrevorR23 Guest

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    Thanks everyone for chiming in with your suggestions!

    We will definitely send a rescind letter.
     
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  18. jl2010

    jl2010 TUG Member

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    delete
     
  19. DrQ

    DrQ TUG Member

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    Does this mean you have a MasterCard with the entire balance of your purchase on it?

    If this is the case, you are really stuck because the bank will probably sue you if you stop payment. If this happens, depending on the state, it can get particularly nasty. A judgement usually lasts for 10 years and can be renewed. Some states will allow garnishment of wages to satisfy the judgement.
     
  20. TrevorR23

    TrevorR23 Guest

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    Yes, but we decided to bite the bullet and just pay it off.

    One thing that really irks me about the whole thing is the dirty sales tactics by them is they made it sound like you can make money on it.
     
  21. bnoble

    bnoble TUG Member

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    You aren't the first person to do this; lots of people make this mistake. But, in the event that your rescission request is rejected---and that is likely---you can turn lemons into lemonade by using the timeshare in the way it was intended and go on vacations!
     
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  22. deemarket

    deemarket TUG Member

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    Where and what did you buy? - so others can avoid these HIGH pressure, lying weasels? And just curious how much did they talk you into putting on the Master Card?
     
  23. deemarket

    deemarket TUG Member

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  24. chapjim

    chapjim TUG Member

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    Pretend you are the timeshare company and you decide you sold too cheap and want to raise the price all by yourself. How is this different than what you want to do?
     
  25. Passepartout

    Passepartout TUG Review Crew: Veteran TUG Member

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    Don't lose sleep over their tactics. They train and train on how to get people like you to 'yes'. If you brought up the 'investment' aspect, they have answers. If you ask the salesweasel how s/he vacations, they will point at a high point BlueGreen.

    But welcome to TUG. You are among friends, and most of us have been where you are, and have vowed to help others. We have saved people over $10 million, but we can't help ii people don't find us.

    Stick around and learn about great vacations!

    Jim
     
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