[2015] About to Start the Foreclosure Process

[am1]

I'm not sure I'm following your comment? The only "poor" choice we (me and STBX) made was not buying the TS via resale . 3 years ago we could afford the payments and made them on time with no issue, as a married couple. Due to some situations and poor financial management decisions on his part, there is hardly any money left over at the end of the month (I count about $53.00 between the both of us) to make the payment. So I've been making late payments, or trying to put things on my credit card temporarily so that the things that are vital to me and my son (commuting, groceries, gas, his school payments, and my mortgage) are taken care of. But I can't keep this up, not for the sake of "making memories." Memories shouldn't run someone who is encountering an actual, legitimate life/finance change into the ground.

That is a big poor choice to make. A lot of us have made those same choices. Even buying a timeshare resale can be a mistake but a lot smaller.

There is nothing wrong with you defaulting but do not not expect Wyndham to help you. It is their choice.

 

[VacationForever]

Thank you for your recommendations. I slept on this and I am definitely not going to pull anything from my 401K. The thought of even obtaining another loan makes my stomach churn, so that's out of the question as well.

I believe I can put up with the harrassment. IF it gets really bad, I'll change my phone number, and my STBX has already changed his; I don't think it's on file. I was reading around the 'net last night and people had commented on other forums how they had requested a cancel of automatic payments, but they were still getting withdraws. "Luckily" for me, over the weekend my debit card was compromised so my bank had to issue me a new one. I'm DEFINITELY not giving Wyndham that information either! Funny how that worked out.....

Often the bank will move automatic payment to the new account. The only safe way is to close out all accounts from that bank and move your $ to another bank.

 

[comicbookman]

Often the bank will move automatic payment to the new account. The only safe way is to close out all accounts from that bank and move your $ to another bank.

If the autopayment goes directly to the bank account and it does not change there is nothing to move. Only payments scheduled by the account owner using the banks systems can be moved if an account number is changed.. If the autopayment uses the debit card account number, and the new card has a different number, then any attempt to charge the old card number will be declined. The bank will not move an outside debit from an old account to ta new one.

 

[Passepartout]

GoChiefs, if you are looking for any help from Wyndham, re: letting you return a deed in lieu of foreclosure, you're going to have to default for a while. As long as you keep making payments, they are not going to see any hardship. Wyndham spends many thousand$ per contract in marketing costs, commissions, salesrooms, breakfasts, etc. etc. etc. and they are not going to let an income stream be interrupted easily.

You seem to be resigned to 'start the foreclosure process', so STOP PAYING. Nothing will prod them off the fence more quickly than defaulting. And when someone calls 'to set up a payment schedule', simply tell them (or write them) that they are not getting another cent from you or EX, and to either take back the deed, or foreclose. And be quick about it. You don't have time for their foolishness.

I agree with changing banks. Simply changing account numbers or card numbers won't stop the debiting. The accounts will be automatically linked.

We truly wish you well, and that this 'bump in life's highway' will pass quickly without lasting damage.

Jim

 

[Ty1on]

GoChiefs, if you are looking for any help from Wyndham, re: letting you return a deed in lieu of foreclosure, you're going to have to default for a while. As long as you keep making payments, they are not going to see any hardship. Wyndham spends many thousand$ per contract in marketing costs, commissions, salesrooms, breakfasts, etc. etc. etc. and they are not going to let an income stream be interrupted easily.

You seem to be resigned to 'start the foreclosure process', so STOP PAYING. Nothing will prod them off the fence more quickly than defaulting. And when someone calls 'to set up a payment schedule', simply tell them (or write them) that they are not getting another cent from you or EX, and to either take back the deed, or foreclose. And be quick about it. You don't have time for their foolishness.

I agree with changing banks. Simply changing account numbers or card numbers won't stop the debiting. The accounts will be automatically linked.

We truly wish you well, and that this 'bump in life's highway' will pass quickly without lasting damage.

Jim

Changing card numbers will stop debiting, or it would defeat the purpose of replacing lost or compromised cards.

Every time I get a new debit card, I have to reboot all my autopayments or I start getting warnings from the vendors.

 

[comicbookman]

I agree with changing banks. Simply changing account numbers or card numbers won't stop the debiting. The accounts will be automatically linked.

We truly wish you well, and that this 'bump in life's highway' will pass quickly without lasting damage.

Jim

Auto linking the accounts , without a request from the account holder would amount to theft if old debit requests are honored. No need to change banks, just accounts. Otherwise any account that got compromised would force you to change banks.

 

[Passepartout]

OK. My bad. Don't change banks. The experts have spoken.

 

[Ty1on]

Auto linking the accounts , without a request from the account holder would amount to theft if old debit requests are honored. No need to change banks, just accounts. Otherwise any account that got compromised would force you to change banks.

This is 3 years old and policies may have changed by now:

http://www.huffingtonpost.com/2012/01/31/zombie-checking-accounts-_n_1245065.html

This relates that banks can REOPEN a closed account if a an autopayment or deposit hits. Even if the customer has left the bank entirely.

Also, the Fed requires banks to block incoming autopayments if you have notified the bank that you no longer authorize the payments. This article states that some banks require written and signed notification to cease authorization within 14 days of verbal notification. I assume the bank would block the authorization immediately upon verbal......

http://bucks.blogs.nytimes.com/2010/10/04/how-to-stop-rogue-automatic-payments/?_r=0

 

[GoChiefsorBust]

My card was compromised 2 years ago and I had to get a new one. I was randomly checking my account online and saw that Wyndham hadn't taken their payments out. When I called, the rep told me that they had been trying to process payment but it kept getting sent back; it was because my old card was no longer active.

I haven't made any changes to the process (I gave them my now-non functional debit card to update their records with), so they shouldn't be able to have any successful attempts. Not that there's any money in their for them to pull! I will, however, keep close watch on my account for any fradulent behavior......

 

[raygo123]

Man I can't even imagine what your going through.
We hope that Wyndham has compassion.
For those who have no debt, at least there is resale and
Ovation.

Sent from my Nexus 7 using Tapatalk

 

[comicbookman]

This is 3 years old and policies may have changed by now:

http://www.huffingtonpost.com/2012/01/31/zombie-checking-accounts-_n_1245065.html

This relates that banks can REOPEN a closed account if a an autopayment or deposit hits. Even if the customer has left the bank entirely.

Also, the Fed requires banks to block incoming autopayments if you have notified the bank that you no longer authorize the payments. This article states that some banks require written and signed notification to cease authorization within 14 days of verbal notification. I assume the bank would block the authorization immediately upon verbal......

http://bucks.blogs.nytimes.com/2010/10/04/how-to-stop-rogue-automatic-payments/?_r=0

only some banks, and only for incoming funds according to the article. Not the same thing.

 

[Ty1on]

only some banks, and only for incoming funds according to the article. Not the same thing.

"But if an account is reopened, however, and there's no money there, a person could get hit with an overdraft fee to fund an account maintenance fee or an automatic payment."

You're right, sort of.

If the bank reopens your account to accept a deposit or credit, and then an autopayment hits, it gets paid.

 

[Talent312]

Close all accounts at your bank, instruct the bank not to accept any more drafts, and
... Change banks. Do not tell anyone where you're banking.

Collection Calls: If you don't have one already, get a phone w-voice caller ID.
Let anyone who you don't know, and "unknown caller," can go to voice mail.
You could even drop your landline and get an internet VoiP phone with a new #.
Or you can pay a lawyer to write a collections agency to route all calls thru him.

Your 401(k) is exempt from creditors and cannot be touched, even after judgment.
Offer them a deed in lieu of foreclosure, and that should clear your conscience.
.

 

[bogey21]

Seems to me that instructing the Bank not to accept any auto payments will do the trick without having to close your Bank Account.

George

 

[GoChiefsorBust]

Good morning! I've been reading the comments / suggestions on how to handle the bank situation.

As of this morning, I still have $20.00 in my account; woo hoo! There was no indication of a negative balance. HOWEVER. I am heeding the good advice I've read and have already done the following:

1. Canceled the free overdraft service that I had set up for my account. This is where I had my "main" account tied to my secondary account to cover any overdrafts.

2. I'm on hold with my bank to verbally direct them to NOT accept any payment attempts from Wyndham. I have the two seperate amounts, and how it shows up on my account.

3. Ensure that I HAVE updated my card information with the people who need it: gas, electricity, water, commuter transit, etc. THAT part I forgot to do!

If all goes well, and I still don't see anything being attempted on Saturday morning, I'll know for sure I'm "in the clear" and Wyndham can't try to wipe me out.....

 

[GoChiefsorBust]

And here's a new question. I had made arrangements to spend Christmas and New Year's in Florida with my son. I had reservations at Pompano Beach ( I believe it was called the Sea Gardens?) for 1 week, and then Bonnet Creek for the next week.

I'm GUESSING that with me starting this process I will be unable to use my reservations. Can this be confirmed or denied? If I can't, I need Plan B which is to save my money (Which is doable, now that I'm no longer paying for Wyndham).

*For anyone who is wondering how I can afford to go to Florida: my parents live there. They will pay for me and my son to fly down, but their condo is small and my 2 siblings still live at home, so there's not enough room for all 6 of us to cohabitate. Bonnet Creek (Orlando) may not be an issue because they have a fully paid TS with Orange Lake; we could stay with them there. I'm more interested in the Pompano Beach arrangements.*

Thanks again.

 

[A.Win]

Rather than foreclose, have you thought about keeping it and trying to rent it? You should consider making an ARP reservation for a high demand week and renting it. This isn't easy but I personally think it is easier than the other options that are being discussed here.

 

[am1]

Rather than foreclose, have you thought about keeping it and trying to rent it? You should consider making an ARP reservation for a high demand week and renting it. This isn't easy but I personally think it is easier than the other options that are being discussed here.

The amount owing is too much to overcome with rental payments. Renting timeshares is not an easy thing to do.

 

[Ty1on]

Rather than foreclose, have you thought about keeping it and trying to rent it? You should consider making an ARP reservation for a high demand week and renting it. This isn't easy but I personally think it is easier than the other options that are being discussed here.

There is a mortgage payment also involved.

 

[Ty1on]

And here's a new question. I had made arrangements to spend Christmas and New Year's in Florida with my son. I had reservations at Pompano Beach ( I believe it was called the Sea Gardens?) for 1 week, and then Bonnet Creek for the next week.

I'm GUESSING that with me starting this process I will be unable to use my reservations. Can this be confirmed or denied? If I can't, I need Plan B which is to save my money (Which is doable, now that I'm no longer paying for Wyndham).

*For anyone who is wondering how I can afford to go to Florida: my parents live there. They will pay for me and my son to fly down, but their condo is small and my 2 siblings still live at home, so there's not enough room for all 6 of us to cohabitate. Bonnet Creek (Orlando) may not be an issue because they have a fully paid TS with Orange Lake; we could stay with them there. I'm more interested in the Pompano Beach arrangements.*

Thanks again.

Once you go delinquent on either fees or loan payments, any use of your ownership is suspended.

 

[am1]

I'm GUESSING that with me starting this process I will be unable to use my reservations. Can this be confirmed or denied? If I can't, I need Plan B which is to save my money (Which is doable, now that I'm no longer paying for Wyndham).

100% confirmed. Wyndham is not going to allow someone to default and still have access to their account.

Christmas is a very popular time in Orlando. Rents are high.

 

[GoChiefsorBust]

Hello A.Win, I did think about renting, but if I did happen to do so, it wouldn't be enough to cover the costs involved; am1 and Ty1on, thank you for the confirmation. I believe my best bet is to hit up AirBnB and see what's available. Unless someone has other alternatives?

Apologies, I don't mean to steer this thread from "foreclosure" into "help GoChiefsorBust plan her holiday vacation"!!!!

*Note: Just found a GREAT rental (entire house) in the area I'm looking for, for the entire period of time I need on AirBnB for only $300 total. The person is an airsteward and is never home. I think I'm set, but am always open to suggestions.*

 

[Explorer7]

Hello A.Win, I did think about renting, but if I did happen to do so, it wouldn't be enough to cover the costs involved; am1 and Ty1on, thank you for the confirmation. I believe my best bet is to hit up AirBnB and see what's available. Unless someone has other alternatives?

Apologies, I don't mean to steer this thread from "foreclosure" into "help GoChiefsorBust plan her holiday vacation"!!!!

*Note: Just found a GREAT rental (entire house) in the area I'm looking for, for the entire period of time I need on AirBnB for only $300 total. The person is an airsteward and is never home. I think I'm set, but am always open to suggestions.*

Make sure its legit. Lots of scams use lower than makrket prices becvause the owner is overseas etc. Also I saw somewhere in the previouse post that Wyndham simeply foreclose and does not sue or sell the mortgage debt deficit to someone else, it that is so that would be a very big deal not to have to worry about garnishments etc down the road using the hardship info details they requested.

 

[GoChiefsorBust]

Good Morning Explorer7 (and others),

I did get a response back from the AirBnB host; it's too far out to make a reservation, so I have to resubmit my request in October. Bummer. On another note, it's interesting how you bring up garnishments. I didn't get paid this morning. My first thought was that Wyndham took all of my money, regardless of all the precautions I took to ensure otherwise. Then I remembered that the Wyndham payment was less than my paycheck, so I would've at least seen SOMETHING in my account. Well, now I'm doubly happy that I didn't attempt to rob Peter to pay Paul this week! I have something new to figure out this weekend.....

 

[Ty1on]

Good Morning Explorer7 (and others),

I did get a response back from the AirBnB host; it's too far out to make a reservation, so I have to resubmit my request in October. Bummer. On another note, it's interesting how you bring up garnishments. I didn't get paid this morning. My first thought was that Wyndham took all of my money, regardless of all the precautions I took to ensure otherwise. Then I remembered that the Wyndham payment was less than my paycheck, so I would've at least seen SOMETHING in my account. Well, now I'm doubly happy that I didn't attempt to rob Peter to pay Paul this week! I have something new to figure out this weekend.....

Even IF a creditor moved to garnish you, it wouldn't happen in the first couple months of delinquency. They would have to show the court they made an earnest effort to collect from you before they could get a judgement.