[2015] About to Start the Foreclosure Process

[Tony321]

Any update GoChiefs? I'm thinking of going down this road.

 

[GoChiefsorBust]

Any update GoChiefs? I'm thinking of going down this road.

Hello! Nothing major has happened yet. I'm up to 6 different phone numbers that attempt to call.....I was still getting the 'nice' Wyndham emails about all the great places to visit so I unsubscribed from them. Occasionally I'll check my voicemail to see if someone has left an actual message, but it's all just the automated 'please call us, valued Wyndham member....."

 

[JudyS]

Cdn Gal, I have to remind myself to do this almost every day. It's getting easier, but I do wrestle with some guilt.....you know, the guilt of, there are people who are going to have to pick up the costs since I'm going through this....

I actually think no one is "going to have to pick up the costs." La Casada is a very popular resort. So, your room there will not sit empty and the other owners there will not be stuck paying your MFs.

Wyndham will get less money from you than you originally promised, that is true. But, they probably lied to you, or at least misled you, in order to get you to make that promise in the first place.

And, you are willing to give them the timeshare back. If it was really worth what they charged you, they'd have no trouble selling it again. The only reason they are coming after you is that their product is way overpriced. Because their product is so overpriced, it's generally easier for Wyndham to harass existing owners into paying than it is for them to find a new buyer.

Wyndham is making your life miserable, and they are the ones who should feel guilty.

 

[GoChiefsorBust]

Thanks for the pep talk Judy S.......I was thinking about submitting a new financial hardship package, just to see what would happen. The more I think about it, the more I figure what the heck. I'll report back on the results......

 

[GoChiefsorBust]

Good morning! Nothing major has happened yet, even though I'm closing in on 120 days delinquency. 2 days before Thanksgiving I received no blocked calls, none over the weekend either. Yesterday they started back up.

In chatting with the STBX husband he mentioned that when he went in for a job interview and had to pull his credit record the timeshare was on there as a negative. I looked at MY credit report and it's not on there. This made me think.....when we first signed up they used my credit score (it was much better than his) but if I recall correctly I noticed all the paperwork listed him as primary. Maybe it's because he is the "man," or whatever, but we're both referenced as owners on subsequent documents. I'll have to dig out the contract and re read it. My point is, this may only affect his credit and not mine. And to be honest, after all the crap he's put me through I figure this is his cosmic justice.

Anyways, he made mention of wanting to pay them off. I told him NO, and besides where would he get $900/mo to take over the payments? That shut that down pretty quickly. So I continue to wait. No word back on my offer to them to take the timeshare back....at this point I'm betting nothing major happens until Jan 2016....

 

[bogey21]

Hang tough. You are fighting the good fight.

George

 

[DeniseM]

GoChiefsorBust - We often have people come to TUG for advice like you have, but seldom do they stick around.

I know what you are going through is not fun, but by sharing the process here, you are performing a valuable service for others facing the same issues.

I just wanted to say that I appreciate it, and I hope you will continue to keep us up to date as you go through the process.

 

[lll1929]

Don't give up. They will offer the deed in lieu of foreclosure within the first 6 months.
I went through the same thing with Marriott in 2010, after I loss my job; along with settling with many creditors. It only took a few years to re-build my credit to over 700. In 2013, I refinanced my house and in 2015 I purchased a fairly nice car.

 

[GoChiefsorBust]

Thank you everyone for your suggestions and support! I'm sticking with it, even though the "husband" is getting weak. I have to keep him in this route as well.

Just got my very first, super duper scary notice from Wyndham. This is what it says:

Dear Mr. and GoChiefsorBust

Due to your failure to maintain your contractual obligation, Wyndham Vacation Resorts, Inc. will now begin proceedings to escalate collection efforts on your timeshare installment loan contract. We are authorized to take whatever steps are necessary to secure payment.

WE INTEND TO PURSUE THIS DEBT.

 

[GoChiefsorBust]

I think my post erased. I will try again!

Thank you all for the kind words and support, it truly means a lot to me. My spouse is getting weak so I have to continuously keep him on the straight and narrow. It's tiring. But I'm not giving in. I just received my first super duper scary letter from collections:

Dear Mr. and GoChiefsorBust

Due to your failure to maintain your contractual obligation, Wyndham Vacation Resorts, Inc. will now begin proceedings to escalate collection efforts on your timeshare installment loan contract. We are authorized to take whatever steps are necessary to secure payment. WE INTEND TO PURSUE THIS DEBT. Amount Due: $2,643.91

To avoid the possible acceleration of the loan balance totaling $35,742.84 plus daily interest charges, please forward the amount due immediately.

(they then go on to list the 3 different ways to make a payment)......

***Notice*** (in small print) If debt of $600.00 or more has been cancelled due to non-payment, the creditor may be required by law to report the cancellation to the IRS. If the creditor makes such a report, you will receive a copy of the form 1099-A filed with the IRS. This office makes no representations about the tax consequences that any such reporting may have. You should consult an independent tax advisor if you desire advice about any tax consequences which may result from a settlement.

Section 504 of the Fair and Accurate Credit Transaction Act requires the following notice:

We may report information about your account to credit bureaus.....yadda yadda yadda.

There's no mention / any scary letter from the MF people yet. And in looking at the loan balance.....man. Even paying on time for the past 2 years, there has been NO dent made on this loan. We would've been paying (on time, with no issue) for the next 15 years. Geeeesh.

So I'm shredding this letter and going on to worry about my roof leaking. As a bonus, I thought I'd include a list of numbers to block and the times they call me every day:

9:06 am: (702) 562-8350
10:02 am: (888) 739-4028
11:40 am: (888) 739-4028
1:54 pm: (702) 562-8350
2:12 pm: (702) 562-8350
6:04 pm: (888) 739-4028
8:12 pm: (866) 812-9806 (sometimes will call again at 8:44 pm)

 

[vacationhopeful]

If more than 60 days late, Wyndham has a $550+ COLLECTION FEE in addition to all late fees due under your contract.

You should get a more up to date record of ALL charges and payments you made in the past. That is most likely WHY you have made NO DENT into your principal.

Find out how MANY of those collections fees you have been charged (quietly with no notice) and I bet your husband will NEVER waiver again ... even a little.

 

[GoChiefsorBust]

Vacationhopeful, you may be on to something! I think he just really wants this job but he cant be the first person they've come across with credit issues. I'll tell him to do what you suggested!

 

[gmarine]

If you want to avoid the calls send a certified letter to the collection agency and to Wyndam telling them not to contact you.

http://www.consumer.ftc.gov/articles/0149-debt-collection

 

[GoChiefsorBust]

If you want to avoid the calls send a certified letter to the collection agency and to Wyndam telling them not to contact you.

http://www.consumer.ftc.gov/articles/0149-debt-collection

Gmarine, I will try your suggestion tomorrow and see if it works. I know they had ignored my previous, not as professional notice to drop off a cliff thank you!

 

[ziravan]

Gmarine, I will try your suggestion tomorrow and see if it works. I know they had ignored my previous, not as professional notice to drop off a cliff thank you!

"In accordance with the Fair Debt Collections Practices Act, I'm hereby giving you written notice to immediately cease and desist any further attempts to contact me by phone.

Further attempts to harass me with multiple phone calls a day will be in violation of Federal Law."

 

[mslsu5]

GoChiefsorBust - We often have people come to TUG for advice like you have, but seldom do they stick around.

I know what you are going through is not fun, but by sharing the process here, you are performing a valuable service for others facing the same issues.

I just wanted to say that I appreciate it, and I hope you will continue to keep us up to date as you go through the process.

I also agree. I've looked in several places trying to find information on how this process works. I wasn't able to find anything. I have been following this as i am now going through the same process but I'm just beginning.

I do have one question. Not sure if anyone know but thought I'd ask. On my last call with Wyndham i was told after explaining my situation that if they have to do a short sale on my timeshare that the amount they write of will be reported as income for me and I'll have to pay taxes on that amount. Does anyone have any information about this?

Again, thanks for posting this information. Is definitely helping me in my process as well. Very appreciative!!!

 

[ronparise]

I also agree. I've looked in several places trying to find information on how this process works. I wasn't able to find anything. I have been following this as i am now going through the same process but I'm just beginning.

I do have one question. Not sure if anyone know but thought I'd ask. On my last call with Wyndham i was told after explaining my situation that if they have to do a short sale on my timeshare that the amount they write of will be reported as income for me and I'll have to pay taxes on that amount. Does anyone have any information about this?

Again, thanks for posting this information. Is definitely helping me in my process as well. Very appreciative!!!

If a debt or portion of the debt is forgiven they can issue a 1099 that specifies the amount. Andt this amount is taxable income. This is what they said in the "scary" letter that you shredded "If debt of $600.00 or more has been cancelled due to non-payment, the creditor may be required by law to report the cancellation to the IRS. If the creditor makes such a report, you will receive a copy of the form 1099-A filed with the IRS. This office makes no representations about the tax consequences that any such reporting may have. You should consult an independent tax advisor if you desire advice about any tax consequences which may result from a settlement".


there was a time during the real estate crash a few years ago when the IRS said no tax would be due if it was your personal residence that was sold short or foreclosed, but that window has closed and of course a timeshare is not your personal residence.

The creditor has two choices one would be to pursue collections and not forgive the loan and the second would be to forgive the loan and issue a 1099. So getting a 1099 is actually a good thing. It will cost you some money, but it would mean this thing is behind you


It took me some time to wrap my head around the whole idea of owing taxes on money I never had, but it does make sense. If I loan you money and you dont pay me back ie, you keep it, from the IRS point of view, thats income to you, and taxable.

 

[paxsarah]

This is what they said in the "scary" letter that you shredded

To be fair, it wasn't mslsu5 who shredded the letter, it was GoChiefsorBust. I'm guessing mslsu5 hasn't gotten that far into the process yet.

 

[mslsu5]

ronparise Thanks for this information.

I also just got another call and you are 100% correct it's when they do a deed in lieu of foreclosure when this happens. The previous caller misstated, so i wanted to be sure I corrected this information here so that others that are following have accurate information.

Also, thanks paxsarah. I am just getting into the process, so i haven't received the scary letter yet.��

Thanks again for the information. This is all very informative and helpful.

 

[GoChiefsorBust]

Hello Everyone,

Mslsu5, good luck on going through this process. I hope all works out well for you.

As a minor update, since receiving the official notice in the mail, they have ramped up their phone calls, and the latest one now comes in at 9:00 pm. All numbers are still blocked, but I'm curious to see if my latest letter to their offices halts their calls completely.

Just a question though.....if they were (for some great reason) to offer me a deed in lieu of, would they notify me via phone or official mail......just thinking out loud.....

 

[mslsu5]

GoChiefsorBust Thanks and likewise.

 

[bogey21]

Just a question though.....if they were (for some great reason) to offer me a deed in lieu of, would they notify me via phone or official mail......just thinking out loud.....

My guess is that it would be in writing.

George

 

[GoChiefsorBust]

My guess is that it would be in writing.

George

This is good, since I don't want to unblock any of their numbers!!!

 

[GoChiefsorBust]

Hello!

Got a new letter in the mail today. Wasn't in the normal white envelope with white and blue Wyndham stationary; this time the envelope was orange with yellow paper inside. Also, was only addressed to the "husband" (where all other previous correspondence had both of our names on it). It says:

"Dear "Husband"

You are probably wondering why we are sending you this one sheet of paper. Honestly, it is because we have not been able to contact you for some time and need you to call us so that we can help you. By not speaking with you, we have not had the opportunity to share with you a variety of solutions that may help you through whatever financial difficulty you may be experiencing. Let us help you get your account back in good standing.

There are a number of options you may be able to take advantage of, including:

Late fee forgiveness program - crediting your account with any late fees you have paid since July 2015 and waiving any late fees due / Deferral - with either just one or two monthly payments paid this month, we can process a deferral on your account and bring your account completely current / Flexible monthly payments.

It all starts with you making a call today. Please call 1-866-812-9806 and advise the agent that you are calling regarding this letter. Our hours of operation are Mon-Tue 8 am - 8 pm, Wed-Thur 8 - 8 pm, Fri 8 - 5 pm, and Sat 6 - 10 am.

Sincerely Ruddy Lemus, Wyndham Vacation Resorts"

So here's a few observations. "Husband" was telling the truth about the negative mark being on his credit report only. I checked mine today before knowing this letter was waiting for me and my score has stayed the same. Awesome.

Next, the tone of this letter is much different from the earlier ones, and even my most recent "Scary Letter" where they were threatening legal action. I THINK that "scary letter" was sent to try to get me/us to cave in and pay SOMETHING to prevent so-called legal proceedings.....And then they ramped up the phone calls but of course they were blocked so, no bother to me.

Then, I receive this "kind, oh so helpful" letter. Where they want to give me (pretty good) options for bringing my account current. But I have a problem. I legitimately broke down my financial hardship and showed in my financial hardship package how I was negative at least $300 each month trying to maintain the timeshare and they rejected me (Ron Parise made a great comment that it was BECAUSE I was still paying them, but still! LOL)

So now, after almost 6 months of them not getting a dime they NOW want to be helpful???? WHY couldn't they had offered this to me in the beginning???? Yes, I know, but we had NEVER missed a payment before, for 2+ years; we weren't deadbeats. I just don't get it. Anyways, I think this kind, helpful letter is to try to convince me ("husband") to call them and make a payment. Sorry, couldn't do that even if I wanted to. So now I'll wait for them to give me another scary letter instead.

In the meantime, I'm taking my son South for Christmas and New Years.....was able to save my money these past 6 months and rent 2 beautiful homes on AirBnB for less than a Wyndham payment. Imagine that..........

 

[GoChiefsorBust]

Something else I noticed, before I get back to cleaning The scary letter came on December 7th (the one threatening legal action). The nice letter is dated December 8, yet showed up today (the 18th).......ooooooooh!!!!!! Do you think that Wyndham holds on to the "nice" letter in the event the "scary" letter doesn't jump start people into making a payment???? Am I reading too much into this? I'm just trying to crack the Wyndham code lol