[2015] About to Start the Foreclosure Process

[Ozlander]

Good Guy, Bad Guy routine.
Ruddy wants to be your friend, help you against the bad guys.

I went thru something like this ten years ago, different timeshare.
A part of the agreement for me signing over the deed to them was that no 1099 would be issued.

 

[GoChiefsorBust]

Good Guy, Bad Guy routine.
Ruddy wants to be your friend, help you against the bad guys.

I went thru something like this ten years ago, different timeshare.
A part of the agreement for me signing over the deed to them was that no 1099 would be issued.

Ahhh got it. But unless Ruddy offers a deed in lieu of, he is of no help to me. So not getting a 1099 was on your terms? I didnt know you could negotiate....

 

[GoChiefsorBust]

Happy New Year everyone!

So last week I got a letter from Wyndham saying the usual, stating the amount overdue, only this time they included verbiage that stated that they had given me/us ample time to to respond and have the option to proceed legally against us. Yup, ok.

Just now received 2 letters from them; one addressed to the both of us, and for the first time EVER, one addressed only to ME. The one addressed to me only was their marketing letter to say that I was pre-approved for a loan of $50,000 and to contact them, yadda yadda. Now, these offers had come to us before but ALWAYS addressed to the STBX husband. Now I'm a person of interest LOL.

The next letter was from Wyndham Club Plus stating the usual, our assessment is over 90 days past due, any reservations / points have been cancelled, contact someone to make payment arrangements. In the shredder they both go.

The phone calls have dropped down to 3 a day.....not sure if my letters to them worked or if they are gearing up to turn the account over to collections. Whatever the case I'm glad my voicemail box is becoming freed up again

 

[raygo123]

I guess I can expect an increase in my MF, thanks!

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[DeniseM]

Have you read the entire thread?

The OP has already formally offered to deed it back to Wyndham in lieu of foreclosure.

She has already completed their hardship application.

Both were denied.

She is going through a divorce and simply does not have the money to make the payments.

She is not abandoning it with a Viking Ship Company - she has jumped through all the hoops to give it back to Wyndham, and has been denied.

What would you have her do?

 

[raygo123]

Yes I read all! Over the last 2 1/2 years on this site what has she learned? Find another way to finance the loan to reduce payments? No! I WANT, is the buying factor, not if we can afford it. Why should we feel for those that cannot control themselves? This site attracts those poor soles who cannot control themselves, and to top it off, 308,000 points! That's not one week, that's two in a two bedroom. Yea I read it all, and others. In the long run it cost ME money! [political statement deleted]

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[GoChiefsorBust]

I guess I can expect an increase in my MF, thanks!

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You're very welcome. Enjoy

And thanks, Denise. Appreciate the support

 

[DeniseM]

Yes I read all! Over the last 2 1/2 years on this site what has she learned? Find another way to finance the loan to reduce payments? No! I WANT, is the buying factor, not if we can afford it. Why should we feel for those that cannot control themselves? This site attracts those poor soles who cannot control themselves, and to top it off, 308,000 points! That's not one week, that's two in a two bedroom. Yea I read it all, and others. In the long run it cost ME money!

Raygo123 - Since you seem to have information that no one else does, please explain exactly how she can refinance it?

Who exactly do you think will refinance a timeshare loan for someone going through a divorce?

Your statement shows how much you really do not understand how any of this works.

 

[raygo123]

Yea I guess not. They probably have a neg balance on their home, so to refinancing that is out. And two weeks was a must. I'm sorry, but I have no sympathy. It's not even so much the forclosure as it is the attitude. Out of the millions that own a timeshare, what, 8,000 are on tug, and a few more thousand visit. Of those others, all have the same story, how do I get out.

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[DeniseM]

No one is asking for your sympathy - it's just a matter of looking at the facts logically.

These are the facts - her ex-husband stopped paying his half of the mortgage payments.

In other words - he defaulted.

She cannot pay the full amount herself.

It doesn't matter if they have a negative balance on their home or a lot of equity - you cannot refinance a mortgage in the middle of a divorce - that should be obvious!

 

[raygo123]

They couldn't even get that right.

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[DeniseM]

They couldn't even get that right.

Yeah - they should definitely try to save their marriage so they can make their timeshare payments…

 

[wjappraise]

Yea I guess not. They probably have a neg balance on their home, so to refinancing that is out. And two weeks was a must. I'm sorry, but I have no sympathy. It's not even so much the forclosure as it is the attitude. Out of the millions that own a timeshare, what, 8,000 are on tug, and a few more thousand visit. Of those others, all have the same story, how do I get out.

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Raygo123.

While I appreciate your personal sense of financial commitment, I believe you are missing the point of this thread. OP is not looking for a handout, not looking even for commiseration or advice. She is simply sharing with us her journey. The process is tiring and demoralizing. And that's without your sanctimonious opining.

I, for one, am fascinated by the process. I don't have a loan on my Wyndham holdings, so there is no direct correlation for me. Yet I can empathize with making a decision that was poorly thought out, and then exacerbated by unanticipated twists in life. Can't you? While I believe you will never be in this situation, how can you know what the future holds for you? Please just ignore this thread if you have such a narrow viewpoint. Just move on and read about how you can save money or get a better room. But let the rest of us enjoy the front row view the OP is providing to us.

Wes.


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[raygo123]

You owe almost $50,000 on your timeshare loan?

Your soon to be ex ... he signed those loan papers also ... tell Wyndham where he works?

If you agreed to take over this in your NOT YET finalized divorice ... kick you lawyer's butt and redo the settlement agreement.

*bleep* happens ... BUT you can't take this hit on your credit for the next 10+ years ....

This makes sense. Transfer TS into his name only. You could use a quick claim deed. Someone here could tell you who to use. All that really does is transfer ownership. You have to deal with loan.

You may not stop the loan, but after the forclosure, Wyndham will take it back. There is now no loan on it it.
More than likely as part of the settlement it will disappear.

It is much easier for a man to rebuild his credit. If you can do it, probably too late, get your name off the loan in the settlement.

Wyndham, transfer of ownership is done in the county of registration. Now, Wyndham may not accept your change into "club Wyndham" $299.00 please. Awwww

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[GoChiefsorBust]

This makes sense. Transfer TS into his name only. You could use a quick claim deed. Someone here could tell you who to use. All that really does is transfer ownership. You have to deal with loan.

You may not stop the loan, but after the forclosure, Wyndham will take it back. There is now no loan on it it.
More than likely as part of the settlement it will disappear.

It is much easier for a man to rebuild his credit. If you can do it, probably too late, get your name off the loan in the settlement.

Wyndham, transfer of ownership is done in the county of registration. Now, Wyndham may not accept your change into "club Wyndham" $299.00 please. Awwww

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Who tinkled in YOUR Cheerios last night? Let me give you cliff notes since you lack reading comprehension. Ok?

1. Was in a 2 income home. WAS happily married and able to make payments for Wyndham quite.easily. Got the amount of points we did because with 2 INCOMES it was EASILY affordable, we knew nothing about Tug, yadda yadda whatever.

2. Husband has a douche moment. No more reconciliation. In midst of douche moment he racks up $40k worth of debt. Can't make payments on Wyndham or anything else

3. I take over expenses for EVERYTHING in the household including mortgage payment on primary residence and child's private school. No other debt. No car loans. No student loans. No credit card debt. Only loans are Wyndham and mortgage

4. I inform Wyndham of financial situation. Fill out hardship package. Ask for a delay on payments. Denied. I file for divorce. Send new financial package in 4 mo. In the meantime I had been trying to make Wyndham payments alone to keep up my financial obligation. Package is denied. I get on Tuggs and decided to document the process because I researched but found no results on going through the process.

5. Someone tinkles in your Cheerios.

I appreciate constructive criticism but you are making assumptions about me. Go away. Or continue to troll. Whatever gets you through the day.:zzz::whoopie:

 

[Jason245]

Who pissed in YOUR Cheerios last night? Let me give you cliff notes since you lack reading comprehension. Ok?

1. Was in a 2 income home. WAS happily married and able to make payments for Wyndham quite.easily. Got the amount of points we did because with 2 INCOMES it was EASILY affordable, we knew nothing about Tug, yadda yadda whatever.

2. Husband has a douche moment. No more reconciliation. In midst of douche moment he racks up $40k worth of debt. Can't make payments on Wyndham or anything else

3. I take over expenses for EVERYTHING in the household including mortgage payment on primary residence and child's private school. No other debt. No car loans. No student loans. Only loans are Wyndham and mortgage

4. I inform Wyndham of financial situation. Fill out hardship package. As for a delay on payments. Denied. I file for divorce. Send new financial package in 4 mo. In the meantime I had been trying to make Wyndham payments alone to keep up my financial obligation. Package is denied. I vet on Tuggs and decided to document the process because I researched but found no results on going through the process.

5. Someone pisses in your Cheerios. I appreciate constructive criticism but you are making assumptions about me. Go away. Or continue to troll. Whatever gets you through the day.:zzz::whoopie:

If you are still getting phone calls send them a documented letter indicating that you want all communication in writing not over the phone related to this debt. Document their collection calls from that date onward(date they receive letter). I believe every call you get from them or collection agents on their behalf is a violation of law.. collect enough evidence of them (automated calls are also violations) by documenting them in a notebook (time, date ,etc..).. contact attorney and sue. . I think you can get a few k for each violation. ..

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[GoChiefsorBust]

If you are still getting phone calls send them a documented letter indicating that you want all communication in writing not over the phone related to this debt. Document their collection calls from that date onward(date they receive letter). I believe every call you get from them or collection agents on their behalf is a violation of law.. collect enough evidence of them (automated calls are also violations) by documenting them in a notebook (time, date ,etc..).. contact attorney and sue. . I think you can get a few k for each violation. ..

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Good morning! I will take your advice. I thought the previous letters may have worked....the calls HAVE reduced since Jan but if they are to stop completely I'm all for it. Thanks!!!

 

[spackler]

Raygo123 - Your statement shows how much you really do not understand how any of this works.

While I appreciate your personal sense of financial commitment, I believe you are missing the point of this thread.

raygo123 has been corrected numerous times on these boards...I wish he could take the hint & stop filling up space with misinformation.

 

[Jason245]

Good morning! I will take your advice. I thought the previous letters may have worked....the calls HAVE reduced since Jan but if they are to stop completely I'm all for it. Thanks!!!

If you already sent a letter with that and have evidence of it being sent.. keep records of all calls. .(date time.. etc..) you don't need to pick up..but you need to prove they are related to this debt.. if you document more than 10 you can probably convince an attorney to file since each violation I think is subject to a 1k award to you if memory serves me right.. 50 calls equals your debt paid off

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[go-rebels]

No one is asking for your sympathy - it's just a matter of looking at the facts logically.

It can be thought of as a wise business decision too.

I have two friends, mid 40's, with incomes in the top 10% of the national averages who defaulted on their new home mortgages they purchased in 2006-8 with little down. Both subsequently rented equally nice, large homes in the same neighborhoods saving hundreds of dollars on their monthly mortgage/rent. (Multiply $500 x 12 x 7 = $42K! + they avoid the loss of principle.)

In a few more years their credit will be restored and they'll be able to buy another new home.

 

[Whoozr]

No explanation needed

If you are still getting phone calls send them a documented letter indicating that you want all communication in writing not over the phone related to this debt. Document their collection calls from that date onward(date they receive letter). I believe every call you get from them or collection agents on their behalf is a violation of law.. collect enough evidence of them (automated calls are also violations) by documenting them in a notebook (time, date ,etc..).. contact attorney and sue. . I think you can get a few k for each violation. ..

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Reply to the wrong post

 

[Whoozr]

No explanation needed

Who tinkled in YOUR Cheerios last night? Let me give you cliff notes since you lack reading comprehension. Ok?

1. Was in a 2 income home. WAS happily married and able to make payments for Wyndham quite.easily. Got the amount of points we did because with 2 INCOMES it was EASILY affordable, we knew nothing about Tug, yadda yadda whatever.

2. Husband has a douche moment. No more reconciliation. In midst of douche moment he racks up $40k worth of debt. Can't make payments on Wyndham or anything else

3. I take over expenses for EVERYTHING in the household including mortgage payment on primary residence and child's private school. No other debt. No car loans. No student loans. No credit card debt. Only loans are Wyndham and mortgage

4. I inform Wyndham of financial situation. Fill out hardship package. Ask for a delay on payments. Denied. I file for divorce. Send new financial package in 4 mo. In the meantime I had been trying to make Wyndham payments alone to keep up my financial obligation. Package is denied. I get on Tuggs and decided to document the process because I researched but found no results on going through the process.

5. Someone tinkles in your Cheerios.

I appreciate constructive criticism but you are making assumptions about me. Go away. Or continue to troll. Whatever gets you through the day.:zzz::whoopie:

You do not have to explain your situation to Raygo123 or anyone else. It's really none of our business why you are in this current situation. My philosophy, *bleep* happens, you deal with it and move on.

 

[SueDonJ]

One thing Raygo isn't wrong about is, this site is inundated with people looking to get out of their timeshares for any number of reasons. The concern I have about this thread is that the OP is basically writing a How-To reference that can be followed by anyone. In her shoes I'd be hesitant to share in this way because it could be backing Wyndham into a corner where they may decide that they have no choice but to stick to a hard line. Look how many resolutions for getting out of Mexican timeshares include a demand that any internet postings be wiped clean - there's a reason companies engage as little as possible through social media.

I get it that the OP tried other not-so-public methods which failed. I'm just not sure that this method is the solution. No doubt it's great for the rest of us but maybe not so much for the OP.

 

[DeniseM]

Sue - I tend to think the other way: I believe that the public pressure on Wyndham is a positive thing - as it was with the Mexican timeshares.

Also - the steps that she has taken are common knowledge. She really isn't revealing any secrets here.

 

[GrayFal]

Sue - I tend to think the other way: I believe that the public pressure on Wyndham is a positive thing - as it was with the Mexican timeshares.

Also - the steps that she has taken are common knowledge. She really isn't revealing any secrets here.

And she has gotten some great advice along the way....some I hope I never have to use myself but still good to know.