[2015] About to Start the Foreclosure Process

[Passepartout]

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.

Susan, the other side of this coin is that IF Wyndham is monitoring TUG as we suspect, perhaps someone with a heart for human suffering will see that the OP has done all she is capable of doing. They will cancel the contract, take the deed back, and create good will. If they do so, there is a chance that after she gets beyond this divorce, and gets her financial feet under her, she might just buy again. By forcing her into foreclosure, they win nothing they haven't been offered, and ruin any chance of a potential customer returning.

Once again, corporate revenge, trumping sound judgement.

Jim

 

[SueDonJ]

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.

Susan, the other side of this coin is that IF Wyndham is monitoring TUG as we suspect, perhaps someone with a heart for human suffering will see that the OP has done all she is capable of doing. They will cancel the contract, take the deed back, and create good will. If they do so, there is a chance that after she gets beyond this divorce, and gets her financial feet under her, she might just buy again. By forcing her into foreclosure, they win nothing they haven't been offered, and ruin any chance of a potential customer returning.

Once again, corporate revenge, trumping sound judgement.

Jim

I just wonder if she'd taken a different path, following the good advice of TUGgers but not posting continuously every step of the way, if Wyndham may have relented at some point prior to now. I wonder if, because the situation has been made very public, she isn't ruining her chances of them being lenient at any point in the process based on her very real financial difficulties.

You could be right, the squeaky wheel may get the grease. I hope so for this OP's sake.

 

[taterhed]

I've said this in other forums, I'll say it again here:

Timeshare Developers are very quick to sell people into contracts they can not afford. Some of this behavior (by the sales staff) has been widely reported (or proven) to be less than honest. Of course, the TS industry is not the only sales force to sell clients into debt and disaster.

I also strongly believe that people must have personal restraint and be responsible for their actions. But....

Why do more developers not have better sunset programs based on age, health or ??? I know we are slowly seeing some change in this direction, but I think addressing the problem--as apposed to waiting for further government regulation--is the responsible approach.

I'm not siting Wyndham specifically, just TS developers in general. There is a reason why so many 'up-front' scams and 'Viking-ship' companies exist. I don't have the answers and I certainly don't want to pay 50% of everybody else's MF's when they default; like I do with my health care premiums.... But there must be a middle ground.

As for those who bitterly condemn others without basis, I think this quote applies:

“Lord make my words soft today, for tomorrow I may have to eat them”

 

[GoChiefsorBust]

I just wonder if she'd taken a different path, following the good advice of TUGgers but not posting continuously every step of the way, if Wyndham may have relented at some point prior to now. I wonder if, because the situation has been made very public, she isn't ruining her chances of them being lenient at any point in the process based on her very real financial difficulties.

You could be right, the squeaky wheel may get the grease. I hope so for this OP's sake.

Hi SueDonJ!

You bring up some valid points. I thought about them prior to me posting. But I think what really solidified my decision to post my experience from A to Z was (not only to document the process) but I was also disgusted with their response to me. As I had mentioned previously in this thread we made payments on time, no issue, without fail. Even put forth a little extra when we could, just like on the house. And when I formally request for a delay of payments for 2 months so I could get the finances straight, I get a flat out no. I re-file including documentation of (negative) bank accounts and divorce proceedings and I'm still rejected.

It's only when I decide to "go dark" on them, and fall a couple thousand behind on payments that they send a letter in December offering to be helpful with financial options. None of which apply to my situation as I.don't.have.any.spare.money. LOL I'm frustrated with them, but at least I tried. If this does go through foreclosure, I'll be educated on that end. If we go through the deed process, I'll be educated on that as well. I'm not expecting anyone from Wyndham to contact me and offer an olive branch; I'm now just in it for the ride at this point. Sigh.

 

[GoChiefsorBust]

Taterhed, I like your quote.

I was excited about the Ovation program initially because I thought I would qualify. Until I found out it was for loans that had already been paid off. We bought into Wyndham at a young age (just married, on vacation) because we wanted to have something that we purchased together. Life is funny sometimes lol. I'm probably younger than most posters' youngest child on this website; a lot of what I read on this forum is how loans are non existent and the only thing that is talked about is MF.

Well, that's nice, and one day I had hoped to get to that status myself. Sigh. I truly thought the Financial Hardship program was a fair one, one that I wouldn't have to use. But unfortunately as I have found out, that's not the case. I think the program itself needs to be re-evaluated. What's the use of having people send in all required documentation for a hardship that is identified on the packet if you are just going to deny it anyways? Why even have the package made available? What's a package that meets the requirements? Why is this hidden? So many questions. Hope to get through this by Summer of this year.

 

[elleny76]

Change all your phone numbers..keep only a private cell phone ( no call _no treats) If you went bankruptcy I just read you can apply it to everything you can not pay (CC, House, car, etc) they can not do anything good luck don't worry about your credit, in couple of years it will be better. My co worker just told me she did it when she divorced and now has excellent credit

Thank you Ryan. I don't want to mess with my 401K either, but this is scary. I'm not looking forward to the calls or the threats or the judgements...and then I was thinking, can they garnish wages? Can they try to take my home? Tomorrow I'm going to reach out to a few lawyers for free consultations. Just to see what they say about this. I'm not trying to buy a new car / open a new line of credit / buy a new house / buy ANYTHING, so if my score happens to drop, well then, I can deal with it and pay for things we need with cash. So much to process!

 

[go-rebels]

I was excited about the Ovation program initially because I thought I would qualify. Until I found out it was for loans that had already been paid off.

Only for some properties though. Wyndham will not take back Plantation Tara Cove.

 

[Ken555]

I just wonder if she'd taken a different path, following the good advice of TUGgers but not posting continuously every step of the way, if Wyndham may have relented at some point prior to now. I wonder if, because the situation has been made very public, she isn't ruining her chances of them being lenient at any point in the process based on her very real financial difficulties.

You could be right, the squeaky wheel may get the grease. I hope so for this OP's sake.

On the contrary, I think threads like this will assist future potential timeshare owners who need to extract themselves from a bad situation in not waiting and relying upon the hopes of developer/loan provided hardship programs. I suspect the OP could have saved a few months (or more) of payments if she had convinced herself earlier that continuing to pay was not going to help. I have friends who experienced the same result with their homes in ~2008, and the bank really doesn't care until you show you can't pay...by not paying.

Best of luck to the OP! Stay confident, enjoy the ride (!), and ignore the haters.


Sent from my iPad

 

[SueDonJ]

On the contrary, I think threads like this will assist future potential timeshare owners who need to extract themselves from a bad situation in not waiting and relying upon the hopes of developer/loan provided hardship programs. I suspect the OP could have saved a few months (or more) of payments if she had convinced herself earlier that continuing to pay was not going to help. I have friends who experienced the same result with their homes in ~2008, and the bank really doesn't care until you show you can't pay...by not paying.

Best of luck to the OP! Stay confident, enjoy the ride (!), and ignore the haters.


Sent from my iPad

I hope you're not counting me in with the haters? The last thing I want is for the OP to think that I'm criticizing her for being in the position she's in. Walk a mile ...

While I certainly agree that this thread and others like it can be helpful in the abstract to give folks an idea of the difficulty getting out of timeshares, my concern is that it may not be helpful for this OP, anyone really, to publicly share every detail along the way. Hopefully what others have said about my concern is correct and Wyndham isn't being made to feel that they can't relent at this point because floodgates have been opened. I don't know if Wyndham relenting at any point is even a possibility but if it is, hopefully this doesn't jeopardize it. That's all.

 

[Ken555]

I hope you're not counting me in with the haters?

Nope


Sent from my iPad

 

[mslsu5]

You're very welcome. Enjoy

And thanks, Denise. Appreciate the support

Happy New Year!!!

Thanks GoChiefsorBust for continuing to post your updates. I'm still following this post through my process.

 

[Ty1on]

You're very welcome. Enjoy

Best. Response. Ever.

Incidentally, someone told me that once they foreclose the deed, it is transferred to the developer, who reimburses the association for all maintenance fees in arrears.

So, some of the angst here may be further evidence of incomplete understanding of the system.

 

[Explorer7]

There are popular consumer advocates like Clark Howard who actually advocate that in today’s marketplace a company’s PR department carries a lot of weight towards reconciling differences when an individual customer’s voice is heard beyond what is sometimes called the “customer no service department”. He does warn however to avoid character assassination and any claims that you cannot document which can attract legal attention from the company that you do not want. As the old TV series Dragnet used to say. Facts ‘mam, just the facts”. In my opinion the OP has managed the facts well during this thread.

Long story short, sometimes it’s worth spending a dollar to make a customer feel whole again than it is to spend seven dollars to clean up a potential public relations mess.

 

[mslsu5]

Certified Letter??

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)

Hi GoChiefsorBust,
Was this letter sent Certified?

 

[PrettyPisces75]

Thanks for the updates! I am at the starting point that you were in August. Arghh! Continued luck to you!

 

[GoChiefsorBust]

Hello Everyone!!!! Hope your weekend is going well

Here's an update; let me know HONESTLY what you think:

1/27/16

"Dear X and GoChiefsorBust,

As you may already be aware, your above-referenced contract with Wyndham Vacation Resorts is severely past due and in danger of immediate cancellation. We understand that this may be a situation where you simply cannot afford to continue making payments on your account and are looking for the best way to mitigate your loss. (man. there's so many things I can say about this opening statement alone. Sigh).

At this time, Wyndham would like to offer you the option to settle your debt with us. This will allow you to cancel your contract with no further obligation owed to us. Your credit report will be updated to reflect the settlement of your debt with no outstanding balance upon your acceptance and completion of the settlement process.

To accept this offer, it is imperative that you contact us as soon as possible.....phone numbers, hours of operation.

Please be aware that, if you elect not to accept this offer, your account may be subject to continued collection activity, including potential referral to a third party debt collection agency."

So. This sounds like we're at the point where Wyndham is offering me the olive branch and if I agree, all will be forgiven and we go our separate ways. HOWEVER. I need to make sure that I don't have to pay anything, and nothing is reflected poorly on the X's credit report and that this matter doesn't show up (as if we never had Wyndham)......my question to you all is, what should I look for in accepting the offer?

I'm going to call the number on Monday and use the reference number on the letter I just transcribed........

 

[GoChiefsorBust]

Best. Response. Ever.

Incidentally, someone told me that once they foreclose the deed, it is transferred to the developer, who reimburses the association for all maintenance fees in arrears.

So, some of the angst here may be further evidence of incomplete understanding of the system.

Hi Ty1on! I sure hope that's the case, and the point where I'm at now.....this is new to me, so I guess I should do some light reading today and tomorrow to brush up on terms before I make my phone call......

 

[GoChiefsorBust]

Hi GoChiefsorBust,
Was this letter sent Certified?

Hi Mslsu5,

No, it was sent via regular post. Nothing certified has come to me yet.

 

[GrayFal]

Hello Everyone!!!! Hope your weekend is going well

Here's an update; let me know HONESTLY what you think:

1/27/16

"Dear X and GoChiefsorBust,

As you may already be aware, your above-referenced contract with Wyndham Vacation Resorts is severely past due and in danger of immediate cancellation. We understand that this may be a situation where you simply cannot afford to continue making payments on your account and are looking for the best way to mitigate your loss. (man. there's so many things I can say about this opening statement alone. Sigh).

At this time, Wyndham would like to offer you the option to settle your debt with us. This will allow you to cancel your contract with no further obligation owed to us. Your credit report will be updated to reflect the settlement of your debt with no outstanding balance upon your acceptance and completion of the settlement process.

To accept this offer, it is imperative that you contact us as soon as possible.....phone numbers, hours of operation.

Please be aware that, if you elect not to accept this offer, your account may be subject to continued collection activity, including potential referral to a third party debt collection agency."

So. This sounds like we're at the point where Wyndham is offering me the olive branch and if I agree, all will be forgiven and we go our separate ways. HOWEVER. I need to make sure that I don't have to pay anything, and nothing is reflected poorly on the X's credit report and that this matter doesn't show up (as if we never had Wyndham)......my question to you all is, what should I look for in accepting the offer?

I'm going to call the number on Monday and use the reference number on the letter I just transcribed........

Wow, that certainly sounds good.

 

[GoChiefsorBust]

Wow, that certainly sounds good.

It does. But I'm sure people can understand why I'm slightly guarded. I don't want to get my hopes up, but.....I guess Monday I'll hear it from the horse's mouth.

 

[vacationhopeful]

It does. But I'm sure people can understand why I'm slightly guarded. I don't want to get my hopes up, but.....I guess Monday I'll hear it from the horse's mouth.

Might just be checkin WHAT you current financial position is. And your current phone number ... so that they can say ... you were contacted.

I would invest in a cheap as *bleep* "throw away phone" ... can call them from THAT number. And then watch HOW many other "unknown" numbers call that line. Tracfone for $10 (might include some minutes). If no minutes, another $10 buys minutes ... Walmark.

Missed calls do NOT eat up your minutes ... get minutes for 90 days ... keeps the phone number 'good'.

 

[GoChiefsorBust]

Might just be checkin WHAT you current financial position is. And your current phone number ... so that they can say ... you were contacted.

I would invest in a cheap as *bleep* "throw away phone" ... can call them from THAT number. And then watch HOW many other "unknown" numbers call that line. Tracfone for $10 (might include some minutes). If no minutes, another $10 buys minutes ... Walmark.

Missed calls do NOT eat up your minutes ... get minutes for 90 days ... keeps the phone number 'good'.

You know what? I can do that. It's probably good to have an emergency phone in the car anyways. I can get one from Walmart, put some minutes on it, and deal with them that way.......good idea, thanks!

 

[GrayFal]

Might just be checkin WHAT you current financial position is. And your current phone number ... so that they can say ... you were contacted.

I would invest in a cheap as *bleep* "throw away phone" ... can call them from THAT number. And then watch HOW many other "unknown" numbers call that line. Tracfone for $10 (might include some minutes). If no minutes, another $10 buys minutes ... Walmark.

Missed calls do NOT eat up your minutes ... get minutes for 90 days ... keeps the phone number 'good'.

You know what? I can do that. It's probably good to have an emergency phone in the car anyways. I can get one from Walmart, put some minutes on it, and deal with them that way.......good idea, thanks!

That's a good idea. Take the focus away from your home/cell number.

The other side of the coin is that the have the Ovation Program. So they are actively looking to get inventory back. They already got a LOT of money from you, if they take your ownership back, they can sell it to fresh meat.

 

[GoChiefsorBust]

Morning!

Called the number provided and it took me to the voicemail of some guy. I left a message, along with my phone number (of the new tracfone I purchased for $10 this morning; thanks vacationhopeful!). I have 120 minutes on the phone so that should be enough.

I'm going to ask for everything in writing. I will NOT agree to anything over the phone. I will NOT agree to back pay for past due MFs. I will NOT agree to pay anything out of pocket (not like I could anyways!). Their office opened 20 min ago (P.T.), so I hope to hear from this guy soon.

 

[Ty1on]

Hello Everyone!!!! Hope your weekend is going well

Here's an update; let me know HONESTLY what you think:

1/27/16

"Dear X and GoChiefsorBust,

As you may already be aware, your above-referenced contract with Wyndham Vacation Resorts is severely past due and in danger of immediate cancellation. We understand that this may be a situation where you simply cannot afford to continue making payments on your account and are looking for the best way to mitigate your loss. (man. there's so many things I can say about this opening statement alone. Sigh).

At this time, Wyndham would like to offer you the option to settle your debt with us. This will allow you to cancel your contract with no further obligation owed to us. Your credit report will be updated to reflect the settlement of your debt with no outstanding balance upon your acceptance and completion of the settlement process.

To accept this offer, it is imperative that you contact us as soon as possible.....phone numbers, hours of operation.

Please be aware that, if you elect not to accept this offer, your account may be subject to continued collection activity, including potential referral to a third party debt collection agency."

So. This sounds like we're at the point where Wyndham is offering me the olive branch and if I agree, all will be forgiven and we go our separate ways. HOWEVER. I need to make sure that I don't have to pay anything, and nothing is reflected poorly on the X's credit report and that this matter doesn't show up (as if we never had Wyndham)......my question to you all is, what should I look for in accepting the offer?

I'm going to call the number on Monday and use the reference number on the letter I just transcribed........

The offer will be to cancel the debt for a percent of what you owe, 20%-30%.