[2015] About to Start the Foreclosure Process

[GoChiefsorBust]

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

You were absolutely right!

Spoke with Ron, nice guy. He gave 2 scenarios: pay 20% (equals about $6800. I told him if we had that much money, we would've never defaulted to begin with :annoyed: ). The plus side of this was that it wouldn't be reflected negatively on the credit report, and nothing would be owed after that payment.

Scenario 2 was that I do nothing and let it go into collections, which takes about 1 month, and the collections people contact me to try to work out a deal for me to pay, and if I still say no, then collections turns it back to Wyndham.

Here's something of interest, perhaps, in Ron's words. Wyndham will buy back the loan, and recoup their deed. Wyndham wont attempt to garnish wages or take me / X to civil court to get payment. They will just write it off as a foreclosure which stays as a negative mark on the X's credit history for 7 years. According to Ron, this will be detrimental in if the X wants to get a loan for......something.

I told Ron I'm still unable to pay anything; he mentioned me taking money out of retirement, or obtaining a loan, or taking money out of savings. I repeated to him that if I had money, we wouldn't be at this point, and I was unable to pay anything. He said ok; mentioned that this would more than likely be our only conversation as from this point on it would mostly be paperwork correspondence.

Basically a 3 minute conversation. Very pleasant person to deal with, no pressure tactics to try to get me to bankrupt myself to get rid of them. Now I wait a month. X is going to pass out about this being on his record for 7 years but maybe if / when he files for bankruptcy, this too will be removed? Whatevs.......

 

[ace2000]

Thanks for keeping us posted... it's nice to finally get the real truth about what really happens during one of these. There has been a ton of misinformation posted on TUG in the past.

 

[Cheryl20772]

Thanks for keeping us posted... it's nice to finally get the real truth about what really happens during one of these. There has been a ton of misinformation posted on TUG in the past.

I can't say I've ever read any misinformation posted on TUG about what will happen if one tries to walk away from a timeshare mortgage.

 

[ace2000]

I can't say I've ever read any misinformation posted on TUG about what will happen if one tries to walk away from a timeshare mortgage.

You probably haven't been reading long enough then. All you heard in the past was about the major lawsuits, court judgements, wage garnishments, etc. etc. Very few suggested this path of waiting for a settlement offer or negotiate it down. Kudos to the ones that knew what they were talking about.

 

[jasonv1]

Bankruptcy does indeed discharge most debts, but the bankruptcy itself will stay on your record for 7 years. No further dings from your creditors, but getting credit will be tough for a few years.

If you (aka X) file, if you can find one I suggest getting a small secured credit card after everything is done to start building credit again ASAP. You'll have to put up some money to guarantee it (as much as you want), but you'll start building positive credit again. You'll have to use it a couple of times a month, pay in full, etc, but it is worth it to accelerate your credit recovery.

(Please note my experience with bankruptcy is 20 years old; all I know now is that it is more difficult to discharge all debts than it was back then. You'll want to consult a lawyer, not an Internet commenter).

You were absolutely right!

Spoke with Ron, nice guy. He gave 2 scenarios: pay 20% (equals about $6800. I told him if we had that much money, we would've never defaulted to begin with :annoyed: ). The plus side of this was that it wouldn't be reflected negatively on the credit report, and nothing would be owed after that payment.

Scenario 2 was that I do nothing and let it go into collections, which takes about 1 month, and the collections people contact me to try to work out a deal for me to pay, and if I still say no, then collections turns it back to Wyndham.

Here's something of interest, perhaps, in Ron's words. Wyndham will buy back the loan, and recoup their deed. Wyndham wont attempt to garnish wages or take me / X to civil court to get payment. They will just write it off as a foreclosure which stays as a negative mark on the X's credit history for 7 years. According to Ron, this will be detrimental in if the X wants to get a loan for......something.

I told Ron I'm still unable to pay anything; he mentioned me taking money out of retirement, or obtaining a loan, or taking money out of savings. I repeated to him that if I had money, we wouldn't be at this point, and I was unable to pay anything. He said ok; mentioned that this would more than likely be our only conversation as from this point on it would mostly be paperwork correspondence.

Basically a 3 minute conversation. Very pleasant person to deal with, no pressure tactics to try to get me to bankrupt myself to get rid of them. Now I wait a month. X is going to pass out about this being on his record for 7 years but maybe if / when he files for bankruptcy, this too will be removed? Whatevs.......

 

[GoChiefsorBust]

Thanks for keeping us posted... it's nice to finally get the real truth about what really happens during one of these. There has been a ton of misinformation posted on TUG in the past.

Not a problem! I was so tired of trying to locate an actual process but all I kept getting was conflicting information online: they sue / they wont / they garnish wages / you have to pay for lawyers / they take you to court.

As stressful as this situation has been, if I can do one small thing for others like me (with a legitimate situation), then it's the least I can do.......

 

[GoChiefsorBust]

Bankruptcy does indeed discharge most debts, but the bankruptcy itself will stay on your record for 7 years. No further dings from your creditors, but getting credit will be tough for a few years.

If you (aka X) file, if you can find one I suggest getting a small secured credit card after everything is done to start building credit again ASAP. You'll have to put up some money to guarantee it (as much as you want), but you'll start building positive credit again. You'll have to use it a couple of times a month, pay in full, etc, but it is worth it to accelerate your credit recovery.

(Please note my experience with bankruptcy is 20 years old; all I know now is that it is more difficult to discharge all debts than it was back then. You'll want to consult a lawyer, not an Internet commenter).

This is good information. Since I'm talking to X this week (LOL), I'll pass this on to him.....thanks much!

 

[mslsu5]

Hi Mslsu5,

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

Hi GoChiefsorBust - Thanks! I think they tried to send me something certified, but my mail carrier can't seem to find it now. Go figure! Guess I'll have to wait for their next correspondence.

Thanks for keeping us updated on your process. Wishing you the best of luck on finally getting closure.

 

[Cheryl20772]

Hi GoChiefsorBust - Thanks! I think they tried to send me something certified, but my mail carrier can't seem to find it now. Go figure! Guess I'll have to wait for their next correspondence.

Thanks for keeping us updated on your process. Wishing you the best of luck on finally getting closure.

Not good! Did you get a notice from the carrier of a certified item? That notice should have the certified number for the item. That's an "accountable item" and a carrier would be in serious trouble if it's misplaced. Please don't let that go. If you have a receipt for an item that can't be found please file a complaint at the Post Office.

 

[mslsu5]

Not good! Did you get a notice from the carrier of a certified item? That notice should have the certified number for the item. That's an "accountable item" and a carrier would be in serious trouble if it's misplaced. Please don't let that go. If you have a receipt for an item that can't be found please file a complaint at the Post Office.

Hi Cheryl20772,

I signed it so that she could leave the letter and now don't know where it is, so i don't have the tracking number anymore. Not sure how they can find it without the number. Never thought she'd misplace it. That's never happened with her before.

 

[Cheryl20772]

Hi Cheryl20772,

I signed it so that she could leave the letter and now don't know where it is, so i don't have the tracking number anymore. Not sure how they can find it without the number. Never thought she'd misplace it. That's never happened with her before.

I'm so sorry you can't follow up now on that receipt. l guess all you can do is hope it will turn up. I'm sorry your carrier let you down.

 

[mslsu5]

I'm so sorry you can't follow up now on that receipt. l guess all you can do is hope it will turn up. I'm sorry your carrier let you down.

Thanks Cheryl20772.

 

[GoChiefsorBust]

Hello!

One month! Ha! Got a call from Blackwell (?) Collections yesterday. Arizona number, guy left his name and info and said the usual, this is an attempt to collect. I didn't block THIS number because I want to see if he'll call back and I want to hear what he has to say. BUT perhaps this is moving along quicker, which means I'm in the home stretch. Hey, gotta look at the "bright" side

 

[GoChiefsorBust]

Good Morning!

Last week, I believe Thursday, I received a notice from Blackwell Collections....regular mail. It stated that if we paid $11k+ that they would do a deed in lieu of foreclosure, wipe off the bad mark on the credit report, yadda yadda. If we didn't respond, they would attempt to collect full amount.....call them back......In the meantime, I've received calls from them (Arizona), which I've blocked. I guess Ron was telling the truth (that Wyndham would settle for less than the collection agency. Keep that in mind folks! )

Sorry not much of an update, but nothing exciting has been going on with them as of late......I'll be back soon

 

[T-Dot-Traveller]

Good Morning!

Last week, I believe Thursday, I received a notice from Blackwell Collections....regular mail. It stated that if we paid $11k+ that they would do a deed in lieu of foreclosure, wipe off the bad mark on the credit report, yadda yadda. If we didn't respond, they would attempt to collect full amount.....call them back......In the meantime, I've received calls from them (Arizona), which I've blocked. I guess Ron was telling the truth (that Wyndham would settle for less than the collection agency. Keep that in mind folks! )

Sorry not much of an update, but nothing exciting has been going on with them as of late......I'll be back soon

Dear Go Chiefs or Bust
I have occasionally followed this thread - and wish you ( future ) good luck.
Hang tough - and thank you for being a good TUG poster by sharing what you are learning with everyone on this forum.

 

[mslsu5]

Good Morning!

Last week, I believe Thursday, I received a notice from Blackwell Collections....regular mail. It stated that if we paid $11k+ that they would do a deed in lieu of foreclosure, wipe off the bad mark on the credit report, yadda yadda. If we didn't respond, they would attempt to collect full amount.....call them back......In the meantime, I've received calls from them (Arizona), which I've blocked. I guess Ron was telling the truth (that Wyndham would settle for less than the collection agency. Keep that in mind folks! )

Sorry not much of an update, but nothing exciting has been going on with them as of late......I'll be back soon

Thanks for the updates. Greatly appreciated.

 

[Ozlander]

Hang in there. Sounds like you may be on the home path.
Hope it all works out for you and thanks for starting this thread.
Good information for all Wyndam owners.

 

[GoChiefsorBust]

Good Afternoon Everyone, and thanks to those who have sent kind words.....

As an update of sorts, I got a call from Nevada (Blackwell) but they didn't / never leave a voicemail...... no correspondence received from Blackwell or Wyndham via mail since early March. Don't know what the delay is, unless they are getting the legal stuff straightened out or are trying to "buy me more time to respond." Sorry nothing major to report on, but I WILL be back. Take care everyone

 

[DeniseM]

Thanks for the update! Keep fighting the good fight!

 

[mslsu5]

Haven't heard a peep for about a month. Anybody else had any updates?

 

[GoChiefsorBust]

Haven't heard a peep for about a month. Anybody else had any updates?

Hello Everyone!

I haven't heard anything either LOL

It's been a very VERY quiet, peaceful time.... I've been working on saving my money, and the ex has been working on rebuilding his credit. His bankruptcy process is about finished and he's actually getting another job so he can build back up his savings. Good for him.

I asked if he's received anything from Wyndham and he got a letter in the mail about 2 weeks ago saying he could pay off the balance, please contact them. He said it wasn't a threatening letter, plain colored.

Not sure what the continued hold up is, but.....at least the correspondence is going directly to him now! I'll be sure to check back in!

 

[mslsu5]

Hello Everyone!

I haven't heard anything either LOL

It's been a very VERY quiet, peaceful time.... I've been working on saving my money, and the ex has been working on rebuilding his credit. His bankruptcy process is about finished and he's actually getting another job so he can build back up his savings. Good for him.

I asked if he's received anything from Wyndham and he got a letter in the mail about 2 weeks ago saying he could pay off the balance, please contact them. He said it wasn't a threatening letter, plain colored.

Not sure what the continued hold up is, but.....at least the correspondence is going directly to him now! I'll be sure to check back in!

Thanks for your update.

I'm glad you are able to work on trying to save some money now. It's definitely a good feeling.

It's so quiet it's almost scary. Just wish i could get this over with and behind me, so I can try to move forward with whatever the outcome may be.

Thanks again.
Best of luck to you!

 

[jlf58]

Allowing debts to be discharged is your legal right. If that's what someone needs to do to protect their family, good for them. Honoring a debt ? Major banks and your potential President have had debt discharged. If there is one thing I have learned in almost 60 years is protect yourself because nobody, not the government, not most employers, certainly not banks give a crap about you so you do what you have to to survive.

There is a lot to be said for honoring a debt. But look at it from Wyndhams eyes. You are more likely to continue to pay then someone who has stopped paying and late fees and compounded interest has made the amount owing a lot more then what was owed.

I am in favor of not allowing debts to be discharged. That would benefit honest people as interest rates would be lower and bank and other lending companies would be more willing to lend money.

 

[bogey21]

If there is one thing I have learned in almost 60 years is protect yourself because nobody, not the government, not most employers, certainly not banks give a crap about you so you do what you have to to survive.

Well said....

George

 

[raygo123]

Allowing debts to be discharged is your legal right. If that's what someone needs to do to protect their family, good for them. Honoring a debt ? Major banks and your potential President have had debt discharged. If there is one thing I have learned in almost 60 years is protect yourself because nobody, not the government, not most employers, certainly not banks give a crap about you so you do what you have to to survive.

Discharge of a debt is not a right. Try it with your house mortgage. It is a gesture by the holder of your debt. Mostly given to deadbeats, where "getting blood from a turnip" is a waste of time and money. Or those who are too dumb to manage their life, or cannot control themselves. And a few unfortunate souls who through no fault of their own are put into that situation as in old age, disability etc.,where their only solution, after trying to give away or sell.
Buying a timeshare does NOT fit into the category of a reasonable reason to relieve debt. They should be forced into bankruptcy.



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