[ 2019 ] Letting timeshare foreclose

[mommacarus]

ah, well thats disappointing.

id certainly make a significant effort in harassing that department until they agreed to take it back...that is ridiculous.

I'm trying!!! I've called and emailed every month since last October. So far, they have not relented.

 

[HudsHut]

We are recommending that you post it here in the "free" section of this forum:
https://tugbbs.com/forums/index.php?forums/free-timeshare-giveaways-and-bargain-deals.55/

This is the thread that has the bulk of the info on Diamond's program. You may have already read it, but just in case it helps others:
https://tugbbs.com/forums/index.php...e-back-your-diamond-resorts-timeshare.224859/

 

[TUGBrian]

Sadly in this current market, dri ownerships are extremely difficult to sell or even give away, in fact other than westgate i cant think of another system where ownerships have LESS value than dri on the resale market.

honestly there comes a time when you have made every effort to both give it back and or give it away...that you really have to begin considering no longer paying for it. that will most certainly end your ownership, the ramifications of doing so seem to vary on a case by case basis (ie what does or does not get reported to collections).

It is difficult to swallow, and years ago we would have urged against it...but what is your alternative? paying for the rest of your life on something that has zero value to you? the term fish or cut bait comes to mind!

 

[OldGuy]

Sadly in this current market, dri ownerships are extremely difficult to sell or even give away, in fact other than westgate i cant think of another system where ownerships have LESS value than dri on the resale market.

honestly there comes a time when you have made every effort to both give it back and or give it away...that you really have to begin considering no longer paying for it. that will most certainly end your ownership, the ramifications of doing so seem to vary on a case by case basis (ie what does or does not get reported to collections).

It is difficult to swallow, and years ago we would have urged against it...but what is your alternative? paying for the rest of your life on something that has zero value to you? the term fish or cut bait comes to mind!

Wow! Did I say that?



No, it does not say Wastegate.



BTW, the OP and I have started working on her situation, me explaining specifically what I did to get the same thing done, times 5 or 6 or 7, or whatever, over 10 years, and to slow the $$$ bleeding while waiting for someone to transfer the week to.

I'm thinking that might be a good thing to do here, offer people specific, step-by-step, instructions, ad-wording, how to manage them, how to persistently lobby the Association, etc., to give desperate owners a real path to relief. All the things I did were free-ish, just requiring my time, except for when an Association actually took me up on my persistence, and took the last week back, for a fee.

BTW, it was a tough decision to do that, when they finally caved, since I had already "given away" two weeks there, and had slowed the $$$ bleeding by renting them each year. But, I did it, mostly because they finally did it, and I wanted to have it over with, and keep that exit door open for others who may not have the same level of persistence.

 

[simpsontruckdriver]

On the subject of foreclosure for non-payment of Maintenance Fees, that happened to my wife and I. We owned Wyndham, deeded at Star Island. But, when the Great Recession hit, we had a hard time keeping any of our bills current, so we didn't pay Wyndham. About a year and a half later, we got a message from them saying they were foreclosing on it, that we don't need to do anything. Years later, they never touched our credit.

TS

 

[OldGuy]

On the subject of foreclosure for non-payment of Maintenance Fees, that happened to my wife and I. We owned Wyndham, deeded at Star Island. But, when the Great Recession hit, we had a hard time keeping any of our bills current, so we didn't pay Wyndham. About a year and a half later, we got a message from them saying they were foreclosing on it, that we don't need to do anything. Years later, they never touched our credit.

TS

Kudos.

Maybe I missed it, and I've been asking for it, but I believe this is the first firsthand report of the affect of timeshare exit on credit report.

It would be nice to hear more, whichever way they go.

 

[OldGuy]

I said it elsewhere, and I know horrible double-posting is, but since it applies here . . .

Some people here feel that the $1.5 million or so dissatisfied timeshare owners absolutely have to keep paying the maintenance fees, regardless, because they signed a contract.

But, anyone "sign a contract" promising to pay maintenance fees for a week you bought resale?

The Association may have to legal right to withhold the use of a week that the MF has not been paid for, but they don't have a contract to enforce the payment.

So, can you actually just walk away from a resale week?

Just sayin'

 

[Grammarhero]

I said it elsewhere, and I know horrible double-posting is, but since it applies here . . .

Some people here feel that the $1.5 million or so dissatisfied timeshare owners absolutely have to keep paying the maintenance fees, regardless, because they signed a contract.

But, anyone "sign a contract" promising to pay maintenance fees for a week you bought resale?

The Association may have to legal right to withhold the use of a week that the MF has not been paid for, but they don't have a contract to enforce the payment.

So, can you actually just walk away from a resale week?

Just sayin'

I think chiefsorbust also didn’t get her credit affected. However, my in-law and friend, both of whom defaulted on TS loans, both lost 50 credit pts. Again, those were for TS loans, which are an entirely different animal from MF payments l.

 

[OldGuy]

chiefsorbust

Bust, again . . . . but not before they reach in, grab your heart, and rip it out.

 

[elwaldo]

I have week 44 at Williamsburg Powhatan Resort (2 br lockoff). I purchased on Ebay in 2006 and most often have traded in to RCI for 2 weeks and vacationed elsewhere. Due to familiar obligations, children are grown, and our advancing years, we are no longer able to take advantage of yearly away vacations, and would like to lose the obligation of paying maintenance fees, etc.

I listed unit for sale on Tug for $1...no takers. I contacted Diamond Resorts Transition team, customer service, loss mitigation team, lead collector; and although they have a program to take back weeks, I do not qualify because I am not the original buyer. Even though my week was fully paid for when I bought it, and my maintenance fees are up to date. I have been persistent and call or email every month...same answer.

This past month I was advised "to let the unit go in to foreclosure. Late payment notices will be sent, just ignore them. They cannot affect your credit with maintenance fees not being paid". Does this make sense? Don't want to make a wrong move, just want out of this obligation.

Sorry for lengthy post...desperate for help. Thanks in advance.

As a last resort... find some derelict, a wino in the city and gift the property to him. Make it legal. Change ownership address to corner of Broad and Vine or whatever. Let Diamond hound him... if they can.

 

[marijalas]

How helpful you are to take the trouble to help with incentives for buying the area. Perfect ad campaign you set up for them!

- Thanksgiving celebrations: every year during November, Williamsburg gets historical re-enactments of the first Thanksgiving. Lots of great local, free events, particularly around Colonial Williamsburg. Experience the first Thanksgiving like it was 410 years ago!
- Colonial Williamsburg. The CW app is great to use. It’s free to walk around 387 year old town, the third oldest town in the US. A $40 adult ticket will get you admission to two museums and the governor’s mansion. However, it’s not necessary, as walking around town enough to feel the historical vibe. I usually advise people against the $40 admission tickets because they start to feel bad afterwards. Afterwards, you can usually resell the admission wristband for $10. I usually spend an entire day here.
- Jamestown Settlement/Historic Jamestown: two great historical sites to explore, including replicas of a Native American Village, Jamestown Fort, and the three ships bringing settlers. The Excavation site is the actual location of the second oldest town in America dates 410 years old, next to lost Colony of Roanoke. As a plus, you might be able to resell your adult admission stickers for $5 to incoming visitors once you are finished. I usually spend an entire day here.
- Yorktown American Revolution Museum/ Yorktown Battlefield/ Historic Yorktown: explore the final battle of the Revolutionary War with two great historical sites. Historic Yorktown is free. Lots of interesting replicas. As a plus, you might be able to resell your admission stickers for $5 to incoming visitors once you are finished. I usually spend an entire day here.
- Busch Gardens/Water Country: each theme park deserves its own day to explore all the kid-friendly shows. Celtic Frye, a broadway style Irish tap-dancing show, is my favorite. Food is actually reasonably priced and good here. Probably the best-tasting, least expensive amusement park food I’ve ever had.

Virginia Beach also an one-hour drive, at which I usually spend one day. There are other great quaint shopping spots like Merchants Square and Riverwalk Landing, an oceanfront. Even in November, you can take a $37 cruise along the York River, which was the site of both Revolutionary War and Civil War battles. Lots of history concerning the York River.

All in one tickets can be purchased at http://jyfemail.jyf.virginia.gov/eS...roductGroupCode=9000&ProductCategoryCode=9009.
https://buschgardens.com/williamsburg/tickets/theme-park-tickets/

Be careful if you see great discount deals by third party sites. Most are scams or discounts offered by TS resorts making you attend a Ts presentation.

 

[LannyPC]

As a last resort... find some derelict, a wino in the city and gift the property to him. Make it legal. Change ownership address to corner of Broad and Vine or whatever. Let Diamond hound him... if they can.

That method was talked about a while ago here on TUG. Some resorts are requiring the "'buyer" to provide ID that proves ability and intention to pay MFs. The resort might nixsuch a transfer in this case.

 

[bogey21]

. Association actually took me up on my persistence, and took the last week back, for a fee....It was a tough decision to do that, when they finally caved, since I had already "given away" two weeks there, and had slowed the $$$ bleeding by renting them each year...

There is nothing wrong with paying a fee to stop the bleeding. I have done it for years with race horses I wanted out of. Paying up front is often cheaper than spending money month after month for upkeep. Taking a less than you want offer to sell a house is better than making a bunch of mortgage payments just to get your price...

George

 

[OldGuy]

There is nothing wrong with paying a fee to stop the bleeding.

& the Association has an opportunity to get rid of an unhappy owner, while turning an unproductive week into revenue.

Of course, when Associations are not there to do things for their owners, just to meet a couple times a year, that's a problem.

 

[Larry M]

There is nothing wrong with paying a fee to stop the bleeding. I have done it for years with race horses I wanted out of. Paying up front is often cheaper than spending money month after month for upkeep. Taking a less than you want offer to sell a house is better than making a bunch of mortgage payments just to get your price...

George

I wanted out of a Wyndham-managed timeshare I had inherited, never visited. I called Wyndham and was transferred to the association. They said they would take it back for $150 attorney's fees. I sent the check, based on advice in this forum.

 

[AZSadOwner]

I've done it twice and it hasn't affected my already high credit score significantly enough to make an impact on anything I want to finance at my age !

 

[artringwald]

It occurs to me that a lot of questions here have to do with debt collection, so here's some basics:

https://www.consumer.ftc.gov/articles/debt-collection-faqs

Here's one right that sticks out:

You also can get a collector to stop contacting you, at any time, by sending a letter by mail asking for contact to stop.

If you tell them to stop they can just sell the account to another debt collector and they'll start harassing you. I found out when I got a new phone number that used to belong to a deadbeat.

 

[OldGuy]

I wanted out of a Wyndham-managed timeshare I had inherited, never visited. I called Wyndham and was transferred to the association. They said they would take it back for $150 attorney's fees. I sent the check, based on advice in this forum.

Wyndham did good, the Association did good, you did good.

It's not rocket surgery.

 

[OldGuy]

I found out when I got a new phone number that used to belong to a deadbeat.

funny

I don't have a new phone number, but get deadbeat-related calls every now and then, from someone who used my phone number on their app. BR549.

BTW, tell the new harasser to stop.

 

[Grammarhero]

I've done it twice and it hasn't affected my already high credit score significantly enough to make an impact on anything I want to finance at my age !

How much was the point drop?

 

[SueDonJ]

I said it elsewhere, and I know horrible double-posting is, but since it applies here . . .

Some people here feel that the $1.5 million or so dissatisfied timeshare owners absolutely have to keep paying the maintenance fees, regardless, because they signed a contract.

But, anyone "sign a contract" promising to pay maintenance fees for a week you bought resale?

The Association may have to legal right to withhold the use of a week that the MF has not been paid for, but they don't have a contract to enforce the payment.

So, can you actually just walk away from a resale week?

Just sayin'

Am I reading this right? You're saying that since resale buyers don't sign the same paperwork that the original buyer did, that means resale buyers have an option to walk away that original buyers don't? Good gravy! Any lawyer trying to argue this in court would be laughed out of there, because the original governing docs of every timeshare say that just as certain usage rights automatically transfer to each succeeding buyer of an interval, so don't certain ongoing financial obligations including MF's.

(OP, I hope you know that my comments aren't meant to be critical of you. You've obviously done the right things to try to get out from your timeshare, and I hope you're eventually successful.)

 

[OldGuy]

Am I reading this right? You're saying that since resale buyers don't sign the same paperwork that the original buyer did, that means resale buyers have an option to walk away that original buyers don't? Good gravy! Any lawyer trying to argue this in court would be laughed out of there, because the original governing docs of every timeshare say that just as certain usage rights automatically transfer to each succeeding buyer of an interval, so don't certain ongoing financial obligations including MF's.

(OP, I hope you know that my comments aren't meant to be critical of you. You've obviously done the right things to try to get out from your timeshare, and I hope you're eventually successful.)

Posed it as a legal question (asking, not saying) . . . if you are not party to a contract, is a contract enforceable against you?

If you never were party to a contract where you agree to pay maintenance fees, what recourse(s) does(do) the Association have? Withhold the use of the week, sure, but anything else?

It seems so simple as to be shocking, I agree.

Any attorneys wanna take a shot?

 

[Grammarhero]

Posed it as a legal question . . . if you are not party to a contract, is the contract enforceable against you?

If you never were party to a contract where you agree to pay maintenance fees, what recourse(s) does(do) the Association have? Withhold the use of the week, sure, but anything else?

It seems so simple as to be shocking, I agree.

Any attorneys wanna take a shot?

I’m an attorney. Sorry @OldGuy. If it makes you feel better, there are unbarred law clerks with three years of post-grad law school education making the same arguments. If any Ts resale purchase agreement, buyer agrees to be bound by HOA governing docs and pay Mf. If that legal obligation or clauses aren’t there, the resort and county can both reject the new deed and accompanying Ts resale purchase agreement. @SueDonJ

 

[OldGuy]

AZSadOwner

Funny handle, considering my recent AZ legislation thread.

 

[OldGuy]

I’m an attorney. Sorry @OldGuy. If it makes you feel better, there are unbarred law clerks with three years of post-grad law school education making the same arguments. If any Ts resale purchase agreement, buyer agrees to be bound by HOA governing docs and pay Mf. If that legal obligation or clauses aren’t there, the resort and county can both reject the new deed and accompanying Ts resale purchase agreement. @SueDonJ

For the half-dozen I've transferred by QCD, no contract or purchase agreement accepted and recorded, . . . . . ???????

Or, for that matter, the nine-or-so I acquired that way.

can is not a sufficient word

FWIW, I've run this by the guy at our legacy resort, where most of the owners acquired by resale . . .