[ 2019 ] Letting timeshare foreclose

[Fredflintstone]

As an aside. During my two years of tribulations and stiffing Wastegate, they did not foreclose. I did not call them. They charged me a delinquency fee for each year, but they did not foreclose. I wonder how long it would have taken before they would have taken action. They won on their bet as I brought it up to date over the course of a year when I got a job.

From what I have read, some timeshares, especially legacy ones, are very slow to foreclose. It’s because they hope and pray you resume payments, the return rates are either low (like a buck) and they are impossible to resell.

I think too they assess whether they can collect. If you are out of country or clearly broke, the odds of you coming on stream is low...thus foreclose.

State laws also play a role. If, let’s say, the timeshare is in California where non judicial, anti deficiency laws are in place, there is no point waiting and hoping. However, if the timeshare is in a judicial, deficiency state, costs to foreclosure are higher and time consuming, plus judgement placements are more assured.

Maybe I can con errr...ask @Grammarhero to see if there is a way to see if what I have read is true or not. I’m not sure whether it is possible though as many defaulted owners may not even know if the timeshare foreclosed or not.

What I do find interesting is I read an article where RCI attempts to gather information on the defaulted owner to garner new contact details. I am not sure if that is true or not though.


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[LannyPC]

It is even more unfair that those timeshare owners who enjoy their TS and pay their dues are the ones penalized with increase in maintenance fees, when their fellow TS owners decide to stop paying their own fees.

I'm going to play devil's advocate for a minute here just for argument's sake. As a disclaimer, I do not own a TS so this is just for bantering. If faithful owners who enjoy their TSs are complaining to me (a delinquent owner who is just letting it go into foreclosure) that I am causing his MFs to go up because I'm not paying and am letting it go into foreclosure, I could very well say to them, "Hey, if you like it so much, then you and all the owners who are enjoying it, pay your fees. If it's too much for you, then do what I am doing and walk away. I'm not paying for you to enjoy it. If you and all the other owners see value in it then pay. If you don't, then let the place go bankrupt and shut down."

As cold-hearted (and perhaps irresponsible) as that may sound, I am not paying $1000 per year so that others can enjoy their vacations.

 

[Fredflintstone]

I'm going to play devil's advocate for a minute here just for argument's sake. As a disclaimer, I do not own a TS so this is just for bantering. If faithful owners who enjoy their TSs are complaining to me (a delinquent owner who is just letting it go into foreclosure) that I am causing his MFs to go up because I'm not paying and am letting it go into foreclosure, I could very well say to them, "Hey, if you like it so much, then you and all the owners who are enjoying it, pay your fees. If it's too much for you, then do what I am doing and walk away. I'm not paying for you to enjoy it. If you and all the other owners see value in it then pay. If you don't, then let the place go bankrupt and shut down."

As cold-hearted (and perhaps irresponsible) as that may sound, I am not paying $1000 per year so that others can enjoy their vacations.

Very interesting angle . In most situations, if you are displeased with the pricing, service, quality, you can simply walk. That’s what forces most companies to continue to excel. It’s survival.

Then we have timeshares. You sign a contract that locks you in. So, IMO, you have given them a blank check. They can fee whatever, allow things to slide and if you complain... well...you signed a contract. Walk away...you got a contract.

That’s the main reason I have not and won’t re enter into a timeshare agreement. As a renter, I can walk. As a renter, I dont pay fees when I am unable to use the timeshare. As a renter, I don’t need to return. Saying that, many timeshares are beautiful places and I sure like the condo style living while vacationing. I can still get that by renting a timeshare. I just see it as freedom.

I do respect those who own too. Each to his own and I know many owners very happy with their timeshares. Many tell me they don’t mind being chained to a contract. However, if you choose to own, you also choose to pay whatever MF bill that comes your way.

That’s why I too think timeshares need to change. From what I have read, I see many a millennial not choosing locked in contracts. That’s just another reason why owning, IMO, is just not the way to go. I know...many here disagree and I respect that.


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[Mtsmith]

That’s life!! Period!!

You bought. Deal with it
If I forever drive my car. I forever have insurance and maintenance etc. forever!!! Period
When I no longer want my car or TS then get rid of it
My entire point with any comments is that why would I or ANYONE else feel that they’re entitled to a deal from the seller??

Foolish. Period

If the day comes when I have to get rid of what I own. I’m not going to go to the seller and cry a river
I’m a man. I will take whatever consequences. If any as you say and move on but it was I who did the original buying

Jumping in late to the party. I bought at The Colonnade in Branson. The manager there, an employee of the company, took maintenance fees, extra “onetime” fees for “repairs” of the property and put them in his bank accounts. Got cot caught and went to jail. For several years I was “required” by the TS contract to pay fees even though the resort was closed. Now open under Oak Ridge At Branson they are still sending bills. I don’t feel like I received what I was promised, but TS companies don’t care. I have offered to pay the MF of the past three years (even though there was no TS to use) if they take it back. We will see what happens. But I don’t feel like I am “crying a River”. Oh, and I’m a man too.

 

[Ellie23]

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

I know this post was from a while ago, but did you guys have a Mortage left to pay when you defaulted in your MF? (I'm asking because I'm in a similar issue with another timeshare except I have unpaid mortgage fees)

 

[simpsontruckdriver]

No, the Wyndham timeshare was fully paid off (it was given to us by a Tug member in the mid-2000s), but MFs were late.

TS

 

[D15]

Thank you for your good explanation of the steps you took to get out of your timeshare. We are in the exact same situation. I plan on sending a registered letter to Williamsburg Plantation requesting to be "released" from our timeshare. Interval International bill is coming up at the end of the year and I don't want to pay for more years of trading that have been really difficult. 50 points on our credit score mean virtually nothing. If I need to I'll send an explanation of the timeshare issue to credit bureaus. Again thanks for the encouragement.

How did your situation with Williamsburg Plantation turn out? We have a TS there and want out.

 

[Kenil Place]

Thank you for your good explanation of the steps you took to get out of your timeshare. We are in the exact same situation. I plan on sending a registered letter to Williamsburg Plantation requesting to be "released" from our timeshare. Interval International bill is coming up at the end of the year and I don't want to pay for more years of trading that have been really difficult. 50 points on our credit score mean virtually nothing. If I need to I'll send an explanation of the timeshare issue to credit bureaus. Again thanks for the encouragement.

How did that go after you sent the letter to Williamsburg Plantation? Did they go along with your request?

 

[DeniseM]

Please note - this thread is from 2019.

 

[Kenil Place]

Please note - this thread is from 2019.

Yes, thank you, I saw the date. I was just hoping to get a response from the poster, as to how things worked out for him.

 

[amycurl]

I would send a direct message to the poster you are trying to reach. (Click on their user name, then hit "Start Conversation.") They're more likely to see it, and it will let this zombie thread die once again. (I know, I know, posting this makes me part of the problem...)

 

[TheTimeTraveler]

Yes, thank you, I saw the date. I was just hoping to get a response from the poster, as to how things worked out for him.

The poster you are trying to reach hasn't been around since January 24th, 2020. Highly doubtful that you'll ever get a response at all.





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[Kenil Place]

The poster you are trying to reach hasn't been around since January 24th, 2020. Highly doubtful that you'll ever get a response at all.





.

Thank you for the info; I'll keep searching for a post with a similar topic and hopefully good advice.

 

[TUGBrian]

Thank you for the info; I'll keep searching for a post with a similar topic and hopefully good advice.

what have you tried sofar to give away or give back the timeshare there?

is it paiad off?

 

[Kenil Place]

I'm sorry to be so late replying; I'm not on here often.
My late husband and I bought a TS in North Carolina in 1983; it's been fully paid for decades. I haven't used or traded on RCI the TS in over 10 years. I don't travel where a TS is useful any longer. I've written to my home resort and to Wyndham several times over the past 2 years, offering a deed back--I've gotten no response at all. They--I'm assuming Wyndham--gave it to a collections company in California--got a couple of phone calls (which I stupidly answered) and 2-3 letters outlining what I owed. I put them in my file cabinet. Then earlier this year, I got a letter from the collection company saying Wyndham is now in charge of my account. I've gotten 2 letters from Wyndham, stating what I owe, which I filed. Have not answered them, don't intend to. I have not paid MFs in a year. After 41 years of paying them, I am done.

 

[Passepartout]

I'm sorry to be so late replying; I'm not on here often.
My late husband and I bought a TS in North Carolina in 1983; it's been fully paid for decades. I haven't used or traded on RCI the TS in over 10 years. I don't travel where a TS is useful any longer. I've written to my home resort and to Wyndham several times over the past 2 years, offering a deed back--I've gotten no response at all. They--I'm assuming Wyndham--gave it to a collections company in California--got a couple of phone calls (which I stupidly answered) and 2-3 letters outlining what I owed. I put them in my file cabinet. Then earlier this year, I got a letter from the collection company saying Wyndham is now in charge of my account. I've gotten 2 letters from Wyndham, stating what I owe, which I filed. Have not answered them, don't intend to. I have not paid MFs in a year. After 41 years of paying them, I am done.

I'm sorry for your loss. I understand fully, the aging- out of timeshare, and by extension, vacationing at some point in our lives. Timeshare companies do us, their current owners, and all families involved to not set up a viable procedure for owner/members to turn properties back to the developers. We didn't contest or challenge their profits for charging the high rates and profits, but to leave it to us to strip any value from the places and times.

I'm with you. If nobody wants what we paid thou$and$ of dollar$ for, for free, who can blame us for walking away.

At some point, they WILL foreclose, and hopefully, by then you'll be someplace where vacations won't matter.

Jim

 

[Kenil Place]

As a family member said when I voiced concern about a credit ding, "your credit score is so high that you might plummet to "low risk". Ha!

 

[Kenil Place]

I'm sorry for your loss. I understand fully, the aging- out of timeshare, and by extension, vacationing at some point in our lives. Timeshare companies do us, their current owners, and all families involved to not set up a viable procedure for owner/members to turn properties back to the developers. We didn't contest or challenge their profits for charging the high rates and profits, but to leave it to us to strip any value from the places and times.

I'm with you. If nobody wants what we paid thou$and$ of dollar$ for, for free, who can blame us for walking away.

At some point, they WILL foreclose, and hopefully, by then you'll be someplace where vacations won't matter.

Jim

Thanks for replying Jim. It worked when the kids were young and my husband and I shared the driving. It doesn't work for me now.I still enjoy vacationing, just not in TS.