[ 2022 ] Timeshare Default Credit Report/Collection Tracking

[Grammarhero]

Two more data points

 

[Grammarhero]

updated stats. 18 percent of MF defaults get reported to the credit agencies, compared to 71 percent for mortgage defaults. 54 percent of TS defaults on TUG BBS are MF, compared to 43 percent on TUG FB.

TS defaults w credit drops: 42 out of 97

TS defaults w collections: 10 out of 97

TS defaults w liens: 2 out of 97

MF defaults w credit drop: 9 out of 49

Mortgage defaults w credit drops: 34 out of 48

TUG BBS defaults: 34 MF/ 28 loan

TUG FB defaults: 15 MF/ 20 loans

Canadians default on US TS w credit drops: 0 out of 11

Intls (inc. Canadians) default on US TS w credit drops: 0 out of 12

US defaults on intl TS w credit drops: 4 (all MX, 3 loans, 1 MF) out of 9 (8 MX, 1 Aus)

Wyndham defaults w credit drops: 5 (4 loans, 1 MF) out of 10 (7 loans, 3 MF)

HIVC defaults w credit drops: 6 (5 loans, 1 MF) out of 7 (6 loans, 1 MF)

Diamond defaults w credit drops: 1 out of 7 (all 7 MF)

VV defaults w credit drops: 1 (loan) out of 6 (2 loan, 4 MF)

Welk default w credit drops: 3 out of 4 (all loans)

Exploria default w credit drops: 1 (loan) out of 3 (2 MF, 1 loan)

Westgate defaults w credit drops: 1 out of 3 (all loans)

BG defaults w credit drops: 2 out of 3 (all loans)

Hilton defaults w credit drops: 2 out of 3 (all loans)

Sheraton defaults w credit drops: 2 out of 2 (1 loan, 1 MF)

Silverleaf defaults w credit drops: 3 out of 3 (all loans)

Marriott defaults w credit drops: 1 out of 2 (both MF)

WorldMark default w credit drops: 1 out of 1 (loan)

independent/other: 8 (2 MF, 6 loans) out of 20 (7 loans, 14 MF)

undisclosed: 11

 

[Robert Long]

This is very good information. So many people come to TUG looking for the answer as to how a default will affect their credit. While we still can’t give anyone a definitive answer @Grammarhero ’s data compilation will at least give people an idea of their odds if they decide to walk away.

Amen!

 

[Robert Long]

@RX8 @Fredflintstone @CalGalTraveler @LannyPC @qwerty @TUGBrian
Latest figures
TS defaults w credit drops: 18 out of 52
TS defaults w collections: 5 out of 52
TS defaults w liens: 2 out of 52
MF defaults w credit drop: 5 out of 29
Mortgage defaults w credit drops: 13 out of 23
Canadians default on US TS w credit drops: 0 out of 8
Intls (inc. Canadians) default on US TS w credit drops: 0 out of 9.
Wyndham defaults w credit drops: 4 (3 loans, 1 MF) out of 9 (6 loans, 3 MF)
Sheraton defaults w credit drops: 2 out of 2 (1 loan, 1 MF)
VV defaults w credit drops: 1 (loan) out of 6 (2 loan, 4 MF)
Diamond defaults w credit drops: 1 out of 3 (all 3 MF)
Silverleaf defautls w credit drops: 2 out of 2 (both loans)
BG defaults w credit drops: 1 out of 2 (both loans)
HIVC defaults w credit drops: 3 out of 4 (all 4 loans)
Westgate defaults w credit drops: 0 out of 2 (both loans)
Marriott defaults w credit drops: 0 out of 2 (both MF)

You are so kind to compile all this information. We are thinking about stopping paying our maintenance fees to a Mexican time share. It's a little scary but it's scarier to have to pay maintenance for something we can't sell or use.

 

[Brian201]

Hi, I am a Canadian who owns a timeshare in North Carolina and have decided to stop paying maintenance fees. When the bill came last November for the 2021 maintenance fees, I returned the invoice and stated I am unable to pay this or any future bills. I said if they would like to have the timeshare deeded back then send the paperwork and I will sign it back. Otherwise, I will have no further communication with them.

I received a follow up bill in February with another request and a late fee added. In March I received a letter from a collection agency in California requesting payment for the MF’s, late fee and their collection fees. So far, I have received 3 more letters and 3 or 4 phone calls which also have been ignored. Last month I received a bill for the 2022 maintenance fees.

So far there has been no hit to my credit report which says I have no accounts in collection. Will keep you posted with any further developments.

 

[Cruiser Too]

Hi, I am a Canadian who owns a timeshare in North Carolina and have decided to stop paying maintenance fees. When the bill came last November for the 2021 maintenance fees, I returned the invoice and stated I am unable to pay this or any future bills. I said if they would like to have the timeshare deeded back then send the paperwork and I will sign it back. Otherwise, I will have no further communication with them.
So far there has been no hit to my credit report which says I have no accounts in collection. Will keep you posted with any further developments.

Please keep us updated.

The warnings you received sounds like Saber-Rattling.

 

[Robert Long]

Has anybody just stopped paying maintenance fees recently? We don't need our timeshare anymore and selling or giving it away sounds complicated and scam-prone. We already tried twice to sell it to several 'reliable' companies and they ended up asking for a big up-front payment right at the last minute that they assured us they would pay us back when they cut the check for the full amount. Total scam alert went off in my brain and I cancelled the deal right away both times. Our timeshare has gotten plenty of money from us as we upgraded more than once. We are all paid off, except we have maintenance fees coming up again. I have seen some documentation that up to 2020, as long as you didn't owe mortgage, very few people are harmed by doing it. But I'm wondering if that is still true in 2021. Are there any serious repercussions if we quit paying?

 

[Robert Long]

updated stats. 18 percent of MF defaults get reported to the credit agencies, compared to 71 percent for mortgage defaults. 54 percent of TS defaults on TUG BBS are MF, compared to 43 percent on TUG FB.

TS defaults w credit drops: 42 out of 97

TS defaults w collections: 10 out of 97

TS defaults w liens: 2 out of 97

MF defaults w credit drop: 9 out of 49

Mortgage defaults w credit drops: 34 out of 48

TUG BBS defaults: 34 MF/ 28 loan

TUG FB defaults: 15 MF/ 20 loans

Canadians default on US TS w credit drops: 0 out of 11

Intls (inc. Canadians) default on US TS w credit drops: 0 out of 12

US defaults on intl TS w credit drops: 4 (all MX, 3 loans, 1 MF) out of 9 (8 MX, 1 Aus)

Wyndham defaults w credit drops: 5 (4 loans, 1 MF) out of 10 (7 loans, 3 MF)

HIVC defaults w credit drops: 6 (5 loans, 1 MF) out of 7 (6 loans, 1 MF)

Diamond defaults w credit drops: 1 out of 7 (all 7 MF)

VV defaults w credit drops: 1 (loan) out of 6 (2 loan, 4 MF)

Welk default w credit drops: 3 out of 4 (all loans)

Exploria default w credit drops: 1 (loan) out of 3 (2 MF, 1 loan)

Westgate defaults w credit drops: 1 out of 3 (all loans)

BG defaults w credit drops: 2 out of 3 (all loans)

Hilton defaults w credit drops: 2 out of 3 (all loans)

Sheraton defaults w credit drops: 2 out of 2 (1 loan, 1 MF)

Silverleaf defaults w credit drops: 3 out of 3 (all loans)

Marriott defaults w credit drops: 1 out of 2 (both MF)

WorldMark default w credit drops: 1 out of 1 (loan)

independent/other: 8 (2 MF, 6 loans) out of 20 (7 loans, 14 MF)

undisclosed: 11

Has anybody just stopped paying maintenance fees recently? We don't need our Mexican timeshare anymore since we moved to Costa Rica and selling or giving it away sounds complicated and scam-prone. We already tried twice to sell it to several 'reliable' companies and they ended up asking for a big up-front payment right at the last minute that they assured us they would pay us back when they cut the check for the full amount. Total scam alert went off in my brain and I cancelled the deal right away both times. But we wasted a considerable amount of time while we were 'putting together the deal'. Our timeshare has gotten plenty of money from us as we upgraded more than once. We are all paid off, except we have maintenance fees coming up again. I have seen some documentation that up to 2020, as long as you didn't owe mortgage, very few people are harmed by doing it. But I'm wondering if that is still true in 2021. Are there any serious repercussions if we quit paying?

 

[pedro47]

To the OP, you are doing an outstanding job in collecting all this data and sharing it with the TUG community.

Just an outstanding job. IMHO.

 

[DavidParra]

Two more data points

 

[Grammarhero]

My long-awaited update with five (5) new data points! 102 data points now! Maybe later on in the month, I will go over each of the 102 and see how many times foreclosures had already happened.

TS defaults w credit drops: 45 out of 102

TS defaults w collections: 10 out of 102

TS defaults w liens: 2 out of 102

MF defaults w credit drop: 9 out of 51

Mortgage defaults w credit drops: 36 out of 51

TUG BBS defaults: 36 MF/ 30 loan

TUG FB defaults: 15 MF/ 21 loans

Canadians default on US TS w credit drops: 0 out of 12

Intls (inc. Canadians) default on US TS w credit drops: 0 out of 13

US defaults on intl TS w credit drops: 4 (all MX, 3 loans, 1 MF) out of 9 (8 MX, 1 Aus)

Wyndham defaults w credit drops: 6 (5 loans, 1 MF) out of 11 (8 loans, 3 MF)

HIVC defaults w credit drops: 7 (6 loans, 1 MF) out of 8 (7 loans, 1 MF)

Diamond defaults w credit drops: 1 out of 8 (all 7 MF)

VV defaults w credit drops: 1 (loan) out of 6 (2 loan, 4 MF)

Welk default w credit drops: 3 out of 4 (all loans)

Exploria default w credit drops: 1 (loan) out of 3 (2 MF, 1 loan)

Westgate defaults w credit drops: 1 out of 3 (all loans)

BG defaults w credit drops: 2 out of 3 (all loans)

Hilton defaults w credit drops: 2 out of 3 (all loans)

Sheraton defaults w credit drops: 2 out of 2 (1 loan, 1 MF)

Silverleaf defaults w credit drops: 3 out of 3 (all loans)

Marriott defaults w credit drops: 1 out of 2 (both MF)

WorldMark default w credit drops: 1 out of 1 (loan)

independent/other: 8 (2 MF, 6 loans) out of 20 (7 loans, 14 MF)

undisclosed: 11

 

[SXMbuddy]

Is the Atrium Resort in SXM listed in these numbers somewhere? Is it reflected in the Wyndham stats? I am an American who owns weeks and am curious about not paying maintenance fees. Have no loans.

 

[Ellie23]

@CalGalTraveler @RX8
These are some stats below. It's hard to extrapolate from relatively small sample size. Even though 84% of all new TS owners will tell us the rescinded amount, only 63% of TS defaulters will us whether their credit got affected. Instead of a 43 sample size, we should be having a 68 sample size, at least. Nevertheless, Sheraton seems particularly bad WRT MF defaults, as 2/2 got reported to the credit agencies. Another DRI and Marriott Owner got their credit affected with MF defaults.

CR drops: 13 out of 43

Liens: 2 out of 43

MF default: 4 out of 26

Mortgage default: 9 out of 17

Canadian: 0 out of 8

Intl (inc. Canadians): 0 out of 9.

Wyndham: 2 out of 7 (both loans)

Sheraton: 2 out of 2 (1 loan)

VV: 1 out of 5

Diamond: 1 out of 2 (no loans)

Silverleaf: 2 out of 2 (both loans)

BG: 1 out of 2 (loan)

Thank you so much for gathering this information. For the VV do you know if it was a loan or MF default?

Also, to add to your data, I was sent to collections for a MF default from GV at LV (VV). I haven't paid my mortgage since 2018 but haven't been sent to collections yet although I strongly believe it will be happening since They haven't put the TS in foreclosure yet.

 

[dioxide45]

Thank you so much for gathering this information. For the VV do you know if it was a loan or MF default?

See post #136
VV defaults w credit drops: 1 (loan) out of 6 (2 loan, 4 MF)

One person was reported to a credit score drop out of 6. The one that saw a drop was for a loan delinquency.

 

[Ellie23]

updated stats. 18 percent of MF defaults get reported to the credit agencies, compared to 71 percent for mortgage defaults. 54 percent of TS defaults on TUG BBS are MF, compared to 43 percent on TUG FB.

TS defaults w credit drops: 42 out of 97

TS defaults w collections: 10 out of 97

TS defaults w liens: 2 out of 97

MF defaults w credit drop: 9 out of 49

Mortgage defaults w credit drops: 34 out of 48

TUG BBS defaults: 34 MF/ 28 loan

TUG FB defaults: 15 MF/ 20 loans

Canadians default on US TS w credit drops: 0 out of 11

Intls (inc. Canadians) default on US TS w credit drops: 0 out of 12

US defaults on intl TS w credit drops: 4 (all MX, 3 loans, 1 MF) out of 9 (8 MX, 1 Aus)

Wyndham defaults w credit drops: 5 (4 loans, 1 MF) out of 10 (7 loans, 3 MF)

HIVC defaults w credit drops: 6 (5 loans, 1 MF) out of 7 (6 loans, 1 MF)

Diamond defaults w credit drops: 1 out of 7 (all 7 MF)

VV defaults w credit drops: 1 (loan) out of 6 (2 loan, 4 MF)

Welk default w credit drops: 3 out of 4 (all loans)

Exploria default w credit drops: 1 (loan) out of 3 (2 MF, 1 loan)

Westgate defaults w credit drops: 1 out of 3 (all loans)

BG defaults w credit drops: 2 out of 3 (all loans)

Hilton defaults w credit drops: 2 out of 3 (all loans)

Sheraton defaults w credit drops: 2 out of 2 (1 loan, 1 MF)

Silverleaf defaults w credit drops: 3 out of 3 (all loans)

Marriott defaults w credit drops: 1 out of 2 (both MF)

WorldMark default w credit drops: 1 out of 1 (loan)

independent/other: 8 (2 MF, 6 loans) out of 20 (7 loans, 14 MF)

undisclosed: 11

I know this is slightly unrelated, but Do you or anyone know if the statute of limitations applies to defaulting on timeshare payments?

 

[theo]

I know this is slightly unrelated, but Do you or anyone know if the statute of limitations applies to defaulting on timeshare payments?

If you are asking how long a negative credit report will remain in place after being posted, it is my understanding that the time period is generally 7 years.

 

[DeniseM]

Folks - Be careful, because this thread attracts spammers like a moths to a flame. We have deleted multiple spam posts.

 

[Idletime]

My long-awaited update with five (5) new data points! 102 data points now! Maybe later on in the month, I will go over each of the 102 and see how many times foreclosures had already happened.

TS defaults w credit drops: 45 out of 102

TS defaults w collections: 10 out of 102

TS defaults w liens: 2 out of 102

MF defaults w credit drop: 9 out of 51

Mortgage defaults w credit drops: 36 out of 51

TUG BBS defaults: 36 MF/ 30 loan

TUG FB defaults: 15 MF/ 21 loans

Canadians default on US TS w credit drops: 0 out of 12

Intls (inc. Canadians) default on US TS w credit drops: 0 out of 13

US defaults on intl TS w credit drops: 4 (all MX, 3 loans, 1 MF) out of 9 (8 MX, 1 Aus)

Wyndham defaults w credit drops: 6 (5 loans, 1 MF) out of 11 (8 loans, 3 MF)

HIVC defaults w credit drops: 7 (6 loans, 1 MF) out of 8 (7 loans, 1 MF)

Diamond defaults w credit drops: 1 out of 8 (all 7 MF)

VV defaults w credit drops: 1 (loan) out of 6 (2 loan, 4 MF)

Welk default w credit drops: 3 out of 4 (all loans)

Exploria default w credit drops: 1 (loan) out of 3 (2 MF, 1 loan)

Westgate defaults w credit drops: 1 out of 3 (all loans)

BG defaults w credit drops: 2 out of 3 (all loans)

Hilton defaults w credit drops: 2 out of 3 (all loans)

Sheraton defaults w credit drops: 2 out of 2 (1 loan, 1 MF)

Silverleaf defaults w credit drops: 3 out of 3 (all loans)

Marriott defaults w credit drops: 1 out of 2 (both MF)

WorldMark default w credit drops: 1 out of 1 (loan)

independent/other: 8 (2 MF, 6 loans) out of 20 (7 loans, 14 MF)

undisclosed: 11

I own a Villa Del Palmer Cancun, Mexico TS (Tafer Group). I sent them a simple letter surrendering my RTU 30 year contract on or about November 2020. I received an extremely nasty response back from them which was impossible to agree to and hence discontinued all MF payments. The TS was fully payed for and no mortgage or loan ever existed. Since that time I have received monthly calls that I have refused to answer on my home phone and on my cell, they do leave messages for me to call them back, Lol. I get monthly invoices mailed to me also and one mailed offer of 50% of existing late fees to which I also have never responded to. It is now March 16, 2022. and aside from a few threats to turn me over to "collections" and a few months of multiple calls per week I am now back to monthly calls and mailed invoices. I am Canadian and my contract was signed in Cancun Mexico, however it seems that Tafer Resorts is also located and has offices in Las Vegas, Nevada and Los Angles, California. I have not had my credit score in Canada compromised as of this writing. I have not been sued either. Hope this helps any other Canadian who has been lied to and pressured into signing a TS contract.

 

[Idletime]

I own a Villa Del Palmer Cancun, Mexico TS (Tafer Group). I sent them a simple letter surrendering my RTU 30 year contract on or about November 2020. I received an extremely nasty response back from them which was impossible to agree to and hence discontinued all MF payments. The TS was fully payed for and no mortgage or loan ever existed. Since that time I have received monthly calls that I have refused to answer on my home phone and on my cell, they do leave messages for me to call them back, Lol. I get monthly invoices mailed to me also and one mailed offer of 50% of existing late fees to which I also have never responded to. It is now March 16, 2022. and aside from a few threats to turn me over to "collections" and a few months of multiple calls per week I am now back to monthly calls and mailed invoices. I am Canadian and my contract was signed in Cancun Mexico, however it seems that Tafer Resorts is also located and has offices in Las Vegas, Nevada and Los Angles, California. I have not had my credit score in Canada compromised as of this writing. I have not been sued either. Hope this helps any other Canadian who has been lied to and pressured into signing a TS contract. I would also like to add that to be sued I would have to be sued in Mexico and have to respond to any notice delivered to me to that effect with a statement of facts. Jumping ahead from there if Tafer were successful in Mexican court they still would not be able to touch my credit score or enforce any judgement against me. Tafer would first have to come up to Canada, in my jurisdiction and go thru the court system here to have any Mexican court judgement enforced in Canada. If successful in Canadian court they would be able to possibly ding my credit score a 100 points and then proceed to try and collect. I own nothing in my name as all assets are held in "trust" so they will pass to my heirs without probate. So in short not likely to happen but I would sure like to see it. Will keep you posted.

 

[LannyPC]

Be careful, because this thread attracts spammers like a moths to a flame.

Just out of curiosity, what "services" are these spammers trying to tout?

 

[DeniseM]

Fake help companies.

 

[dioxide45]

Just out of curiosity, what "services" are these spammers trying to tout?

Here is one that was just posted. I removed their email address.

People have lost their hard earned money through this BINARY OPTIONS TRADINGS, yet they would go to meet FAKE HACKERS who are also scammers unknowingly to help them recover their money and they would end up losing more money in the process. These Scammers also tend to put Fake Testimonies out there just to steal more from you by giving you False hope. I understand how heartbreaking it is to be a BINARY OPTIONS SCAM VICTIM after you've been promised your fortune by Binary Companies and then they ignore your Emails or Calls after stealing from you. I'm taking every step to render a solution to those innocent people affected and help them get every penny they lost. [removing email address]

 

[TUGBrian]

udpated data from grammarhero!

TS defaults w credit drops: 47 out of 107

TS defaults w collections: 12 out of 107

TS defaults w liens: 2 out of 107

MF defaults w credit drop: 10 out of 53

Mortgage defaults w credit drops: 38 out of 54

TUG BBS defaults: 36 MF/ 30 loan

TUG FB defaults: 17 MF/ 24 loans

Canadians default on US TS w credit drops: 0 out of 12

Intls (inc. Canadians) default on US TS w credit drops: 0 out of 13

US defaults on intl TS w credit drops: 4 (all MX, 3 loans, 1 MF) out of 9 (8 MX, 1 Aus)

Wyndham defaults w credit drops: 6 (5 loans, 1 MF) out of 11 (8 loans, 3 MF)

HIVC defaults w credit drops: 6 (5 loans, 1 MF) out of 8 (7 loans, 2 MF)

Diamond defaults w credit drops: 1 out of 8 (all 7 MF)

VV defaults w credit drops: 1 (loan) out of 7 (3 loan, 4 MF)

Welk default w credit drops: 4 out of 5 (all loans)

Exploria default w credit drops: 1 (loan) out of 3 (2 MF, 1 loan)

Westgate defaults w credit drops: 2 out of 4 (all loans)

BG defaults w credit drops: 2 out of 3 (all loans)

Hilton defaults w credit drops: 2 out of 3 (all loans)

Sheraton defaults w credit drops: 2 out of 2 (1 loan, 1 MF)

Silverleaf defaults w credit drops: 3 out of 3 (all loans)

Marriott defaults w credit drops: 1 out of 2 (both MF)

WorldMark default w credit drops: 1 out of 1 (loan)

independent/other: 9 (3 MF, 6 loans) out of 22 (7 loans, 15 MF)

undisclosed: 11

 

[TUGBrian]

another recent report for default on a marriott/vistana timeshare:

Looking to give back timeshare / Vistana/Marriott

We owned a Time share with Vistana/Marriott group. It was working out great for travel. Just before Covid hit our sales rep contacted us with a limited deal for current owners and that was to purchase more. We like to travel and had planned on doing much more. Well covid hit and as many our...

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