[ 2022 ] Timeshare Default Credit Report/Collection Tracking

[violetrose29]

Does anyone know if anyone has defaulted HGVC MF what was the outcome?

 

[CalGalTraveler]

Does anyone know if anyone has defaulted HGVC MF what was the outcome?

Very little is known about HGVC because many HGVCs have some value or can be given away if there is no mortgage on it. What do you own? You can also deed it back to HGVC via responsibleexit.com if you don't want to hassle with giving it away.

 

[dms1709]

Has anyone stopped paying the maintenance fees on an Australian timeshare? If so, what happened?

 

[violetrose29]

Very little is known about HGVC because many HGVCs have some value or can be given away if there is no mortgage on it. What do you own? You can also deed it back to HGVC via responsibleexit.com if you don't want to hassle with giving it away.

Thanks for your advice - I didn't find HGVC having the deedback option when I looked. Last year when I contacted them I was finally able to get hold of a rep who said they can list it for me in the resale market - which I can do myself here so I didn't pursue that rout. I listed my ownership as free giveaway in the bargains section yesterday but have not had anyone interested yet. If I don't find anyone I'm wondering if I can just walk. I own 4200 points gold one-bedroom plus oceanview at Ocean22 at myrtle beach. I have no mortgage.

 

[Grammarhero]

Updated stats. Some insights:
1) There appears to be a significant difference in credit drop rates for MF and mortgage defaults, as well as Canadian/international and US residents. MF defaults have a credit drop rate of 19 percent, compared to 63 percent for mortgage defaults. Canadian/international residents defaulting on US timeshares have a 0 percent credit drop rate out of 11 data points thus far, compared to 48 percent for US residents defaulting on US timeshares.

TS defaults w credit drops: 23 out of 59

TS defaults w collections: 6 out of 59

TS defaults w liens: 2 out of 59

MF defaults w credit drop: 6 out of 32

Mortgage defaults w credit drops: 17 out of 27

Canadians default on US TS w credit drops: 0 out of 10

Intls (inc. Canadians) default on US TS w credit drops: 0 out of 11.

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 defaults 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: 4 out of 5 (all 5 loans)

Westgate defaults w credit drops: 0 out of 2 (both loans)

Marriott defaults w credit drops: 0 out of 2 (both MF)

Hilton defaults w credit drops: 1 out of 2 (both loans)

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

independent/other: 5 (1 MF, 4 loans) out of 18 (5 loans, 13 MF)

undisclosed: 5

 

[Fried_shrimp]

Updated stats. Some insights:
1) There appears to be a significant difference in credit drop rates for MF and mortgage defaults, as well as Canadian/international and US residents. MF defaults have a credit drop rate of 19 percent, compared to 63 percent for mortgage defaults. Canadian/international residents defaulting on US timeshares have a 0 percent credit drop rate out of 11 data points thus far, compared to 48 percent for US residents defaulting on US timeshares.

TS defaults w credit drops: 23 out of 59

TS defaults w collections: 6 out of 59

TS defaults w liens: 2 out of 59

MF defaults w credit drop: 6 out of 32

Mortgage defaults w credit drops: 17 out of 27

Canadians default on US TS w credit drops: 0 out of 10

Intls (inc. Canadians) default on US TS w credit drops: 0 out of 11.

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 defaults 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: 4 out of 5 (all 5 loans)

Westgate defaults w credit drops: 0 out of 2 (both loans)

Marriott defaults w credit drops: 0 out of 2 (both MF)

Hilton defaults w credit drops: 1 out of 2 (both loans)

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

independent/other: 5 (1 MF, 4 loans) out of 18 (5 loans, 13 MF)

undisclosed: 5

May I have your permission to share this info on another site (one I run for Diamond owners)?

 

[dioxide45]

May I have your permission to share this info on another site (one I run for Diamond owners)?

You could always direct people here?

 

[Grammarhero]

Do I have your permission to share this info on another site (one I run for Diamond owners)?

Yes. I appreciate all your DRI posts. I'm a happy DRI owner, although I admittedly like Wyndham and VV better. I mostly like the DEX extra stays at DRI's 24 resorts in the US collection, where I get 10 percent off the price offered to the public AND no resort fees, or about 25 percent off the price offered to the public charged resort fees. Many times, for DEX extra stays, I pay the same pro rata price as MF.

Compared to VV or Wyndham (after the first two GC), I also like how DRI or DEX do NOT have not any guest reservation fees. As with VV, I like how DRI allows you to book two reservations at the same resort at the same time in the same name, without any GC or GC fees.

Due to COVID, DRI also let us deposit our week late past the DEX deposit policy deadlines. Also, I also got 5.5 years to use the deposited week, as opposed to 5 years.

 

[Fried_shrimp]

You could always direct people here?

While that would be an option, I run a site on FB for Diamond owners and the information would get a lot more exposure by posting it there instead of hoping people find their way here.

As a side note, I have and do mention TUG quite often to my members and I hope some of them have found their way here to experience the vast wealth of knowledge found here. TugBrian is a member of my site as well.

 

[Fried_shrimp]

Yes. I appreciate all your DRI posts. I'm a happy DRI owner, although I admittedly like Wyndham and VV better. I mostly like the DEX extra stays at DRI's 24 resorts in the US collection, where I get 10 percent off the price offered to the public AND no resort fees, or about 25 percent off the price offered to the public charged resort fees. Many times, for DEX extra stays, I pay the same pro rata price as MF.

Compared to VV or Wyndham (after the first two GC), I also like how DRI or DEX do NOT have not any guest reservation fees. As with VV, I like how DRI allows you to book two reservations at the same resort at the same time in the same name, without any GC or GC fees.

Due to COVID, DRI also let us deposit our week late past the DEX deposit policy deadlines. Also, I also got 5.5 years to use the deposited week, as opposed to 5 years.

Thank you.

 

[F1or1da1]

GrammarHero:

Any data on South African timeshares (Mt. Amanzi, el al) ?

Thanks for your postings.

I own a South African timeshare, Qwantani...Maintenance fees are low compared to my USA timeshares. I doubt they will care and simply resell my unit when I stop paying my MF

 

[FlowMan]

Some of you know I have been tracking this. Out of four (4) more TS defaults reported on TUG Facebook, one (1) got his credit affected.

So I have one for you, it's been a couple years since I was able to acquire a DiL for my timeshare, but it was reported to a single agency (Experian) and shows as "Credit grantor received deed for collateral in lieu of foreclosure on a defaulted mortgage" and shows as 31 lates on my current record.

Overall credit impact for me was negligible since I already bought everything I needed to in the near future (house, cars, etc) before I started the process of convincing them to take the timeshare back. Experian FICO 8 dropped about 100 points during the process and then another 50 after the DiL was reported and has since recovered about 100 points.

Edit: Oh and I did have a mortgage on the "property" too...

 

[CalGalTraveler]

So I have one for you, it's been a couple years since I was able to acquire a DiL for my timeshare, but it was reported to a single agency (Experian) and shows as "Credit grantor received deed for collateral in lieu of foreclosure on a defaulted mortgage" and shows as 31 lates on my current record.

Overall credit impact for me was negligible since I already bought everything I needed to in the near future (house, cars, etc) before I started the process of convincing them to take the timeshare back. Experian FICO 8 dropped about 100 points during the process and then another 50 after the DiL was reported and has since recovered about 100 points.

Edit: Oh and I did have a mortgage on the "property" too...

Thanks for paying it forward. Congrats on a successful DiL with minimal hit to credit.

Can you share what system (e.g. Bluegreen, VV, Diamond, MVC) and the state the timeshare deed was located? Approx how much was owed on the mortgage?

Lastly are you based in the USA or international?

Answers to these will help others.

 

[FlowMan]

Thanks for paying it forward. Congrats on a successful DiL with minimal hit to credit.

Can you share what system (e.g. Bluegreen, VV, Diamond, MVC) and the state the timeshare deed was located? Approx how much was owed on the mortgage?

Lastly are you based in the USA or international?

Answers to these will help others.

Fantasea, NJ, and the remaining balance was over 8k. I am in the US.

 

[CalGalTraveler]

Fantasea is part of Bluegreen, correct?

If so the updated statistic is: BG 2 out of 3 with credit drops (all loans)

Thanks again for sharing.

 

[FlowMan]

Fantasea is part of Bluegreen, correct?

If so the updated statistic is: BG 2 out of 3 with credit drops (all loans)

Thanks again for sharing.

Kind of. They are associated. The property used to be "Bluegreen X", now is "FantaSea X"

Either way I don't think the method I used to rid myself of the albatross will work in today's current economic climate... but it might.

 

[Robin4]

Just wondering if there are any UK citizens who own timeshare in US who have defaulted on MF (no mortgage on the property) and what happened to them? We have tried to negotiate a deedback with company but to no avail. We have explained that for health reasons we cannot travel anymore but still the company are not willing to discuss the matter despite a doc's letter to that effect. We have advertised timeshare (free to anyone who wants it and we will pay transfer fees etc) and although still hoping that someone will take it, it is a real worry especially for my partner who frets about most things! I know we should have considered all of this when we purchased it many years ago but who does really?

 

[FlowMan]

Just wondering if there are any UK citizens who own timeshare in US who have defaulted on MF <snip>

Not legal advice nor claiming to provide such... Most likely any legal action will be started via specific jurisdiction in the US state where the timeshare contract was signed. I can say with no certainty nor guarantee that these TS developers/HOAs/Management groups have no care or compassion for your problems and will attempt to use the same high pressure techniques they used to sell to you in order to convince you to keep paying if you talk with them.

With most timeshare contracts your choices are to keep paying or default. If you have an RTU contract you at least have an end date when that contract will expire. If it's a deeded property with rights of survivorship that contract technically has no end date if not renounced or disposed of in another way.

If you stop paying, however, there will eventually be a conclusion. That conclusion will either result in legal action or in lieu of. Basically, you may either be sued for the balance of your "loan" if you have a RTU or have your "mortgage" foreclosed on if you have a deeded property... or you may be able to return the contract or deed to the timeshare in lieu of legal action.

I won't advise you of any path to take except to advise that you speak to a qualified attorney prior to any decision.

 

[Grammarhero]

Just wondering if there are any UK citizens who own timeshare in US who have defaulted on MF (no mortgage on the property) and what happened to them? We have tried to negotiate a deedback with company but to no avail. We have explained that for health reasons we cannot travel anymore but still the company are not willing to discuss the matter despite a doc's letter to that effect. We have advertised timeshare (free to anyone who wants it and we will pay transfer fees etc) and although still hoping that someone will take it, it is a real worry especially for my partner who frets about most things! I know we should have considered all of this when we purchased it many years ago but who does really?

@Robin4 We only have one data point on a UK citizen defaulting on a US TS, with no credit drop. https://tugbbs.com/forums/threads/timeshare-default-credit-report-collection-tracking.304138/

 

[Grammarhero]

TS defaults w credit drops: 24 out of 60

TS defaults w collections: 6 out of 60

TS defaults w liens: 2 out of 60

MF defaults w credit drop: 6 out of 32

Mortgage defaults w credit drops: 18 out of 28

Canadians default on US TS w credit drops: 0 out of 10

Intls (inc. Canadians) default on US TS w credit drops: 0 out of 11.

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 defaults 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: 4 out of 5 (all 5 loans)

Westgate defaults w credit drops: 0 out of 2 (both loans)

Marriott defaults w credit drops: 0 out of 2 (both MF)

Hilton defaults w credit drops: 1 out of 2 (both loans)

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

independent/other: 6 (1 MF, 5 loans) out of 19 (6 loans, 13 MF)

undisclosed: 5

 

[Robin4]

Not legal advice nor claiming to provide such... Most likely any legal action will be started via specific jurisdiction in the US state where the timeshare contract was signed. I can say with no certainty nor guarantee that these TS developers/HOAs/Management groups have no care or compassion for your problems and will attempt to use the same high pressure techniques they used to sell to you in order to convince you to keep paying if you talk with them.

With most timeshare contracts your choices are to keep paying or default. If you have an RTU contract you at least have an end date when that contract will expire. If it's a deeded property with rights of survivorship that contract technically has no end date if not renounced or disposed of in another way.

If you stop paying, however, there will eventually be a conclusion. That conclusion will either result in legal action or in lieu of. Basically, you may either be sued for the balance of your "loan" if you have a RTU or have your "mortgage" foreclosed on if you have a deeded property... or you may be able to return the contract or deed to the timeshare in lieu of legal action.

I won't advise you of any path to take except to advise that you speak to a qualified attorney prior to any decision.

Thanks for your reply. It is a deeded property in Las Vegas and issue re advice you give about speaking to a qualified attorney is that I cannot find anyone in the UK that appears legitimate and has knowledge of US state laws. Bit of a nightmare really. However, I will keep on trying to negotiate with TS company and see if I can 'bore' them into a deal.

Take care or as we Scots say look efter yersel....

 

[TheTimeTraveler]

Thanks for your reply. It is a deeded property in Las Vegas and issue re advice you give about speaking to a qualified attorney is that I cannot find anyone in the UK that appears legitimate and has knowledge of US state laws. Bit of a nightmare really. However, I will keep on trying to negotiate with TS company and see if I can 'bore' them into a deal.

Take care or as we Scots say look efter yersel....

Have you tried to give this away? I would think you may find an interested TUGGER who would take it off your hands....... You can post an ad in the "Free Timeshare Giveaway" section and see what happens.



.

 

[Robin4]

Have you tried to give this away? I would think you may find an interested TUGGER who would take it off your hands....... You can post an ad in the "Free Timeshare Giveaway" section and see what happens.



.

Yes, thanks. I have advertised it here and I am keeping my fingers crossed. Thank you for your help. It is really appreciated. So difficult to navigate through the differences between both countries! Just wish we could still travel though as loved my many visits to USA over the years. Be safe and well.

 

[Robin4]

@Robin4 We only have one data point on a UK citizen defaulting on a US TS, with no credit drop. https://tugbbs.com/forums/threads/timeshare-default-credit-report-collection-tracking.304138/

Thank you for commenting on my query. The scary stories that unscrupulous TS assistance stories tell you are, well, just that, scary! I had been advised that it was likely that TS resort would appoint a debt collection agency here in the UK to pursue us and we would likely have bailiffs visiting us and removing our furniture from our home. Whilst a drop in credit rating is of no concern to me, the thought of my home being ransacked was a whole other matter!
It is so difficult to find someone who can advise us here in the UK hence turning to TUG and all the helpful people who contribute on the site. It is reassuring to know that there are people willing to share their knowledge and experience and I thank you for that.

 

[dioxide45]

Thank you for commenting on my query. The scary stories that unscrupulous TS assistance stories tell you are, well, just that, scary! I had been advised that it was likely that TS resort would appoint a debt collection agency here in the UK to pursue us and we would likely have bailiffs visiting us and removing our furniture from our home. Whilst a drop in credit rating is of no concern to me, the thought of my home being ransacked was a whole other matter!
It is so difficult to find someone who can advise us here in the UK hence turning to TUG and all the helpful people who contribute on the site. It is reassuring to know that there are people willing to share their knowledge and experience and I thank you for that.

If you fail to pay a UK based debt, do bailiffs visit your home and take your possessions?