Australian who mortgaged Las Vegas Elara HGVC

[johnbobby]

I travelled to a presentation in Las Vegas in February of this year and purchased a 10 year mortgage for a 2br grand timeshare unit during Gold season at HGVC Elara. During the presentation I was convinced by the salesperson as to the benefits of this investment.

Purchase Price $39,990.00
Closing Costs $808.00
Initial Down Payment $3,999.00
Amount Financed $35,991.00

MONTHLY PAYMENT AMOUNT $584.95
YEARLY MAINTENANCE FEE'S $1,743.62

YEARLY POINTS 6600
BONUS POINTS 6600

I have made 6 of 120 monthly payments thus far and fear that I will soon fall delinquent.

Reason being: I have been unable to use the timeshare due to a host of family issues that have occurred in the past few months which have meant that I have had to travel back to my home country of Australia often. As a result of this travel, my savings and ability to earn a steady income have decreased dramatically and I no longer believe I am able to afford to make the payments nor will I be able to make use of the points so I am trying to release my timeshare due to financial hardship. I have contacted HGVC and they are sending papers via mail so that I may prove my current financial hardship. I don't believe this will allow me to deed back the timeshare and I may be stuck!

I am desperately doing anything I can to get out.

Does anyone have any suggestions?

 

[CalGalTraveler]

Sorry to hear about your situation. If HGVC doesn't come through, you might be able to walk from it given you are in Australia. HGVC cannot report your bad credit to Australian credit agencies so there would be no recourse. HGVC may know this and may want to avoid the cost of foreclosure so may be willing to work with you to surrender the deed. However check with a reliable Australian international attorney first as I am not a lawyer. You may have negotiation leverage here.

Good luck and please report back on what HGVC tells you so we can help others.

 

[Passepartout]

I don't believe this will allow me to deed back the timeshare and I may be stuck!

I am desperately doing anything I can to get out.

Does anyone have any suggestions?

I am sorry for your reversal of fortune. I doubt that there is a means to recoup what you have already paid. However, even knowing that you want to do 'the right thing', sometimes one just has to do what they have to do.

I would simply stop paying. I don't think there is a mechanism to report you to Australian credit bureaus. A negative credit report to the U.S. credit bureaus will NOT have any effect on your ability to travel to or from the U.S.

You might offer HGVC the deed back 'in lieu of foreclosure', but whether or not they take you up on the offer is more up to them than you.

We wish you well! Good Luck!

Jim

 

[rickandcindy23]

I would stop paying. I would not be terribly worried about my credit being affected, especially if you live in Australia.

But I can say that because I own my house outright and am retired and don't invest big money in anything anymore. I believe the credit reporting agencies are fair, when you write a letter.