Cancel timeshare [ Orlando/Westgate ]

[emersonnogueira]

Olá amigos.. boa tarde! Preciso da ajuda de vocês! Comprei um timeshare em 2021 em Hello friends.. good afternoon! I need your help! I purchased a timeshare in 2021 in Orlando/Westgate and I had never heard of timeshare and I was sold the idea that the apartment would be mine and I could do whatever I wanted. They fooled me like a fool... four months passed and I paid four installments and I never used it, because I discovered after a few months of the stupidity that and... I was indignant and revolted by this, because I tried to cancel and they ignore you and start treating you bad. And I never paid again and during the first year they called directly asking for it. I am not an American citizen and I have no social .. how can I end this and avoid this responsibility falling on my children.

 

[dioxide45]

I've you've stopped paying, there probably isn't anything else to do. Just continue as you are. At some point Westgate will foreclose on the timeshare and it will be gone.

 

[emersonnogueira]

I've you've stopped paying, there probably isn't anything else to do. Just continue as you are. At some point Westgate will foreclose on the timeshare and it will be gone.

Thank you very much for the answer and for the help. I'm in the US and will receive my SSN in February. Will this affect my credit? When I bought it they took it my itin number.. So maybe they cancel it? After a few years?

 

[dioxide45]

Thank you very much for the answer and for the help. I'm in the US and will receive my SSN in February. Will this affect my credit? When I bought it they took it my itin number.. So maybe they cancel it? After a few years?

There is a good chance it will impact your credit. Westgate is known for reporting defaults on timeshare loans to the credit bureaus. That has probably already happened if you are more than 30 days in default. A foreclosure may have a bigger impact.

 

[emersonnogueira]

Thank you very much for the answer and for the help. I'm in the US and will receive my SSN in February. Will this affect my credit? When I bought it they took it my itin number.. So maybe they cancel it? After a few years?

Thank you very much for your help! But what do I recommend? I'm going to buy a house next year.. what kind of risk am I taking! How can I get rid of this.. negotiate with them the way out they would accept.. what has your experience been like with people who have not paid for more than two years and what happened to resolve it. I keep it and thank you very much

 

[WorldT]

Thank you very much for the answer and for the help. I'm in the US and will receive my SSN in February. Will this affect my credit? When I bought it they took it my itin number.. So maybe they cancel it? After a few years?

They will cancel (foreclose) on it soon. It will likely affect your credit as you still owe a balance on the purchase. That does not mean I recommend you keep paying. My recommendation would be to leave things as it is. If restart payment , you will just be throwing money away. Don't answer or call them. They only time you need to do anything is if you get a letter from the court that you have been sued. This is very very unlikely but just keep an eye out for that.
Don't feel bad about falling for the sales. Many people have fallen for that too.

 

[emersonnogueira]

They will cancel (foreclose) on it soon. It will likely affect your credit as you still owe a balance on the purchase. That does not mean I recommend you keep paying. My recommendation would be to leave things as it is. If restart payment , you will just be throwing money away. Don't answer or call them. They only time you need to do anything is if you get a letter from the court that you have been sued. This is very very unlikely but just keep an eye out for that.
Don't feel bad about falling for the sales. Many people have fallen for that too.

Thank you very much for your help. I really appreciate it! This impact lasts for the rest of your life. But my credit may go up little by little. How is the credit in this situation??

 

[dioxide45]

Thank you very much for your help. I really appreciate it! This impact lasts for the rest of your life. But my credit may go up little by little. How is the credit in this situation??

A credit score will slowly improve. It won't necessarily prevent someone from getting a loan or other credit, but it can cause for higher interest rates. Credit score will slowly get better over time if you maintain good payment history. A foreclosure will stay on your credit report for up to seven years.

Plan on paying cash for many things for a while and going into a home purchase with a large downpayment will increase your chances of being approved.

 

[LannyPC]

l .. how can I end this and avoid this responsibility falling on my children.

This has been emphasized many times here on TUG. Children are not forced to accept a parent's TS whether that parent is still alive or not. That's a scare tactic that many exit companies use. Speaking of exit companies, as tempting as it might look, do not go seeking the "help" of these exit companies who claim they can solve your problem without you facing these potential dangers of defaulting.

 

[WorldT]

Thank you very much for your help. I really appreciate it! This impact lasts for the rest of your life. But my credit may go up little by little. How is the credit in this situation??

You credit will go back up as post #8 says. Don't worry about it. Just follow the normal steps to improve your credit.
1. Pay things on time
2. Make sure your credit utilization ratio is low.
3. Don't open or close credit card account unless you have to.
4. Finance purchases if it is an option and there is no interest. (Even if you have the cash).

You can still by a house even with a timeshare foreclosure on your record.

 

[emersonnogueira]

Uma pontuação de crédito irá melhorar lentamente. Não necessariamente impedirá alguém de obter um empréstimo ou outro crédito, mas pode causar taxas de juros mais altas. A pontuação de crédito irá melhorar lentamente ao longo do tempo se você mantiver um bom histórico de pagamento. Uma execução hipotecária permanecerá em seu relatório de crédito por até sete anos.

Planeje pagar muitas coisas à vista por um tempo e fazer a compra de uma casa com uma entrada grande aumentará suas chances de ser aprovado.

Thank you so much

 

[emersonnogueira]

Isso foi enfatizado muitas vezes aqui no TUG. As crianças não são forçadas a aceitar o TS de um dos pais, quer esse pai ainda esteja vivo ou não. Essa é uma tática de intimidação que muitas empresas de saída usam. Falando em empresas de saída, por mais tentador que pareça, não vá buscar a "ajuda" dessas empresas de saída que afirmam que podem resolver seu problema sem que você enfrente esses perigos potenciais de inadimplência.

Thank you

 

[emersonnogueira]

Seu crédito voltará a subir como diz o post #8. Não se preocupe com isso. Basta seguir os passos normais para melhorar seu crédito.
1. Pague as coisas em dia
2. Certifique-se de que sua taxa de utilização de crédito seja baixa.
3. Não abra ou feche uma conta de cartão de crédito, a menos que seja necessário.
4. Financie as compras se for uma opção e não houver juros. (Mesmo se você tiver dinheiro).

Você ainda pode comprar uma casa mesmo com uma execução hipotecária de timeshare em seu registro.

Thank You