Deed back with HGVC

[cvgr12]

Hello, I am new here and found out about TUG while doing some research. Like a lot of people, I 100% regret buying my timeshare with HGVC two years ago. I was young and have since acquired a lot of debt and simply can no longer afford this timeshare. I have been trying to sell it for over a year and am now to the point where I am considering foreclosure (I am up to date on all payments thus far) or filing for bankruptcy in order to free myself of the contract and maintenance fees.

I still owe a lot on my gold week at the Elara and I am well aware that my efforts may get me no where, but, I am desperate so I'm trying. My question is, has anyone successfully had Hilton take back a deed in any fashion? Is foreclosing on the timeshare even an option or will Hilton give me more than a run for my money? I am serious about getting this deed off my hands and thought this would be a good place to start.

Any and all input or opinions are welcome, thank you!

 

[PigsDad]

As you have probably figured out by now, before you can sell it the loan against it must be paid off. HGVC has been known to buy back (pennies on the dollar) some ownerships, but there must be no loan. Your week does have some value -- maybe $2-3K I'm guessing, so if you can get rid of the loan you should be able to recover a bit of value from your week. If you absolutely cannot pay off the loan, I think the only option is to look at defaulting on the loan or bankruptcy. I wish I had better news...

Kurt

 

[alwysonvac]

Here’s what has been reported.

Giving up Hilton TS. They sent a Warranty Deed to avoid foreclosure. Legit?????????
- https://tugbbs.com/forums/index.php...-avoid-foreclosure-legit.240543/#post-2102927

Good Luck

 

[RCE-Ohio]

Hi, I am in much the same boat. We just can not afford the time share and all the fees associated with it. HGVC made it sound wonderful in sales presentation but in reality is just not working out. Mistake was not understanding what it was before going to sales pitch. I didn't even know a site like this existed. But it is what it is now. And what I need NOW is a way to free myself of this time share. Still owe on it and from what I've read in TUG it will be impossible to sell with an outstanding loan balance. So I would be extremely interested to know how this works out for OP as defaulting on loan and MF sounds like the only viable option to get loose from a TS with a loan balance. Correct?

 

[cvgr12]

Thank you for all of the input. alwysonvac I saw that post last week and it is what motivated me to seek advice on here. What I really need is a phone number or even the name of the department I need to get in contact with to discuss the deed back. I will continue to make phone calls and hope for the best!

 

[kevreh]

How much do you owe still, and for how many points?

 

[RCE-Ohio]

I know it has been awhile but cvgr12 did you ever have any luck getting out of contract via deed quit claim, buy back or any other method?

 

[Snowbirdnobird]

Thank you for all of the input. alwysonvac I saw that post last week and it is what motivated me to seek advice on here. What I really need is a phone number or even the name of the department I need to get in contact with to discuss the deed back. I will continue to make phone calls and hope for the best!

Any luck finding a contact? I'm in same boat and was sent on a rabbit chase by their main contact line.

 

[1Kflyerguy]

Any luck finding a contact? I'm in same boat and was sent on a rabbit chase by their main contact line.

HGV works with ARDA on their exit program. I would suggest you try one of the contact points on this wesbite:

Sell Hilton Grand Vacations Timeshare | Exit Program | ARDA

Discover the Hilton Grand Vacations exit program to get rid of your timeshare. Learn how to sell or transfer your timeshare with ARDA's trusted resources.

responsibleexit.com

 

[letsgobobby]

does anyone have updates on HGVC deed backs?

Do they only do deed backs on retail deeds, or would they do it for a resale deed?

I have an EOY deed I picked up for almost nothing. I'm not looking to sell yet but am thinking of grabbing a new annual deed in which case this one might become superfluous. I could try to sell but for what I paid would be happy knowing I could just give it away with no hassle. I think I could do that on marketplace, EBAY, etc, but HGVC seems easier.

 

[CalGalTraveler]

The answer is "it depends" Depends on the property season/value, Depends on their inventory backlog, Depends on remaining budget for the year.

I have been reading that they have been referring people to brokers to sell so not much value added vs. doing it yourself. They are not exercising ROFR with the Diamond acquisition of excess inventory so little interest in adding to their balance sheet at this time.

 

[brial05]

does anyone have updates on HGVC deed backs?

Do they only do deed backs on retail deeds, or would they do it for a resale deed?

I have an EOY deed I picked up for almost nothing. I'm not looking to sell yet but am thinking of grabbing a new annual deed in which case this one might become superfluous. I could try to sell but for what I paid would be happy knowing I could just give it away with no hassle. I think I could do that on marketplace, EBAY, etc, but HGVC seems easier.

I have chased down this question recently for myself for exactly the same reason more or less.

The answer, if you truly paid next to nothing, getting rid of this deed will not be worth the cost. Also as yours is an EOY, even more so, to be honest.

The advice I was given by two trusted TUG Sellers: " Find the unit you want and buy that first and foremost, get the best deal possible. "
Then if you really want to be rid of the original unit, you might end up having to give it away as you already noted.

Using your original unit as a make weight in purchase of a new unit will only drive up the fees / costs of the unit you are hoping to upgrade into.

 

[pedro47]

Have anyone have any luck with getting out of their Hilton timeshare contract via deed quit claim in 2023?

The timeshare unit have been paid in full.

 

[1Kflyerguy]

Have anyone have any luck with getting out of their Hilton timeshare contract via deed quit claim in 2023?

The timeshare unit have been paid in full.

The person / entity receiving the property needs to be named on the quit claim deed. The hard part of getting rid of a timeshare is finding someone that wants it.