Deedback/Default are those my options?

[justinj229]

Here is my situation.

I signed on to Bluegreen last June on a ton of false promises that I found out the hard way like a lot of people I'm sure. I signed up for a $7500 or so plan and I'm paid to 7000 in a year and have no vacation to show for so far. We were going to use it in May but that looks like it's going to be canceled with pandemic. We were not told about MF and the pricing of those and I now am finding out they are approx $700 a year. On top of that they told us we could go on a smaller plan package (8000 biennial) because they were offering a limited time UNLIMITED bonus nights and for $69 or $79 you can stay wherever you want whenever you want without using your points. Well of course I found out when I try to book those glorious so called bonus nights that you can only book 30 days in advance and we all know all the properties for the most part are booked by then. They also threw me some RCI stuff that I can't even make heads or tails over no clue what the perks are of that. Long story short is I have paid for a sampler package (before I became a member) then during sampler they got me to sign up the 8k points deal at $130 a month so I'm at approx $2400 right now with really no vacation to show for except the sampler package stay.

So now that I got that out the way someone mentioned FLA where I'm deeded has an anti deficiency law or something if I default? I'm sure it will have a credit impact but THE only other thing I can see is stop paying MF and not use the timeshare and pay the $7000 off which will put me around $10k total to BG and really getting no real vacation out o the deal. Sounds VERY one sided to me. I say all that to say sure I signed up for it but they definitely lied as well and paying 10k for no value is pretty much a terrible financial decision. Now of course I never in my life thought I would default on a loan but this is different. Am I missing something or are these the two routes? Would BG be willing to settle for less than full amount if I told them what the options were? Wouldn't it cost them to foreclose me? They've already taken me for a ride would they settle?

 

[theo]

Bluegreen (and / or any other developer or "chain", for that matter) is not going to negotiate your previously accepted loan terms. Frankly, it's no skin off their nose if you decide to default and very little effort or expense is required on their part to foreclose on you in a non-judicial foreclose proceedings state like Florida. Additionally, BG will happily retain whatever amount of money you have already paid them to date, so in truth it will bother them not at all to just bid you a fond farewell if you choose to stop paying them.

A little preliminary research would have quickly revealed to you that all timeshares have maintenance fee obligations, so there is really no traction to be gained from indicating having had no prior awareness of that fact or not being overtly informed of same.

Whether you choose / want to accept the likelihood of a 7 years long credit score "hit" for defaulting on the loan balance is entirely a personal decision, as is whether to put that $7k loan balance into BlueGreen's pockets --- or just keep it in your own pockets instead. You are clearly between a rock and a hard place and facing difficult choices; I can only wish you good luck with your decision.

 

[Iggyearl]

Theo is right. You will receive calls from collectors. You can just ignore them and let destiny run it's course. Do not wage a verbal battle with Bluegreen. Just let it happen. It happens all the time. You can expect a report to the credit agencies and if you choose, you can write a letter to each and explain the circumstances. It may help, it may not. You went on an interview to get a free gift and you were in over your head. They lied, but the contract has a clause in it that says you didn't base your decision on what the salesman said. You based it on the terms of the contract. There was a rescission period, which is mentioned in the contract. You didn't read it so that is water over the dam. Just move on and learn from this experience.