Experience with walking away from HGVC

[TSburden2025]

I own a deeded HGVC timeshare in the Ocean Tower in Waikaloa. I still owe a substantial portion of the mortgage. I will not be able to pay that off and so cannot exercise the HGV transition option. Reselling would not relieve me of the mortgage as it seems the potential resale $$ would be minimal compared to the amount owed. Does anyone have experience in walking away from their ownership, simply stopping paying the mortgage? What legal or financial impacts have you experienced if so? Thanks!

 

[dioxide45]

With a mortgage, you are likely going to see a hit to your credit score.

 

[alwysonvac]

Sorry to hear about your situation.
Most folks who go down this path don't stick around. Here's what we know.

HGV's delinquency process for handling missed loan payments. The slide below came from HGV's June 2024 investor overview presentation - https://s27.q4cdn.com/757306400/files/doc_presentations/2024/Jun/29/final-hgv-general-deck-jun24.pdf

Additional threads

HGVC non-judicial foreclosure

I was out of work for a year with Long-Haul COVID. I was unable to keep up the payments on my 2 HGVC properties. I received notices on both timeshares about non-judicial foreclosures. Will Hilton ALLOW me to save one property from foreclosure and let the other one foreclose? I would like to...

tugbbs.com

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Offered Deed in Lieu of Foreclosure. Advice needed on moving forward..

Hello, We purchased a 1BR timeshare from HGVC at Las Palmeras, Orlando about an year back after falling for their marketing tactics. We took a loan from them for 25K and put 5K on the Amex Hilton Credit Card that they got us approved for. We found discrepancy in the model room that we were...

tugbbs.com

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[ 2022 ] Timeshare Default Credit Report/Collection Tracking

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. I have tabbed the following stats(updated 5/2022): TS defaults w credit drops: 47 out of 107 TS defaults w collections: 12 out of 107 TS defaults w...

tugbbs.com

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Links to Official State Timeshare Laws and Guides/Manuals

somehow i accidentally moved this to the bluegreen forum, ive put it back in BSR but im pretty sure it was posted in another forum instead as a sticky (perhaps newbies?) let me know so i can move it back to where it was before =)

tugbbs.com

 

[ljmiii]

Here's what we know....

Wow...that's exhaustively knowledgeable. Thank you very much...and gonna save this one!

 

[TSburden2025]

With a mortgage, you are likely going to see a hit to your credit score.

Yes, assumed that would be the case. I don't think that will make a significant difference to me at this point (retired and assets are protected in a trust)

 

[TSburden2025]

Sorry to hear about your situation.
Most folks who go down this path don't stick around. Here's what we know.

HGV's delinquency process for handling missed loan payments. The slide below came from HGV's June 2024 investor overview presentation - https://s27.q4cdn.com/757306400/files/doc_presentations/2024/Jun/29/final-hgv-general-deck-jun24.pdf

View attachment 105276​

Additional threads

HGVC non-judicial foreclosure

I was out of work for a year with Long-Haul COVID. I was unable to keep up the payments on my 2 HGVC properties. I received notices on both timeshares about non-judicial foreclosures. Will Hilton ALLOW me to save one property from foreclosure and let the other one foreclose? I would like to...

tugbbs.com

​

Offered Deed in Lieu of Foreclosure. Advice needed on moving forward..

Hello, We purchased a 1BR timeshare from HGVC at Las Palmeras, Orlando about an year back after falling for their marketing tactics. We took a loan from them for 25K and put 5K on the Amex Hilton Credit Card that they got us approved for. We found discrepancy in the model room that we were...

tugbbs.com

​

[ 2022 ] Timeshare Default Credit Report/Collection Tracking

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. I have tabbed the following stats(updated 5/2022): TS defaults w credit drops: 47 out of 107 TS defaults w collections: 12 out of 107 TS defaults w...

tugbbs.com

​

Links to Official State Timeshare Laws and Guides/Manuals

somehow i accidentally moved this to the bluegreen forum, ive put it back in BSR but im pretty sure it was posted in another forum instead as a sticky (perhaps newbies?) let me know so i can move it back to where it was before =)

tugbbs.com

yes, thanks for this graphic. Very helpful to know what HGV's pathway would be. Worried about the foreclosure portion though. Are there referrals for lawyers that might help our side?

 

[Janann]

Worried about the foreclosure portion though. Are there referrals for lawyers that might help our side?

Why would you pay a lawyer? Just let HGVC foreclose if you have no desire to keep the timeshare.

 

[TSburden2025]

Why would you pay a lawyer? Just let HGVC foreclose if you have no desire to keep the timeshare.

That would be fine. I've just never been through a foreclosure before and didn't know if there is a reason to retain a lawyer to protect myself in any way

 

[klpca]

Although there's a low likelihood of needing a high credit score in retirement, my mom had a hard pull on her credit when she moved into a Continuing Care facility. That's the only thing that I can think of where you may want to mull things over.

 

[alwysonvac]

yes, thanks for this graphic. Very helpful to know what HGV's pathway would be. Worried about the foreclosure portion though. Are there referrals for lawyers that might help our side?

Sorry, no lawyer referrals. Foreclosure discussions can be found above (see post #3).

Also, beware of the scammers and exit companies. Below are warnings from HGVC and TUG.

Hilton Grand Vacations - Timeshare Fraud Education

Hilton Grand Vacations is committed to the idea that life is incomplete without vacations. Our distinctive resort collection features luxurious accommodations in renowned destinations with the quality service that is synonymous with the Hilton name.

club.hiltongrandvacations.com

How to exit your unwanted timeshare for free - Guaranteed!

Discover the guaranteed way to exit any timeshare for free and uncover the hidden truth about timeshare exit companies. Don't fall for costly scams—learn the real truth today!

tug2.net