Foreclosure reported? Sheraton

[infoneed2019]

Hello,

I came across this site when trying to research and get questions of my own answered about my Sheraton timeshares; I actually have 2 one in Florida and the other in the Bahamas. I was wondering if anyone knows if I stop paying my maintenance fees and if it was foreclosed on would it end up affecting my credit.

If you would not mind sharing your experiences I would appreciate it. The fees are just too much; however I am also in the process of trying to buy my parents home to help them and I don't want any negative reporting.

Thank you in advance for your time.

 

[silentg]

Are you in arrears in your maintenance fees? Or just wonder what if?
Have you tried deeding them back? Selling them? Renting them?
So many things to consider.
Silentg

 

[VacationForever]

If you live in the US, your credit history / score will be hit when unpaid MF go to collections (debt collectors). You are far better off to contact Vistana to take back your timeshare. You will get no for an answer and persistence may work. The other thing is why don't you give them away on TUG, assuming that what you own have already been paid off and are current on maintenance fees. You can sweeten it by offering to pay closing costs, with a free use year.

 

[infoneed2019]

I own both timeshares outright and only pay maintenance fees. I have actually tried giving them away but I think because they are bi-annual no one wants them. I have not used them for some years now so I am really just paying for nothing. I did try to give them back to Sheraton and was told it was not an option. They referred me to a few different resellers however all of them told me because it is not annual use they are unable to assist. VacationForever if you want them you can have them. One can be used this year and the other next year.

 

[alwysonvac]

Try giving it away here. There’s no cost.

Start a new thread on the TUG Bargain Deals forum - https://tugbbs.com/forums/index.php?forums/bargain-deals.55/

But first, read the first post in the sticky thread at the top of the Bargain Deals Forum - https://tugbbs.com/forums/index.php?threads/how-can-i-give-away-my-timeshare-on-tug.132509/

As stated in the sticky thread, I would offer the 2019 week for free which will make the overall ownership more attractive. However I would start off by requesting that the buyer cover the Closing cost. It’s just far too easy for a potential buyer to change their mind anytime during the closing if they have nothing to lose during the process .

Also be aware of the scams - https://tug2.net/timeshare_advice/how-to-sell-your-timeshare.html

Good Luck and Welcome to TUG

 

[alwysonvac]

I don’t know if anyone knows the answer to your question but here’s an old thread that you might find helpful - https://tugbbs.com/forums/index.php?threads/report-to-credit-bureaus.239950/

 

[VacationForever]

I own both timeshares outright and only pay maintenance fees. I have actually tried giving them away but I think because they are bi-annual no one wants them. I have not used them for some years now so I am really just paying for nothing. I did try to give them back to Sheraton and was told it was not an option. They referred me to a few different resellers however all of them told me because it is not annual use they are unable to assist. VacationForever if you want them you can have them. One can be used this year and the other next year.

I do not want another timeshare as I have all that I want, which is alot. If you can start by reading post #5 above by alwysonvac and going to the link on how to post in the bargain section that will be a good start. Most of us on TUG own alot of timeshare and enjoy use of it and there is a good chance that you may find a good home for your timeshare, especially the one in Florida. The one in Bahamas may be harder to give away because of high MF but it depends on the week and phase which you own as well.

 

[infoneed2019]

I do not want another timeshare as I have all that I want, which is alot. If you can start by reading post #5 above by alwysonvac and going to the link on how to post in the bargain section that will be a good start. Most of us on TUG own alot of timeshare and enjoy use of it and there is a good chance that you may find a good home for your timeshare, especially the one in Florida. The one in Bahamas may be harder to give away because of high MF but it depends on the week and phase which you own as well.

Thank you for your help!

 

[infoneed2019]

I don’t know if anyone knows the answer to your question but here’s an old thread that you might find helpful - https://tugbbs.com/forums/index.php?threads/report-to-credit-bureaus.239950/

Thank you! I actually did see that thread and reached out to the user to confirm what happened however it appears they have been inactive for a while.

 

[Talent312]

Call them back to say you are not paying, and they can either foreclose or take a deed in lieu of. Their choice. Your credit will take a hit, so deal with your parents home first.
.

 

[dioxide45]

I am not aware that they ever send unpaid MFs to outside debt collectors. If they are unpaid, I think they just start the non judicial foreclosure process.

 

[grab]

Hello,

I came across this site when trying to research and get questions of my own answered about my Sheraton timeshares; I actually have 2 one in Florida and the other in the Bahamas. I was wondering if anyone knows if I stop paying my maintenance fees and if it was foreclosed on would it end up affecting my credit.

If you would not mind sharing your experiences I would appreciate it. The fees are just too much; however I am also in the process of trying to buy my parents home to help them and I don't want any negative reporting.

Thank you in advance for your time.

Which resorts and size units.

 

[easyrider]

Hello,

I came across this site when trying to research and get questions of my own answered about my Sheraton timeshares; I actually have 2 one in Florida and the other in the Bahamas. I was wondering if anyone knows if I stop paying my maintenance fees and if it was foreclosed on would it end up affecting my credit.

If you would not mind sharing your experiences I would appreciate it. The fees are just too much; however I am also in the process of trying to buy my parents home to help them and I don't want any negative reporting.

Thank you in advance for your time.

Sheraton is part of the ARDA collation for responsible exit program. This means they do take back paid memberships. It is to their benefit to not need to foreclose but rather have the member sign over their contract, especially so when an older member with assets decides they are done.

To see if your credit score would be impacted by Sheraton you would look at your credit report to see if Sheraton has been reporting your MF payments. I doubt they do report the mf meaning to impact your credit score they have to foreclose. Depending on your current credit score, the drop would be between 80 - 160 and could be on your report for between 7 - 10 years. This is just a bruise on your credit score which in the past was used as a way to frighten people into paying.

The fact is for many people over 50- 60, with assets, and established credit elsewhere, a foreclosure isn't going be a problem.

Bill

https://responsibleexit.com/

https://www.vistana.com/exit?utm_medium=referral&utm_source=arda-landingpg&utm_campaign=arda

 

[infoneed2019]

Sheraton is part of the ARDA collation for responsible exit program. This means they do take back paid memberships. It is to their benefit to not need to foreclose but rather have the member sign over their contract, especially so when an older member with assets decides they are done.

To see if your credit score would be impacted by Sheraton you would look at your credit report to see if Sheraton has been reporting your MF payments. I doubt they do report the mf meaning to impact your credit score they have to foreclose. Depending on your current credit score, the drop would be between 80 - 160 and could be on your report for between 7 - 10 years. This is just a bruise on your credit score which in the past was used as a way to frighten people into paying.

The fact is for many people over 50- 60, with assets, and established credit elsewhere, a foreclosure isn't going be a problem.

Bill

https://responsibleexit.com/

https://www.vistana.com/exit?utm_medium=referral&utm_source=arda-landingpg&utm_campaign=arda

Thank you I will check out the options you listed.

 

[dioxide45]

Sheraton is part of the ARDA collation for responsible exit program. This means they do take back paid memberships. It is to their benefit to not need to foreclose but rather have the member sign over their contract, especially so when an older member with assets decides they are done.

I don't think that is what the responsible exit program is. It just means that they provide exit support for owners, not that they will automatically take back paid memberships.

 

[easyrider]

I don't think that is what the responsible exit program is. It just means that they provide exit support for owners, not that they will automatically take back paid memberships.

I agree. Arda's coalition of responsible exit is described by their website as :

The Coalition for Responsible Exit (the Coalition), a program of the American Resort Development Association (ARDA) and its developers in collaboration with leading exchange companies and ARDA Resort Owners Coalition (ARDA-ROC) to help timeshare owners learn useful information and how they can responsibly and safely exit their timeshares.

On this website are links to different timeshare companies. The link to the developer site looks like the member is actually dealing with the developer and not ARDA. The Sheraton link describes their exit program as below but does not specifically say they take these back.
As part of Marriott Vacations Worldwide, the leading global vacation experiences company, Vistana ensures the highest quality standards. When you work with us to plan your exit, you’ll receive information and guidance from a company you trust. We’re here to help you understand the process, every step of the way.


SELLING YOUR TIMESHARE
Are you considering selling your timeshare, or wondering what benefits you might get out of our resale program? Our Exit Specialists can answer your questions and address any concerns.

I would call them if I wanted out. If I didn't get the right answer I would fill out a quit claim giving it back and send it to them. At this point they can take it back or foreclose. I'm in the over 60 group that isn't relying on my credit score so the foreclosure wouldn't affect me too much if at all , imo.

Bill