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Foreclosure

B

bluechip

newbie
Joined
Oct 14, 2013
Messages
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Location
Scotland, UK
Hi All,

I am a newbie from Scotland and I was looking for some advice from the more experienced timeshare owners in the States. I have a week at the Marriott Vacation Club at Orlando, Florida. Unfortunately I can not afford to repay the monthly loan payments as my business has fallen on hard times, with the ongoing recession in the UK.

Anyway, if I ceased the repayments what would be the repercussions. Would Marriott seek legal redress through the courts even though I live in Scotland? Marriott are also the lenders on my loan agreement.

Any help would be gratefully appreciated.
 
bluechip said:
Hi All,

I am a newbie from Scotland and I was looking for some advice from the more experienced timeshare owners in the States. I have a week at the Marriott Vacation Club at Orlando, Florida. Unfortunately I can not afford to repay the monthly loan payments as my business has fallen on hard times, with the ongoing recession in the UK.

Anyway, if I ceased the repayments what would be the repercussions. Would Marriott seek legal redress through the courts even though I live in Scotland? Marriott are also the lenders on my loan agreement.

Any help would be gratefully appreciated.
Click to expand...

The bottom line is that of course it is a debt like any other but if Marriott are the finance institution that you are in debt to then unless that have that debt held through a UK entity they may struggle to enforce it legally through the UK courts. however that will not stop them trying to enforce it just perhaps not directly through the court in Scotland directly. They may eventually sell the debt onto anUK based debt recovery company who will use all the usual tactics to get you to pay up. The same will apply to unpaid MFs.

You should assess all your debts and prioritse only those that really affect your life and that of the family. E.g. Mortgage takes priority over everything. You should seek specialist advice that will be available free - start with the Citizens Advice Bureau And go from there.

Finally - it is just a debt so don't sweat this - it is the small stuff and not the most important.
 
Contact Marriott and ask them for a deed in lieu of foreclosure.
Basically, they get to keep your money paid thus far -- and sell it again.
It is not as serious on your credit and they will cease collection efforts.
 
Thanks Malc and B2B. My wife has informed me it's actually points we have, does that make a difference in USA law?
 
Depending on how many points you have, vacationpointsexchange.com (started by Tuggers) could at least help you rent to cover maintenance fees. The experts can give you specific advice, but people seem to be using it quite successfully, both to acquire extra points and to rent out extra points they do not need.

Good luck!
 
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Ann in CA said:
Depending on how many points you have, vacationpointsexchange.com (started by Tuggers) could at least help you rent to cover maintenance fees. The experts can give you specific advice, but people seem to be using it quite successfully, both to acquire extra points and to rent out extra points they do not need.

Good luck!
Click to expand...

Careful where you are sending him. :banana:
Its vacationpointexchange.com

There is no "s" in the middle.
 
bluechip said:
Hi All,

I am a newbie from Scotland and I was looking for some advice from the more experienced timeshare owners in the States. I have a week at the Marriott Vacation Club at Orlando, Florida. Unfortunately I can not afford to repay the monthly loan payments as my business has fallen on hard times, with the ongoing recession in the UK.

Anyway, if I ceased the repayments what would be the repercussions. Would Marriott seek legal redress through the courts even though I live in Scotland? Marriott are also the lenders on my loan agreement.

Any help would be gratefully appreciated.
Click to expand...

How many points do you own....and how much do you owe on them? Points are being sold on the resale market for around $4-$5/point, so depending on how much you owe, looking into that might be an option for you. Some have recently been sold on eBay. I have no idea how robust the market for them is, but just tossing it out there as an option for you.
 
If they foreclose they will take the deed. Florida is a recourse state so they could still come after you for the balance of the loan, but that would require them to have to sue you and then try to collect on any judgement.

If you own points, even renting them will be a losing proposition if you are carrying a mortgage. You can only rent the points for about $0.10pp above the maintenance fees, well 10 cents a point won't go far to loan payments.
 
vacationpointsexchange.com appears to be a squatters site with a bunch of web links related to travel.
 
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