Sebastiantheibis
newbie
- Joined
- Jan 25, 2020
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- HGVC
Anyone have experience with HGVC and foreclosure W57th in particular?
Thank youNY is not a good state for foreclosure as they can also go after your assets per the TS law sticky:
New York – NY, most foreclosures are non-judicial, but resorts can pursue deficiency judgments afterwards: https://ag.ny.gov/sites/default/files/13_nycrr_24.3.pdf
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Links to Official State Timeshare Laws and Guides/Manuals
@TUGBrian @DeniseM @CalGalTraveler take a look. This weekend, I’m creating a spreadsheet with official links to states’ timeshare laws, as well as their statuses as to non-judicial, anti-deficiency foreclosures. In the meantime, I will just keep adding notes. * Legal Disclaimer: This list...tugbbs.com
If you have no mortgage or pay off the mortgage you can sell depending on the unit. Worst case you could give it away but no one will take it if there is a mortgage. Do not pay anyone upfront to sell it. They are scammers.
Please report back on what you decide to do and how they respond.
One more thing, are you aware of any cases in which assets were gone after a foreclosure?Thank you
Unfortunately, I fail to see the value in the points/units and in terms of mortgage it is increasingly difficult to justify paying for something that has no resale value.
Do you know any good NY lawyers who could help in a foreclosure dispute?
One more thing, are you aware of any cases in which assets were gone after a foreclosure?
...it is increasingly difficult to justify paying for something that has no resale value.
Do you have any thoughts on foreclosure?W57 definitely has resale value. Depending on exactly what you own will depend how much resale value. However, if you have a large mortgage outstanding then that is going to be the issue.
Thank youNow is a bit of a tough time to sell, but NYC is very desirable. A 5250 point unit is about $10k. Look
At ROFR.net. Limited data, but more realistic than internet brokers dream pricing.
Thank you
Foreclosure is option
Does anyone know of any deficiency judgements in NY? Ie case law
Technically someone doesn't even have to take over payments. If the proceeds from the sale are enough to satisfy the loan at time of closing/transfer. Then the week/unit can be sold. The seller just won't get much or anything since all of the buyer's proceeds will go to paying off the loan.if you owe 10K or so you may be able to find someone to take over payments. Depending on points etc. W57th has better residual value compared to other properties. I don't think foreclosure has any property dependent issues, but is based on the mortgage provider you have and their policies.
West 57th is a great property: the issue is that you really don’t own much when it’s paid off( value on the market equals 10% of the purchase price) and this make paying the mortgage in full problematic.Thoughts?What do you own? How many points does your deed have? I concur with the above members, the W57th deeds have value. Depending on points, it has some of the highest value in the system. I would see what you can do by selling it.
West 57th is a great property: the issue is that you really don’t own much when it’s paid off( value on the market equals 10% of the purchase price) and this make paying the mortgage in full problematic.Thoughts?
Most Timeshares purchased from the Developer has this same issue; i.e. the Mortgage amount is far higher than the actual true value in a resale market situation.
How do you resolve this? Concentrate on getting it paid off as soon as you can, and rent your week to generate some income (and cover your carrying costs).
Of course walking away is always an option, but that does have negative consequences! The question is: Is it worth it?
Assume that you do not take any of the good TUG advice above and HGVC forecloses. What is your concern ? (credit rating, law suit for remainders, debtors prison?? )
Obviously you must have run some numbers and made a decision before you purchased. What has suddenly changed? Boredom, Job Loss, Paying too much, age. health, buyer's remorse, etc......
What’s changed is the value is lost. Deficiency judgement is the main negative: reasonable man test: if the week is worth 10% of the sale value, significantly under water, how could a judge find in favor of the mortgage holder if they are also the developer.
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Do you know current the fair market value of 5,000 points at West 57th ?West 57th is a great property: the issue is that you really don’t own much when it’s paid off( value on the market equals 10% of the purchase price) and this make paying the mortgage in full problematic.Thoughts?
Do you know current the fair market value of 5,000 points at West 57th ?