Foreclosure

[Sebastiantheibis]

Anyone have experience with HGVC and foreclosure W57th in particular?

 

[tombanjo]

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.

 

[CalGalTraveler]

NY 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

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.

 

[Sebastiantheibis]

NY 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

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.

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?

 

[Sebastiantheibis]

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?

 

[Sebastiantheibis]

One more thing, are you aware of any cases in which assets were gone after a foreclosure?

 

[RX8]

...it is increasingly difficult to justify paying for something that has no resale value.

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.

 

[Sebastiantheibis]

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.

Do you have any thoughts on foreclosure?
What do you think is the value per point at W57th ?

 

[Talent312]

Shall we assume that you have already tried to surrender via deed-in-lieu-of...?
Even if they told you no, let them know that you won't be paying, so their choice.

 

[tombanjo]

Now 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.

 

[Sebastiantheibis]

Now 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

 

[SmithOp]

Thank you
Foreclosure is option
Does anyone know of any deficiency judgements in NY? Ie case law

@Grammarhero is the resident legal researcher, maybe he will see this.


Sent from my iPad using Tapatalk Pro

 

[dioxide45]

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.

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 the sales price isn't enough to payoff the loan, then that is where the seller is kind of stuck.

 

[dayooper]

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.

 

[Sebastiantheibis]

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?

 

[CalGalTraveler]

The best value of a timeshare is to use it. If you have no use for it then you should sell it.

 

[Harry]

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?? )

 

[TheTimeTraveler]

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?

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......




.

 

[Sebastiantheibis]

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.


.

 

[Sebastiantheibis]

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 ?

 

[TheTimeTraveler]

Do you know current the fair market value of 5,000 points at West 57th ?

Not specifically. With that said, check the classified section of TUG to get a good idea of the worth. Another place to check would be REDWEEK and eBay.

Keep in mind that asking prices "may not" be the actual sales price.




.

 

[tombanjo]

W 57th doesn't have a 5000 point property. 5250 is Platinum Studio Plus. 5100 is Gold Studio Premium or 1 bedroom. Gold will struggle, but I think the 5250 Plat. is saleable at 10K. You might need to toss in some fees or current MF paid.

 

[CalGalTraveler]

Gold will sell at at discount to platinum but in NYC points are points because very few actually use their home week.