• The TUGBBS forums are completely free and open to the public and exist as the absolute best place for owners to get help and advice about their timeshares for more than 30 years!

    Join Tens of Thousands of other Owners just like you here to get any and all Timeshare questions answered 24 hours a day!
  • TUG started 30 years ago in October 1993 as a group of regular Timeshare owners just like you!

    Read about our 30th anniversary: Happy 30th Birthday TUG!
  • TUG has a YouTube Channel to produce weekly short informative videos on popular Timeshare topics!

    Free memberships for every 50 subscribers!

    Visit TUG on Youtube!
  • TUG has now saved timeshare owners more than $21,000,000 dollars just by finding us in time to rescind a new Timeshare purchase! A truly incredible milestone!

    Read more here: TUG saves owners more than $21 Million dollars
  • Sign up to get the TUG Newsletter for free!

    60,000+ subscribing owners! A weekly recap of the best Timeshare resort reviews and the most popular topics discussed by owners!
  • Our official "end my sales presentation early" T-shirts are available again! Also come with the option for a free membership extension with purchase to offset the cost!

    All T-shirt options here!
  • A few of the most common links here on the forums for newbies and guests!

Foreclosure

Joined
Jan 25, 2020
Messages
27
Reaction score
7
Points
13
Resorts Owned
HGVC
Anyone have experience with HGVC and foreclosure W57th in particular?
 

tombanjo

TUG Member
Joined
Aug 18, 2018
Messages
1,461
Reaction score
2,393
Points
324
Resorts Owned
HCNY
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

TUG Review Crew: Veteran
TUG Member
Joined
Dec 21, 2014
Messages
9,673
Reaction score
8,192
Points
498
Location
California
Resorts Owned
HGVC, MVC Vistana
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


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.
 
Joined
Jan 25, 2020
Messages
27
Reaction score
7
Points
13
Resorts Owned
HGVC
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


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?
 
Joined
Jan 25, 2020
Messages
27
Reaction score
7
Points
13
Resorts Owned
HGVC
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?
 

RX8

TUG Member
Joined
May 5, 2011
Messages
4,063
Reaction score
4,359
Points
449
Resorts Owned
HGVC and DVC
...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.
 
Joined
Jan 25, 2020
Messages
27
Reaction score
7
Points
13
Resorts Owned
HGVC
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

TUG Review Crew: Veteran
TUG Member
Joined
Jul 4, 2007
Messages
17,402
Reaction score
7,205
Points
948
Resorts Owned
HGVC & GTS
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

TUG Member
Joined
Aug 18, 2018
Messages
1,461
Reaction score
2,393
Points
324
Resorts Owned
HCNY
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.
 
Joined
Jan 25, 2020
Messages
27
Reaction score
7
Points
13
Resorts Owned
HGVC
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
 

dioxide45

TUG Review Crew: Expert
TUG Member
Joined
May 20, 2006
Messages
46,779
Reaction score
18,422
Points
1,299
Location
NE Florida
Resorts Owned
Marriott Grande Vista
Marriott Harbour Lake
Sheraton Vistana Villages
Club Wyndham CWA
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

TUG Review Crew
TUG Member
Joined
Apr 14, 2018
Messages
3,914
Reaction score
3,364
Points
349
Location
The Land of Ice and Snow
Resorts Owned
HGVC: The Flamingo, The Boulevard
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.
 
Joined
Jan 25, 2020
Messages
27
Reaction score
7
Points
13
Resorts Owned
HGVC
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?
 

Harry

TUG Review Crew
TUG Member
Joined
Jun 13, 2005
Messages
808
Reaction score
32
Points
388
Location
Az."Lawful:(adj.)The will of the judge"
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

TUG Member
Joined
Jan 23, 2008
Messages
5,910
Reaction score
2,819
Points
648
Location
Florida
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......




.
 
Joined
Jan 25, 2020
Messages
27
Reaction score
7
Points
13
Resorts Owned
HGVC
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.


.
 
Joined
Jan 25, 2020
Messages
27
Reaction score
7
Points
13
Resorts Owned
HGVC
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

TUG Member
Joined
Jan 23, 2008
Messages
5,910
Reaction score
2,819
Points
648
Location
Florida
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

TUG Member
Joined
Aug 18, 2018
Messages
1,461
Reaction score
2,393
Points
324
Resorts Owned
HCNY
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

TUG Review Crew: Veteran
TUG Member
Joined
Dec 21, 2014
Messages
9,673
Reaction score
8,192
Points
498
Location
California
Resorts Owned
HGVC, MVC Vistana
Gold will sell at at discount to platinum but in NYC points are points because very few actually use their home week.
 
Top