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Help getting rid of Westgate TS?

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Hi all!

I am very new at this so please forgive me if I ask a bunch of clarifying questions, as I honestly understand none of this.

My family and I currently are looking to get rid of a Westgate TS in Florida. We purchased right before the pandemic and have not been able to travel due to health issues. At this point, we just want out.

I have been reading through some of the threads, and noticed many people saying Florida is anti-deficiency. I am not too sure what that means, and would love some clarification. Also wondering how that process looks and what the outcomes may be.

Thanks in advanced for any clarification and advice! It is truly appreciated
 

Passepartout

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Basically, anti-deficiency means that after you default (quit paying) and it goes into foreclosure, and the damage is done to your credit and the deed goes back to Wastegate, they can't sue you to get the amount you still owe on the original mortgage above whatever they are able to sell the deed for.
It is small comfort to those defaulting on something they bought that is worth basically nothing due to Covid, a work slowdown, and a lack of market for resale timeshares.
Sorry, but that's the way it is.
 
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Basically, anti-deficiency means that after you default (quit paying) and it goes into foreclosure, and the damage is done to your credit and the deed goes back to Wastegate, they can't sue you to get the amount you still owe on the original mortgage above whatever they are able to sell the deed for.
It is small comfort to those defaulting on something they bought that is worth basically nothing due to Covid, a work slowdown, and a lack of market for resale timeshares.
Sorry, but that's the way it is.
Thank you so much for the clarification! If possible, do you know of any way I can get rid of this timeshare? I'd prefer not to take a hit to my credit. I'm happy to provide any information on the timeshare, if necessary.
 

dioxide45

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Thank you so much for the clarification! If possible, do you know of any way I can get rid of this timeshare? I'd prefer not to take a hit to my credit. I'm happy to provide any information on the timeshare, if necessary.
Sadly, if you have a mortgage you probably would have to take the credit hit. No one wants to take the credit hit, but it is what happens if you default on a loan. It is no different than a foreclosure on a home. Deeded timeshares are still legally considered real estate. You can look at this list and see that 1 out of the 3 reported loan defaults with Westgate resulted in a credit hit. So there is a chance they wouldn't report, but there is also a chance they will. You just need to decide what is more important, getting out of the ongoing payments and timeshare and taking the potential hit, or keep paying and keep your credit clean.

The Westgate timeshare will likely have $0 resale value. Even if it was paid in full, you would have a hard time giving it away. Unfortunately this is the sad reality of Westgate timeshares.
 
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TheTimeTraveler

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Thank you so much for the clarification! If possible, do you know of any way I can get rid of this timeshare? I'd prefer not to take a hit to my credit. I'm happy to provide any information on the timeshare, if necessary.


Assuming it's paid off then you should check with Wastegate to see if they will allow you to deed it back to them.

If you owe money on it then Wastegate won't take it and no one else will want it. Basically, it's worth about $1 (if that). Check on eBay and you can see many Wastegate weeks going begging for buyers.

Best of luck!



.
 
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Sadly, if you have a mortgage you probably would have to take the credit hit. No one wants to take the credit hit, but it is what happens if you default on a loan. It is no different than a foreclosure on a home, deeded timeshares are still legally considered real estate. You can look at this list and see that 1 out of the 3 reported loan defaults with Westgate resulted in a credit hit. So there is a chance they wouldn't report, but there is also a chance they will. You just need to decide what is more important, getting out of the ongoing payments and timeshare and taking the potential hit, or keep paying and keep your credit clean.

The Westgate timeshare will likely have $0 resale value. Even if it was paid in full, you would have a hard time giving it away. Unfortunately this is the sad reality of Westgate timeshares.
Thank you so much for the information! I have no mortgage, honestly I have no loans or anything along those lines. There are 3 names on the deed. I am curious if they would effect all of us. I have just recently found TUG & am sad I did not find it when purchasing (2019).
 
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Assuming it's paid off then you should check with Wastegate to see if they will allow you to deed it back to them.

If you owe money on it then Wastegate won't take it and no one else will want it. Basically, it's worth about $1 (if that). Check on eBay and you can see many Wastegate weeks going begging for buyers.

Best of luck!



.
All payments are currently up to date. I believe at this point we still owe around $10,000. Would that still be eligible to deed back to them? We have the week of Christmas, which I was told is very popular. Thank you for all your help!
 

TheTimeTraveler

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All payments are currently up to date. I believe at this point we still owe around $10,000. Would that still be eligible to deed back to them? We have the week of Christmas, which I was told is very popular. Thank you for all your help!


No. It has to be a zero balance!

But, it doesn't hurt to check directly with them in case they have changed their policies (I really doubt it). A fixed Xmas week works in your favor!



.
 

dioxide45

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All payments are currently up to date. I believe at this point we still owe around $10,000. Would that still be eligible to deed back to them? We have the week of Christmas, which I was told is very popular. Thank you for all your help!
The timeshare needs to be paid in full. Meaning $0 still owned in order to qualify for a deedback. To avoid a credit hit completely would require you to pay off the remaining $10,000 balance and then approach Westgate to deed the week back to them. They won't even talk about a deedback with a loan outstanding. They would talk about a deed in leu of foreclosure, but that would require you to be in loan default and could also be reported to credit agencies.
 
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The timeshare needs to be paid in full. Meaning $0 still owned in order to qualify for a deedback. To avoid a credit hit completely would require you to pay off the remaining $10,000 balance and then approach Westgate to deed the week back to them. They won't even talk about a deedback with a loan outstanding. They would talk about a deed in leu of foreclosure, but that would require you to be in loan default and could also be reported to credit agencies.
Thank you so much for this clarification! I found this post ( https://tugbbs.com/forums/threads/deedback-deals-and-bad-deals.311293/ ) where the user seems to be in a similar situation. I am hoping I can get a similar deal. I really just want out.
 

Passepartout

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At this stage, and if you are still current. make a reservation and use the thing! The ONLY value in timeshares is in their use and the memories they provide. Financially, they're generally a disaster, so use the damn thing! You can always make some kind of decision on what to do long-term later. Use it now.

I don't know if Christmas week is more-or less valuable than any other. It sounds like sales weasel's BS to me, but it's their story. If you want to relocate over Christmas and enjoy whatever celebration goes on there, it's all good.

We're glad you found TUG. Stick around. We won't BS you.

Jim
 

dioxide45

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Thank you so much for your assistance. I have also found this article ( https://tugbbs.com/forums/threads/deedback-deals-and-bad-deals.311293/ ) of someone who is almost in the same situation as I am. I'm thinking of how to get the same deal as this user, if possible.
They very likely had their timeshare paid in full. The only way you can find out if Westgate will work with you is to call and talk to them yourself. Just be prepared for them to tell you no.
 
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At this stage, and if you are still current. make a reservation and use the thing! The ONLY value in timeshares is in their use and the memories they provide. Financially, they're generally a disaster, so use the damn thing! You can always make some kind of decision on what to do long-term later. Use it now.

I don't know if Christmas week is more-or less valuable than any other. It sounds like sales weasel's BS to me, but it's their story. If you want to relocate over Christmas and enjoy whatever celebration goes on there, it's all good.

We're glad you found TUG. Stick around. We won't BS you.

Jim
Thank you so much for your advice!
 

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The other important piece of advice we give to people in your boat is to not go seeking the assistance of these exit/relief/cancel firms or law firms that claim they can get you out of your pickle unscathed.

Many are scams. If they are legit (which are very few and far between), they will charge you thousands of dollars to do something you can do yourself. Just follow the advice others have already provided.
 
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