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HELP! I was duped. Orlando Parc Sol.

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HGV Orlando Parc S.
My husband and I bought a 3,400 points timeshare almost a year ago directly from HGV ( I know, I wish I had found this site first, and we didn't do our research which is our fault). During the meeting with the saleswoman I specifically asked her what the resale value would be- she assured me that it was around what we paid for it, and we signed after that. That was the only thing holding me back- it was foolish of me to trust the salesperson. We've paid on it for a year and even took a vacation with it this year but LIFE happened- I got laid off and we are getting ready to have our first baby. So, financially we thought- its time to sell this thing so we can be free of the monthly payment. Of course, now that we've looked into selling it, we realize we we were flat out LIED too, and we are currently stuck with an 18k loan. HGV quoted us resale value between 2k-4k.

What should we do? Is there any negotiating with this company because of unethical sales practices?

We are thinking about taking out a HELOC to just flat out pay off the timeshare- we'd owe the money anyway eventually, but it wouldn't be at 18% and we could possibly deduct the interest we pay on it. Does anyone else have any bright ideas? Thanks in advance...
 

vacationtime1

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My husband and I bought a 3,400 points timeshare almost a year ago directly from HGV ( I know, I wish I had found this site first, and we didn't do our research which is our fault). During the meeting with the saleswoman I specifically asked her what the resale value would be- she assured me that it was around what we paid for it, and we signed after that. That was the only thing holding me back- it was foolish of me to trust the salesperson. We've paid on it for a year and even took a vacation with it this year but LIFE happened- I got laid off and we are getting ready to have our first baby. So, financially we thought- its time to sell this thing so we can be free of the monthly payment. Of course, now that we've looked into selling it, we realize we we were flat out LIED too, and we are currently stuck with an 18k loan. HGV quoted us resale value between 2k-4k.

What should we do? Is there any negotiating with this company because of unethical sales practices?

We are thinking about taking out a HELOC to just flat out pay off the timeshare- we'd owe the money anyway eventually, but it wouldn't be at 18% and we could possibly deduct the interest we pay on it. Does anyone else have any bright ideas? Thanks in advance...

Unfortunately, the last paragraph of your post is the only real answer.

Timeshare salespeople are notorious liars; in your case the lie was about resale value and the damage is done.

To make matters worse, based on other HGVC posts, your unit is worth less than the $2-4K quoted (if it was a serious offer, you should probably jump on it).

Sorry to be the bearer of bad news.
 

CalGalTraveler

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Sorry to hear of your misfortune. They lied to you so I have no reservations recommending this: If you were laid off and you don't mind the credit hit and bill collector harassment, then once you used the points this year, then WALK and do not pay any more and do not use the unit anymore.

Florida is a nonjudicial, anti-deficiency state. That means if you do not respond to their communications and thus do not object to foreclosure, their only recourse is to take back the unit. Be very careful because if they construe a communication from you as objecting to foreclosure, then it can become a deficiency and they can pursue other assets. If they contact you to sign over the deed in lieu of foreclosure then you might want to pursue but should pay a real estate lawyer for an hour to approach correctly so you don't unknowingly screw this up and lose your rights.
 
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rickandcindy23

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Keep it, pay it off, use it, learn from your mistake. Lesson learned for not a great deal of money. People think nothing of buying a car for $25-30K every four years. That is me, Mrs. Frugal talking. Our car is 17 years old, and we talked about buying something new, but we decided against it because the car is still great. We bought a car we loved, and I still love the thing.

It's also possible to maybe stop paying on it, but if you think about it, it was something you obviously wanted at the time, and there is not really an easy way out. Your credit would get hurt for the decision to walk away. Someone has to buy these timeshares from the developer, or there would be no new timeshares.

We bought our first two timeshares as young marrieds with 3 kids. We regretted it right away, and tried to rescind the first one. We were told we couldn't rescind. It is an OLD timeshare now, and it's worth nothing. We paid $7,200 for it in 1979. That was a lot of money back then.
 

bogey21

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We are thinking about taking out a HELOC to just flat out pay off the timeshare- we'd owe the money anyway eventually, but it wouldn't be at 18% and we could possibly deduct the interest we pay on it. Does anyone else have any bright ideas? Thanks in advance...

What is done is done. IMO paying it off with a HOLOC to reduce your interest rate is your best option. You are too young to default. I agree with Cindy. Learn to use it. In a few years you will be wanting a place to stay when you take your Son or Daughter to Disney...

George
 
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My husband and I bought a 3,400 points timeshare almost a year ago directly from HGV ( I know, I wish I had found this site first, and we didn't do our research which is our fault). During the meeting with the saleswoman I specifically asked her what the resale value would be- she assured me that it was around what we paid for it, and we signed after that. That was the only thing holding me back- it was foolish of me to trust the salesperson. We've paid on it for a year and even took a vacation with it this year but LIFE happened- I got laid off and we are getting ready to have our first baby. So, financially we thought- its time to sell this thing so we can be free of the monthly payment. Of course, now that we've looked into selling it, we realize we we were flat out LIED too, and we are currently stuck with an 18k loan. HGV quoted us resale value between 2k-4k.

What should we do? Is there any negotiating with this company because of unethical sales practices?

We are thinking about taking out a HELOC to just flat out pay off the timeshare- we'd owe the money anyway eventually, but it wouldn't be at 18% and we could possibly deduct the interest we pay on it. Does anyone else have any bright ideas? Thanks in advance...

I would write a letter to them (Certified) as offer them the "Deed in Lieu of Foreclosure" as you can't afford it anymore. In essence, you are giving it back to them for free and no longer will pay dues or the loan.

 
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Unfortunately, the last paragraph of your post is the only real answer.

Timeshare salespeople are notorious liars; in your case the lie was about resale value and the damage is done.

To make matters worse, based on other HGVC posts, your unit is worth less than the $2-4K quoted (if it was a serious offer, you should probably jump on it).

Sorry to be the bearer of bad news.
Yeah, I understand. It wasn't an official offer apparently- it was only their estimate of its value at resale- which I guess is on the high side! Good to know- thanks.
 
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What is done is done. IMO paying it off with a HOLOC to reduce your interest rate is your best option. You are too young to default. I agree with Cindy. Learn to use it. In a few years you will be wanting a place to stay when you take your Son or Daughter to Disney...

George
Yes we are trying not to take a credit hit!
 
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I would write a letter to them (Certified) as offer them the "Deed in Lieu of Foreclosure" as you can't afford it anymore. In essence, you are giving it back to them for free and no longer will pay dues or the loan.

Thanks for this! We didn't know this was an option and are exploring it now. We are paid up so I don't know if HGV will agree to it or not. Also, do you happen to know what this would do to our credit? Thanks!
 
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In 2014, my wife and I had to take a Deed-In-Lieu-of-Foreclosure on our home, because Bank of America refused to help us even though we could get back on our feet. My sister was our attorney in the whole deal with BoA, they had to go back and forth to agree to the conditions. In the end, we handed the keys over to them. They put a "Write-Off" on our credit for the entire mortgage ($108000), but in a year or so, it should be gone. I think that would be the worst case scenario, an $18000 Write-Off. If everything else on your credit is OK, let's say you have 750 score, it will drop it but not severe, maybe 50 points (don't quote me on it).

The other option is what others are saying, go ahead and refinance it for a lower APR and use it. If you can't use it, rent it out for some of the yearly fees.

TS
 
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HGV Orlando Parc S.
In 2014, my wife and I had to take a Deed-In-Lieu-of-Foreclosure on our home, because Bank of America refused to help us even though we could get back on our feet. My sister was our attorney in the whole deal with BoA, they had to go back and forth to agree to the conditions. In the end, we handed the keys over to them. They put a "Write-Off" on our credit for the entire mortgage ($108000), but in a year or so, it should be gone. I think that would be the worst case scenario, an $18000 Write-Off. If everything else on your credit is OK, let's say you have 750 score, it will drop it but not severe, maybe 50 points (don't quote me on it).

The other option is what others are saying, go ahead and refinance it for a lower APR and use it. If you can't use it, rent it out for some of the yearly fees.

TS
Ok thank you! That is helpful-it gives us a bit of context. I think we are going to explore both options at this point. I'm not even sure if HGV would accept a Deed in lieu of Foreclosure. But we will see!
 
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