• 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!

Help! Timeshare is sinking us

CTW

Guest
Joined
Jan 12, 2023
Messages
10
Reaction score
0
Points
1
Resorts Owned
Wyndham
We bought a Wyndham timeshare before the economy went kaput and we could afford it. Now we aren’t even treading water.
I’m leary of exit companies, they seem like frauds.
Are there any happy Wyndham owners that would like to acquire more points?
I feel so lost. I just found this website…haven’t the foggiest how it works.
 
Last edited:

CTW

Guest
Joined
Jan 12, 2023
Messages
10
Reaction score
0
Points
1
Resorts Owned
Wyndham
Wow, I should work on proofreading before posting next time.
 

jwalk03

TUG Review Crew: Expert
TUG Member
Joined
May 3, 2016
Messages
3,486
Reaction score
2,584
Points
348
Location
Ohio
If you still owe on the timeshare purchase you cannot sell it. Its worth next to nothing. Don't fall for a timeshare exit scam. They will just take more of your money. If you have a true hardship you can contact Wyndham Certified Exit and plead your case. If they can't do anything you should either pay the loan off as quickly as possible to save on interest and learn to use what your purchased OR just stop paying and let it go to forclosure and accept the consequences.
 

CTW

Guest
Joined
Jan 12, 2023
Messages
10
Reaction score
0
Points
1
Resorts Owned
Wyndham
If you still owe on the timeshare purchase you cannot sell it. Its worth next to nothing. Don't fall for a timeshare exit scam. They will just take more of your money. If you have a true hardship you can contact Wyndham Certified Exit and plead your case. If they can't do anything you should either pay the loan off as quickly as possible to save on interest and learn to use what your purchased OR just stop paying and let it go to forclosure and accept the consequences.
What are the consequences of it going into foreclosure?
 

Passepartout

TUG Review Crew: Veteran
TUG Member
Joined
Feb 10, 2007
Messages
28,462
Reaction score
17,213
Points
1,299
Location
Twin Falls, Eye-Duh-Hoe
What are the consequences of it going into foreclosure?
Likely, a credit hit. The holder of the loan may use you, and if successful be a a judgement that may result in garnishment of wages, seizure of bank accounts of other assets. Possibly, they will do nothing. We just don't know. No surprize. People in your predicament just don't return here and write about the consequences.

You should consult with legal counsel where you live, that has experience in consumer debt counselling. DO NOT sign up with ANY get you out of your timeshare outfits. They are ALL scams that will get more of your money, and you'll still own the timeshare.

It is conceivable that you can get this debt discharged through bankruptcy, but you would have to be much deeper in debt than one timeshare.

Good Luck

Jim
 

bnoble

TUG Member
Joined
Nov 14, 2006
Messages
11,628
Reaction score
5,364
Points
798
Location
The People's Republic of Ann Arbor
The holder of the loan may use you, and if successful be a a judgement that may result in garnishment of wages, seizure of bank accounts of other assets.
This depends a little on where you bought. Some states allow this, others do not---even where it is allowed, the amounts recoverable are often not worth the effort of a judicial process and the lender will just write it off as bad debt after foreclosure. You can see a summary of this here:

This is another reason to talk with an attorney--particularly because this is probably not the only bill you are struggling to pay if you are underwater.
 

SteveinHNL

TUG Member
Joined
Jul 1, 2021
Messages
675
Reaction score
429
Points
123
Is it paid in full, or do you owe on the purchase price? That's important to know, as others have alluded.
 

CTW

Guest
Joined
Jan 12, 2023
Messages
10
Reaction score
0
Points
1
Resorts Owned
Wyndham
Is it paid in full, or do you owe on the purchase price? That's important to know, as others have alluded.
If you still owe on the timeshare purchase you cannot sell it. Its worth next to nothing. Don't fall for a timeshare exit scam. They will just take more of your money. If you have a true hardship you can contact Wyndham Certified Exit and plead your case. If they can't do anything you should either pay the loan off as quickly as possible to save on interest and learn to use what your purchased OR just stop paying and let it go to forclosure and accept the consequences.
We were told (and I just called again to confirm) we aren’t eligible for their Exit program, since we owe on it, but it is a transferable deed.
 

CTW

Guest
Joined
Jan 12, 2023
Messages
10
Reaction score
0
Points
1
Resorts Owned
Wyndham
it is transferable in theory, but absolutely no one will buy it with a balance owed. There are too many others out there that are available for much (much) less.

You will either need to pay it off, or default.
Thank you
 

silentg

TUG Review Crew: Expert
TUG Member
Joined
Jul 17, 2005
Messages
6,185
Reaction score
3,260
Points
649
Location
Central Florida
Resorts Owned
Fitzpatrick's Castle Holiday Homes,
Enchanted Isle.
What do you own, and how much is owed? You could rent it and use the money to pay for part of what you owe. Is it a fixed week or points? Need to tell us more about your timeshare. How big, number of bedrooms etc.
 

CTW

Guest
Joined
Jan 12, 2023
Messages
10
Reaction score
0
Points
1
Resorts Owned
Wyndham
What do you own, and how much is owed? You could rent it and use the money to pay for part of what you owe. Is it a fixed week or points? Need to tell us more about your timeshare. How big, number of bedrooms etc.
What do you own, and how much is owed? You could rent it and use the money to pay for part of what you owe. Is it a fixed week or points? Need to tell us more about your timeshare. How big, number of bedrooms etc.
My husband and I own 105,000 points per year that can roll over. Enough for 7-10 days depending on condo. It’s a membership that allows for rental of any Wyndham property worldwide, week of choice. Not tied down to a single calendar week. We owe nearly the purchase price on it. Nearly $15k. Is a “legacy“ program that passes to beneficiaries for the price of maintenance fees.
 

SteveinHNL

TUG Member
Joined
Jul 1, 2021
Messages
675
Reaction score
429
Points
123
Ouch. I don't believe you can sell or transfer it if you owe a balance.
 

55plus

TUG Member
Joined
Nov 28, 2012
Messages
2,543
Reaction score
1,174
Points
398
Location
USA! USA! USA!
Start renting using guest certificates and when locks you out stop paying because they locked you out.

If collection contacts you tell them talk to Wyndham because you are not paying for something Wyndham won't let you use. Throw it back at Wyndham.
 

CTW

Guest
Joined
Jan 12, 2023
Messages
10
Reaction score
0
Points
1
Resorts Owned
Wyndham
Ouch. I don't believe you can sell or transfer it if you owe a balance.
I was told just today that it it is transferable. It’s a long shot…but thought it would be worth a try. If we could make the payments, we’d keep it. We can go anywhere anytime. Hypothetically. But since we’re struggling to even make the payment each month, we don’t have any extra to actually go on vacation
 

CTW

Guest
Joined
Jan 12, 2023
Messages
10
Reaction score
0
Points
1
Resorts Owned
Wyndham
Start renting using guest certificates and when locks you out stop paying because they locked you out.

If collection contacts you tell them talk to Wyndham because you are not paying for something Wyndham won't let you use. Throw it back at Wyndham.
What are guest certificates? We have rented out before, but it was hard to find renters.
 

bnoble

TUG Member
Joined
Nov 14, 2006
Messages
11,628
Reaction score
5,364
Points
798
Location
The People's Republic of Ann Arbor
I was told just today that it it is transferable.
What Steve (probably) means is that "No one will give you $15K for that." To get a sense for this, take a look at completed auctions on ebay for Club Wyndham. You would be lucky to get a few hundred dollars for this. While the deed can be transferred, you won't be able to until and unless the loan is paid off. So you'd have to bring that $15K (which you do not have) to closing.
 

Jan M.

TUG Member
Joined
Jun 17, 2010
Messages
4,486
Reaction score
5,844
Points
548
Location
Tamarac, FL
Resorts Owned
Wyndham Presidential Reserve at Panama City Beach
Club Wyndham Access
Grandview Las Vegas and Discovery Beach Resort - Both in RCI Points
Woodstone and Summit at Massanutten - Both in RCI weeks used as Wyndham PICs
With only 105,000 points there's absolutely no way you can make enough renting to cover your loan payments and maintenance fee payments. You'd need a whole lot more points than just 105k to do that.

If your points are deeded at one of the resorts with the lowest maintenance fees you could probably get $1,000-$1,500 for it if you sold it. If your points are Club Wyndham Access points or deeded points at a resort with higher maintenance fees you'd be lucky to get $100. The closing costs around are around $250 and the Wyndham transfer fee is $299. Take a look on eBay at Wyndham timeshares for sale. On the lower left hand side click on completed and sold items to see what the recent selling prices have been. That will be an eye opener.

If Wyndham won't let you out and take it back because of hardship (btw afaik that wouldn't be the Certified Exit department) then your only option is to walk away and let them foreclose.
 

Fido Chuckwagon

TUG Member
Joined
Sep 18, 2022
Messages
924
Reaction score
613
Points
153
Resorts Owned
Disney’s Saratoga Springs Resort; Wyndham Bonnet Creek; Wyndham Bali Hai; Wyndham Canterbury; Wyndham Grand Desert; Marriott Grand Chateau
Oof. You owe $15,000 on 105k Club Wyndham Access Points that are worth, maybe, a hundred dollars (without a lien) if sold on Ebay. You should likely explore just defaulting on the loan and facing the consequences if you can’t afford it.
 

Fido Chuckwagon

TUG Member
Joined
Sep 18, 2022
Messages
924
Reaction score
613
Points
153
Resorts Owned
Disney’s Saratoga Springs Resort; Wyndham Bonnet Creek; Wyndham Bali Hai; Wyndham Canterbury; Wyndham Grand Desert; Marriott Grand Chateau
Start renting using guest certificates and when locks you out stop paying because they locked you out.

If collection contacts you tell them talk to Wyndham because you are not paying for something Wyndham won't let you use. Throw it back at Wyndham.
That’s an interesting strategy.
 
Top