Help! WM canceled my ownership due to nonpayment

[setbrejac]

My husband and I bought into Worldmark in 2007. In 2008 my husband was laid off and was not able to find work for 2 1/2 years. We had to choose between feeding our 3 children or our timeshare. Apparently Worldmark/Wyndham CANCELED our ownership in 2008. We are finally getting back on our feet and trying to buy our first home. Wyndham shows up as "not current." I called to discuss what we had to do to make it current and was told that they had canceled our contract in 2008 and there was nothing we could do, this would stay on our credit. How is this possible??? If we somehow figure out how to pay the balance owed, we would not get our contract back, so would own nothing.

So do we still owe the $$. How can I get this off my credit?? What are my options if any??

 

[BocaBum99]

Why do you think this should be removed from your credit report? Lenders need to know your track record of meeting your payment obligations. That's what a credit report is supposed to tell potential creditors.

 

[setbrejac]

I understand that but I was never notified that the account was "canceled" and if I was able to maintain ownership by bringing the account current I would do so. To be told there is nothing I can do to make the situation right just seems wrong.

 

[rrlongwell]

I understand that but I was never notified that the account was "canceled" and if I was able to maintain ownership by bringing the account current I would do so. To be told there is nothing I can do to make the situation right just seems wrong.

You can challege the credit report entry and that places the burden on Worldmark, et. al. to reverify the information. If they do not do so, I believe within 30 days, then it comes off the resport. You would need to challege it with all three credit bureus. Since the cancellation of membership was so long ago, they may or may not respond in a timely manner to the credit bureas.

 

[DeniseM]

Let me ask you a question - if you defaulted on your mortgage in 2008, would you expect them to give you the house back in 2012?

I'm sorry, but your expectations are unrealistic.

 

[Passepartout]

I have sympathy for you, but you have no idea how many people find TUG and ask if they can simply stop paying their TS obligations and end their ownership. Many have said they wouldn't even mind a credit hit. You may be more fortunate than you know.

Somehow, I think that after the economic turmoil of the last 3 or so years, a letter of explanation that, as you said, was either feed the kids or pay the TS, would be well understood by a creditor. This too will pass.

Best wishes..

Jim

 

[simpsontruckdriver]

PLUS, there are PLENTY of Wyndham timeshares on eBay (not talking about Worldmark) that you can buy for $1, or $1 + $299 transfer + closing on eBay. I personally have TERRIBLE credit due to the economy since 2007, but going through a timeshare transfer company, Wyndham still let me enter into a timeshare!

If you can pay the Maintenance Fees, as well as your own bills, Wyndham (and a reputable transfer company) can get you into one.

TS

 

[setbrejac]

Denise - a foreclosure should apply to real property and not some virtual vacation points. Walking away from a house is completely different than walking away from a vacation timeshare. And had we been notified that they canceled it way back when maybe I wouldn't be so upset now.

 

[timeos2]

I understand that but I was never notified that the account was "canceled" and if I was able to maintain ownership by bringing the account current I would do so. To be told there is nothing I can do to make the situation right just seems wrong.

You may have missed the notice when you were so preoccupied with other issues - the letters they tend to send out look just like any other mail from them. They don't have to - and may not - have to send out registered type mail but rather they meet the requirements of notice by posting in accepted publication(s) - usually something local.

If they really have foreclosed or canceled your membership/ownership then that IS your credit record with them. You didn't pay what you owed when it was due and they took the legal actions they could to collect & then terminated your account. Challenging that is a fight you're not likely to win as those are the simple facts. You could get a statement as to why it occurred added to the report(s) but that may not help your score much if at all.

Being that it's over 3 years ago the damage is likely done & over now. You may be best advised to simply forget it and move on. Good luck to you and your family - I'm glad to hear things are turning around again for the better for you all now.

These recent posts about the considerable consequences of failing to stay current on timeshare fees should serve to answer those that think it is a minor thing. A past due fees or foreclosure on your record isn't treated lightly. Those who advise that resorts will just look the other way or suffer losses without taking action are not giving good advice. They do report it, they do attach bank accounts and any other actions they can take to hopefully get people to pay what they owe.

 

[LLW]

My husband and I bought into Worldmark in 2007. In 2008 my husband was laid off and was not able to find work for 2 1/2 years. We had to choose between feeding our 3 children or our timeshare. Apparently Worldmark/Wyndham CANCELED our ownership in 2008. We are finally getting back on our feet and trying to buy our first home. Wyndham shows up as "not current." I called to discuss what we had to do to make it current and was told that they had canceled our contract in 2008 and there was nothing we could do, this would stay on our credit. How is this possible??? If we somehow figure out how to pay the balance owed, we would not get our contract back, so would own nothing.

So do we still owe the $$. How can I get this off my credit?? What are my options if any??

I understand that but I was never notified that the account was "canceled" and if I was able to maintain ownership by bringing the account current I would do so. To be told there is nothing I can do to make the situation right just seems wrong.

Did you move? Normally they would have gone after you numerous times before they stop bugging you for non-payments.

How much do you still owe on it? If you bought in 2007 and stopped paying in 2008, it must have been a huge balance still. If you want the ownership, it would probably be cheaper to buy another account on the resale market. Resale accounts may be found on ebay and other outlets for around 40 cents per credit.

 

[DeniseM]

Denise - a foreclosure should apply to real property and not some virtual vacation points. Walking away from a house is completely different than walking away from a vacation timeshare. And had we been notified that they canceled it way back when maybe I wouldn't be so upset now.

I'm sorry, but that's not true. You had a loan, and a contractual obligation to make the payments.

What steps did you take in 2007 to mitigate this isssue?

When your husband was off for 2.5 years, was this the only thing you defaulted on?

 

[setbrejac]

I was current on my payments until 2008 when my husand lost his job. It just sucks that on top of basically losing everything we owned and going through hell the last several years, this stupid timeshare that we were basically forced to purchase is having such a huge impact on our future. We have worked so hard to get caught up on everything and get back on our feet in the last 6 months and it's like being kicked and knocked down again.

 

[DeniseM]

I was current on my payments until 2008 when my husand lost his job. It just sucks that on top of basically losing everything we owned

If you lost everything - that means that you also defaulted on other loans - correct?

basically forced to purchase

Forced to purchase???

 

[setbrejac]

No. We did not have any other loans. I mean by losing everything that we literally sold everything we owned, moved into a small apartment, got rid of our pets, etc to make what little income I had and his unemployment brought in work so we never had to go on any kind of public assistance. Luckily our vehicles were paid for and we don't have any credit cards.

 

[setbrejac]

yes, basically forced to purchase. It was sign here or be tortured more by the sales people. After sitting through the presentation and then being hounded for HOURS to purchase I felt like I was basically coerced into signing on the dotted line.

And we did have some medical bills we defaulted on for emergency surgery but other than that, nothing else. We didn't have anything else to default on.

 

[ronparise]

Being that it's over 3 years ago the damage is likely done & over now. You may be best advised to simply forget it and move on. Good luck to you and your family - I'm glad to hear things are turning around again for the better for you all now.

These recent posts about the considerable consequences of failing to stay current on timeshare fees should serve to answer those that think it is a minor thing. A past due fees or foreclosure on your record isn't treated lightly. Those who advise that resorts will just look the other way or suffer losses without taking action are not giving good advice. They do report it, they do attach bank accounts and any other actions they can take to hopefully get people to pay what they owe.

My advice in these situations is to always consider whats best for you and your family, and if you must; default...There will be consequences

They didnt attach bank accounts or garnish wages, they only cancelled the account and reported it to the credit bureaus...It would seem the consequences in this case were not such a big deal


FYI mortgage companies are now lending money to folks that were foreclosed 3 years ago

 

[DeniseM]

So I'm guessing you are young and don't have much experience using credit?

What arrangements did you try to make with the loan holder?

 

[Craigvince]

I understand that but I was never notified that the account was "canceled" and if I was able to maintain ownership by bringing the account current I would do so. To be told there is nothing I can do to make the situation right just seems wrong.

Please understand, I'm not judging, just answering your question.

1. Were you notified that you owed the money? (You originally signed an agreement with your payment amounts and due dates, right?)

2. Did you stop making those agreed upon payments? (Yes, you said you stopped paying when your husband got laid off)

3. Did they report accurately on your credit report that you had not made your payments? (Probably)

So what exactly do you want them to do? Lie and say you did pay it, just so you can clean up your credit?

 

[setbrejac]

I'm 35 actually. We chose not to jump on the must have everything bandwagon that so many consumers did and never got credit cards. We had vehicles loans and student loans that we paid off in full 2 years prior after receiving some inheritance. Because mine and my husbands jobs had us traveling and moving fairly frequently, we never bought a home.

 

[Passepartout]

If the TS is the only thing you defaulted on, and that was 3 years ago, you should have little difficulty rebuilding your credit. You have every reason to be proud of having not fallen further into the abyss of debt and assistance. Many people stayed in houses that were and are still underwater, kept buying trinkets and timeshares that are now worthless. You deserve credit, and if it were up to me, I'd extend you a loan.

Welcome to TUG. If you still want a TS, there are plenty of them available for essentially free.

Jim

 

[setbrejac]

I fully accept that we signed an agreement and defaulted on the payments. My problem is that when I called to try and remedy the situation they said there was nothing I could do. I asked if I could settle the amount due to show as paid in full on my account and they again told me there was nothing i could do. I asked the person I was talking to what I could do to show the account as canceled, rather than as "past due" and she again told me there was nothing I can do. Truthfully, she did not even ask me to pay the balance. She didn't even tell me the balance owed. She just kept saying there was nothing I can do.

 

[DeniseM]

I am sorry for your troubles - congratulations on keeping your head above water.

There is nothing you can do, because the lender foreclosed, and you no longer own it. The legal proceedings are long over and done with - you no longer have a loan, or a timeshare.

Did you contact the lender in 2008 and try to make any arrangements?

 

[setbrejac]

Thanks Jim. That is what is so frustrating about all of this! Yes we screwed up and didn't pay it but what choice did we have? Aside from prostituting myself on a street corner I did not have a penny to spare to pay it!!! I can't tell you how many times we've been told we need to get credit cards and the like to improve our credit. That's ridiculous. We do not live above our means. That is how I was raised. We did not use the broken welfare system to suck all of us hard working tax payers dry. We made the money we did have work. If that meant eating beans & rice for a month and not turning on our heater or air conditioner that's what we did. Imagine what the country would be like if people lived within their means rather than either A)abusing welfare or B) extending themselves trying to keep up with the jones.

 

[setbrejac]

I did call them the first month we coudln't make their payment and was basically told I'd better figure out how to pay it. I definitely should have been more proactive in dealing with the situation. But figuring out how to keep a roof over our heads and feeding our family was way more important!

 

[timeos2]

I fully accept that we signed an agreement and defaulted on the payments. My problem is that when I called to try and remedy the situation they said there was nothing I could do. I asked if I could settle the amount due to show as paid in full on my account and they again told me there was nothing i could do. I asked the person I was talking to what I could do to show the account as canceled, rather than as "past due" and she again told me there was nothing I can do. Truthfully, she did not even ask me to pay the balance. She didn't even tell me the balance owed. She just kept saying there was nothing I can do.

She was correct unfortunately. It is too late to undo it now.

Really, the damage was done & over years back now. Your otherwise good (by todays standards) record should work in your favor and if you need future loans at worst you'd pay a slightly higher interest in all likelihood. Put it behind you & don't fret over it now. At least you no longer owe any fees and you don't have to get your name off a timeshare you didn't really want. That may be worth the relatively small credit hit you'll have now. It would be different if this was still the 2008 economy & it was a current default but it's almost ancient history now.

You learned a tough lesson. Now move on.