HGVC foreclosure costs and time frame [Merge Thread]

[knits1]

As of 12/28/2023

• The contact email for HGVC deed back is pfoliosvc@hgvc.com.
• No additional fees as of 12/28/2023
• May take 90-120 days to process the deed back.

HOA VOLUNTARY SURRENDER
PROGRAM TERMS AND CONDITIONS
Other terms and conditions to the Voluntary Surrender Agreement (“Agreement”):
1. Property Maintenance and Expenses (Homeowner’s Association Assessments).
If all the terms and conditions of this Agreement are met, you will be released from all remaining property maintenance and expenses (“HOA Fees”) associated with your vacation ownership interest upon the successful conveyance of your vacation ownership interest back to us.
2. Satisfaction and Release of Liability (HOA Liens).
If all the terms and conditions of this Agreement are met and, upon conveyance of your vacation ownership interest to us by Warranty Deed (or the equivalent in the state where your vacation ownership interest is located), we will release any liens held by Hilton encumbering the vacation ownership interest. Upon recording the required lien release(s), as any Homeowner’s Association lien(s) for delinquent assessments (if applicable) will be satisfied, which will result in Hilton (and/or its affiliates) foregoing all rights to pursue a deficiency judgment.
3. Foreclosure Sale Suspension – only applicable to owners already in foreclosure.
We will suspend any foreclosure sale date until the conveyance of your Property has been completed, provided you return a validly executed and recordable deed and continue to abide by the terms and conditions of this Agreement. If any of the terms and conditions of this agreement are not met within 45 days as of the date of this agreement, we may initiate or continue the foreclosure process as permitted by the mortgage documents, recorded liens and/or governing association documents.
4. Termination of This Agreement.
We may terminate this Agreement at any time if:
a. Your financial situation improves significantly, you qualify for loan modification, you bring the account current or you pay off the obligations associated with the account (mortgage, association assessments, and/or other fees) in full.
b. You fail to act in good faith with the Agreement.
c. A significant change occurs to the property condition or value.
d. There is evidence of fraud or misrepresentation.
e. You file for bankruptcy and the Bankruptcy Court declines to approve the agreement.
f. Litigation is initiated or threatened that could affect title to the property or interfere with a valid conveyance.
5. Settlement of a Debt.
The proposed transaction represents our attempt to reach a settlement of your account, which may be associated with delinquent obligations (such as a delinquent mortgage or Homeowner’s Association assessments). You are choosing to enter into this Agreement even though there is no guarantee that the transaction will be successful. In the event this transaction is unsuccessful, we may exercise our remedies under the mortgage or governing association documents, including foreclosure. In consideration for Hilton’s willingness to accept the return of the Vacation Ownership Interest (VOI), you agree to release Hilton from and against any and all present or future claims and/or disputes that you may assert or may have asserted against Hilton of any nature whatsoever, known or unknown and immediately withdraw any such complaints made against the Indemnified Parties with any local, state, or federal agency, and cancel any credit card dispute or investigations it may have opened in connection with the Contract.
6. Credit Reporting Considerations
We cannot provide opinions or assumptions as to the impact to the borrower’s credit score, nor do we have control over, or responsibility for, the impact on the borrower’s credit score.
7. Membership Benefits.
Benefits associated with the above contract and HGVClub Membership shall automatically terminate once you no longer own a vacation ownership interest at an affiliated resort. Once HGVClub Membership is terminated, benefits and privileges of HGVClub Membership automatically and immediately cease. For instance, any unused Bonus Points or any Hilton Honors privileges granted solely in connection with HGVClub Membership shall automatically expire. Furthermore, reservations are subject to cancellation upon termination of the HGVClub Membership.
8. No Refund.
Owner understands and agrees that no refund of any amounts paid by the owner in connection with the VOI will be due or payable to Owner or any third party. Additionally, any chargeback attempts on credit card or debit card payment(s) previously made in connection with the VOI may be deemed as a failure to act in good faith by the owner and result in termination of this agreement.

Interesting, I was just old that we couldn't because we didn't deed back in the first 10 days of buying it.....

 

[GT75]

because we didn't deed back in the first 10 days of buying it.....

That actually isn't a deed back. That is a rescind the purchase.

 

[knits1]

That actually isn't a deed back. That is a rescind the purchase.

interesting. So they cancelled the loan? I just want to give it back. Their attorney said it was a deed back, and they forwarded the request to that department who told me "they don't do that". But it sounded like several done it successfully.

 

[TUGBrian]

you can only give it back if it is paid off, still having a loan balance excludes you from being able to utilize this program.

 

[knits1]

you can only give it back if it is paid off, still having a loan balance excludes you from being able to utilize this program.

mine is paid off and they told me they don't do it to when you own it passed the 10 days after purchase....I'm so confused why they do it for some but not me

 

[TUGBrian]

would suggest contacting HGVC using the details in the first post. I am not sure what you were told or who "their attorney" is but it is not correct. cancelling your new purchase within the rescission period has nothing to do with surrendering it back if its paid off. they are two completely different and unrelated things.

if you cancelled within the first 10 days, you wouldnt have anything to surrender back.

 

[knits1]

would suggest contacting HGVC using the details in the first post. I am not sure what you were told or who "their attorney" is but it is not correct. cancelling your new purchase within the rescission period has nothing to do with surrendering it back if its paid off. they are two completely different and unrelated things.

if you cancelled within the first 10 days, you wouldnt have anything to surrender back.

I copied the steps above and asked them again to deed back ,voluntary surrender or what ever its called to let me out of timeshare. We see what happens. I did list it under free resorts in case someone wants it. Not sure what else to do.....so odd.

 

[knits1]

would suggest contacting HGVC using the details in the first post. I am not sure what you were told or who "their attorney" is but it is not correct. cancelling your new purchase within the rescission period has nothing to do with surrendering it back if its paid off. they are two completely different and unrelated things.

if you cancelled within the first 10 days, you wouldnt have anything to surrender back.

sorry, if there is an edit button , I didn't see it. I actually had another resort thru someone else and I did a deed back and had to pay a fee, and it was all over with in about 3 month. But this one, They kept telling me I can get a hold of their resell department and list it, they don't have a department to surrender it. Which I had done before and was not happy with. One person send me to the form for financial hardship, which is for a loan, and I don't have. So than the same department gave me the number to the attorney that handles the deed back, called talk to them she send a message to that portfolio department who called me today and told me their only do that during grace period, and since i had mine for 11 years, I don't qualify.

ok, just found edit button...LOL. I will use from now on!

 

[alwysonvac]

I copied the steps above and asked them again to deed back ,voluntary surrender or what ever its called to let me out of timeshare. We see what happens. I did list it under free resorts in case someone wants it. Not sure what else to do.....so odd.

They seem to be pushing owners to their resale department
One owner reported that they were told that they can pay $500 to list it on the resale market and it would take 18+ months to sell.
To me this is just a delay strategy to get owners to continue paying their fees.

Strand Capital Group developed the HGVC resorts in South Carolina.
Strand has been actively taking back their weeks via Right of First Refusal (ROFR). Just not sure if HGVC is working with Strand to take back weeks through their deedback process.

We received confirmation in this thread that HGVC was willing to take back a Strand week (see post #27 dated Feb 2, 2024 ).

Please report back.

 

[HuskerATL]

They seem to pushing owners to their resale department
One owner reported that they were told that they can pay $500 to list it on the resale market and it would take 18+ months to sell.
To me this is just a delay strategy to get owners to continue paying their fees.

Strand Capital Group developed the HGVC resorts in South Carolina.
Strand has been actively taking back their weeks via Right of First Refusal (ROFR). Just not sure if HGVC is working with Strand to take back week through their deedback process.
Please report back.

I think there has been some funny business with the Strand properties where "contracts" are created to get taken via ROFR. Seller is still paid though and the deed taken.

 

[knits1]

hello, So, having joint this forum , story is: they won't let me deed back I have contacted the right department. I have send back and e-mail arguing, but not expecting results. I did post it to give it away for free on here, where somebody responded the questionable value of my resort, I disagree, but, never the less will likely stop anybody from even checking it out (not happy that this is even allowed).
So , there is no point in keep paying for something we can't use.
For someone who had heard or let them foreclose, what are the fees? I don't have a loan anymore, long payed off (and the reason according to them they won't do a deed back). They say if I just stop paying HOA fee and the maintenance fee, there will be fees with the foreclosure but not what.
From my research, they don't even have to go to court since its in south carolina and they are out of florida. How long after I stop paying before foreclosure starts? Fees...I'm assuming they will possibly try to collect the maintenance fee and HOA fees until foreclosure (I have every second year, so shouldn't be to much). Is there interest?

Anybody can give some insight on interest fees, how long after missed HOA payment (or do they wait for maintenance payment missed?), I would appreciate!

thanks!

 

[HuskerATL]

I am curious what is the info about the deed? Resort, unit size, points? Have you reached out to some of the brokers to see if they can sell it for you?

 

[Snezz1e]

From you post history, the deed is for Anderson Ocean. From the free timeshare thread some mentions that the deeds here always fail right of first refusal (ROFR) which you didn't understand.

To explain better, if you find a buyer it has to go through the ROFR process as a first step. So if you find a buyer willing to take it for $1 or free, the first step is to sign a contract and forward it with the ROFR/estoppel form and pay $95. At this point Hilton/Strand has the right to buy the deed from you instead of allowing you to sell it to your buyer.

I have tried to buy several properties in SC and all but one failed ROFR so you're almost guaranteed to not pass the ROFR process.

So have a friend sign a contract saying they'll buy it for $1 and send in the the ROFR form. Strand will exercise ROFR and you'll be done. In the unlikely case they don't, deals fall through all the the time. I've backed out of a couple deals because the seller took too long to sign all the paperwork after ROFR passed (foreign sellers which made process more complicated).

 

[HuskerATL]

Since 2018 and for what has been entered in rofr.net, they have all failed...so Snezz1e's plan could work. I have heard of brokers doing basically this....

 

[dayooper]

I agree with the ROFR, but I would post it on the free timeshare section of this forum. HGVC still has some value and most likely someone will take it. The person will get the deed or it will be taken under ROFR. Either way you are rid of it.

 

[letsgobobby]

From you post history, the deed is for Anderson Ocean. From the free timeshare thread some mentions that the deeds here always fail right of first refusal (ROFR) which you didn't understand.

To explain better, if you find a buyer it has to go through the ROFR process as a first step. So if you find a buyer willing to take it for $1 or free, the first step is to sign a contract and forward it with the ROFR/estoppel form and pay $95. At this point Hilton/Strand has the right to buy the deed from you instead of allowing you to sell it to your buyer.

I have tried to buy several properties in SC and all but one failed ROFR so you're almost guaranteed to not pass the ROFR process.

So have a friend sign a contract saying they'll buy it for $1 and send in the the ROFR form. Strand will exercise ROFR and you'll be done. In the unlikely case they don't, deals fall through all the the time. I've backed out of a couple deals because the seller took too long to sign all the paperwork after ROFR passed (foreign sellers which made process more complicated).

why a dollar then? why not $5000?

make lemonade out of lemons

 

[Sandy VDH]

why a dollar then? why not $5000?

make lemonade out of lemons

exactly what I was going to post. If it is Anderson Club and they do take a LOT of ROFR, you might as well get some $$ back. Reason you are not getting a free deed back is likely because Hilton can sell that property for the owner, but they can't be the owner themselves.

Use that to your benefit. You just need to find a willing participant to play along. don't get too greedy and have it backfire.

 

[SmithOp]

why a dollar then? why not $5000?

make lemonade out of lemons

It's an EOY Silver season, they may not be willing to ROFR at that price.

 

[HuskerATL]

It's an EOY Silver season, they may not be willing to ROFR at that price.

That is a tough deed to sell. I am sure that HGV was happy to sell it.

 

[Sandy VDH]

an EOY silver at 1500 failed a year ago. So there is a data point.

 

[knits1]

From you post history, the deed is for Anderson Ocean. From the free timeshare thread some mentions that the deeds here always fail right of first refusal (ROFR) which you didn't understand.

To explain better, if you find a buyer it has to go through the ROFR process as a first step. So if you find a buyer willing to take it for $1 or free, the first step is to sign a contract and forward it with the ROFR/estoppel form and pay $95. At this point Hilton/Strand has the right to buy the deed from you instead of allowing you to sell it to your buyer.

I have tried to buy several properties in SC and all but one failed ROFR so you're almost guaranteed to not pass the ROFR process.

So have a friend sign a contract saying they'll buy it for $1 and send in the the ROFR form. Strand will exercise ROFR and you'll be done. In the unlikely case they don't, deals fall through all the the time. I've backed out of a couple deals because the seller took too long to sign all the paperwork after ROFR passed (foreign sellers which made process more complicated).

How did you know the buyer didn't qualify and their would reject. Not that I have anybody like that.

 

[knits1]

I am curious what is the info about the deed? Resort, unit size, points? Have you reached out to some of the brokers to see if they can sell it for you?

When I first inquired with them, they listed it on the broker site for a year. Anderson in SC 2nd

 

[knits1]

I am curious what is the info about the deed? Resort, unit size, points? Have you reached out to some of the brokers to see if they can sell

I agree with the ROFR, but I would post it on the free timeshare section of this forum. HGVC still has some value and most likely someone will take it. The person will get the deed or it will be taken under ROFR. Either way you are rid of it.

You should go look, I tried thinking someone can take it and turn it into their advantage. Instead, people are.posting in there I should it give it back, it's worth nothing, and now questioning my character for trying to give away a useless resort.

 

[HuskerATL]

How did you know the buyer didn't qualify and their would reject. Not that I have anybody like that.

It is really just a trick to see if Hilton/Strand will take it. If they take it via ROFR, then they pay the seller. When a seller finds a buyer, creates a purchase agreement, and then starts the process, one of the first steps is ROFR. If HGV takes it via ROFR, then the seller gets paid but the buyer is out. If HGV doesn't take it, then the buyer gets it...either way, the seller gets rid of the deed. This is how it normally works with most HGV deed resales. What some are suggesting is that a "friend" make an offer, start the process, and then hope that HGV takes it via ROFR and you are set.

 

[knits1]

It's an EOY Silver season, they may not be willing to ROFR at that price.

I tried to give it back to them for free and they said I'm past the 10 day window and they don't do deed backs (or surrenders, but send another email saying in case I used wrong terminology that they can have it for free)