HGVC's Deed Back Process

[alwysonvac]

For the first 3 options, there are closing costs for transferring the title which I've read range from 1K-2K... Are there similar fees for surrendering the deed?

Based on your Free Timeshare post (link), you own an Gold Season Studio EOYE at Elara.
Since an Elara Gold Season studio was successfully surrendered (see post #5), I suggest reaching out to HGVC (see post #86).

So far, there are no reports of a HGVC fee
NOTE: In case you own additional weeks, closing cost are typcially paid by the buyer. Lots of folks recommend LT Transfers. They charge close to $300 plus postage and recording fees - https://www.lttransfers.com/

Good luck and please report back.

 

[buymyhgvplz]

Based on your Free Timeshare post (link), you own an Gold Season Studio EOYE at Elara.
Since an Elara Gold Season studio was successfully surrendered (see post #5), I suggest reaching out to HGVC (see post #86).

So far, there are no reports of a HGVC fee
NOTE: In case you own additional weeks, closing cost are typcially paid by the buyer. Lots of folks recommend LT Transfers. They charge close to $300 plus postage and recording fees - https://www.lttransfers.com/

Good luck and please report back.

I've reached out to portfolio service to surrender the deed yesterday and will update this thread if/when they respond.
I did message resale as well, but they told me my only option is resale .

Wish I found out about surrender option earlier since there's no fees... but I have a potential buyer now and am working with LT Transfers to transfer the deed. They agreed to pay Hilton's transfer fees while I pay LTTransfers closing costs... didn't think anyone would be willing to pay for all closing costs .

 

[Tamaradarann]

Yeah, that’s a great business model. Imagine being able to sell something, get it back for free, resell, rinse and repeat.

I agree with you that HGVC selling timeshares, and then taking them back for free so they can sell them again is a Great Business Model. However, it does show that HGVC values the timeshare they are selling enough to take it back and then resell it.

Just think about timeshare companies that are selling timeshares but are NOT TAKING THEM BACK FOR FREE SO THEY CAN RESELL THEM!! They make me feel that those timeshare companies feel that the product that they are selling is worth LESS THAN ZERO!!

 

[buymyhgvplz]

I've reached out to portfolio service to surrender the deed yesterday and will update this thread if/when they respond.
I did message resale as well, but they told me my only option is resale .

Wish I found out about surrender option earlier since there's no fees... but I have a potential buyer now and am working with LT Transfers to transfer the deed. They agreed to pay Hilton's transfer fees while I pay LTTransfers closing costs... didn't think anyone would be willing to pay for all closing costs .

Received a call from HGV just now in response to my email to surrender the deed telling me that there is no option to surrender the deed back to Hilton. My only options are to work with their resale team or a 3rd party timeshare real estate agent :\

 

[alwysonvac]

Received a call from HGV just now in response to my email to surrender the deed telling me that there is no option to surrender the deed back to Hilton. My only options are to work with their resale team or a 3rd party timeshare real estate agent :\

Thanks for the update.
I hope all goes well with your transfer.

 

[Tamaradarann]

Received a call from HGV just now in response to my email to surrender the deed telling me that there is no option to surrender the deed back to Hilton. My only options are to work with their resale team or a 3rd party timeshare real estate agent :\

Let me make sure I understand your situation: You are a HGVC owner with an EOY Elara Studio, you owe nothing on the purchase and nothing on the maintenance. They said they wouldn't take it back.

Did they mention why there was option to surrender the deed back to Hilton?

Perhaps they don't want EOY deeds back. EOY deeds were created to get people at the presentation to buy and get in the system for less money when they turned down the every year deal that was presented. If they were selling a unit at $30K, they could sell two EOY units for $15K. Even though they were getting less money they at least made a sale which is their ultimate goal. As I mentioned before one of the advantages for HGVC in taking back units is that they can resell them at a lower price since their cost is $0 for them getting the unit. Since they are getting plenty of every year units back at $0 to use to make sales at lower prices why would they want to get EOY units which are only have the value and half of the maintenance to be paid by the new owner.

 

[Tamaradarann]

Let me make sure I understand your situation: You are a HGVC owner with an EOY Elara Studio, you owe nothing on the purchase and nothing on the maintenance. They said they wouldn't take it back.

Did they mention why there was option to surrender the deed back to Hilton?

Perhaps they don't want EOY deeds back. EOY deeds were created to get people at the presentation to buy and get in the system for less money when they turned down the every year deal that was presented. If they were selling a unit at $30K, they could sell two EOY units for $15K. Even though they were getting less money they at least made a sale which is their ultimate goal. As I mentioned before one of the advantages for HGVC in taking back units is that they can resell them at a lower price since their cost is $0 for them getting the unit. Since they are getting plenty of every year units back at $0 to use to make sales at lower prices why would they want to get EOY units which are only have the value and half of the maintenance to be paid by the new owner.

Did they mention why there was NO option to surrender the deed back to Hilton?

 

[CalGalTraveler]

Just imagine. Someone could get into Max with that EOY studio.

I suspect that their deedback quota for the year is spent given the number of successful deedbacks posted on this forum. IMHO, They might selectively pick and choose top properties for the remainder of the year.

 

[koalahugs]

Can confirm, they won't do a deed back for my EOY Elara 1 bd Gold.

 

[Quinnwins]

Hi everyone, hoping someone can explain this in a way that makes sense to me! I've read through the threads here a few times but am a newbie and not very savvy when it comes to this whole thing. I would love to get rid of my current timeshare, before reaching out to Hilton I'm trying to wrap my head around this situation so I can be prepared.

Here are the details:
Location: Las Vegas
Resort Name: Las Vegas Boulevard Vacation Suites
Week: Two bedroom, 8,000 Points, Gold Season
Loan: Currently have an outstanding loan ~$30k

From what I have read, it sounds like my only options would be to sell or foreclose on this timeshare, is that correct? I plan on reaching out to Hilton to surrender the property but since we owe so much on the loan, I'm under the impression that they will not let us surrender/ do a deedback. Is that right? Is there a certain way I should go about trying to surrender the property since we have an outstanding loan?

Trying to wrap my head around all of this, as I am clearly someone who made a very expensive mistake.

Any and all insight in appreciated - thanks!

 

[Reddart]

I believe they will only consider a deedback if the loan is paid off.

 

[Kumo]

Update: Received email of deed to sign back over. Did notary the same day and USPS shipped with sign approval. They received. Now awaiting final confirmation of everything being disbanded.

 

[buymyhgvplz]

Did they mention why there was NO option to surrender the deed back to Hilton?

They did not mention any reason. My loan is paid off. They simply said that they do not accept deeds back and the only option is resale.
In regards to my transfer status, I'm working with LT Transfers. The deed has already been recorded by the NV County Clerk and they've sent it to HGV to update their system. Since it has been recorded by the county clerk... I presume this means that I am officially free (?)

 

[buymyhgvplz]

Hi everyone, hoping someone can explain this in a way that makes sense to me! I've read through the threads here a few times but am a newbie and not very savvy when it comes to this whole thing. I would love to get rid of my current timeshare, before reaching out to Hilton I'm trying to wrap my head around this situation so I can be prepared.

Here are the details:
Location: Las Vegas
Resort Name: Las Vegas Boulevard Vacation Suites
Week: Two bedroom, 8,000 Points, Gold Season
Loan: Currently have an outstanding loan ~$30k

From what I have read, it sounds like my only options would be to sell or foreclose on this timeshare, is that correct? I plan on reaching out to Hilton to surrender the property but since we owe so much on the loan, I'm under the impression that they will not let us surrender/ do a deedback. Is that right? Is there a certain way I should go about trying to surrender the property since we have an outstanding loan?

Trying to wrap my head around all of this, as I am clearly someone who made a very expensive mistake.

Any and all insight in appreciated - thanks!

I'm not the most knowledgeable either. So, if I'm wrong in any way I hope someone corrects me.. but from my understanding if you have an outstanding loan then you won't be able to surrender the deed back nor would you be able to sell the timeshare. If you're past your rescission period then your only options are to payoff the loan first and then get rid of it or simply stop paying and risk foreclosure. I'm sorry, it really sucks.

 

[Tamaradarann]

Encore Law sounds like one of the companies that John Oliver warned people about.

OK, I didn't here John Oliver's warning but I am not going to disagree with your thoughts about Encore Law.

BEFORE I BEGIN I DON'T WANT COMMENTS ABOUT WHAT I AM GOING TO PRESENT BEING A RIPOFF OR GOING TO FREE DINNERS IS A WASTE OF TIME WE DIDN'T SIGN UP WITH THIS COMPANY AND I AM NOT ADVOCATING GOING WITH THIS COMPANY. I AM PRESENTING THIS FOR INFORMATION AND I AM ADDING AN ORIGINAL THOUGHT RELATED TO THIS SUBJECT.

My husband and I went to another presentation from another company that is using the same promise that they can get you out of your timeshare for a fee using attorneys. (Yes we love free dinners that we can walk to in Waikiki and hearing about the newest timeshare scams.) However this company had at the top of the page that they showed us about who they were stating RCI Points! The presentation was basically the same as Encore Law with a higher price level and a money back guarantee; they will get you out of your timeshare or give you your money back. However, the RCI points heading on their stationary, that they emphasized druing the presentation, clicked something in my mind. We know that HGVC is taking back deeds. From what I understand they are taking them back without cost. Could it be that this company, that is associated with RCI which is owned by Wyndham a huge timeshare company, is really a subsidiary expediting taking back of deeds for Wyndham for money. Therefore, instead of Wyndham taking back deeds without a cost like HGVC is doing, they are taking them back and making money doing it. Others have said that the HGVC model of selling timeshares, taking them back for free, and then selling them again is a great business model. Well perhaps this model does the HGVC model one better getting paid to take them back so they can sell them again.

Before making judgement on my thought think about the big picture of the timeshare maintenance delinquency/foreclosure problem. As the baby boomers stop travelling there are going to be so many timeshares going unused and maintenance not being paid. Some will be inherited and used by the children of owners but many children will not want the timeshares and having to pay the maintenance. We are in that situation. Therefore, ultimately timeshare maintenance will stop being paid. The remaining owners of that resort will have their maintenance go up to compensate for the maintenance that is not being paid until the long and costly foreclosure process is completed. Perhaps some astute large Timeshare Developers/Management Companies know this so they are taking the initiative to deed back timeshares before the maintenance stops being paid and foreclosure is the only solution to getting the timeshare back, resold, and the maintenance being paid again. Hilton is doing it without a cost. Is Wyndham making money doing it?

By the way the woman who gave us the details of the program was VERY CUTE when it came to the effect of maintenance delinquency on other owners. Initally she said she never heard that the other owners will have their maintenance go up when an owner stops paying their maintenance. My husband had to explain that to her. However, when she tried to close the deal she tried to put a guilt trip on us hurting the other owners when my husband said that if the timeshare company doesn't take back the timeshare we will stop paying the maintenance.

 

[TUGBrian]

these companies are all the same, with different flavors of sales pitches.

there is nothing an exit company can do for an owner they cannot do themselves.

 

[GTLINZ]

there is nothing an exit company can do for an owner they cannot do themselves.

Including wasting money

 

[pedro47]

Thanks to everyone for sharing their information.

 

[Tamaradarann]

these companies are all the same, with different flavors of sales pitches.

there is nothing an exit company can do for an owner they cannot do themselves

I agree that these companies that are all the same with different flavors of sales pitches; we have been to a number of the sales pitches already.

However, while we don't want to rid ourselves of our Misner Place Vacation Village Timeshare right now we have looked at our possibilities if we did. I just looked at he Marketplace on TUG and there are 5 Misner Place Timeshares being offered for no cost and one being offered for $1000. Many of the offerings are even agreeing to pay all the closing costs.

While I appreciate the TUG Marketplace and the fact that timeshares buyers can get great deals using it to pick up timeshares that they want to buy, the secondary marketplace for timeshares is a real BUYERS MARKET.

Therefore, when a timeshare owner no longer wants to use their timeshare and pay the maintenance and after trying to sell their timeshare on TUG and other websites what can one do other than just Stop Paying the Maintenance which will cause the remaining owners of that resort to pay more do to the maintenance delinquency of owners.

That is really the question that HGVC Deedback is postively answering and hopefully other timeshare developer/management companies will start to answer before there is a crisis in the industry with maintenance costs going sky high.

 

[TUGBrian]

Yes, that is correct.

there are and have only ever been 3 ways to exit a timeshare. resale/giveaway, deedback, default.

Exit and cancellation companies only exist because the average owner simply doesnt realize they are paying thousands of dollars to do something they can do themselves for free in most cases.


While default is a poor solution, its not always the owners fault when that becomes the best option available to them. This is happening more and more with resorts and developers offering little to no help in offering solutions or even helpful advice for owners to explore options 1 and 2. This results in a HUGE number of owners going with option 3, or worse paying a scammer a fortune to do nothing other than stop paying for their own timeshare.

resorts arent oblivious to the fact that many of their owners will have little to no success on the resale market, nor are they oblivious to how popular exit/scam companies are at convincing owners to default, thus I have zero problem with an owner choosing the default route if they have made a good faith effort but failed in options 1 and 2.

 

[Tamaradarann]

Yes, that is correct.

there are and have only ever been 3 ways to exit a timeshare. resale/giveaway, deedback, default.

Exit and cancellation companies only exist because the average owner simply doesnt realize they are paying thousands of dollars to do something they can do themselves for free in most cases.


While default is a poor solution, its not always the owners fault when that becomes the best option available to them. This is happening more and more with resorts and developers offering little to no help in offering solutions or even helpful advice for owners to explore options 1 and 2. This results in a HUGE number of owners going with option 3, or worse paying a scammer a fortune to do nothing other than stop paying for their own timeshare.

resorts arent oblivious to the fact that many of their owners will have little to no success on the resale market, nor are they oblivious to how popular exit/scam companies are at convincing owners to default, thus I have zero problem with an owner choosing the default route if they have made a good faith effort but failed in options 1 and 2.

Thank you Brian for confiming my thinking on this subject. I have thought about developing a campaign to prevent companies from continuing to sell timeshares if they won't deed them back for $0.

As I mentioned above I see a crisis in the timeshare industry as baby boomers stop vacationing and stop paying their maintenance with the result that maintenance fees will rise significantly since there will be fewer owners to pay for the maintenance of the resort.

 

[HuskerATL]

Thank you Brian for confiming my thinking on this subject. I have thought about developing a campaign to prevent companies from continuing to sell timeshares if they won't deed them back for $0.

As I mentioned above I see a crisis in the timeshare industry as baby boomers stop vacationing and stop paying their maintenance with the result that maintenance fees will rise significantly since there will be fewer owners to pay for the maintenance of the resort.

They will just default, go back to HGV, who will push them out to the brokers who will sell them as resale. Meanwhile, the sales folks will continue to say that resale will be ending, only usable where they own, treat many resale owners like second class citizens, say they can't convert to HH, use RCI, etc. And corporate will continue to create programs like Max that leave out resale owners knowing that resale is very important to their bottom line and an important aspect to the properties to keep the bills paid...

 

[TUGBrian]

Thank you Brian for confiming my thinking on this subject. I have thought about developing a campaign to prevent companies from continuing to sell timeshares if they won't deed them back for $0.

As I mentioned above I see a crisis in the timeshare industry as baby boomers stop vacationing and stop paying their maintenance with the result that maintenance fees will rise significantly since there will be fewer owners to pay for the maintenance of the resort.

I agree completely that a resort or developer (especially points! im talking to you exploira/diamond/etc!!) should not have an option to surrender an ownership thats paid off if that system is still in active sales. there is quite simply zero valid reason this situation exists in 2024.

i really dont care if the deedback program has a cost attached to it, at least thats an option and owners have made it VERY clear they are willing to pay absurd sums of money to get out of a timeshare. however offering NO options at all for surrender...im perfectly ok with owners choosing to default if they fail trying to give away or give back.

this industry has proven that it will only make large changes when it hits them in the pocketbook. let defaults continue to become a more common solution to getting out of an unwanted timeshare and see at what point the industry is forced to address the problem.

 

[Tamaradarann]

I agree completely that a resort or developer (especially points! im talking to you exploira/diamond/etc!!) should not have an option to surrender an ownership thats paid off if that system is still in active sales. there is quite simply zero valid reason this situation exists in 2024.

i really dont care if the deedback program has a cost attached to it, at least thats an option and owners have made it VERY clear they are willing to pay absurd sums of money to get out of a timeshare. however offering NO options at all for surrender...im perfectly ok with owners choosing to default if they fail trying to give away or give back.

this industry has proven that it will only make large changes when it hits them in the pocketbook. let defaults continue to become a more common solution to getting out of an unwanted timeshare and see at what point the industry is forced to address the problem.

Waiting for the defaults to hit the timeshare developers in the pocket may be quite sometime. The direct hit is on the onwers that are still paying their maintenance. In a sales presentation the focus is on the purchase price for the timeshare. The maintenance, which is usually a much smaller amount, is not emphasized or discussed. Here on TUG there is much discussion on maintenance but since most of us have found the resale market we are not buying from a presentation.

 

[geist1223]

In Worldmark (Pure Points System) once an Account is in Default it goes back to Wyndumb and they pay the Past Due Amounts and future Maintenance Fees. With Pure Points this is much easier done than in Deed Based Timeshares.