HIVC Foreclosure/Deedback Question

[Avi]

Hi Everyone,

Silver leaf suckered me and my wife into a timeshare at Apple Mountain, GA in 2012. By the time we came to our senses, the rescind period passed and we just decided to suck it up and payoff the mortgage. We paid it off by 2017 and since then we have just been paying maintenance but never ever used our TS - mainly coz we don’t live in GA.

In 2020 we stopped making our maintenance payments due to hardship during COVID, they called us but we mentioned we couldn’t make the payments. One of the reps informed us that it would eventually go into foreclosure but they don’t normally inform the credit bureaus about this since our Mtg was paid off. They’ll just take back our deed and we lose whatever we ‘invested’.
Can someone pls advise if what the rep said is true? If no, has anyone been in a situation where you could negotiate partial payment of the outstanding Maintenance charges or the deedback processing fees? We owe them 5k in maintenance. I looked up Horizon and they charge a 1200 USD processing fee for a deed back after we payoff our dues.

I can’t have my credit impacted as we are looking to buy a home next year. It’s been 2.5 yrs and so far non-payment has not impacted our credit scores.

Any advice is much appreciated. Thank you

 

[Avi]

Hi Everyone,

Silver leaf suckered me and my wife into a timeshare at Apple Mountain, GA in 2012. By the time we came to our senses, the rescind period passed and we just decided to suck it up and payoff the mortgage. We paid it off by 2017 and since then we have just been paying maintenance but never ever used our TS - mainly coz we don’t live in GA.
In 2020 we stopped making our maintenance payments due to hardship during COVID, they called us but we mentioned we couldn’t make the payments. One of the reps informed us that it would eventually go into foreclosure but they don’t normally inform the credit bureaus about this since our Mtg was paid off. They’ll just take back our deed and we lose whatever we ‘invested’.
Can someone pls advise if what the rep said is true? If no, has anyone been in a situation where you could negotiate partial payment of the outstanding Maintenance charges or the deedback processing fees? We owe them 5k in maintenance. I looked up Horizon and they charge a 1200 USD processing fee for a deed back after we payoff our dues.

I can’t have my credit impacted as we are looking to buy a home next year. It’s been 2.5 yrs and so far non-payment has not impacted our credit scores.

Any advice is much appreciated. Thank you
Clearly a newbie.. meant to tag HICV and not HIVC.

 

[OverIt]

Hi! Unfortunately, no advice as I am new and have a delimma myself except I still have a mortgage. I've been looking at cancelation companies which brought me here as I'm wondering why not just stop making payments myself and see what happens. Which is all crazy!

I hope you get some feedback and I didn't mean to hijack your post but I also didn't want to be redundant with advice posts and found this thread by searching MORTGAGE.

TIA for any offering

 

[ricvillar76]

Hi Everyone,

Silver leaf suckered me and my wife into a timeshare at Apple Mountain, GA in 2012. By the time we came to our senses, the rescind period passed and we just decided to suck it up and payoff the mortgage. We paid it off by 2017 and since then we have just been paying maintenance but never ever used our TS - mainly coz we don’t live in GA.

In 2020 we stopped making our maintenance payments due to hardship during COVID, they called us but we mentioned we couldn’t make the payments. One of the reps informed us that it would eventually go into foreclosure but they don’t normally inform the credit bureaus about this since our Mtg was paid off. They’ll just take back our deed and we lose whatever we ‘invested’.
Can someone pls advise if what the rep said is true? If no, has anyone been in a situation where you could negotiate partial payment of the outstanding Maintenance charges or the deedback processing fees? We owe them 5k in maintenance. I looked up Horizon and they charge a 1200 USD processing fee for a deed back after we payoff our dues.

I can’t have my credit impacted as we are looking to buy a home next year. It’s been 2.5 yrs and so far non-payment has not impacted our credit scores.

Any advice is much appreciated. Thank you
Clearly a newbie.. meant to tag HICV and not HIVC.

Hello any update on your situation? I'm in the same boat with one at London Bridge Resort, AZ.

 

[Jupiter311]

Hi Everyone,

Silver leaf suckered me and my wife into a timeshare at Apple Mountain, GA in 2012. By the time we came to our senses, the rescind period passed and we just decided to suck it up and payoff the mortgage. We paid it off by 2017 and since then we have just been paying maintenance but never ever used our TS - mainly coz we don’t live in GA.

In 2020 we stopped making our maintenance payments due to hardship during COVID, they called us but we mentioned we couldn’t make the payments. One of the reps informed us that it would eventually go into foreclosure but they don’t normally inform the credit bureaus about this since our Mtg was paid off. They’ll just take back our deed and we lose whatever we ‘invested’.
Can someone pls advise if what the rep said is true? If no, has anyone been in a situation where you could negotiate partial payment of the outstanding Maintenance charges or the deedback processing fees? We owe them 5k in maintenance. I looked up Horizon and they charge a 1200 USD processing fee for a deed back after we payoff our dues.

I can’t have my credit impacted as we are looking to buy a home next year. It’s been 2.5 yrs and so far non-payment has not impacted our credit scores.

Any advice is much appreciated. Thank you
Clearly a newbie.. meant to tag HICV and not HIVC.

We are in the same exact situation, mortgage has been paid off but behind of taxes and fee. They're foreclosing on us as well and according to them nothing can be done at this point unless payment is received in-full immediately, which we cannot afford. To my understanding they (HICV) will not report it to credit agencies, they will just charge it off and sell the debt to a 3rd party collection agency, who will then likely report it. Our concern is also the foreclosure aspect of this. We're not sure if this will be reported as an actual foreclosure as our mortgage is paid. This would destroy my chances of buying a house in the next 3 - 5 years and I don't know what to do.

 

[Kenil Place]

We are in the same exact situation, mortgage has been paid off but behind of taxes and fee. They're foreclosing on us as well and according to them nothing can be done at this point unless payment is received in-full immediately, which we cannot afford. To my understanding they (HICV) will not report it to credit agencies, they will just charge it off and sell the debt to a 3rd party collection agency, who will then likely report it. Our concern is also the foreclosure aspect of this. We're not sure if this will be reported as an actual foreclosure as our mortgage is paid. This would destroy my chances of buying a house in the next 3 - 5 years and I don't know what to do.

Following this thread as I have stopped paying maintenance fees on my paid-up TS too, and have been getting almost daily robo-calls from Wyndham which I let go to the answering machine. Kindly post back any updates or replies--hopefully you'll get some.

 

[silentg]

Have any of you used your timeshares? Have you exchanged it or rented it for maintenance fees? You could reach out to HICV or the resort you own to see what can be done. Good Luck hope you get it resolved.

 

[cobblover]

Hi Everyone,

Silver leaf suckered me and my wife into a timeshare at Apple Mountain, GA in 2012. By the time we came to our senses, the rescind period passed and we just decided to suck it up and payoff the mortgage. We paid it off by 2017 and since then we have just been paying maintenance but never ever used our TS - mainly coz we don’t live in GA.

In 2020 we stopped making our maintenance payments due to hardship during COVID, they called us but we mentioned we couldn’t make the payments. One of the reps informed us that it would eventually go into foreclosure but they don’t normally inform the credit bureaus about this since our Mtg was paid off. They’ll just take back our deed and we lose whatever we ‘invested’.
Can someone pls advise if what the rep said is true? If no, has anyone been in a situation where you could negotiate partial payment of the outstanding Maintenance charges or the deedback processing fees? We owe them 5k in maintenance. I looked up Horizon and they charge a 1200 USD processing fee for a deed back after we payoff our dues.

I can’t have my credit impacted as we are looking to buy a home next year. It’s been 2.5 yrs and so far non-payment has not impacted our credit scores.

Any advice is much appreciated. Thank you

So sad you never got to use it. I would call the legal department, and ask how to do a rescind your ownership. Basically give it back to them. A friend just did this and paid the developer/management company about $500 and is now free and clear.

 

[cobblover]

Hi! Unfortunately, no advice as I am new and have a delimma myself except I still have a mortgage. I've been looking at cancelation companies which brought me here as I'm wondering why not just stop making payments myself and see what happens. Which is all crazy!

I hope you get some feedback and I didn't mean to hijack your post but I also didn't want to be redundant with advice posts and found this thread by searching MORTGAGE.

TIA for any offering

You could call the legal department, but typically I have heard they cannot offer any solution if you owe on your purchase. Perhaps you will get a "mortgage," and you will have to contact the mortgage loan company. If they are not willing to work with you, stopping payments will get their attention. edit ding but some have said it is not a bad one.