@paxsarah you are correct. Unfortunately many don't know Wyndham already has in place rules preventing the stripping of deeds. Ovations will not take back deeds without
future use year points available unless you pay $12/1000 on any future use year points not available. Wyndham will not transfer ownership on a private sale without future use year points but Wyndham will transfer ownership without current use year points even if seller used all points and has no reservations to cancel. The intent of this policy was to prevent a buyer from not receiving points that were promised or a buyer receiving a stripped deed. This new policy also creates a negative balance for seller on a private sale. This negative balance in the past two years zeroed out at the beginning of the next use year but beginning in 2020 Wyndham will start charging $12/1000 on any negative balances. This policy was intended to limit traders of deeds (buying, using all points then selling with no current use year points) This policy also helps Wyndham take back deeds with Ovations if a owner can use current use year points before returning to Wyndham with ovations. Wyndham was taking back deeds this summer through Ovations allowing owners to use current use year points. Wyndham allowed owners to use current use year points in exchange for Wyndham receiving a deed that can be resold at $200/1000. Wyndham told me this summer no negative balance would be created when giving back through Ovations when no current use year points are available. Since Ovations is a moving target and it is done on a case by case basis all of the above can and will be changed to suit Wyndham at time of requesting the Ovation exit strategy.
@Grammarhero
Wyndham Ovations acceptance letter with all stipulations. Pease note no reference to use of current use year points.
This email is to recap that you are voluntarily agreeing to participate in the Ovation by Wyndham program and understand and agree to the following requirements as we discussed today.
Maintenance Fee: Must be and stay current until process is complete. Any paid fees are not refundable.
Documentation to return inventory: You understand that you will receive by email/mail documentation to return your inventory within 8-10 weeks. These documents must be signed, notarized, and returned within the number of days indicated on the documentation. Please keep in mind the sooner the documentation is returned the earlier the process may be completed. Once the document is received, it may take within 6-8 weeks for documents to be approved and the cancellation to be completed.
Third Party Company Assistance: You understand that retaining counsel or third party company to assist with the Ovation program may disqualify your application.
Title Issues: Discrepancies with owner recorded transfer deeds, issues with chain of title, missing documentation needed to record with deed to return inventory, proof of name changes, estate matters etc. and other changes that were not received by Wyndham Title department,
may delay the process until proper documentation is received.
Ownership: You must own contract for at least 12 months
Third Party Financial Institution: Any portion of loan paid using a credit card or any other financial institution (PayPal, bank loan, mortgage equity or other) is of sole responsibility of owner accepting an Ovation option.
Reservations: All reservations will be canceled and points forfeited. You will be able to keep any secured reservation paid with Resort Condominium International (RCI).
New Travel reservations during Ovation process: In the event that you book a reservation during this process your request to return your inventory may be cancelled. In case you use your points/credits with Wyndham Destinations or one of its business partners (Travel, RCI, and others) during the process, your cancelation may be interrupted and you will have to wait until the next use year to participate in the Ovation program, once all points are available.
Point’s/Credit usage: Future year’s points/credits must be unused or reservation must be canceled or point rental option is also available.
Multiple contracts: One acknowledgement per contract is required and must be returned.
Ovation by Wyndham offer: Program and inventory acceptance may change without notice. Any changes in the program, will not impact a case that is in process.
Kind Regards,
