How to get rid of timeshare after recission period

[RenPhi]

We were in Las Vegas, went to a presentation and bought on October 9. After thinking about it, we determine it was not a good idea. Recission period is over. It has been 3 weeks. What can we do???? We have met with a timeshare exit team and its going to cost $$$ for them to help. There has to be another way as I know I can't be the first one to go through this. Downpayment is on a Wyndham credit card and the monthly payments are set to go on that credit card. It is obvious that we were not thinking clearly when we signed the contract. Can anyone offer good advice?

Thanks.

 

[Roger830]

Recently I read on TripAdvisor a post by someone that got out of a vacation club because they put the deposit on their Chase credit card which has a longer cancellation period.

Other than that, a lawyer might be the only other option besides default.

 

[Passepartout]

We were in Las Vegas, went to a presentation and bought on October 9. After thinking about it, we determine it was not a good idea. Recission period is over. It has been 3 weeks. What can we do???? We have met with a timeshare exit team and its going to cost $$$ for them to help. There has to be another way as I know I can't be the first one to go through this. Downpayment is on a Wyndham credit card and the monthly payments are set to go on that credit card. It is obvious that we were not thinking clearly when we signed the contract. Can anyone offer good advice?

Thanks.

Oh, we have advise, but you won't like it. You can cancel the card. Stop payment. Default. And eventually they will foreclose and you won't own the timeshare. It MAY ruin your credit. You WILL be hounded by Bill collectors. Those 'timeshare exit' upfront fee outfits are ALL scams. They will take your money, and then have no incentive to sell, give back of any other way of ending a skillfully drawn, legal contract. There are no magic words. No back door, known only to them to make it just go away.

if it makes you feel any better, half of TUGgers bought their first (and some, many more) timeshare from the developer. You saw value in what you were sold -enough that you didn't read the contract within the time you could undo it with no expense to you.

I suggest that unless this (yes, overpriced) purchase really upsets your lifestyle, you buckle down, pay it off. Hang around TUG. Join. Learn to USE what you bought. The value of timeshares is in their use. The memories that those quality family vacations create are priceless. Much better than having a foreclosure and lawsuit in your history.

welcome to TUG

Jim

 

[RenPhi]

How about a deed in lieu of foreclosure? That is a term I keep reading but I don't know much about it. Would I need to contact an attorney for something like this? Are these type of deeds possible? Would a "regular" attorney know this or would it have to be a specialized, cost alot of $$ scam attorney?

 

[Passepartout]

How about a deed in lieu of foreclosure? That is a term I keep reading but I don't know much about it. Would I need to contact an attorney for something like this? Are these type of deeds possible? Would a "regular" attorney know this or would it have to be a specialized, cost alot of $$ scam attorney?

highly unlikely they will take it back especially if you have not missed payments, are not in risk of foreclosure, and from their view, they did a credit check on you and determined that you can afford this purchase. No attorney needed here.

 

[Richelle]

How about a deed in lieu of foreclosure? That is a term I keep reading but I don't know much about it. Would I need to contact an attorney for something like this? Are these type of deeds possible? Would a "regular" attorney know this or would it have to be a specialized, cost alot of $$ scam attorney?

You would likely still take a credit hit, even if they did take it in lieu of foreclosure. Creditors do not like people not paying their debt which is why it's so hard to get out. If it's not damaging you financially, i say pay it down. I do love the product. Hate the sales people though.

 

[Passepartout]

Hey, Wyndham is a good system. They have lots of nice resorts in many areas. Why not give it a try, now that you've committed to it, and frankly, missed the legal opportunity to undo it without costing you probably close to what it would (will) cost in legal ramifications.

I am known here as a big proponent of playing hardball with developers, but at some point, under circumstances like yours, you have to recognize that you are just standing in a beach, shoveling sand against the incoming tide. You will fight a good fight, but in the end, you lose.

Good Luck!

Jim

 

[Iggyearl]

Wyndham will take back contracts that are paid for. The program is called the Ovation program, and they are selective as to which they will take back. There is also the "Wyndham Cares" program. This is an attempt to keep people away from the cancellation companies. Before a customer calls a cancellation company, Wyndham wants the chance to speak with them about their options (with Wyndham).

https://www.myclubwyndham.com/mycw/owner-101/wyndham-cares.page

If the only thing that is wrong is that you've had a change of heart, there may not be much they can do for you. However, who knows - maybe they can change the size of your contract, or decrease the interest rate. If you tell them that there is no way that you will keep the contract, and you are considering a cancellation company, they may get creative. Let us know how you make out. The information will be invaluable.

And remember, the internet is littered with harrowing stories of problems with the cancellation companies.

 

[chapjim]

If you are on really good terms with your bank or credit union, you might apply for an unsecured loan with a lower rate than your Wyndham credit card. If you have equity in property, you might get a secured loan and an even better rate.

Timeshares are not good security. Timeshares with loan balances are zero security.

 

[chapjim]

Recently I read on TripAdvisor a post by someone that got out of a vacation club because they put the deposit on their Chase credit card which has a longer cancellation period.

Other than that, a lawyer might be the only other option besides default.

The chances are pretty slim that a lawyer could bust a Wyndham contract. They are very well written.

A persistent jerk bulldog scum of a lawyer (think Avenatti) would have a better chance but still not good.

Best advice is in the last paragraph of post #3. You have been through the worst of Wyndham -- the sales experience. Look forward to enjoying the best.

 

[Fredflintstone]

[QUOTE="Passepartout, Much better than having a foreclosure and lawsuit in your history.

welcome to TUG

Jim[/QUOTE]

Jim, you are right on many points but lawsuits aren’t that common in non judicial states like Nevada. Some states ban deficiencies if the creditor goes non judicial. As I recall Nevada is a non judicial foreclosure state so lawsuits are very rare and happen when only certain conditions apply which are too lengthy to explain here.


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[Fredflintstone]

We were in Las Vegas, went to a presentation and bought on October 9. After thinking about it, we determine it was not a good idea. Recission period is over. It has been 3 weeks. What can we do???? We have met with a timeshare exit team and its going to cost $$$ for them to help. There has to be another way as I know I can't be the first one to go through this. Downpayment is on a Wyndham credit card and the monthly payments are set to go on that credit card. It is obvious that we were not thinking clearly when we signed the contract. Can anyone offer good advice?

Thanks.

One question: it should have been made clear that you have so many days to rescind the contract. It is usually in bold letters above your signatures. Just from the top of my head, I think Nevada is 5 calendar days. Why didn’t you heed that notice and really decide this before time was up? In my mind, 3 weeks is an awful long time to change your mind.


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[RenPhi]

One question: it should have been made clear that you have so many days to rescind the contract. It is usually in bold letters above your signatures. Just from the top of my head, I think Nevada is 5 calendar days. Why didn’t you heed that notice and really decide this before time was up? In my mind, 3 weeks is an awful long time to change your mind.

We changed our mind a few days after the 5 days recission. We have already sent a certified letter to the resort and met with a timeshare exit company. Just today I found this site and wanted to be clear on the information.

 

[Fredflintstone]

Hey, Wyndham is a good system. They have lots of nice resorts in many areas. Why not give it a try, now that you've committed to it, and frankly, missed the legal opportunity to undo it without costing you probably close to what it would (will) cost in legal ramifications.

I am known here as a big proponent of playing hardball with developers, but at some point, under circumstances like yours, you have to recognize that you are just standing in a beach, shoveling sand against the incoming tide. You will fight a good fight, but in the end, you lose.

Good Luck!

Jim

I agree. Wyndham is the largest timeshare company and do have some really wonderful resorts.

Shoveling sand with incoming tide...wonderful analogy. I’m adding that one to my repertoire if you don’t mind.

My favourite is once you sign that contract and don’t honour the terms, it’s like asking to get machine gunned naked.


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[Fredflintstone]

We changed our mind a few days after the 5 days recission. We have already sent a certified letter to the resort and met with a timeshare exit company. Just today I found this site and wanted to be clear on the information.

Oh my. I wish you the best of luck. See what response you get back from your certified letter. You never know, miracles do happen. Maybe they don’t check the postmark.

Jim and others are right about exit firms. They are pricey and can’t guarantee results. Worst case scenario you remain a Wyndham member, enjoy their facilities and have good memories in the end.

Timeshares May be hard on the wallet, but they are easy on the heart.


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[Passepartout]

I’m adding that one to my repertoire if you don’t mind.

My favourite is once you sign that contract and don’t honour the terms, it’s like asking to get machine gunned naked.

I don't mind. I stole it someplace too. A favorite of mine has to do with why frying bacon isn't popular in a nudist colony.

 

[Fredflintstone]

I don't mind. I stole it someplace too. A favorite of mine has to do with why frying bacon isn't popular in a nudist colony.

Lol. Or you know whose been skinny dipping when the tide goes out.


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[Roger830]

The chances are pretty slim that a lawyer could bust a Wyndham contract. They are very well written.

A persistent jerk bulldog scum of a lawyer (think Avenatti) would have a better chance but still not good.

It's not likely that the contract could be broken, but perhaps it could be renegotiated with some sleazy technique.
I recall reading where people have gotten out but have no references.

 

[Fredflintstone]

It's not likely that the contract could be broken, but perhaps it could be renegotiated with some sleazy technique.
I recall reading where people have gotten out but have no references.

From what I know, you have to play hard ball but there’s a great risk. You literally have to tell them you want out and payments are stopping. You do risk a breach of contract lawsuit as a response and if they do sue, you will get your @$$ kicked in Court. The contracts are so well crafted on Wyndhams side by the best team of lawyers in the industry, they pretty well are in the drivers seat. Their response will be based on what they think you are worth and whether they can squeeze your assets when (not if) they win in court and obtain a judgement.

To my knowledge, they don’t renegotiate. They just decide whether to let you slide because they believe it’s either too costly to pursue, you don’t have enough assets to squeeze or they happen to have bigger fish to fry at the time.


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[ronparise]

I know several people that negotiated a deed in lieu of foreclosure and loan forgiveness. The process is very similar to short sales. As a real estate agent I was involved in several short sales

The bottom line in these negotiations is demonstrating that something in your financial life has changed since they approved the loan, so that you can no longer afford to make the payments. With timeshares the argument might be that they approved the loan that they shouldn’t have, ie you couldn’t afford it from the beginning. In any case a hardship letter will probably be required to make the case

A big problem doing this is that if you are making your payments it’s hard to make the argument that you can’t afford to make the payments

So you need to tell your lender that they won’t ever get another penny from you; that they can do this the easy way and take the deed back and forgive the loan and remove the bad credit reports. Or they can do it the hard way and foreclose

You can do the negotiations on your own if you can find the right people to talk to or you can hire a lawyer, and yes that will cost. But it will cost a lot less than years and years of payments

I know an attorney that has done a number of these with various timeshare companies and he offers a money back guarantee. I haven’t hired him but I did talk to him through my “wyndham troubles” I trust the guy. Ultimately I chose to handle my negotiations myself and I did ok, but it did consume a year of my life.

If you want his name and number send me a pm

 

[Fredflintstone]

I know several people that negotiated a deed in lieu of foreclosure and loan forgiveness. The process is very similar to short sales. As a real estate agent I was involved in several short sales

The bottom line in these negotiations is demonstrating that something in your financial life has changed since they approved the loan, so that you can no longer afford to make the payments. With timeshares the argument might be that they approved the loan that they shouldn’t have, ie you couldn’t afford it from the beginning. In any case a hardship letter will probably be required to make the case

A big problem doing this is that if you are making your payments it’s hard to make the argument that you can’t afford to make the payments

So you need to tell your lender that they won’t ever get another penny from you; that they can do this the easy way and take the deed back and forgive the loan and remove the bad credit reports. Or they can do it the hard way and foreclose

You can do the negotiations on your own if you can find the right people to talk to or you can hire a lawyer, and yes that will cost. But it will cost a lot less than years and years of payments

I know an attorney that has done a number of these with various timeshare companies and he offers a money back guarantee. I haven’t hired him but I did talk to him through my “wyndham troubles” I trust the guy. Ultimately I chose to handle my negotiations myself and I did ok, but it did consume a year of my life.

If you want his name and number send me a pm

Many of these timeshare companies are now requesting proof of hardship. They check public records like home ownership and credit reports. They may check employment, etc. So if you claim hardship be prepared to be asked to prove it.

You are right. Negotiations take time.

Yes, they can choose foreclosure BUT sometimes they choose Breach of Contract and sue plus leave you owning the thing IF they believe you have assets they can squeeze. It is rare but it does happen.

You are very correct. You have to stop paying them to have a chance of this working.

I might add where you live matters too. If you are in state, it’s harder to get out. If you live in another country, it’s much easier.


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[Iggyearl]

Another thought about your position in the "Wyndham pecking order." Wyndham - in their 1st quarter conference call - admitted to having $92 million in loan loss provisions. That number is 19.2% of their loans outstanding. In other words, you are not alone. One out of 5 loans was written off. Will they pursue you if you default? Only one way to find out. There was a previous thread started by "Go Chiefs or Bust" which ended up with her being NOT pursued by Wyndham. Your results may vary.

 

[Fredflintstone]

Another thought about your position in the "Wyndham pecking order." Wyndham - in their 1st quarter conference call - admitted to having $92 million in loan loss provisions. That number is 19.2% of their loans outstanding. In other words, you are not alone. One out of 5 loans was written off. Will they pursue you if you default? Only one way to find out. There was a previous thread started by "Go Chiefs or Bust" which ended up with her being NOT pursued by Wyndham. Your results may vary.

That’s high default...wow ...and can work in your favour. Who to fry says the lawyer. Ene meane mighty moe....

I do personally know of one case where they did fry. They were in state and had good equity in their home. They were sued, lost, a judgement was issued. A lien for 102000 was placed on their home. Their mortgage company demanded the lien be paid or they will take action. They were forced to pay with a home equity loan.
The amount was so high to cover legal fees, court costs, the owed amount, interest, etc.

It was nasty and things like this are rare.


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[e.bram]

Do you actually get a deed when you buy Wyndham points?

 

[Jan M.]

Do you actually get a deed when you buy Wyndham points?

Yes you do get a deed but not if you buy CWA, Club Wyndham Access, points. With CWA you have a contract with Wyndham for a specific number of points annually not a deed.

When you are deeded at a resort you would still own however much at that resort if Wyndham ceased to exist, dropped the resort or some other scenario.