How to get rid of timeshare after recission period

[taterhed]

I just noticed that no one has mentioned the tax implications as well. Should the loan debt be forgiven upon deed-in-lieu, you can expect a very nice tax statement to go along with it. That might be 2 tax statements.....1 federal and 1 state/local.

Think of it this way: I bought a used car, signed lots and lots of "as is" "no warranty" "no returns after 5 days or 100 miles" etc.... Suddenly, you decide you don't want the car, won't pay for it and want the dealer to take it back. What can you do?

The answer is the same: Drive it to the lot and leave it with the keys in it. Ask if they'll cancel the sale. Hire a lawyer (yes, they will want money upfront and during ....) and see if you can defeat a perfectly legal and good contract--a well vetted contract--and get some or all of your money back. Minus the very hefty lawyer fees.

In the end, you'll spend a lot of money and still probably own the car. Or, you'll have crappy credit history and loose any money spent to date.

My advice is simple:

1. Unless you have extreme hardship, own-up to your decision to purchase and move ahead with minimal regret and angst.
2. Learn to love and use what you bought. Don't let your regret/anger sour your use of your vacation time.
3. What you fell in love with is not the timeshare; it's spending real quality time with family and loved ones. THAT HASN'T CHANGED!

If they allow you to conduct the late rescind....then congrats. If not.....don't let this eat you up. Many Tuggers bought timeshares from the developer and feel lucky they found time for togetherness.

I personally wish I had purchased from the developer (or resale) years sooner than I did. Lost family time is 'gone with the wind' to quote a phrase.
Without the 'forced' impetus to use the timeshares I own--each and every year--it's just too easy to skip vacations or minimize the time and enjoyment.
I'd pay a lot of money right now to have that precious lost-time back with my kids and family.

Good luck.

 

[e.bram]

What do you buy with Wyndham CWA points. If it is not deeded it can't be deeded in lieu of foreclosure. How does get out of the purchase and what was promised by Wyndham?

 

[Jan M.]

What do you buy with Wyndham CWA points. If it is not deeded it can't be deeded in lieu of foreclosure. How does get out of the purchase and what was promised by Wyndham?

You buy a contract.

 

[55plus]

This is a long shot that has worked a few times in the past, but it's dependent on your age. If you are elderly and can show some sort of mental impairment due to age or other reasons you may have a chance. Sales weasels are notorious for preying on the elderly.

 

[Richelle]

What do you buy with Wyndham CWA points. If it is not deeded it can't be deeded in lieu of foreclosure. How does get out of the purchase and what was promised by Wyndham?

That's a good point, but I wonder if they can still do a foreclosure if it's a mortgages? When we had a Wyndham loan, we were able to write the interest off on our taxes. Wyndham sent us a statment every year and we included it with our taxes. The only loans I know you can do that with are mortgages and student loans. So if there is a mortgage, they can foreclose on it.

 

[Fredflintstone]

That's a good point, but I wonder if they can still do a foreclosure if it's a mortgages? When we had a Wyndham loan, we were able to write the interest off on our taxes. Wyndham sent us a statment every year and we included it with our taxes. The only loans I know you can do that with are mortgages and student loans. So if there is a mortgage, they can foreclose on it.

Yes, they can still foreclose with a loan attached to a timeshare.

Sadly, this fellow has to figure out the best solution to him. He is flushing money down the toilet regardless but which option reduces the flush rate?

https://media.giphy.com/media/qo2a0iQWVHLGw/giphy.gif

1. Stop payment. As said before, he faces collection and maybe legal issues costing him 1000’s in lawyer bills and he may still have his timeshare and liens on his property. Also, his credit is trashed.
2. Buckle down. Pay it off. Kept those high maintenance fees current and try to scrape enough money after this to actually enjoy the place. After awhile and once his loan is paid, he will have more money to pay airfare etc. To visit.
3. Pay it off. Sell it for a dollar on eBay or give it away in tug. Offer to pay all transfer fees and throw in an extra 100 bux as a thank you. At least the maintenance fees stop.

He did sign a contract locking him in so either way, money is going out.



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[55plus]

Here an approach to get out of a Wyndham timeshare: https://flarecord.com/stories/51138...-accuses-timeshare-vacation-business-of-fraud