• Please check out the review contest thread here vote for the best review and cast your vote for the best review to start 2020! winner gets a $50 gift card!
  • The TUGBBS forums are completely free and open to the public and exist as the absolute best place for owners to get help and advice about their timeshares for more than 26 years!

    Join tens of thousands of other owners just like you here to get any and all Timeshare questions answered!
  • TUG is starting a new contest that will award $50 to the best review submitted within the next two weeks!!

    Read more here
  • TUG has now saved timeshare owners more than $14,000,000 dollars just by finding us in time to rescind a new Timeshare purchase! A truly incredible milestone!

    Read more here: TUG saves owners more than $14 Million dollars
  • We completed the upgrade of the TUGBBS forums recently and are still working on issues/customizations/changes etc. Please post in the thread in the ABOUT TUGBBS section with your feedback. Note if you are unable to log in or access the forums please email us at tug@tug2.net!
  • Follow the TUG Member Banner as it travels the world on vacation with Timeshare owners! Also sign up to get the banner sent to you so you can submit a photo of your vacation with the banner to share with TUG! Banner Thread
  • Sign up to get the TUG Newsletter for free! Join tens of thousands of other owners who get this every week! Latest resort reviews and the most important topics discussed by owners during the week!
  • Our official "end my sales presentation early" T-shirts are available again! Also come with the option for a free membership extension with purchase to offset the cost!

    Read more Here
  • A few of the most common links here on the forums for newbies and guests!

Letting timeshare foreclose

LannyPC

TUG Member
Joined
Jul 5, 2010
Messages
2,943
Reaction score
662
Points
248
Location
British Columbia
JUST STOP PAYING, and don't answer any calls from unidentified callers.
They stop pretty fast since the $$ involved is peanuts and hardly worth the effort to collect.
Rather that emphatically saying, "Just stop paying," most here on TUG would advise to try to give away the timeshare first such as advertising in TUG's Bargain Deals or asking the resort if it would take the TS back. If neither of those works, then use the stop payment method as an absolute last resort.
 

OldGuy

Guest
Joined
Mar 4, 2019
Messages
1,557
Reaction score
560
Points
113
Resorts Owned
some
Bought a bargain resale for Wyndham week 7 in Carribean and used it / traded it for 16 years.
Retired to SoFla and it lost it's value to me for a variety of reasons.
Stopped paying MFs 3 years ago.
Got a few dunning letters, then a few Coll Agency calls which I never answered & blocked.
No change to credit score which hovers around 800.
Didn't care if it dropped one bit, but it didn't.

JUST STOP PAYING, and don't answer any calls from unidentified callers.
They stop pretty fast since the $$ involved is peanuts and hardly worth the effort to collect.
Thanks for the firsthand report.

Our stories are similar, except for the stop paying part.

Maybe we're neighbors.

:cool:
 

WVBaker

TUG Member
Joined
Mar 19, 2015
Messages
955
Reaction score
693
Points
153
An interesting question would be, how many people are simply unable, for whatever reason, to accept the responsibility for the debt they own? Personally, I can't think of any debt that I willingly chose to take on and would simply walk away from, because I decided one day, I just didn't want it anymore.
 

New Englander

TUG Member
Joined
Aug 28, 2006
Messages
27
Reaction score
2
Points
213
Location
New Hampshire
Thanks for the firsthand report.

Our stories are similar, except for the stop paying part.

Maybe we're neighbors.

:cool:
Hello -- Not 100% sure how to use this forum. Are you the person who offered to share your successful Craig's list postings with others by chance? If so, would love to get that info. I've advertised here and on several Craig's lists with no success. Thanks!
 

OldGuy

Guest
Joined
Mar 4, 2019
Messages
1,557
Reaction score
560
Points
113
Resorts Owned
some
Hello -- Not 100% sure how to use this forum. Are you the person who offered to share your successful Craig's list postings with others by chance? If so, would love to get that info. I've advertised here and on several Craig's lists with no success. Thanks!
You have mail.
 

Free2Roam

TUG Member
Joined
Jul 1, 2010
Messages
1,562
Reaction score
370
Points
193
Location
Maryland
Resorts Owned
Club Wyndham, Bluegreen, a handful of East Coast beach resorts
An interesting question would be, how many people are simply unable, for whatever reason, to accept the responsibility for the debt they own? Personally, I can't think of any debt that I willingly chose to take on and would simply walk away from, because I decided one day, I just didn't want it anymore.
I recall many, many years ago, a few years after we divorced, my ex shared that he was filing bankruptcy because his creditors "actually expect me to pay all that money"... I was stunned. I said something like - you mean for the stuff you bought/used?

I didn't recall him being so flippant with his obligations while we were married... but I did handle finances during the marriage. Good thing.
 

Heaven08

Guest
Joined
Aug 6, 2019
Messages
17
Reaction score
7
Points
3
I have week 44 at Williamsburg Powhatan Resort (2 br lockoff). I purchased on Ebay in 2006 and most often have traded in to RCI for 2 weeks and vacationed elsewhere. Due to familiar obligations, children are grown, and our advancing years, we are no longer able to take advantage of yearly away vacations, and would like to lose the obligation of paying maintenance fees, etc.

I listed unit for sale on Tug for $1...no takers. I contacted Diamond Resorts Transition team, customer service, loss mitigation team, lead collector; and although they have a program to take back weeks, I do not qualify because I am not the original buyer. Even though my week was fully paid for when I bought it, and my maintenance fees are up to date. I have been persistent and call or email every month...same answer.

This past month I was advised "to let the unit go in to foreclosure. Late payment notices will be sent, just ignore them. They cannot affect your credit with maintenance fees not being paid". Does this make sense? Don't want to make a wrong move, just want out of this obligation.

Sorry for lengthy post...desperate for help. Thanks in advance.
Are you still offering this? How much are your maintenance fees, and are you willing to pay the closing/transfer costs?
 

mommacarus

Guest
Joined
Feb 11, 2019
Messages
11
Reaction score
6
Points
4
Resorts Owned
Historic Powhatan, Williamsburg, VA
2019 maintenance fees were $1210. Yes, I would be willing to pay closing costs.
 

rainbow4

Guest
Joined
Jul 3, 2013
Messages
4
Reaction score
7
Points
63
Location
Atlanta/own 4 in Florida
I have week 44 at Williamsburg Powhatan Resort (2 br lockoff). I purchased on Ebay in 2006 and most often have traded in to RCI for 2 weeks and vacationed elsewhere. Due to familiar obligations, children are grown, and our advancing years, we are no longer able to take advantage of yearly away vacations, and would like to lose the obligation of paying maintenance fees, etc.

I listed unit for sale on Tug for $1...no takers. I contacted Diamond Resorts Transition team, customer service, loss mitigation team, lead collector; and although they have a program to take back weeks, I do not qualify because I am not the original buyer. Even though my week was fully paid for when I bought it, and my maintenance fees are up to date. I have been persistent and call or email every month...same answer.

This past month I was advised "to let the unit go in to foreclosure. Late payment notices will be sent, just ignore them. They cannot affect your credit with maintenance fees not being paid". Does this make sense? Don't want to make a wrong move, just want out of this obligation.

Sorry for lengthy post...desperate for help. Thanks in advance.
In my opinion, your credit rating is one of the most powerful assets you own, and relying on Diamond for advice is not in your own best interests. Afterall, it's not their credit rating, so if you send it to foreclosure - they get your unit back and you get a bad hit on your credit rating. For THEM, it's a perfect scenario as the ONLY true expense for them will be the taxes you aren't paying when you go to default.

Now - as others suggest - PRICE is not the issue in your sale - it's marketing. Convincing folks that what you have is valuable. Here are some ideas (some already mentioned)....

1) Let someone use it for "free" - sure you've got the maintenance fee investment, but you're trying to get out from under the maintenance fees to come. If you are older, you have children with GROWN children. Someone who can travel that time of year without having to worry about kids and school. So think of younger adult couples you might know socially or at Church. If they sample it, they might be interested in buying it. Now to be clear, you want to pre-qualify them - meaning talk about timeshare and get them interested in the premise before you say, "here try it".

2) What about donating it? In other words, is there a non-profit organization that could use the unit as part of their charity work. A vacation for the pastor? You can write off your maintenance fees as a tax donation if you the Church or non-profit will accept the unit as a donated asset. Use of a timeshare is a real asset because you pay taxes on it.

3) You've mentioned the RCI exchange - so it sounds like that option (to a different location perhaps) might remain viable. In our own case, we give our unit to family members who are less fortunate than ourselves. All they pay is the exchange fee and the guest certificate fee.

4) As mentioned, using the tips about Williamsburg listed in a prior post - list it in the discount market place OR in the exchange market place. Based on your time period, day time temps are in the high 60s - which is very pleasant for seeing all the sites of the area.

5) Talk to a manager in owner services at Diamond and volunteer to pay the title fees to switch the name from you to them. (It should be less a cost than your maintenance fees). They pick up a FREE unit at truly no cost to them. From my experience - a title change costs less than $100 and even if they want to charge you a $100 for admin - you are still ahead. Tell them you'll pay them the taxes for the coming year (probably $75 or less) plus $50 for title work, and $75 admin fee) - so roughly $250 and see if they'll take it.
 

easyrider

TUG Review Crew: Expert
TUG Member
Joined
Aug 21, 2005
Messages
7,871
Reaction score
1,850
Points
448
Location
Palm Springs of Washinton
Resorts Owned
Worldmark * * Villa Del Palmar UVCI * * Vacation Internationale*
One time I did call a resort about my contract. It seemed the exchanging rules abruptly changed to the point my week really wasn't worth having. I couldn't give it away to let some one else that was clueless end up with my problem. It is kind of like not disclosing something wrong with your car when you sell it.

I asked the resort to take the week back. I did this three times. I told them each time I called I was not going to pay and consider me out. They told me they would send my bill to collection. I told them I would sue them repeatedly when they did. I never heard from them again.

On one of my other better weeks I had to pay the mf to give it away. I have also acquired a couple of timeshares with banked weeks so that is just how it goes.

I can't blame anyone but the developers when some one walks away from their timeshare obligation.

Bill
 

OldGuy

Guest
Joined
Mar 4, 2019
Messages
1,557
Reaction score
560
Points
113
Resorts Owned
some
One time I did call a resort about my contract. It seemed the exchanging rules abruptly changed to the point my week really wasn't worth having. I couldn't give it away to let some one else that was clueless end up with my problem. It is kind of like not disclosing something wrong with your car when you sell it.

I asked the resort to take the week back. I did this three times. I told them each time I called I was not going to pay and consider me out. They told me they would send my bill to collection. I told them I would sue them repeatedly when they did. I never heard from them again.

On one of my other better weeks I had to pay the mf to give it away. I have also acquired a couple of timeshares with banked weeks so that is just how it goes.

I can't blame anyone but the developers when some one walks away from their timeshare obligation.

Bill
Been reading my notes?

:cool:
 

mommacarus

Guest
Joined
Feb 11, 2019
Messages
11
Reaction score
6
Points
4
Resorts Owned
Historic Powhatan, Williamsburg, VA
Been reading my notes?

:cool:
I have, and I appreciate your time, effort, and knowledge. I listed the week again in TUG Bargain Sale. I sent another email to Diamond Transitions, and plan on calling to talk with a manager, as suggested in post above. I have not yet listed on Craigs List (a little hesitant to deal with general population), but may consider doing that as well.
 

OldGuy

Guest
Joined
Mar 4, 2019
Messages
1,557
Reaction score
560
Points
113
Resorts Owned
some
Keep plugging away. Those ten years I spent getting rid of seven weeks would have past whether I was trying to get rid of seven weeks or not.

:cool:
 

New Englander

TUG Member
Joined
Aug 28, 2006
Messages
27
Reaction score
2
Points
213
Location
New Hampshire
Keep plugging away. Those ten years I spent getting rid of seven weeks would have past whether I was trying to get rid of seven weeks or not.

:cool:
I really wish I could adopt this attitude toward the time and energy necessary to get rid of our timeshares! And I mean that sincerely -- I should learn to be okay with putting in tons of effort over several years to unload our timeshares. BUT (and you knew there was a but:))... I've simply run out of patience and energy and would really much prefer spending my time on other worthwhile things in my senior years.

We are now sending a letter and medical records to our Vacation Village homeowners association and sincerely requesting that they accept a deed back. Ours is not a 100% medical hardship situation, but it's a strain to travel and ongoing MF are tough on a fixed income.

If this fails, our next step will be to hire an attorney. Has anyone done this and found it helpful? What legal recourse do we have? We have owned for 12 years. Is there a thread on this somewhere? THANKS SO MUCH!
 

OldGuy

Guest
Joined
Mar 4, 2019
Messages
1,557
Reaction score
560
Points
113
Resorts Owned
some
I really wish I could adopt this attitude toward the time and energy necessary to get rid of our timeshares! And I mean that sincerely -- I should learn to be okay with putting in tons of effort over several years to unload our timeshares. BUT (and you knew there was a but:))... I've simply run out of patience and energy and would really much prefer spending my time on other worthwhile things in my senior years.

We are now sending a letter and medical records to our Vacation Village homeowners association and sincerely requesting that they accept a deed back. Ours is not a 100% medical hardship situation, but it's a strain to travel and ongoing MF are tough on a fixed income.

If this fails, our next step will be to hire an attorney. Has anyone done this and found it helpful? What legal recourse do we have? We have owned for 12 years. Is there a thread on this somewhere? THANKS SO MUCH!
As the timeshare lovers whom I annoy here know, I totally agree.

Getting rid of timeshares, especially after years and years of being a faithful, loyal, diligent, financially-responsible owner, should not be the ordeal it is in most cases.

What some timeshare lovers (which we still are, by the way) don't seem to get is that it is not the good things about timesharing that will do it in, but the bad things.
 

LannyPC

TUG Member
Joined
Jul 5, 2010
Messages
2,943
Reaction score
662
Points
248
Location
British Columbia
If this fails, our next step will be to hire an attorney. Has anyone done this and found it helpful? What legal recourse do we have? We have owned for 12 years.
Maybe but the question that's raised here whenever anyone comes on here asking "Should I hire an attorney?" is What is an attorney going to do for you that you can't do yourself? I realize what you are saying that it might be worth it to pay an attorney to do all the dirty work since you can't (or don't want to) do it yourself. However, if the resort refuses to take your TS back after you've explained your situation, what power does an attorney have?
 

Grammarhero

Official TUGBBS Rescission Master
TUG Lifetime Member
Joined
Jun 9, 2019
Messages
2,065
Reaction score
1,347
Points
313
Location
Washington, DC Area
Resorts Owned
Wyndham 353k pts, Williamsburg Plant 4L/4 & 2/2, DRI South Bend 1/1
@New Englander I am an attorney. One won’t help you that much in getting rid of your TS. You might as well let the TS foreclose, if you aren’t buying anything with credit for the next seven years.
 

OldGuy

Guest
Joined
Mar 4, 2019
Messages
1,557
Reaction score
560
Points
113
Resorts Owned
some
Speaking of timeshare exit attorneys, several years ago I actually talked to the one who had/has a board devoted to him on another forum, when the resale market collapsed and I learned how almost-next-to-impossible it is to even give away a TS.

Very interesting and sincere guy, and very much straight out of 50 years ago.

If he could not persuade a resort to take your week back (and that is exactly what he did, no magic bullet, just common sense persuasion) you did not owe him a penny. From our hour on the phone together, I could see how he could get resorts to do that!

But, that was several years back.
 
Last edited:

WVBaker

TUG Member
Joined
Mar 19, 2015
Messages
955
Reaction score
693
Points
153
As the timeshare lovers whom I annoy here know,
Vecchio tipo, you think you "annoy"? I would describe you more as, non avere peli sulla lingua.

We do look forward to what you post, even though we don't always agree. ;)
 

Juma

TUG Member
Joined
Aug 16, 2018
Messages
9
Reaction score
7
Points
63
Resorts Owned
Williamsburg Plantation
I have week 44 at Williamsburg Powhatan Resort (2 br lockoff). I purchased on Ebay in 2006 and most often have traded in to RCI for 2 weeks and vacationed elsewhere. Due to familiar obligations, children are grown, and our advancing years, we are no longer able to take advantage of yearly away vacations, and would like to lose the obligation of paying maintenance fees, etc.

I listed unit for sale on Tug for $1...no takers. I contacted Diamond Resorts Transition team, customer service, loss mitigation team, lead collector; and although they have a program to take back weeks, I do not qualify because I am not the original buyer. Even though my week was fully paid for when I bought it, and my maintenance fees are up to date. I have been persistent and call or email every month...same answer.

This past month I was advised "to let the unit go in to foreclosure. Late payment notices will be sent, just ignore them. They cannot affect your credit with maintenance fees not being paid". Does this make sense? Don't want to make a wrong move, just want out of this obligation.

Sorry for lengthy post...desperate for help. Thanks in advance.
 

Juma

TUG Member
Joined
Aug 16, 2018
Messages
9
Reaction score
7
Points
63
Resorts Owned
Williamsburg Plantation
Thank you for your good explanation of the steps you took to get out of your timeshare. We are in the exact same situation. I plan on sending a registered letter to Williamsburg Plantation requesting to be "released" from our timeshare. Interval International bill is coming up at the end of the year and I don't want to pay for more years of trading that have been really difficult. 50 points on our credit score mean virtually nothing. If I need to I'll send an explanation of the timeshare issue to credit bureaus. Again thanks for the encouragement.
 

OldGuy

Guest
Joined
Mar 4, 2019
Messages
1,557
Reaction score
560
Points
113
Resorts Owned
some
If I need to I'll send an explanation of the timeshare issue to credit bureaus.
I like that idea, and would be interested in if it has any impact, if you can find out.
 

Gypsy65

TUG Member
Joined
May 11, 2019
Messages
395
Reaction score
303
Points
113
Resorts Owned
HIVC
So...

I.
I purchased a car about 15 years ago. It never really did everything the sales guy said it would. But I loved it nonetheless

It was shiny and new and I fell in love with the shine. That leather!! Power windows!! Are you kidding me?
Couldn’t wait to tell and show it off to my friends!! I was the man on the block for sure!!

Well, nowadays it doesn’t do quite what it used to. Starts a little harder. Shakes. Not much. Just a bit
Paint? Now that’s a problem. The sun has faded it pretty badly and the leather? Yep!! Pulling at the seams

The OL girl still got me to work and gave me many satisfying days cruising the town

I’m tired of it. The insurance is getting to not be worth it. The juice just isn’t worth the squeeze anymore and that brings me to my question

How can I get the selling dealer to take this back without affecting my credit or any financial woes?

I mean. I’m done with it and don’t want it anymore
I know I bought it but how is that my problem?

Any help??
 
Top