Marriott Owners: Do you feel the way I do?

[Zac495]

To the OP - I'm so sorry - I, too, read the post as your wife was gone (as in - she left you). Glad you are together to weather this horrible storm. I think people were too harsh in this thread.

Marriott backed out of the points - so they should lower the interest rate in my opinion - but I doubt they will.

Get rid of that loan by using a home equity loan - I sure hope you have the money in your house. And put the timeshare up for sale with Marriott. That's the best way to get a reasonable amount from it. It may take awhile (depending on what you own) , but it will sell eventually. Marriott takes 40% commission, but it's still better than what you can sell it for resale. Just a thought.

 

[kjd]

Does anyone know if Marriott would be able to secure a deficiency judgement if someone walks away from their loan? If they can't get a judgement against the borrower, they might be headed for a lot of problems. The resale market values today are less than the balances of many of the Marriott loans. Many of the Marriott timeshare loans were for almost the entire amount of the original purchase price. If so, it seems to me that it would encourage defaults in these tough economic times.

It's a case of you reap what you sow. If you encourage unqualified people to buy with little or no money down and then charge them 13-14% interest, then you will bear the risk. Anyone who has witnessed the "presentation mill" at one of the Marriott resorts knows what's happened.

IMHO Marriott and Marriott ts owners have a potential mess on their hands with these loans. It's a time bomb. If enough people walk away from these loans the ts market will collapse because of the over-supply. Marriott's only alternative would seem to be to put these foreclosed units back into inventory since no one would buy them. It would also have the potential to increase every owner's maintenance fee due to the fact that Marriott has control over many of the boards at these developments. Special assessments are happening right now with many condominiums across the county. It could happen here.

 

[rsackett]

Wow, I thought I was tough! It's true the OP signed the contract documents but millions of people signed mortgage papers and are now negotiating with the bank for lower rates. Why are timeshares any different? Why can't the OP try to negotiate with Marriott to avoid a bad situation?

It is to everyone's best interest that every owner is able to pay the maintenance fees.

I agree with this statement. Many people have contracts that they agreed to (cars, boats, houses..) but later things change beyond their control; sickness, job loss death, ...
It is in their best intrest as well as the lendors to try to find solution other than default.
To lecture someone about how they should buy resale, not finance, ... is of no help now, to them or the loan holder.

OP - work hard and try to find a solution.

Ray