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Need guidance: Hilton Grand Vacation Timeshare out of Vegas - Wesley Financial, LT Transfer, etc

AW1988

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Hello Tugbbs community!

I have come to ask for a deep help, and offer the sincerest gratitude to any and all whom can help me. I truly mean that. So without further adieu:

To keep a long story short, back on 8/31/2013, I along with my x-girlfriend made a terrible mistake when we were younger and bought into a timeshare with Hilton Grand Vacations Club (Hilton Resorts Corporation) on Paradise in Las Vegas, Nevada.

Many years later we recognized the mistake for what it was and tried to get out, but were told by Hilton “no”. The original loan amount was $17990,00 and the balance currently is $10968.85 with a monthly bill of $291.26 and a yearly maintenance fee of about $800-900 that is going up.

At the time we researched into getting out via the Timeshare Exit team but saw too much posted online about them being, at best, unreliable and at worst, a scam. Fast forward several more years and now we’ve broken up but we are still trying to rectify our financial error of the time share. It is basically the only thing holding me in contact with her, and her with I and it would be best for both of us to be rid of it and finally find some peace. I am married and moved on and she has moved on too.

I found that hope in Wesley Financial and upon researching them vigorously on the internet I saw very little to point toward fraud or scam...until I came here where I read a few posts. Before I get into that I want to make a statement/question that I fully look forward to debating and being proven wrong: If Wesley charges me $3000 up front to get out of a nearly $10000+interest+fee charges sinkhole of despair and has a high rate of success, why wouldn’t I do it if other options don’t exist?

Within the posts I found here there was mention by this community of “LT Transfer” and “many other options that are much cheaper than an upfront cost of $3000-3500 to Wesley”. There was talk of “using LT Transfer a dozen times! They’re great!”. I don’t mind “giving away” my time share for $0.01 but is that even possible considering the amount I owe on it? Are Wesley the bad guys for charging so much but having a high success rate and getting me out of an even steeper, perpetual bill?

I’m sure this community has seen so many pass through it over the years and I’m sure it’s grown and matured. Over the years that I’ve dealt with this I’ve recognized the error of my ways and I’m trying to seek a way to rectify them and not only find financial freedom for myself, but free myself and my X from any more personal hurt.
  1. What is my best option and how or when in the process is LT Transfer involved, if at all?
  2. Where do I start?
  3. What does the best option process look like past the starting point?
If anyone here has any questions please let me know what details you need and I will produce them as best as I can.

With great gratitude,

-A
 
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echino

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LT Transfers is a company that does timeshare title transfers between buyers and sellers. They are one of the best. But they will not help you find a buyer and they will not get you out of your loan.

You cannot sell or give away a timeshare if you have a loan on it. You will need to pay off the loan first.

Any company that charges you upfront to get you out of your timeshare is a scam.
 

AW1988

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Thanks for the quick reply Echino! Okay assuming they are a scam, why is there so much great feedback on them on the “internet of things”. The internet is normally a place filled with people who want to complain about companies. The thought has crossed my mind that the reviews on the BBB and google for Wesley are faked, but that sure is a lot of fake reviews. They’ve been running the business for years and there’s articles littered on the internet from them. Again, paid articles placed there to trick people? Sure, but that is a bit far-fetched.

Hasn’t there been any success via Wesley?
 

echino

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No company will erase your debt.

The good reviews may come from timeshare owners who paid them upfront to get rid of their (paid-off) timeshares, and they likely listed those on eBay for $1 and sold some. So for $3,000 they did something the owners could do themselves almost for free, but the owners just did not know how. But again, it could only work if there were no loans.
 

echino

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Also, your Hilton timeshare may have some resale value. What season is it, and how many points? If it's high season, then you may be able to sell it for a few thousand. But again, you will need to pay off the loan first.
 

TheTimeTraveler

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Thanks for the quick reply Echino! Okay assuming they are a scam, why is there so much great feedback on them on the “internet of things”. The internet is normally a place filled with people who want to complain about companies. The thought has crossed my mind that the reviews on the BBB and google for Wesley are faked, but that sure is a lot of fake reviews. They’ve been running the business for years and there’s articles littered on the internet from them. Again, paid articles placed there to trick people? Sure, but that is a bit far-fetched.

Hasn’t there been any success via Wesley?


What Echino says is correct.

The easiest and fastest way to get out of your financial obligation is to pay it off. Once it's paid off you can then sell it or give it away.

Of course another alternative is to declare bankruptcy, but you really don't want to go there if you can avoid it, so bite the bullet, get it paid off, and then unload it once and for all.





.
 

CalGalTraveler

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You would be much better off redirecting the $3k for Wesley and applying it to the loan principal. You cannot sell until you find a way to pay it off. If you walk you and your ex will take a credit hit.

How many points and season is the unit? If there is resale value you can take a short term personal loan to pay off the loan to get a clear estoppel. Then you can sell (if there is resale value) and you could use the proceeds to pay off part of the short-term loan. However, don't put this on an equity line as you don't want to risk losing your house over this.

With this approach, at best you would net between $6000 - $7000 if it is a 7k point unit (2bdrm, plat) or perhaps $3 - $4000 if a 5000 unit (2 bdrm gold). Values decline from there.

So you will have a balance on your personal loan but it will be less than $11k plus annual MF obligation adding every year. Plus you could add the $3000 you would have spent on Wesley and you would be pretty close to zero if you have a 7000 point unit i.e. ($11,000 - $7000 resale proceeds - $3000 you would have paid to Wesley but used to pay down loan = $1000 personal loan balance.)

If you must give it away because it is worthless, you will still owe $11k but at least you will not be adding MF burden every year so can pay down more quickly if the interest rate on your personal loan is reasonable. Reduce that by $3k you would have spent on Wesley and it would be down to $8k to pay off without future burden.

What state are you in? There is something called anti-deficiency laws in some states where all they can do is foreclose and take back the timeshare (Full Disclosure: I am not a lawyer and I don't know how it works.) Search @Fredflintstone's posts on this for info. But if you do this you should engage a lawyer.

In Nevada it appears that anti-deficiency only applies to primary residence, but you may be able to see if it would apply to your state of residence and whether that would protect you. https://mesquitelocalnews.com/2017/04/06/dont-let-timeshare-become-trap/

In Florida it applies: https://www.lawyers.com/legal-info/bankruptcy/foreclosures/the-consequences-of-a-timeshare-foreclosure.html

And California: https://www.nolo.com/legal-encyclopedia/california-timeshare-foreclosure-right-cancel-laws.html

According to the article below, the following states have anti-deficiency laws: Alaska, Arizona, California, Connecticut, Hawaii Iowa, Minnesota, Montana, Nevada, New Mexico, North Carolina, North Dakota, Oregon, Washington, and Wisconsin.
https://www.legalmatch.com/law-library/article/anti-deficiency-laws.html

YMMV.
 
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RX8

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Who is your loan with? You have two obstacles- the ongoing maintenance fee obligation with HGVC and the mortgage loan. The loan is likely going to be a separate entity from HGVC.

You could pay Wesley thousands of dollars (I believe your estimate of $3000 is going to be short) but it is a gamble. Just google the company (I just did) and you will find multiple people complaining about Wesley. You could be the next to complain, or maybe not. Again, a gamble.

Unfortunately, Wesley has no special powers to break two 6 year old binding contracts especially for the reason being that the buyer made a mistake.

I wish you luck.
 
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Fredflintstone

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From my experiences, timeshare exit companies cannot erase a loan and you can’t get out of the contract with a loan.

Everyone is right. You will need to pay the loan and then you can dump the timeshare.

Please double check but I don’t think Nevada has anti deficiency laws when it comes to timeshares.

https://www.nolo.com/legal-encyclopedia/nevada-foreclosure-laws-procedures.html




Sent from my iPad using Tapatalk
 

pianodinosaur

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@AW1988: Welcome to TUG. The previous Tugger replies have been very accurate. I am sorry that you and your girlfriend broke up and I am sorry and sympathetic to your financial difficulties. I made the mistake of purchasing my first timeshare direct from HGVC with a loan. I soon realized that I needed to pay it off as quickly as possible. I now think that timeshares are a luxury and should never be purchased with a loan.

My wife and I have been timesharing for almost 20 years now. We now own multiple timeshares. It may still be possible to make lemonade out of your lemons. A timeshare that is not used is nothing but an albatross around your neck. However, if you use your timeshare, you might get some enjoyment out of it.
 

CalGalTraveler

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Another alternative: Depending on the type of unit and season you own, you could reserve a popular conference or sports event and rent out your home week. The Paradise resort is right next to the convention center so CES might be a good venue if you own that season, holidays or major sporting events such as Superbowl weekend.

https://www.vegasunzipped.com/crowded-vegas-strip-busiest-and-most-expensive-days-of-the-year/

Rent may not cover the entire MF or you might just cover but at least you would not be adding to your burden of cost and could redirect the monies you would have spent on annual MF and the Wesley group to paying down the loan.

Another alternative: Talk to HGVC about "ResponsibleExit.com" Perhaps they would renegotiate the loan, or if you can find a way to pay most of it off they will then take a deed in lieu of foreclosure. Many loans are owned by HGVC so they are in a position to negotiate.
 
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LannyPC

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Before I get into that I want to make a statement/question that I fully look forward to debating and being proven wrong: If Wesley charges me $3000 up front to get out of a nearly $10000+interest+fee charges sinkhole of despair and has a high rate of success, why wouldn’t I do it if other options don’t exist?
Think about it. Let's say your loan/mortgage is with Timeshare Mortgages R Us (TSMRU). You owe TSMRU $10,000. Wesley Financial promises to erase your debt for $3000. You're happy that you only pay $3000 which allegedly saves you $7000. Wesley is happy that you paid it $3000. Now, what about TSMRU who are now out $10,000? How do you explain that? Do you think TSMRU are going to just roll over and take the $10,000 loss?

If you were a big wig at TSMRU, what would you be saying to Wesley and/or the borrower? This is one of a number of reasons why we here on TUG emphatically advise people against using these "cancel" companies. Besides, if you search here on TUG, you will see a number of threads about Wesley Financial Group and see very unfavourable posts.
 

dgalati

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Think about it. Let's say your loan/mortgage is with Timeshare Mortgages R Us (TSMRU). You owe TSMRU $10,000. Wesley Financial promises to erase your debt for $3000. You're happy that you only pay $3000 which allegedly saves you $7000. Wesley is happy that you paid it $3000. Now, what about TSMRU who are now out $10,000? How do you explain that? Do you think TSMRU are going to just roll over and take the $10,000 loss?

If you were a big wig at TSMRU, what would you be saying to Wesley and/or the borrower? This is one of a number of reasons why we here on TUG emphatically advise people against using these "cancel" companies. Besides, if you search here on TUG, you will see a number of threads about Wesley Financial Group and see very unfavourable posts.
Never pay up front fees. When you sell your house the commission is paid after the sale. Makes no sense to pay a contractor up front or until work is completed. Nothing sould be paid until services are rendered.
 

hurnik

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Never pay up front fees. When you sell your house the commission is paid after the sale. Makes no sense to pay a contractor up front or until work is completed. Nothing sould be paid until services are rendered.
While I agree on this, I can see a point for example:
Legal stuff
You go to a lawyer and they're not going to do squat until you pay them something, most of the time.
 

dgalati

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While I agree on this, I can see a point for example:
Legal stuff
You go to a lawyer and they're not going to do squat until you pay them something, most of the time.
Haha! Dont get me started on lawyers.
 

LannyPC

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Never pay up front fees.
Yes, that's very true and has been emphasized repeatedly here on TUG. However, the point of my post was to show how illogical it is to believe that a company can erase a debt to someone else without the creditor's knowledge.
 

TUGBrian

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I always find it ironic when legal assistance firms claim they are so good they are so big and powerful and successful they GUARANTEE can strong arm these companies into erasing an owed debt and get you out of your timeshare....but at the same time require the customer to pay a huge fee upfront upfront, with the only valid argument ive heard on that seems to be that they dont want to risk a happy client not paying thus the need to collect the fee ahead of time?

Im sorry but that argument holds no water.
 
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