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Need Help Exiting HICV timeshare

mskyler

newbie
Joined
Feb 1, 2023
Messages
1
Reaction score
0
Resorts Owned
Holiday Inn Club Vacations
Hello!
I can't believe how incredibly stupid my husband I were for falling for this scam. We were convinced to buy three separate deeds with Holiday Inn Club Vacations. Our total mortgage debt is over $80,000. Our maintenance fees alone are $5,000 a year. We need out STAT. From what I read on this forum we basically have two choices:
1. WALK and take a massive hit on our credit
2. Stay stuck in debt over our heads and take crappy vacations every year to try to make up for our stupidity.

Here's my question... Has anyone walked with this much debt left on their mortgage? What happens? Do they just foreclose or do they go after us in court? We bought in FL, SC and TX. We are behind 3 months in mortgage payments now due to my poor health and bills associated with that. Our credit has already taken a hit of 100 points.

Thanks for the advice.. Please don't condemn or judge, we already feel stupid enough.
 

Bmatrose

TUG Member
Joined
Apr 1, 2016
Messages
388
Reaction score
122
Resorts Owned
HICV Elite
They will just foreclose and ruin your credit. I don't believe they can sue you. How did they convince you to take three mortgages out?
 

tschwa2

TUG Review Crew: Veteran
TUG Member
Joined
Dec 19, 2008
Messages
16,153
Reaction score
4,772
Location
Maryland
Resorts Owned
A few in S and VA, a single resort in NC, MD, PA, and UT, plus Jamaica and the Bahamas
You can also throw yourself on their mercy and explain your hardship and they may forgive some or all of the debt. There still may be credit hits with this option but it wouldn't be as great as it would for a total loan default.
 

TUGBrian

Administrator
Joined
Mar 24, 2006
Messages
23,113
Reaction score
8,905
Location
Florida
with 80,000 dollars worth of debt you are discussing, id make a point to speak to a bankruptcy attorney in your state.

while holiday inn isnt likely to put much effort into your default on the annual maintenance fees, whatever creditor lent you 80+ thousand dollars is going to be far more aggressive in their efforts to recover the money you owe. their options vary from state to state.
 

Passepartout

TUG Review Crew: Veteran
TUG Member
Joined
Feb 10, 2007
Messages
28,902
Reaction score
17,954
Location
Twin Falls, Eye-Duh-Hoe
This OP posted the original post, then disappeared within an hour, not to return. They are possibly not as committed to doing whatever it takes to mitigate the damage and they indicated.

Or maybe they signed up for some money-grabbing upfront-fee exit company. We certainly hope not, but it happens.

@mskyler, if you come back, please see a local attorney with experience in dealing with consumer debt issues.

Jim
 
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