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pay off or foreclosure?

Mariposa7678

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Hi, i'm new to this forum, my husband and i went to Disney back in Sep 2019 with our 4 kids, they asked us to go and see this presentation with the kids that it will be only 1 hour, it turned to be almost 6 hours, we bought the time share been paying my monthly fee, maint & taxes (i think) i haven't pay this year and i was taking going to foreclosure, but i will like to buy a house out of state and this probably ruin our credit. what will be best, pay off the property and try to sell it, or continue with foreclosure? the amount was 7500k, i'm paying monthly 105 for 15000 point, which every time i'm trying to book it sold out. i went to a timeshare exit and i wasn't convinced, your help is really appreciate.
 

SmithOp

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People that have let timeshares go into foreclosure have reported up to a 50 point drop in credit score, only you can decide if its worth it to you. Your mortgage rate might be a little more, although they are at all time lows right now.

What was your purchase price, 7500k must be a typo. Was is $7,500 or $75,000? $7,500 seems like a small amount to default on, I wouldn’t think twice and walk on that, you have only paid a couple of months if you purchased Sep 19 and made no payments this year.

@Grammarhero may also have information on legal ramifications based on the state the timeshare is located.


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Mariposa7678

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People that have let timeshares go into foreclosure have reported up to a 50 point drop in credit score, only you can decide if its worth it to you. Your mortgage rate might be a little more, although they are at all time lows right now.

What was your purchase price, 7500k must be a typo. Was is $7,500 or $75,000? $7,500 seems like a small amount to default on, I wouldn’t think twice and walk on that, you have only paid a couple of months if you purchased Sep 19 and made no payments this year.

@Grammarhero may also have information on legal ramifications based on the state the timeshare is located.


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sorry its a typo its $7,500. i'm paying monthly, what i haven't pay is the taxes and maintenance for this year.
 

Jimster

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Rather than foreclosure, read the sticky at the top of this section about a giving a deed back. This means they will take the property back and end your interest in the property. Of course, you will lose any investment you have made in it but it won’t hurt your credit.
 

tschwa2

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Most companies won't offer a pain free deed back unless it is paid off and up to date. You probably haven't paid the annual dues this year either. I think they will default and foreclose fairly quickly so if you don't want that to happen for fear of what will happen to your credit, you probably need to decide fairly quickly.
 

Bmatrose

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To give it back it needs to be paid off. Even to sell it, it needs to be paid off but either way no one would buy what you have for any real amount of money.
 

TheTimeTraveler

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sorry its a typo its $7,500. i'm paying monthly, what i haven't pay is the taxes and maintenance for this year.


Well I can't tell you what you should or should not do, but if you are thinking of buying a house then I would think you would be in a financial position to rid yourself of this loan in a little over a year by paying it off at $600 per month ($150 per week) and not have it negatively affect your credit........

Once the loan is paid off then you can either do a Deed back, sell it, or give it away. The key is to get the loan paid off and discharged.

Handing it this way will be a positive in your credit report.




.
 
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Grammarhero

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sorry its a typo its $7,500. i'm paying monthly, what i haven't pay is the taxes and maintenance for this year.

Where is your TS deed located? Owners defaulting on mortgages on timeshares deeded in CA, FL, Maine, SC, WI, HI, or MT get anti-deficiency protection, if they don’t object to the foreclosure. Anti-deficiency protection is when resorts can’t sue you for the foreclosure sale deficient balance.
 

Bmatrose

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Where is your TS deed located? Owners defaulting on mortgages on timeshares deeded in CA, FL, Maine, SC, WI, HI, or MT get anti-deficiency protection, if they don’t object to the foreclosure. Anti-deficiency protection is when resorts can’t sue you for the foreclosure sale deficient balance.
It sounds like its part of the Florida Land Trust
 

Grammarhero

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sorry its a typo its $7,500. i'm paying monthly, what i haven't pay is the taxes and maintenance for this year.
@Mariposa7678
Where is your TS deeded? Owners defaulting on mortgages on timeshares deeded in CA, FL, Maine, SC, WI, HT, or MT get anti-deficiency protection, if they don't object to the foreclosure. Anti-deficiency protection is when resorts can't sue you for the foreclosure sale deficient balance.

Out of 20 TS mortgage defaults reported on TUG, 11 got their credit affected, ranging from 50 to 200 points. If you make the hard decision to default, please kindly let us know if your credit got affected. It would help tuggers in similar situations moving forward.
 

Mariposa7678

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@Mariposa7678
Where is your TS deeded? Owners defaulting on mortgages on timeshares deeded in CA, FL, Maine, SC, WI, HT, or MT get anti-deficiency protection, if they don't object to the foreclosure. Anti-deficiency protection is when resorts can't sue you for the foreclosure sale deficient balance.

Out of 20 TS mortgage defaults reported on TUG, 11 got their credit affected, ranging from 50 to 200 points. If you make the hard decision to default, please kindly let us know if your credit got affected. It would help tuggers in similar situations moving forward.

i still have to time to think it through, i will let you know my final decision. thanks for your time
 

DrQ

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One of the things to consider is; How much is this "ding" in my credit going to cost me in my interest rate?

You could spend that $7.5K a few times in the difference in interest.
 

Grammarhero

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i still have to time to think it through, i will let you know my final decision. thanks for your time
@Mariposa7678 we hope you are well and healthy. If you made the difficult decision to default, please kindly let us know if your credit got affected. It would help tuggers in similar situations moving forward.
 

MyrtleBea17

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Folks, I purchased my timeshare from Holiday Inn Club Vacations back in March 2018, for a unit deeded in Florida. The sales presentation was supposed to be only an hour but 3 and a half hours later, I finally walked out with a small membership of 97,000 points for every other year for $10,000. Unfortunately it was after the recission period that I realized I had made a mistake in making this purchase. The monthly payments are reasonable but the maintenance fees are ridiculous as well as my expectation for using the membership for traveling worldwide, plus I cannot use the points where I want to travel and I am trying to get out via a timeshare exit company, but that would still cost thousands as well. I've contact Holiday Inn Horizons but since I still owe on the mortgage they will not help me but have told me to contact Vacatia.com and Timesharesonly.com for possible solutions. Today I received a call from Holiday Inn Club Vacations stating that I would face foreclosure if I do not make at least one mortgage payment by the end of the month.

So I have one question and it is this....what happens if foreclosure occurs? Is it just the credit drop or are there other consequences? I do not need to make any large purchases (home or car).

I just want out of this situation.
 

Fredflintstone

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Folks, I purchased my timeshare from Holiday Inn Club Vacations back in March 2018, for a unit deeded in Florida. The sales presentation was supposed to be only an hour but 3 and a half hours later, I finally walked out with a small membership of 97,000 points for every other year for $10,000. Unfortunately it was after the recission period that I realized I had made a mistake in making this purchase. The monthly payments are reasonable but the maintenance fees are ridiculous as well as my expectation for using the membership for traveling worldwide, plus I cannot use the points where I want to travel and I am trying to get out via a timeshare exit company, but that would still cost thousands as well. I've contact Holiday Inn Horizons but since I still owe on the mortgage they will not help me but have told me to contact Vacatia.com and Timesharesonly.com for possible solutions. Today I received a call from Holiday Inn Club Vacations stating that I would face foreclosure if I do not make at least one mortgage payment by the end of the month.

So I have one question and it is this....what happens if foreclosure occurs? Is it just the credit drop or are there other consequences? I do not need to make any large purchases (home or car).

I just want out of this situation.

Well, since Florida is a non judical, anti deficiency (as long as you DO NOT OBject) State, you will simply lose your timeshare to foreclosure with no risk of being sued for the deficiency. However, your credit score may be affected,


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Curious as to how this turned out. I’m in a similar situation… bought at holiday inn, got on a payment plan to pay for the down payment over a 4 month period, but upon first trying to use the time share as soon as I got access, we realized nothing they told us about point values and what we bought was true. Went back and forth with them for 2 months asking them to show us any vacations for the points as explained to us which they couldn’t. So we never used it, never paid them anything more ( other than the initial $1850 over that 4 months). Offered them at that point to just mutually walk away, but by then the grace period expired ( since we didn’t have access to it to see that we were lied to about point values until the full down payment was taken in). Now it’s been 2 years going on 3. They’ve reported 24 plus months of late payments on my credit but my credit is very good across the board so it hasn’t hurt my score too badly. Now it’s on the cusp of foreclosure, so I’m curious to know if you or any other owners have gone into foreclosure with Holiday inn, and if so, by roughly how many points did it knock down your score? I have seen reports on the internet saying as few as 40 points to as many as 100+ points depending on the website.
 

Ellie23

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Curious as to how this turned out. I’m in a similar situation… bought at holiday inn, got on a payment plan to pay for the down payment over a 4 month period, but upon first trying to use the time share as soon as I got access, we realized nothing they told us about point values and what we bought was true. Went back and forth with them for 2 months asking them to show us any vacations for the points as explained to us which they couldn’t. So we never used it, never paid them anything more ( other than the initial $1850 over that 4 months). Offered them at that point to just mutually walk away, but by then the grace period expired ( since we didn’t have access to it to see that we were lied to about point values until the full down payment was taken in). Now it’s been 2 years going on 3. They’ve reported 24 plus months of late payments on my credit but my credit is very good across the board so it hasn’t hurt my score too badly. Now it’s on the cusp of foreclosure, so I’m curious to know if you or any other owners have gone into foreclosure with Holiday inn, and if so, by roughly how many points did it knock down your score? I have seen reports on the internet saying as few as 40 points to as many as 100+ points depending on the website.
Did you allow your timeshare to go into foreclosure? You're in a different TS company then I am but I'm trying to learn the repercussion of defaulting and going to foreclosure aside from major credit ruin. My timeshares in Nevada so I know the have judicial which scares me.
 

Ellie23

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Where is your TS deed located? Owners defaulting on mortgages on timeshares deeded in CA, FL, Maine, SC, WI, HI, or MT get anti-deficiency protection, if they don’t object to the foreclosure. Anti-deficiency protection is when resorts can’t sue you for the foreclosure sale deficient balance.

I have a question that I hope someone can answer.. I purchased a TS in Nevada. I know it's a judicial state. My last payment on my mortgage was made 02/2018 and they haven't yet reported it to collections. I know there is a SOL of 6 years. Does that 6 years start when I last defaulted in 2018 or when they report it and send it to collections? Thank you for anyone who may provide insite into my question.
 

Booba137

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So, they finally sent me Foreclosure Deed papers, but there's a part on there that I don't understand it's meaning and I'm hoping one of you folks might.

It's states a 1% undivided interest? I attached the part.
 

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