[ 2022 ] Timeshare Default Credit Report/Collection Tracking

[Grammarhero]

Great information. How about The Manhattan Club?

Sorry. Nothing for that.

 

[CalGalTraveler]

@Grammarhero Lots of great info and it is nice the datapoints are growing. Surprised there are no DPs for HGVC? I have heard that people can give HGVC away or hold some value, or would deedback so perhaps fewer defaults? However doesn't explain mortgages which cannot be given away. I was told by a rep that HGVC owns their own mortgage financing - so perhaps easier to return?

P.S. Wasn't Manhattan Club taken over by Bluegreen?

 

[hcarman]

One thing that Marriott Vacation Club supposedly does is lock up your Marriott Rewards account if you are behind in maintenance fee payments. I don't know how long that lasts but if you are someone that values your Marriott Rewards points you might want to use them or transfer them before default. Don't know why since Marriott Vacation Club is no longer part of Marriott Hotels who runs the Rewards program.

 

[Grammarhero]

@Grammarhero Lots of great info and it is nice the datapoints are growing. Surprised there are no DPs for HGVC? I have heard that people can give HGVC away or hold some value, or would deedback so perhaps fewer defaults? However doesn't explain mortgages which cannot be given away. I was told by a rep that HGVC owns their own mortgage financing - so perhaps easier to return?

P.S. Wasn't Manhattan Club taken over by Bluegreen?

@CalGalTraveler We only have one DP for HGVC and WM. I added a new category called independent/other, which are unlikely to report MF defaulters to the credit agencies.

Hilton defaults w credit drops: 0 out of 1 (loan)

WorldMark default w credit drops: 1 out of 1 (loan)

independent/other: 2 (both loans) out of 13 (3 loans, 10 MF)

 

[echoloader]

Anyone default on MF of grandview at veges . What was the outcome.

 

[PeelBoy]

I wonder if there is any precedence that the HOA placed a lien against one's property e.g. home of residence. Credit score is not important to me.

 

[mtpockets]

Hi very one , great information in these posts, just wondered if anyone from England / British Isles had tried handing back their timeshare and if so what were the consequences , we would like to hand ours back and stop paying the maintenance fees but don’t want the bailiffs turning up on our door step.
any advise greatly appreciated.

 

[Grammarhero]

I will post updated stats soon. Attached is a report on TLC resorts.

 

[Grammarhero]

I wonder if there is any precedence that the HOA placed a lien against one's property e.g. home of residence. Credit score is not important to me.

Out of 55 reported defaults, 2 liens.

https://tugbbs.com/forums/threads/s...-notice-of-default-and-intent-to-sell.295884/ https://tugbbs.com/forums/threads/a...fees-what-happened.296893/page-5#post-2354414

 

[Grammarhero]

Updated stats.

TS defaults w credit drops: 19 out of 55

TS defaults w collections: 5 out of 55

TS defaults w liens: 2 out of 55

MF defaults w credit drop: 6 out of 32

Mortgage defaults w credit drops: 13 out of 23

Canadians default on US TS w credit drops: 0 out of 10

Intls (inc. Canadians) default on US TS w credit drops: 0 out of 11.

Wyndham defaults w credit drops: 4 (3 loans, 1 MF) out of 9 (6 loans, 3 MF)

Sheraton defaults w credit drops: 2 out of 2 (1 loan, 1 MF)

VV defaults w credit drops: 1 (loan) out of 6 (2 loan, 4 MF)

Diamond defaults w credit drops: 1 out of 3 (all 3 MF)

Silverleaf defautls w credit drops: 2 out of 2 (both loans)

BG defaults w credit drops: 1 out of 2 (both loans)

HIVC defaults w credit drops: 3 out of 4 (all 4 loans)

Westgate defaults w credit drops: 0 out of 2 (both loans)

Marriott defaults w credit drops: 0 out of 2 (both MF)

Hilton defaults w credit drops: 0 out of 1 (loan)

WorldMark default w credit drops: 1 out of 1 (loan)

independent/other: 3 (1 MF, 2 loans) out of 16 (3 loans, 13 MF)

undisclosed: 5

 

[Hckaunt]

I purchased Palmera in the summer of 2019. Total scam. So, I emailed a lawyer and he told me to send a letter to them and not send them any more money. Palmera sent the loan to a collection agency and collections called quite a bit, I never answered, but I haven't heard from them in awhile. I had a hit on my credit score. To be continued, I guess...

 

[mdurette]

deleted

 

[Cruiser Too]

GrammarHero:

Any data on South African timeshares (Mt. Amanzi, el al) ?

Thanks for your postings.

 

[Grammarhero]

Anyone default on MF of grandview at veges . What was the outcome.

@echoloader 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.

 

[Grammarhero]

Updates stats.

TS defaults w credit drops: 21 out of 57

TS defaults w collections: 6 out of 57

TS defaults w liens: 2 out of 57

MF defaults w credit drop: 6 out of 32

Mortgage defaults w credit drops: 15 out of 25

Canadians default on US TS w credit drops: 0 out of 10

Intls (inc. Canadians) default on US TS w credit drops: 0 out of 11.

Wyndham defaults w credit drops: 4 (3 loans, 1 MF) out of 9 (6 loans, 3 MF)

Sheraton defaults w credit drops: 2 out of 2 (1 loan, 1 MF)

VV defaults w credit drops: 1 (loan) out of 6 (2 loan, 4 MF)

Diamond defaults w credit drops: 1 out of 3 (all 3 MF)

Silverleaf defautls w credit drops: 2 out of 2 (both loans)

BG defaults w credit drops: 1 out of 2 (both loans)

HIVC defaults w credit drops: 3 out of 4 (all 4 loans)

Westgate defaults w credit drops: 0 out of 2 (both loans)

Marriott defaults w credit drops: 0 out of 2 (both MF)

Hilton defaults w credit drops: 1 out of 2 (both loans)

WorldMark default w credit drops: 1 out of 1 (loan)

independent/other: 4 (1 MF, 3 loans) out of 17 (4 loans, 13 MF)

undisclosed: 5

 

[Grammarhero]

GrammarHero:

Any data on South African timeshares (Mt. Amanzi, el al) ?

Thanks for your postings.

Sorry. Nothing for that.

 

[vacationtime1]

What is the difference between a "TS default" and a "Mortgage default" in post #40?

The one thing your data shows clearly is that our Canadian and overseas friends have little to fear by walking. Kudos to you for demonstrating that.

 

[dioxide45]

One other thing, does the breakdown take into consideration foreclosure. Defaulting is one thing that could impact credit, though the HOA or lender doesn't have to report the default, but if it went to foreclosure, that could impact credit? No?

 

[Cruiser Too]

Sorry. Nothing for that.

Thanks... there aren't too many of us South African TS'ers

 

[Grammarhero]

What is the difference between a "TS default" and a "Mortgage default" in post #40?

The one thing your data shows clearly is that our Canadian and overseas friends have little to fear by walking. Kudos to you for demonstrating that.

There have been 57 total reported defaults, 32 of which are MF and 25 of which are mortgage.

 

[Grammarhero]

One other thing, does the breakdown take into consideration foreclosure. Defaulting is one thing that could impact credit, though the HOA or lender doesn't have to report the default, but if it went to foreclosure, that could impact credit? No?

That’s a good category to add. Will take me 2-3 hours. I will do it as time permits.

 

[Grammarhero]

Hi very one , great information in these posts, just wondered if anyone from England / British Isles had tried handing back their timeshare and if so what were the consequences , we would like to hand ours back and stop paying the maintenance fees but don’t want the bailiffs turning up on our door step.
any advise greatly appreciated.

@mtpockets
We hope you are well and healthy. If you make the difficult decision to default, please kindly let us know the results. If would help tuggers in similar situations moving forward.

 

[Grammarhero]

Thanks... there aren't too many of us South African TS'ers

@Cruiser Too 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.

 

[Cruiser Too]

@Cruiser Too 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.

Wilco !!!!

 

[moonstone]

@Grammarhero have you compiled any stats on Americans (or others) who own a Mexican timeshare (either with or without an outstanding purchase loan) and have walked away? I see so many folks on the various Facebook timeshare owners groups who are asking about consequences. It sounds like there is at least one Mexican timeshare company that has an office in Miami so owners are reluctant to walk in case their US credit is affected. That probably wouldn't affect a Canadian or European but could it affect an American owner?


~Diane