Timeshare Foreclosure

[knkb4ever]

We have owned a 3 be LO at Westgate Lakes for 27 years and they have a Legacy Program to end your contract. Problem is they want us to pay them $3000 and they will take it back and cancel the contract. We are considering stop paying maintenance. Has anyone else done this? We are not concerned about credit ratings.

 

[TUGBrian]

welcome to TUG, sorry you find yourself in this situation.

if there is no concern for your credit, you already have your answer!

What happens if I stop paying for my Timeshare?

Wondering what happens if you stop paying for your timeshare? Explore the potential consequences and outcomes for owners who decide to quit making payments?

tug2.net

 

[Fido Chuckwagon]

We have owned a 3 be LO at Westgate Lakes for 27 years and they have a Legacy Program to end your contract. Problem is they want us to pay them $3000 and they will take it back and cancel the contract. We are considering stop paying maintenance. Has anyone else done this? We are not concerned about credit ratings.

If you don’t care about your credit you should definitely just default. Florida is a non-judicial foreclosure state, there aren’t going to be any other consequences other than a possible credit hit. Expect to get lots of annoying collections letters for a while.

 

[LannyPC]

I agree with the above two posts and, just in case you haven't read the many other posts about this, this can't be overemphasized. Do not go seeking the "help" of these exit/cancel companies, charities, or law firms that claim they can exit you without any of the possible consequences.

What's said might not help you out of your TS but it will save you from wasting your money on one of these companies.

 

[nomoretimeshare0611]

Hi New member here... We are considering doing the same, not paying the Annual maintenance fee due December 2024. We bought the time share in New Orleans, Avenue Plaza, 23 yrs ago. We contacted them and they don't have a buy back program or exit option. Advise?

 

[Passepartout]

Hi New member here... We are considering doing the same, not paying the Annual maintenance fee due December 2024. We bought the time share in New Orleans, Avenue Plaza, 23 yrs ago. We contacted them and they don't have a buy back program or exit option. Advise?

You might consider listing it in the TUG timeshare giveaways area. Someone might want it. The transfer can be done by LTTransfers for a couple hundred bucks. You WOULD need to keep the MF current before the transfer could be done. OR simply defaulting on the MF will ultimately end with a foreclosure. It's unlikely that you'll get a credit ding doing this, but it's possible. You WILL get letters and phone calls.

Jim

 

[nomoretimeshare0611]

You might consider listing it in the TUG timeshare giveaways area. Someone might want it. The transfer can be done by LTTransfers for a couple hundred bucks. You WOULD need to keep the MF current before the transfer could be done. OR simply defaulting on the MF will ultimately end with a foreclosure. It's unlikely that you'll get a credit ding doing this, but it's possible. You WILL get letters and phone calls.

Jim

OK.. Thank you.