To Be or Not to Be

[MyrtleBea17]

Due to my situation created by Covid-19 I am considering allowing the Holiday Inn Vacation Clubs timeshare to go into foreclosure. I had contacted a timeshare exit company earlier in the year, but hadn't signed on since everything came to a standstill a few months later. The timeshare exit company recently contacted me to see if I was still interested in hiring them. I responded that I was not and was considering allowing the property to be foreclosed. Their response was this.... "One of the biggest reasons people hire us for our services is to protect them from the harassment and potential legal backlash from the resort. I've had customers call in and tell us that the resort waited years for late fees and interest to accumulate until it was worth it to file a judgement against them. One thing to consider is that your timeshare is with one of the biggest resorts and looks like it is based in Florida, which is the most pro resort state in the United States. If the court agrees, we've seen the owner of the timeshare have to pay all of the late fees and interest (in some cases attorneys fees)."

Can anyone advise if this does happen, in which case I may need to hire the exit company. BTW, I have checked out the exit company and they are a reputable company.

 

[Bmatrose]

how much do you still owe?

 

[tony_i]

Due to my situation created by Covid-19 I am considering allowing the Holiday Inn Vacation Clubs timeshare to go into foreclosure. I had contacted a timeshare exit company earlier in the year, but hadn't signed on since everything came to a standstill a few months later. The timeshare exit company recently contacted me to see if I was still interested in hiring them. I responded that I was not and was considering allowing the property to be foreclosed. Their response was this.... "One of the biggest reasons people hire us for our services is to protect them from the harassment and potential legal backlash from the resort. I've had customers call in and tell us that the resort waited years for late fees and interest to accumulate until it was worth it to file a judgement against them. One thing to consider is that your timeshare is with one of the biggest resorts and looks like it is based in Florida, which is the most pro resort state in the United States. If the court agrees, we've seen the owner of the timeshare have to pay all of the late fees and interest (in some cases attorneys fees)."

Can anyone advise if this does happen, in which case I may need to hire the exit company. BTW, I have checked out the exit company and they are a reputable company.

Exit companies are usually a scam. HICV has horizon program, but it works best if it is paid off. Horizon is your first option as it is from HICV and it is free.

You may also want to post what you own. Is it a deeded unit or trust points? Deeds at South Beach, Gatlinburg, Lake Geneva have the most value as they transfer as points. Trust points have some value but it is pretty new and I have seen only a couple of contract sold on eBay.

Do not pay any company offering to help you get out of a timeshare, they are usually not good.


Sent from my iPhone using Tapatalk

 

[Iggyearl]

I believe that the resident legal mind here is Grammerhero, but in his absence I will try to distill his research. Florida is an "anti-deficiency foreclosure" state. If you stop paying on your mortgage, you will be in default. The developer (Holiday Inn) can foreclose on the timeshare for lack of payment. If you ignore them, and do not contest the foreclosure, they can't come after you for anymore than the amount of the mortgage. (which is what you want). However, they have the right to report your delinquency to the credit reporting services. Grammerhero has also complied a record of how often said delinquencies have affected former owners' credit scores. That info is under, "Buying, selling, renting." You would be best served to consult a lawyer to confirm this information.
Timeshare exit companies don't have any magical powers. You signed the contract. They can't get you out. Chances are, they would just put you into foreclosure - for 1000's of $.

 

[MyrtleBea17]

how much do you still owe?

It is a deeded timeshare at Orange Lake, purchased at $10,000 for 97,000 points every other year. Because of interest accumulated I still owe just under $11,000.

 

[silentg]

Don’t go to a timeshare exit company. Try talking to the Horizon people, you might be able to work something out with them. Good Luck.

 

[MyrtleBea17]

UPDATE - I had decided to discontinue payment on the HIVC timeshare in March 2020 and was waiting for the matter to reach foreclosure when I received a Deed in Lieu of Foreclosure in late December 2020. It was executed and returned to the company for review and approval immediately. A few days ago (March 15th) I received a Notice of Cancellation from the company and checked my credit summary in Experian which shows the loan as closed. My credit score thus far has gone down just 7 points. I am so glad I decided not to employ a timeshare exit company to handle this for me or I would still be paying them to handle something that basically took care of itself.

Thank you all for your advise.

 

[silentg]

Glad it worked out for you.

 

[theo]

I am so glad I decided not to employ a timeshare exit company to handle this for me <snip>.

And glad you should be. You would have paid good money to useless, thieving "exit" parasites to accomplish absolutely nothing.
Handle this??? The only thing they would ever have actually "handled" would have been your very generous payment to them.

It's great that you have achieved a clean "out" --- without getting fleeced by worthless "exit company" parasites.

 

[TIL-tx]

For those thinking about returning their timeshare to Holiday INN Vacations. You can do it yourself, but it takes Patience and Persistence. Do not expect it to take a few days, or even a few weeks. The timeshare needs to be paid off, and your maintenance fees paid through the end of the year the transaction is completed BEFORE they will start the process. Do not call any company except HORIZONS (main phone number: Horizons - 866 -228-8689). Main website: https://orangelake.com/horizons. The following is my 125 day saga:
12/16/20 - Called deed back department Brian gave me the 866 number above. I called that number – they said they cannot answer the phone “even though it is during normal business hours call back later OR go to the Horizons website. Went to the website and filled out the registration for Thinking of cancelling or selling your timeshare? email received stating that I would be contacted ‘soon’.
12/18/20 - Sent an email at 1330 on 12/18/20 requesting contact for the second time. They called be back one hour later. Requested I pay 2021 mx fees, and release 2021 weeks back to them to be able to surrender the deed and sending paperwork. I paid and released over the phone. Given a case number
12/23/20 - Contacted again. Same process. Called on phone, on hold 1;10; OPENED NEW CASE NUMBER, for the return process to start. They said it would be 5weeks to recieve FEDEX papers to sign.
2/3/21 - Received documents. Signed, Notarized, and returned via Fedex (receipt) that same afternoon.
2/23/21 - Letter from Holiday Inn stating that they did not receive the documents to ‘please send them’. I had Fedex confirmed delivery on 2/9/21. Called the Phone on the letter, - they said they just received the documents on 2/22/21 and to disregard the letter. NO response to my comments on having the confirmation information from FedEx!
Said I should be receiving documentation of Cancellation from Holiday Inn Vacation Clubs.
4/3/21 - sent an emailto: serviceresolutionmanager@holidayinnclub.com asking for an update.
4/20/21 - I receive my final letter confirming the cancellation of the contract. 125 days from the first contact / request.
As stated at the start of this POST - you can do it yourself, you can do it for free. Just be Persistent.

 

[Sophia509]

UPDATE - I had decided to discontinue payment on the HIVC timeshare in March 2020 and was waiting for the matter to reach foreclosure when I received a Deed in Lieu of Foreclosure in late December 2020. It was executed and returned to the company for review and approval immediately. A few days ago (March 15th) I received a Notice of Cancellation from the company and checked my credit summary in Experian which shows the loan as closed. My credit score thus far has gone down just 7 points. I am so glad I decided not to employ a timeshare exit company to handle this for me or I would still be paying them to handle something that basically took care of itself.

Thank you all for your advise.

OMG I have been wondering if I should do this too but I owe $25,000, my husband died 4 months ago so now I dont have his income to help pay the time share OR my regular house mortgage. I have DCCaptial Law lawyers who are advising me to just stop paying since Orange lake has not responded for 3 year of trying to get out of this. I am freaking about out what to do. Scared I will get bad credit report and I will need to refinace my home or sell and buy a cheaper one. Im scared.