Walking Away from Club Wyndham Access

[cr1973]

We have a 'certificate of completion' for Club Wyndham Access. We are paid in full on our principal and interest.

We no longer want the access or the monthly maintenance fee.

Since there is no deed and only the certificate, it seems using the process of deed in lieu of foreclosure may not be a realistic option. Since we own it there is nothing to foreclose upon.

There is nothing owed to them. What will they really do if we simply stop paying the fees? It seems they can only try to attack my credit score. Any strategies to prevent it?

We would entertain the idea of giving it away, but wouldn't wish the Wyndham experience on my worst enemy.

Does anyone have experience with successfully walking away form Club Wyndham Access with out a credit hit?

Any information this community could provide would be helpful.

Thanks in advance!

 

[Roger830]

List it up above under "bargain deals" for a low price with buyer paying fees. It does have value.
How many points?

 

[ace2000]

In a short timeframe you'll probably have at least 3 or 4 people PMing you about what you own and be willing to take it off your hands.

 

[antjmar]

We have a 'certificate of completion' for Club Wyndham Access. We are paid in full on our principal and interest.

We no longer want the access or the monthly maintenance fee.

Since there is no deed and only the certificate, it seems using the process of deed in lieu of foreclosure may not be a realistic option. Since we own it there is nothing to foreclose upon.

There is nothing owed to them. What will they really do if we simply stop paying the fees? It seems they can only try to attack my credit score. Any strategies to prevent it?

We would entertain the idea of giving it away, but wouldn't wish the Wyndham experience on my worst enemy.

Does anyone have experience with successfully walking away form Club Wyndham Access with out a credit hit?

Any information this community could provide would be helpful.

Thanks in advance!

wyndham will take it back from you at no charge. This way you wont hurt your credit.
it is worth something.
Plenty of people will be happy to take it! (Myself included)

 

[ronparise]

sent you a pm

 

[theo]

<snip> We would entertain the idea of giving it away, but wouldn't wish the Wyndham experience on my worst enemy.

While I am personally inclined to agree based upon my own prior experience, there are people who are big fans of Wyndham and who, with both eyes open, might be very interested in taking over your CWA points contract. It definitely has some market value (although not much), so definitely require them to pay at least the mandatory transfer fee to Wyndham (currently $299, iirc) themselves if they want the contract. Maybe go for even more compensation; the contract is not worthless.

On the other hand, Wyndham will reportedly take it back (maybe even at no cost whatsoever to you --- not sure) and that would of course be more direct, expedient and straightforward, by eliminating any and all reliance upon unknown others to follow through at their end properly and in a timely manner. Your call and your choice.

Don't just walk away when you can part with this unwanted CWA contract more cleanly by transferring it to a willing new recipient or right back to Wyndham.
Good luck.

 

[presley]

We have a 'certificate of completion' for Club Wyndham Access. We are paid in full on our principal and interest.

It sounds like you paid a lot of money. Are you sure you want to get rid of it? You could always use it for exchanging to non-Wyndham resorts. Make sure you look at all your options before you unload.

As others have said, there are people who already own Wyndham who would love to take your contract and add it to their own. Explore all your options.

 

[gwparchewsky]

CWA

You maybe able to take abvantage of the Ovation program.

 

[spartyfan17]

People keep mentioning being able to walk away from CWA, I assume they mean only if you no longer have a loan. Just trying to find out what our best option is, we have CWA and a loan but can no longer afford it. After reading many posts I highly doubt we would qualify for the hardship program

 

[LannyPC]

we have CWA and a loan but can no longer afford it.

Is it the loan or the MFs that you can no longer afford? Or is it the accompanying travel expenses (ie., airfare, car rental, activities, etc.)?

 

[spartyfan17]

The loan, the MF aren’t too bad only $100 but on top of the loan it’s over $600 a month. When we bought it we were in a much better situation but because life happens it’s now becoming a burden.

Is it the loan or the MFs that you can no longer afford? Or is it the accompanying travel expenses (ie., airfare, car rental, activities, etc.)?

 

[LannyPC]

People keep mentioning being able to walk away from CWA, I assume they mean only if you no longer have a loan. Just trying to find out what our best option is, we have CWA and a loan but can no longer afford it. After reading many posts I highly doubt we would qualify for the hardship program

I'm not really an expert on CWA. Is it deeded property you own or is it just a travel club membership? If it's a club membership, you can usually just stop paying and walk away which would result in termination of your contract (which is what you ultimately want, I'm assuming). Check your contract.

You could also explain your situation that you can no longer afford to travel. Explain that you will not be paying another penny in MFs or loans. Your creditors might amicably terminate your membership if a membership is all you own. Or they might work out a deal to deed the property back in lieu of foreclosure if you own deeded property.

 

[spartyfan17]

I'm not really an expert on CWA. Is it deeded property you own or is it just a travel club membership? If it's a club membership, you can usually just stop paying and walk away which would result in termination of your contract (which is what you ultimately want, I'm assuming). Check your contract.

You could also explain your situation that you can no longer afford to travel. Explain that you will not be paying another penny in MFs or loans. Your creditors might amicably terminate your membership if a membership is all you own. Or they might work out a deal to deed the property back in lieu of foreclosure if you own deeded property.

So I checked the contract tonight and from what I read I think it’s more of a membership type. No deed. We had a deeded timeshare and then upgraded. There is a distinct difference between the two contracts. We plan on contacting them but I wasn’t sure if anyone had any experience like this before. Seems like most of the people trying to get out of their TS from what I’ve read had deeded contracts. I just worry though too because Wyndham doesn’t seem very sympathetic when it comes to people and their hardships. But yes that is what we are thinking of basically saying take it back or we no longer pay.

 

[LannyPC]

Wyndham doesn’t seem very sympathetic when it comes to people and their hardships.

As much as many here have less-than-flattering opinions of Wyndham, at least Wyndham has an Ovation program in place that allows a limited number of deeded TS owners to give their properties back (for a fee). Whether it's out of sympathy or just wanting to collect, essentially for free, TSs back and then sell them all over again is up for debate although most would gander that it would be to resell.

But as for your club membership (I'm assuming), as with most club memberships, they can usually be terminated by simply not paying anymore. The big worry I have for you now is the loan as these loans are usually, but not always, granted by a third party lender. What your situation is, IDK, but you might want to check that as well and see what the lender would do about you defaulting on the loan.

 

[spartyfan17]

As much as many here have less-than-flattering opinions of Wyndham, at least Wyndham has an Ovation program in place that allows a limited number of deeded TS owners to give their properties back (for a fee). Whether it's out of sympathy or just wanting to collect, essentially for free, TSs back and then sell them all over again is up for debate although most would gander that it would be to resell.

But as for your club membership (I'm assuming), as with most club memberships, they can usually be terminated by simply not paying anymore. The big worry I have for you now is the loan as these loans are usually, but not always, granted by a third party lender. What your situation is, IDK, but you might want to check that as well and see what the lender would do about you defaulting on the loan.

I’m hopin so. I went thru the agreement and it flat out refers to us as members and the points a membership. I checked our contract and the lender says it’s Wyndham. So hopefully they will just take it back...

 

[ronparise]

membership or deeded ownership you gotta pay to play, and if you dont pay... either the loan or the dues, they can take it back...they may not need a court order, but they will take it back Call it what you will; foreclosure, or cancellation, or re-po, the end result is the same thing. Wyndham will take it back. and it dosent matter whether you default on the loan, the dues or both. They will take it back. and they may or may not report it to the credit bureaus.

your goal is to either sell it or give it away or get wyndham to take it back and forgive the loan, if any, without a ding to your credit.

In my experience they report defaults (and late payments) on loans to the credit bureaus, but not late dues payments or defaults on dues

Good Luck

 

[theo]

I’m hopin so. I went thru the agreement and it flat out refers to us as members and the points a membership. I checked our contract and the lender says it’s Wyndham. So hopefully they will just take it back...

I wish you the best, but if there is still an outstanding loan balance Wyndham will not entertain acceptance into Ovation.
There is certainly no harm in making the request, but you can't realistically expect the response to be favorable.
It may be time to ponder the ramifications of simply defaulting on the loan if you cannot pay it off.

 

[spartyfan17]

I wish you the best, but if there is still an outstanding loan balance Wyndham won't entertain acceptance into Ovation.
There is certainly no harm in making the request, but you can't realistically expect the response to be favorable.
It may be time to ponder the ramifications of simply defaulting on the loan if you cannot pay it off.

yes, I know Ovation is not an option. We are weighing our options. I know what the ramifications will be but I'm just wondering what it would be considered as. There is no deed so would it be foreclosure? The money was loaned by Wyndham, so are they really out anything? I just wish I was aware of this website when we purchased this.

 

[LannyPC]

I just wish I was aware of this website when we purchased this.

Actually, a lot of people wish they had been aware of this web site before they:

1) bought a developer purchase.
2) bought a travel club membership (kind of like what you did).
3) fell for one of those infamous resale and rental scams.
4) fell for one of those "get out of your timeshare" operations.

Thankfully, TUG has prevented many others from falling for these scams. As well, it has provided great knowledge and advice for would-be buyers and renters.

 

[spartyfan17]

membership or deeded ownership you gotta pay to play, and if you dont pay... either the loan or the dues, they can take it back...they may not need a court order, but they will take it back Call it what you will; foreclosure, or cancellation, or re-po, the end result is the same thing. Wyndham will take it back. and it dosent matter whether you default on the loan, the dues or both. They will take it back. and they may or may not report it to the credit bureaus.

your goal is to either sell it or give it away or get wyndham to take it back and forgive the loan, if any, without a ding to your credit.

In my experience they report defaults (and late payments) on loans to the credit bureaus, but not late dues payments or defaults on dues

Good Luck

Yes i know you have to pay to play and at this point, the amount we are paying is not worth it and I don't want to play anymore. I consider this a luxury and I don't feel that racking up thousands of dollars in credit card debit is worth it. I can save my money and go on vacation without paying for a loan.

I can't sell it, I owe more than its worth and giving it away is likely not an option either. I am hoping Wyndham will take it back, if not i guess it will go delinquent. I don't really see any other option.

 

[spartyfan17]

Actually, a lot of people wish they had been aware of this web site before they:

1) bought a developer purchase.
2) bought a travel club membership (kind of like what you did).
3) fell for one of those infamous resale and rental scams.
4) fell for one of those "get out of your timeshare" operations.

Thankfully, TUG has prevented many others from falling for these scams. As well, it has provided great knowledge and advice for would-be buyers and renters.

yes its been very helpful even now...

 

[theo]

I know what the ramifications will be but I'm just wondering what it would be considered as. There is no deed so would it be foreclosure? The money was loaned by Wyndham, so are they really out anything? I just wish I was aware of this website when we purchased this.

It would be defaulting on a loan, plainly and simply stated. While you are entirely correct that Wyndham is not "out" anything, the fact remains that you voluntarily took on a contractual loan obligation. That "note" may now actually be in the hands of some third party entity other than Wyndham; I dunno.

Defaulting on a loan will have negative credit report consequences, but you would always have the option and opportunity to "explain" that matter in the course of a mortgage application or other lender situation. That singular event would be regarded as just one part of your overall "credit worthiness" picture.

 

[theo]

I am hoping Wyndham will take it back, if not i guess it will go delinquent. I don't really see any other option.

Hope springs eternal, but Wyndham is unlikely to forgive a loan. You could attempt to make a hardship case, but would likely need to provide compelling facts. "I now feel that I made a mistake and just don't want to pay anymore", in and of itself, surely won't cut it as a persuasive argument. Good luck, in any event.

 

[ronparise]

It would be defaulting on a loan, plainly and simply stated. While you are entirely correct that Wyndham is not "out" anything, the fact remains that you voluntarily took on a contractual loan obligation. That "note" may now actually be in the hands of some third party entity other than Wyndham; I dunno.

Defaulting on a loan will have negative credit report consequences, but you would always have the option and opportunity to "explain" that situation in the course of a mortgagee application or other lender situation. That singular event would be regarded as just one part of your overall "credit worthiness" picture.

regarding the loan and the possibility that it may now be owned by someone else....Not likely

wyndham makes their money 3 ways. 1) developing and selling timeshares 2) financing those sales 3) managing the timeshares

What they do with the loans is to securitize them. Ie create securities. The loans are bundled up and then wyndham creates a bond (a security) , which bond is secured by the package of loans. Basically Wyndham goes to the market with a request to borrow money. They offer to pay 2 or 3 percent and say to the potential lenders... I will guarantee payment of the interest with this pile of loans I own... They then take the money the market gives them at 3% and make new loans at 15+%... good work if you can get it

so bottom line, and to the popular belief that Wyndham sells the loans to a third party... Not True. Wyndham maintains ownership of the loans and it is wyndham you have to deal with if you default. They are the ones to "give you a break", and forgive the loan, or not

If you can demonstrate some big change in your financial picture since you bought this thing, (ie a death of the family breadwinner, loss of a job, unusual medical expenses for example) They will forgive the loan. I know of two cases where that happened

 

[spartyfan17]

Hope springs eternal, but Wyndham is unlikely to forgive a loan. You could attempt to make a hardship case, but would likely need to provide compelling facts. "I now feel that I made a mistake and just don't want to pay anymore", in and of itself, surely won't cut it as a persuasive argument. Good luck, in any event.

yes I agree...I've seen others' posts about the hardship program and it doesn't look too promising. at this point if they don't work with us defaulting may be the only option we will have. when we signed up for it, affording it wasn't an issue but some unforeseeable circumstances have left us with some obligations that are a bigger priority. i know i will likely take a credit hit but as i mentioned our options are very limited...

thanks for your input...it is appreciated