Wyndham suspends loan payments until July 1st. Its a great start lets hope they reach out and look at maintenance fees.
Owners with frozen accounts were mostly VIP mega renters that played the system for what it was giving at many non VIP owners expense. The hardship relief on maintenance fees Im talking about is for the non VIP owners using for personal use only and not renting millions of resale points with VIP benifits.I think a lot of people underestimate the difficulty of adjusting Maintenance Fees for temporary events. Maintenance fees aren't just some arbitrary number. They're what the Board has decided is needed to pay all the bills involved in maintaining a property and putting a sufficient amount away for future known longer term expenses. There may be differences in various states., but usually these amounts have to be approved by a majority of ownership interests, not just by the Board of Directors.
I think that if any relief is granted it would most likely be in a reduction in next year's fees. Or a smaller increase than would otherwise be needed. Remember the Maintenance fees aren't a profit center, they are the amount that owners have to pay to keep their property up.
Not exactly the same, but a couple of years ago, those owners who had their accounts frozen while waiting for Wyndham to conduct an audit of their points accounts had to keep paying the MF's, even though they couldn't use the resorts for varying amounts of time. I think it was months in some cases.
Who controls HOA's. If many owners walk away what kind of nightmare is that going to be for Wyndham and all owners. VIP owners would lose the most with increase of maintenance fees. Its easy for many that have nothing or very little invested to walk away. Not so easy for someone with six figures invested to walk away.That's another nice move for Wyndham to suspend mortgage payments a couple months. Must be easy enough because they must be controlled by a single finance entity at Wyndham corporate. And of course they'll amortize the amount due into the remaining life of the loan probably at the same (high) interest rate so not loosing anything in the long run.
I too think it would be a nightmare to get hundreds of HOAs to waive or reduce or suspend maintenance fees and then pass that reduction along through the Wyndham corporate process. I think all Wyndham does in the case of maintenance fees is be a 'middle man' centralizing the collection of the fees and passing them on to the HOAs that manage the properties. I doubt that could happen.
Owners with frozen accounts were mostly VIP mega renters that played the system for what it was giving at many non VIP owners expense. The hardship relief on maintenance fees Im talking about is for the non VIP owners using for personal use only and not renting millions of resale points with VIP benifits.
No hating here. Just calling it like I see it. I am all for seizing the opportunity and making a timeshare work. Been doing just that for several years buying and flipping the deeds after all points have been used. It works great for the way I travel. When I didn't rent from a VIP for less then the cost of my maintenance fees.Not at non owners expense. Just seized the opportunity to make a timeshare profitable. No one should hate on that.
Wyndham does not want to foreclose on the timeshares so they are better off to defer payment. A better option for the people would to let people out of their contracts.