Wyndham suspending loan payments

[dgalati]

Wyndham suspends loan payments until July 1st. Its a great start lets hope they reach out and look at maintenance fees.

 

[Richelle]

Wyndham suspends loan payments until July 1st. Its a great start lets hope they reach out and look at maintenance fees.

I’m sure they are working on it. They have to work with over 200 HOAs to make that happen though.

 

[dgalati]

There has to be some hardship relief on maintenance fees. If not many will walk away ultimately costing all owners $$

 

[kaljor]

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.

 

[dgalati]

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.

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.

 

[OutSkiing]

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.

Bob

 

[dgalati]

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.

Bob

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.

 

[bryjake]

Where is this anchored and published?
Is there a form or process to qualify for this?
Is is all loans?

This is good information to share in the forum

 

[Eric B]

Wyndham has an actual internet site where they publish what they are doing for the COVID-19 national emergency. IMHO, it's a better resource then speculative postings here, though I do believe it is completely appropriate when folks post that there is new information available, potentially including quotes of what that information is. I haven't seen anything from Wyndham re: an across the board suspension of payments and would be a bit surprised if they did that. Here's the part of the Wyndham site that discusses financial assistance:

Club Wyndham Timeshare – Adventure Is Calling

More Vacations To Plan. More Room To Play. More Adventures To Book. As a Timeshare Owner, You Can Take Advantage of 240+ Club Wyndham Resorts Worldwide!

clubwyndham.wyndhamdestinations.com

Right now, all it says is:

Financial Options to Support You
We are committed to making sure you can maintain your ownership through the crisis so that your vacations are available once you are ready to start traveling again. Please email AccountResolutionTeam@wyn.com to discuss available options.

The overall Wyndham COVID-19 information site is at:

Resources

Get the information you need to fully take advantage of your Club Wyndham vacation ownership. From timeshare points to reservations you will find what you need.

clubwyndham.wyndhamdestinations.com

 

[bryjake]

Thanks everyone for further anchoring this topic
I continue to be very appreciative of this forum
It is on my visit a couple of times a day routine

Being a more informed has helped me to have a deeper appreciation of Wyndham

This forum is key to sharing anchored Wyndham facts
I do enjoy being a more educated owner who can deflect sales lies and misrepresentation

I find it helpful share where details are anchored

Love the Tug forum!

 

[am1]

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.

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.

 

[dgalati]

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.

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.

 

[dagger1]

Here’s a question: if resorts/hotels with under 500 employees, even if owned by a single entity, are eligible for the Payroll Protection benefit provided by the US Treasury, they will get 2 months salary/benefits for all of those employees (they don’t lay-off) in the form of a forgivable loan. I would think salaries are the largest expense for each resort. Shouldn’t this reduce their expenses significantly for the two months they are relieved of this burden by the Federal Government?

 

[cbyrne1174]

Are the resort employees furloughed? That should provide relief in next year's maintenance fees. They could also push back unit updates at all resorts by a year or so (not charge a reserve fund for 2021), but they aren't going to be able to do anything about this year's MF other than not charge late fees or foreclose on people while they have a hardship but still want their ownership. They can't directly lower your maintenance fees, but they can allow you to pay late and catch up on payments easier by keeping next year's MF low by keeping employees furloughed while they are shut down and not having a reserve fund for 2021.