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Wyndham TS - past my rescind period

19AME16

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Hello all,

Based on other threads I've read on this forum - Can anyone confirm that if I decide to stop paying my Wyndham TS (bough in San Antonio, Texas) they will not put any liens or garnish any wages?

I saw the journey that GoChiefsOrBust shared, and it looks like it didn't even affect her credit.

I want out, this TS thing is not for me/husband. The contract is under both of our names.

Also - could we refinance our loan through our bank?

Thanks everyone.
 

Passepartout

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Hello all,

Based on other threads I've read on this forum - Can anyone confirm that if I decide to stop paying my Wyndham TS (bough in San Antonio, Texas) they will not put any liens or garnish any wages?

I saw the journey that GoChiefsOrBust shared, and it looks like it didn't even affect her credit.

I want out, this TS thing is not for me/husband. The contract is under both of our names.

Also - could we refinance our loan through our bank?

Thanks everyone.
So sorry to hear this. Honestly, every case of default is different. There is no way to know the lengths any creditor will go to to get whole. It is highly unlikely that they would just 'forget about it'. You can count on at the least, letters, phone calls, not so polite demands, in time, you can expect marks on your credit and reduced score. We all read with interest, the account of GoChiefs. She was fortunate, and kept the lines of communication open. There is nothing to guarantee that some collection outfit won't buy her debt and make another run at it. You just never know.

I know of no banks that would lend money on a timeshare. Possibly a signature loan if you have a long term relationship, or something of value as collateral, but for heaven's sake don't put up your home or retirement funds for this purpose.

We wish you well, and that we had gotten acquainted before you bought from the developer or shortly afterward.

I don't know that TUG can help you, except to wish you good Luck.

Jim
 

TheTimeTraveler

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This is very unfortunate, but once you're past the Rescind time frame then you are an owner until such time as you get it out of your names.

I assume you owe money; with that said you will not be able to sell it or give it away until such time as it is paid off.

You could declare Bankruptcy but doing so has it's own problems and you should do some homework before taking that route.

Since you do own it then you want to make the best possible use of it.

Welcome to TUG and best of luck.





.
 

19AME16

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Oh yes, how I wished I would have done my research before getting myself into this. Honestly, I would be willing to settle my loan with Wyndham for the 20 - 30% of my loan, which would be just a couple thousand dlls. But I guess, I just don't know if it will get to that. We shall see...

Thanks for your prompt response.
 

Iggyearl

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If you did read the complete thread from GoChiefs, you have thought about this topic much before posting. Her "success" is something to be encouraged by - but not an endorsement of the process. She succeeded - others may not. Be aware that Wyndham's own financial results admit that they have a 21% loan loss provision for their timeshare loan portfolio. They don't collect 1 in every 5 dollars that they are owed. If you are on the edge financially, they may not bother. If you are worth millions, and find this to be an inconvenient mistake, they may want to be paid. There is just not enough feedback from previous posters to give you a good direction. It would be very nice of you to let the audience here know what you do - and how it works out. Best of luck.
 

LannyPC

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The other piece of advice many here on TUG offer to people in situations like yours is to not go seeking the "help" of these companies or law firms that claim they can get you out of this pickle hassle-free if you pay them a large, supposedly money-back, guarantee. Many of these turn out to be scams. Others use illegal or unethical means to allegedly free you from your predicament.
 

T6770rc

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Buying one now Bluegreen
Signature loans would work for sure. Cash-out refi in your home would work too. At today’s rates that could be the cheapest method and depending on equity and other debt it may be a financial relief to pay it off.
 

Grammarhero

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It depends on how aggressive the Wyndham TS default processors are. My in-law and friend both got a 50 pt credit drop from their TS loan defaults. However, they didn’t get any liens or wage garnishes. Best of luck!






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Grammarhero

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Hello all,

Based on other threads I've read on this forum - Can anyone confirm that if I decide to stop paying my Wyndham TS (bough in San Antonio, Texas) they will not put any liens or garnish any wages?

I saw the journey that GoChiefsOrBust shared, and it looks like it didn't even affect her credit.

I want out, this TS thing is not for me/husband. The contract is under both of our names.

Also - could we refinance our loan through our bank?

Thanks everyone.
Good afternoon, to help other tuggers in similar situations, would you kindly let me know if you decided to stop paying and, if so, whether your credit got affected? You may DM or PM me.
 
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