Original Message:
Re: Is there an honest Timeshare transfer company....no upfront fees? (by Irene P.):
You default. Wyndham forecloses. I can say they just take the points back, only because I attended a five day trial listening to their expert witness, Ramona Harrington, state under oath that after about 180 days, they simply take the points back. Yes, your credit score can drop up to 200 points, but compared to paying maintenance fees and the loan it's sometimes worth it. Other resorts, Holiday Inn, Hilton, Westgate, have turned around and attempted to sue on the promissory note deficiency judgment, thus doubling their money if they are successful because they buy it back on auction for $100 and turn around and resell at full price. To my knowledge, they have not been successful, but the strategy is to rack up legal fees for the law firm as they don't charge more to defend them in court. There is no law that states they have to foreclose. One person filed for bankruptcy, then 7 years later, learned they still owned it because as an abandoned asset, it was never liquidated.