WALK AWAY FROM TIMESHARE

jayjay No - there was an outstanding debt with Westgate and on our Westgate forum there have been over 50 successful deedbacks with no credit damage - plenty of threats to do so however. I'm also working with someone with a Wyndham debt - so far NO REPORTS on their credit either. None of these resort developers will openly admit to taking deed backs - you have to push them pretty hard and live through some healthy threats - however they haven't actually followed through.

Just an update. In the last week on our Westgate forum we have achieved another deedback plus a sellback via POA (Power of Attourney) - both achieved with NO IMPACT to credit scores despite outstanding debts to WG.

davek194 wrote:

Just an update. In the last week on our Westgate forum we have achieved another deedback plus a sellback via POA (Power of Attourney) - both achieved with NO IMPACT to credit scores despite outstanding debts to WG.

It takes awhile for non payment of debts to be reported to the credit agencies ..... it doesn't happen overnight.

In all previous cases (50+) which are from 1 month to five years since completion there have NEVER been any negative credit impacts - Westgate and their collection agency don't report to the agencies. I don't anticipate any this time either. In some cases there have been IRS forms (1099A and 1099C) for the potential implications due to the forgiven loans. In these instances the amount of tax due has been minimal (if at all) due to feds looking at the "real" market value of the units vs the amount forgiven by the developer.

davek194 wrote:

In all previous cases (50+) which are from 1 month to five years since completion there have NEVER been any negative credit impacts - Westgate and their collection agency don't report to the agencies. I don't anticipate any this time either. In some cases there have been IRS forms (1099A and 1099C) for the potential implications due to the forgiven loans. In these instances the amount of tax due has been minimal (if at all) due to feds looking at the "real" market value of the units vs the amount forgiven by the developer.

As I've stated before, just because Westgate (allegedly) never reports unpaid debts to credit agencies that has no bearing on other resorts as it's up to the HOA, management company or developer as to whether it's reported.

Since I have no direct experience with any other developer I agree that each may have different approaches.

For Westgate we have over 5 years and many cases of confirmation (via our forum).

timeshare sales has no morals or ethics. Anything you can do to screw these bastards is all good.

i BELIEVE that Westgate has another alternative in mind in letting the timeshare unit revert to westgate. Since Westgate has ADS in the AAA book and their units are quoted in weeily and daily rates, they no doubt can use more timeshare units to rent. the daily rate is not that much higher than the annual dues bill.

This is an interesting discussion in light of one I had started regarding Reba Management about 7 months ago when I had two buyers for my timeshare. Reba stated they would require $1500 which of course stopped the sales. I filed complaints but the depts. in South Carolina indicated they could do nothing and of course I could sue them but you can imagine where that would lead. I owe this time share and am interested in what the procedures are to deed it back to Reba Management. How does this work?

some one will buy it for a dollar jim

I agree with this version, Westgate has rental units available in the AAA book, the price may be about $10, higher than client owned timeshare units. another way is to sell the unit to someone (and tell them the units sale will not go throught. I sold my unit for $250. Westgate has 30 days to decide if they would like to purchase this unit back. Westgate attempted to purchase this unit, however their offer was about 15 days too late. It was necessary to call the corporate office and advise them that their predating meter letters and other tactics did not work, the sale went though. the unit was advertisede in red week. u

I am unfortunate enough to be the owner of a floating 1 week even yeared ownership with ARI, on which I have been paying maintenance fees on for almost 20 years and not used once. How do I get rid of this thing?

annem471 wrote:

I am unfortunate enough to be the owner of a floating 1 week even yeared ownership with ARI, on which I have been paying maintenance fees on for almost 20 years and not used once. How do I get rid of this thing?

First and foremost, never, ever pay anyone a large, upfront fee to sell, rent out, market, or "cancel" your timeshare because all those operations are usually a scam.

First, try contacting the resort's Home Owners' Association, explain your situation, and ask if they will take it back. They might require you to pay one or two years' maintenance fees plus closing costs.

If that doesn't work, try listing it here in RedWeek's Bargain Basement to sell for $1 (or even free). My Resort Network and Timeshare Users Group are also good outlets to list your timeshare for sale or giveaway.

Thank you so much for the suggestions! I tried years ago to give the week back to ARI, but they wouldn't accept it. We were contacted by RCI over the weekend to convert to their point system for several thousand dollars and turned them down. Can't see pouring more money into this mistake.

Also noticed that both ARI and RCI have ratings of 'F' with the BBB (for anyone who is interested!).

annem471 wrote:

Thank you so much for the suggestions! I tried years ago to give the week back to ARI, but they wouldn't accept it.

That was a few years ago. Try again. Things and circumstances change sometimes even from month to month. If they said, "No" even last month, they might accept it this month.

If they do continue to reject your request, don't panic or get frustrated and then look to some scam or other questionable operation that says it will miraculously relieve you of your timeshare if you pay them some large, upfront fee.

Better late than never, huh?

I have not read anything here except for the "You can walk away from your timeshare" stuff, which is what we said we would do when we were done with them.

Consider this: One of our resorts does not foreclose; they get a judgment for bad debts and then put a lien on your other property (house for instance). You still own the timeshare and your debt, with accumulated legal fees, just increases.

How about this?

What if you don't have any contract whatsoever with the resort, because you picked up the week resale or from a PCC?

Aren't there two classes of owners, one that has entered into a contract several pages long, and another that has entered into no contract whatsoever with anyone?

deleted by jayjay .... reposted below

In the past I bought and sold many resales, and even though there wasn't pages and pages of legalese, as there is with developer bought timeshares, there is always legal paperwork via timeshare closings showing proof of the transaction .... also all resales are reported to the county in which the timeshare is located proving the transaction and then recorded as such.

jlb wrote:

Better late than never, huh?

I have not read anything here except for the "You can walk away from your timeshare" stuff, which is what we said we would do when we were done with them.

Consider this: One of our resorts does not foreclose; they get a judgment for bad debts and then put a lien on your other property (house for instance). You still own the timeshare and your debt, with accumulated legal fees, just increases.

How about this?

What if you don't have any contract whatsoever with the resort, because you picked up the week resale or from a PCC?

Aren't there two classes of owners, one that has entered into a contract several pages long, and another that has entered into no contract whatsoever with anyone?

We walked away from the timeshare, handled the collection entities and just said no to anymore maintenance fee's, (48 months is the statute of limitations on these type of collections) . Timeshare sellers need to inform the buyers (I know, Caveat Emptor), that unloading the timeshare is next to impossible. You may get a hit on your FICO score with a collection notice, one does not really effect you, my average went from an average of 790 down to 775. Not much of a hit, the collection agencies have no teeth in most cases, unless your in dire straights. But then again, you can't re-burn down an already burned down building. Again if you can't sell it, just walk away.

people should NOT WALK AWAYfrom theirT S when people walk away OUR FEES GO UP the good haveto pay for the walkaways NOT FAIR MAN UP PAY YOUR FAIR SHARE jim