Posted on: 12th Apr, 2010 12:31 pm
Hi,
I have timeshare with VI and I don't want it...I was taken in with the 'opportunity' to travel and the 'discounts' they gave me. They also told me that I would be a great candidate to use as a consultant for them-they would pay me to talk to people about their timeshare (which never happened). I was never notified that I could 'return' the timsehare within 7 days (I was only aware when I went through the paperwork 7 days too late). Right now, I have a primary residence in Washington and a timeshare that I never use and which is eating up my income. How do i get rid of this timeshare without it affecting my primary residence? That's what I am worried about...that this would cost me my home if i did something like stop paying the timeshare. The loan for the timeshare is through them and it's a secure loan and it's not paid off....I am drowing in bills and this is not something I can afford.....
I have timeshare with VI and I don't want it...I was taken in with the 'opportunity' to travel and the 'discounts' they gave me. They also told me that I would be a great candidate to use as a consultant for them-they would pay me to talk to people about their timeshare (which never happened). I was never notified that I could 'return' the timsehare within 7 days (I was only aware when I went through the paperwork 7 days too late). Right now, I have a primary residence in Washington and a timeshare that I never use and which is eating up my income. How do i get rid of this timeshare without it affecting my primary residence? That's what I am worried about...that this would cost me my home if i did something like stop paying the timeshare. The loan for the timeshare is through them and it's a secure loan and it's not paid off....I am drowing in bills and this is not something I can afford.....
Hi Sld!
Welcome to forums!
If you stop paying the dues for your timeshare, it will have a negative affect on your credit report. The lender will foreclose the property and you would be sued for the deficient balance. If you do not pay off, the lender can place a lien on your primary property. I would suggest you to list the property in the market and check out if you can get buyers for it. Once you sell off the property, you can pay off the dues from the sale proceeds.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you stop paying the dues for your timeshare, it will have a negative affect on your credit report. The lender will foreclose the property and you would be sued for the deficient balance. If you do not pay off, the lender can place a lien on your primary property. I would suggest you to list the property in the market and check out if you can get buyers for it. Once you sell off the property, you can pay off the dues from the sale proceeds.
Feel free to ask if you've further queries.
Sussane
and, of course, we know that timeshares are virtually impossible to sell, inasmuch as the marketplace is flooded with them and nobody (well not as many as before) buys timeshares any more these days.
yes, as sussane said, your creditor can do all sorts of nasty things to you and to your credit, but the odds of losing your existing primary home over a timeshare are extraordinarily slim. in the event they foreclosed and had a deficiency and obtained a judgment and filed a judgment lien on your home, what they'd end up doing is waiting until you sold that home and they'd collect their due amount at that time. they're not about to go to the expense of foreclosing on a home based on a judgment lien that they don't even have yet.
yes, as sussane said, your creditor can do all sorts of nasty things to you and to your credit, but the odds of losing your existing primary home over a timeshare are extraordinarily slim. in the event they foreclosed and had a deficiency and obtained a judgment and filed a judgment lien on your home, what they'd end up doing is waiting until you sold that home and they'd collect their due amount at that time. they're not about to go to the expense of foreclosing on a home based on a judgment lien that they don't even have yet.
George and Sussane,
THANKS!! That was what I was really worried about. My primary residence provides housing for myself, my parents and my siblings (of which we are so happy about!!) and I don't want it being a miscalculation on my part if I did anything like like defaulting. That's what I figured, too, that the foreclosing of a primary home might be too much trouble for the timeshare company to go through. Besides, I just bought my home...so it's not like I have equity in my primary residence or anything.
Please- I would like to verify-a lien on a home is just a holding off until I sold it so that way they could come after the money right?
Another question-I have never once received a financial statement from the timeshare company stating the balance I still have remaining and any amount that I have paid off...is this legal? Aren't all financial related stuff required to have financial statements provided?
Sorry about the termology used....=)
THANKS!! That was what I was really worried about. My primary residence provides housing for myself, my parents and my siblings (of which we are so happy about!!) and I don't want it being a miscalculation on my part if I did anything like like defaulting. That's what I figured, too, that the foreclosing of a primary home might be too much trouble for the timeshare company to go through. Besides, I just bought my home...so it's not like I have equity in my primary residence or anything.
Please- I would like to verify-a lien on a home is just a holding off until I sold it so that way they could come after the money right?
Another question-I have never once received a financial statement from the timeshare company stating the balance I still have remaining and any amount that I have paid off...is this legal? Aren't all financial related stuff required to have financial statements provided?
Sorry about the termology used....=)
Hi Sophia,
After a lien is placed on the property, the creditor can even force you to sell it off in order to recover his dues. As far as financial statement is concerned, if you are making the payments, the timeshare company should give you the statements. It'll be considered as the proof of the fact that you've paid the dues on time. You should contact the timeshare company and ask them to give you the statements.
Thanks
After a lien is placed on the property, the creditor can even force you to sell it off in order to recover his dues. As far as financial statement is concerned, if you are making the payments, the timeshare company should give you the statements. It'll be considered as the proof of the fact that you've paid the dues on time. You should contact the timeshare company and ask them to give you the statements.
Thanks
"terminology" = "stuff" (for example?)
That's perfectly okay, Sophia; we've seen lots worse.
Okay, let me chime in on the lien situation. If your timeshare creditor decides to sue you and obtain a judgment that leads to a lien on your primary residence, they would subsequently be foolhardy to try to force you to pay them prior to a sale of the home (in other words, it would be foolish to foreclose). Creditors who file judgment liens are, for the most part, intelligent enough to know that they will reap the benefits of a payoff when a person sells such a home. They can't really "force" you to sell the home to pay them off. That's called foreclosure, and junior lienholders (so-called because their liens are subordinate to any first mortgage) are wont to bring a foreclosure action, especially in these times.
Don't be unnerved at the thought of a lien on your home. It's a waiting game played by creditors who are hoping to salvage a little bit of the debt that went unpaid. They will wait you out.
That's perfectly okay, Sophia; we've seen lots worse.
Okay, let me chime in on the lien situation. If your timeshare creditor decides to sue you and obtain a judgment that leads to a lien on your primary residence, they would subsequently be foolhardy to try to force you to pay them prior to a sale of the home (in other words, it would be foolish to foreclose). Creditors who file judgment liens are, for the most part, intelligent enough to know that they will reap the benefits of a payoff when a person sells such a home. They can't really "force" you to sell the home to pay them off. That's called foreclosure, and junior lienholders (so-called because their liens are subordinate to any first mortgage) are wont to bring a foreclosure action, especially in these times.
Don't be unnerved at the thought of a lien on your home. It's a waiting game played by creditors who are hoping to salvage a little bit of the debt that went unpaid. They will wait you out.
Is it likely the timeshare company will be willing to do deed in lieu? Please explan what this really means....THANKS!
that's hard to say, frankly. the only recent articles i've read about timeshares and the issues surrounding them indicate that there is a flood of vacancies, foreclosures, etc. well, i guess vacancies are a regular part of having a shared ownership, but that's okay.
it's pretty certain that they don't want to take back properties, but that's just common sense speaking. by the same token, for them to have to resort to a foreclosure in order to take back a unit would seem to be an awfully large expenditure. perhaps they've smelled the coffee and recognize that it's far more beneficial to accept a deed in lieu of foreclosure rather than go through the legal motions.
after having said all that, i guess i'd suggest you call them and get the news straight from them. i have to believe they'd be amenable to such a suggestion.
it's pretty certain that they don't want to take back properties, but that's just common sense speaking. by the same token, for them to have to resort to a foreclosure in order to take back a unit would seem to be an awfully large expenditure. perhaps they've smelled the coffee and recognize that it's far more beneficial to accept a deed in lieu of foreclosure rather than go through the legal motions.
after having said all that, i guess i'd suggest you call them and get the news straight from them. i have to believe they'd be amenable to such a suggestion.
Thanks, all, for your ideas. I will give them a call once I have gathered all my facts and papers. Will keep everyone updated...and will request for further help as needed.
Wish me luck!!!
Wish me luck!!!
We have a timeshare with blueegreen. Had paid our timeshare in full. Just no longer able to pay for the yearly maintance fee. Tried to sell and donate but no luck. If we stop paying maintance fee, will we have to take a hit on our credit scores ??
Yes-I think so. The payment will go into collections when they fail to collect and that's how it will affect your credit. I basically stopped paying everything (the monthly payments and the maintenance fee) because I can't afford it anymore.
Hi Tiffany!
Welcome to forums!
As you're not paying the maintenance fee, the timeshare company can place a lien on your property. This will definitely have a negative affect on your credit report.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As you're not paying the maintenance fee, the timeshare company can place a lien on your property. This will definitely have a negative affect on your credit report.
Feel free to ask if you've further queries.
Sussane
I don't know of anyone who's suffered a lien on property resulting from a timeshare forfeiture. The hit on credit is usually not all that big a deal as long as someone's credit is in good condition to begin with.
Hi (again=),
So I stopped paying the timeshare. It went to collections but I ignored those calls too. Should I call the timeshare people and see what the status is? Or, should I just let it go and ignore everything or would I be able to repair my credit sooner if I kept in communcation with them?
So I stopped paying the timeshare. It went to collections but I ignored those calls too. Should I call the timeshare people and see what the status is? Or, should I just let it go and ignore everything or would I be able to repair my credit sooner if I kept in communcation with them?
Welcome back sld,
The lender will not deal with your account as the loan has been sold off to a collection agency. You will have to negotiate with the collection agency and check out if they will negotiate with you and give you a payment plan to pay off the mortgage.
The lender will not deal with your account as the loan has been sold off to a collection agency. You will have to negotiate with the collection agency and check out if they will negotiate with you and give you a payment plan to pay off the mortgage.
Timeshares seem to have become dinosaurs now; nobody wants to keep their weeks, dealing with the lenders is miserable, resales are virtually impossible and nobody's got the disposable income to fly off to a resort once or twice a year anyway...this is messy business.