Best way to rid of HGV Timeshare?

[edeab220]

Hello all. Back in 2014, I got a timeshare from a Hilton presentation. But now, after a change in financial circumstances, I am unable to afford the monthly payments and future maintenance fees.

What is the best way to get rid of this timeshare? I'm trying to get rid of it before they charge for 2017's maintenance fees. I don't care if I don't get any money back, I just want to get rid of it.

Thanks! Any suggestions are appreciated.

 

[theo]

Hello all. Back in 2014, I got a timeshare from a Hilton presentation. But now, after a change in financial circumstances, I am unable to afford the monthly payments and future maintenance fees.

What is the best way to get rid of this timeshare? I'm trying to get rid of it before they charge for 2017's maintenance fees. I don't care if I don't get any money back, I just want to get rid of it.

Thanks! Any suggestions are appreciated.

I don't personally claim to know anything at all about HGVC, but will nonetheless point out to you that there is a Hilton / HGVC-specific forum on this site where your inquiry would likely be seen by more HGVC owners and perhaps yield more informed responses and advice than in this generic Buying , Selling & Renting forum. Maybe a moderator will move your post over there for you.
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Edited later to add P.S. --- In my pre-caffeinated earlier state, I missed the fact that you have a loan balance on your developer-direct purchase. With any timeshare, HGVC included, it's not really yours to sell until / unless any outstanding loan balance is first satisfied.
Would-be buyers can always find lower cost resales available and offered in the marketplace with clean and clear title.

Good luck, but your options are relatively few. You can ask HGVC to just take the product back and forgive the remaining debt (unlikely), pay off the outstanding debt balance, or just plain stop paying right now and go into default. The last option will result in a negative credit report "hit", but would also promptly end any further financial "bleeding". I am sorry for your difficult situation and the tough choices lying before you.

 

[edeab220]

I don't personally claim to know anything at all about HGVC, but will nonetheless point out to you that there is a Hilton-specific forum on this site where your inquiry would likely be seen by many more HGVC owners and perhaps yield some more informed responses and advice than in this Buying , Selling & Renting forum.

You might want to post your inquiry there instead --- or maybe a moderator will move it over there for you.

Thank you!

Mods, can you please move this thread to the Hilton forum? Thanks!

 

[SmithOp]

Unfortunately its going to be very difficult to get rid of a timeshare that you owe a balance on, let alone maintenance payments. HGV is worth about 20 cents on the dollar as soon as the ink dries on the contract.

You may have to go into foreclosure, take the credit hit, and see if they will take the deed back.


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[presley]

As long as you owe money, you cannot get rid of it. You can contact HGVC and let them know that you will no longer be making your payments and see if they will take the unit back from you. They probably won't, but it is worth asking. After that, never make another payment. They will foreclose on you, you'll have a hit on your credit report, but you'll be rid of it.

 

[edeab220]

Thanks everyone for the input I'm going to try to call them monday, but I guess it doesn't look so good for me right now.

 

[Talent312]

They have been known to buy-back units, but only for pennies on the dollar.
You likely owe more than what they'll pay, so you'll need to pay the difference.
If they won't do it or it's too much, tell them they'll need to foreclose.
BTW, if they threaten you with a deficiency judgment, you may file Bankruptcy.

.

 

[Shmiddy]

I keep hearing adds on the radio for Timeshare Exit Team - contact them.
timeshareexitteam.com

 

[Talent312]

I keep hearing ads on the radio for...

Whatever you do, do not get involved with any outfit that charges you an upfront fee. They are notorious for promising the moon and delivering nothing but misery. This company may be one of the few who are not out-right thieves, but legitimate broker/dealers earn their commissions from sales made, not from worthless promises of doing something someday with an upfront fee.

 

[TUGBrian]

I keep hearing adds on the radio for Timeshare Exit Team - contact them.
timeshareexitteam.com

literally might be the worst advice you could possibly give this person.

 

[dioxide45]

You can certainly sell a timeshare if there is still a balance on the mortgage. They key however is that it has to sell for enough to pay off that mortgage loan at closing. When we bought our Grande Vista week, the prior owner still had a loan against it. Back in 2007, we bought it for $7500. There was more than enough money to payoff the loan, the seller didn't get any money from the sale and the closing agent sent the sale proceed to Marriott to payoff the mortgage. How much do you still owe on the week? I suspect it is still pretty high since you have only owned three years?

 

[JJT03]

I'm on the same boat with edeab220. I signed up a contract for a 1br unit in Elara, and stayed there twice. But last year I didn't use the 5000 points so I moved it to RCI after paying the transfer fee of $84. Now I have 10000 points to use this year, but since I have retired now, monthly fee and annual maintenance fee are too much for us. I called the resale department, they never answered until I kept calling the office in Las Vegas that handled our contract at the first time. After a few messages, and a persistent calling, sometimes I kept calling after leaving a message, the lawyer answer my question, saying that if I couldn't pay then the only option was for them was to foreclose it. She also said that they will not report to the Credit Report Agency. I thought this was odd, since everything I read in this forum said that my credit score will get a hard hit. Not sure who to believe now.

As of today, I just got a call from a collection agency, and I simply shouted at him and told him that I'm not going to pay a dime. I have asked my credit union to cancel the monthly payment starting this month, and the Credit Union said that the company wouldn't be able to use some trick to withdraw from my bank account again, since they put the amount to pay as 'varies' intead of what was my monthly payment so far. I also didn't pay my annual maintenance fee and got a few nasty letter from them, but they gave a number to call so I had a chance to tell them on the phone that I would not pay anymore since I'm retired and they said the collection agency will contact me.

What else do I need to do next? I plan to take the hit on my credit score, since I don't plan to borrow money or doing anything that need a good credit score. I told the caller today that I'm going to change my phone number but basically I just block his number. Do I need to spend any money to contact a lawyer to help me on this? What else do I need to do? I just don't want it anymore.

Any suggestion will be appreciated.

Thanks,

JJT03 - a newbie.
I'm sorry if I should start a new thread. But since all the info here pertinent to my situation, I hope it's okay for me to post.

 

[Talent312]

You don't need to change your phone #...
Get caller ID & let callers you don't know go to voice-mail.
Also: You can get a phone with a number-blocking feature.
This is particularly useful for annoying relatives.

You might consult a Bankruptcy lawyer in case they get a deficiency judgment.

 

[JJT03]

You don't need to change your phone #...
Get caller ID & let callers you don't know go to voice-mail.
Also: You can get a phone with a number-blocking feature.
This is particularly useful for annoying relatives.

You might consult a Bankruptcy lawyer in case they get a deficiency judgment.

Thanks,

JJT03

 

[Nomad420]

I'm on the same boat with edeab220. I signed up a contract for a 1br unit in Elara, and stayed there twice. But last year I didn't use the 5000 points so I moved it to RCI after paying the transfer fee of $84. Now I have 10000 points to use this year, but since I have retired now, monthly fee and annual maintenance fee are too much for us. I called the resale department, they never answered until I kept calling the office in Las Vegas that handled our contract at the first time. After a few messages, and a persistent calling, sometimes I kept calling after leaving a message, the lawyer answer my question, saying that if I couldn't pay then the only option was for them was to foreclose it. She also said that they will not report to the Credit Report Agency. I thought this was odd, since everything I read in this forum said that my credit score will get a hard hit. Not sure who to believe now.

As of today, I just got a call from a collection agency, and I simply shouted at him and told him that I'm not going to pay a dime. I have asked my credit union to cancel the monthly payment starting this month, and the Credit Union said that the company wouldn't be able to use some trick to withdraw from my bank account again, since they put the amount to pay as 'varies' intead of what was my monthly payment so far. I also didn't pay my annual maintenance fee and got a few nasty letter from them, but they gave a number to call so I had a chance to tell them on the phone that I would not pay anymore since I'm retired and they said the collection agency will contact me.

What else do I need to do next? I plan to take the hit on my credit score, since I don't plan to borrow money or doing anything that need a good credit score. I told the caller today that I'm going to change my phone number but basically I just block his number. Do I need to spend any money to contact a lawyer to help me on this? What else do I need to do? I just don't want it anymore.

Any suggestion will be appreciated.

Thanks,

JJT03 - a newbie.
I'm sorry if I should start a new thread. But since all the info here pertinent to my situation, I hope it's okay for me to post.

J

Just curious and perhaps confused, did they say they wouldn't turn you over to collection/Credit Reporting Agency and they actually did? Also what do you owe on it, the Elara isn't a bad property and you may be able to sell it for a small loss (again depending on what you owe).

 

[JJT03]

That was what the Lawyer at their office told me, but I'm not sure, because their Office in Orlando told me that they had sent my info to the Collection Agency.

I signed the contract in 2014 and so far they said I still owe them ~$12K. I'm not sure where to sell it. I just saw the ad from Wesley Financial Group LLC that I have upload the image here.

Not sure if this is itself a scam. Anybody has any info on this company?

Thanks,

JJT03.

 

[JJT03]

OK, I just did a little search and found this thread http://tugbbs.com/forums/index.php?...-complaint-about-wyndham.166858/#post-1666473 . I don't think I'd contact them to sell my timeshare for me.

JJT.

 

[presley]

What else do I need to do next? I plan to take the hit on my credit score, since I don't plan to borrow money or doing anything that need a good credit score. I told the caller today that I'm going to change my phone number but basically I just block his number. Do I need to spend any money to contact a lawyer to help me on this? What else do I need to do? I just don't want it anymore.

Don't do anything else. Just don't pay. They will eventually foreclose. If they mail you bills, you could write on the bills that you can't pay and they need to foreclose - not sure if that will speed up the process or not. Some resorts will take a deed back in lieu of foreclosure (to save themselves some money), but it doesn't sound like they are going to do that since you still owe on the mortgage.

The most important thing to do is to take a few deep breaths whenever they contact you. While it is stressful, it will end at some point. No point in getting riled up every time you hear from them. You've already told them you won't pay. They can drag it out as long as they want, but don't let them drag you down.

 

[JJT03]

Thanks!
JJT03

 

[SmithOp]

J

Just curious and perhaps confused, did they say they wouldn't turn you over to collection/Credit Reporting Agency and they actually did? Also what do you owe on it, the Elara isn't a bad property and you may be able to sell it for a small loss (again depending on what you owe).

A point of clarification: not paying maintenance fees may not get you turned over to collection but not paying the loan payment is different. Purchase loans may not be carried by the developer but sold. It may be the owner of the loan that sends it off for collection.


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[JJT03]

Received a certified mail from the Debt Collector, telling me that the property has been foreclosed and they asked me to pay a Delinquest Amount/Amount to Reinstate of $3215.00. I think they are going to sell the property and ask me to pay in full the Delinquence Amount. What is the best way to handle this problem. My current income is based on the SS Check, and there is no way I can pay this amount. Any suggestion?

Thanks,

JJT03

 

[Talent312]

Ignore them. That's right. Ignore them.
Deep six whatever letters they or any other creditors send you.

Why do you think docs, dentists, and your mechanic want $$ before you walk out the door.
Becuz if you stiff them, they know the time+trouble of collecting won't be worth the effort.

If your only income is SS, and only assets are the house, a used car, and a lawnmower,
you are what is called, "Judgment Proof" (meaning immune to enforcement of a judgment).
Even if they find assets that need to be protected, Bankruptcy will stop them in their tracks.

.

 

[JJT03]

Thank you Talent312. They asked me to call them within 35 days since I received the certified letter, but I will follow your suggestion to ignore them.

JJT03

 

[Passepartout]

If your only income is SS, and only assets are the house, a used car, and a lawnmower,
you are what is called, "Judgment Proof" (meaning immune to enforcement of a judgment).

Actually, not quite true. If the collection outfit goes to court, they can get a 'Judgement'. Suitable for framing. But the debtor in this case is 'Collection Proof'. If they have nothing and just SS for income, there is nothing to seize. They may still owe, but eventually the collector will figure out that they are pawing at a dry well.

 

[Talent312]

Actually, not quite true. If the collection outfit goes to court, they can get a 'Judgement'. Suitable for framing. But the debtor in this case is 'Collection Proof'.

Judgment Proof in the sense, even with a Judgment, it's uncollectable against a debtor who's assets and income are wholly exempt under state+federal laws. With respect to the above post, it's a matter of semantics.
.