Need Help Exiting HICV timeshare

[mskyler]

Hello!
I can't believe how incredibly stupid my husband I were for falling for this scam. We were convinced to buy three separate deeds with Holiday Inn Club Vacations. Our total mortgage debt is over $80,000. Our maintenance fees alone are $5,000 a year. We need out STAT. From what I read on this forum we basically have two choices:
1. WALK and take a massive hit on our credit
2. Stay stuck in debt over our heads and take crappy vacations every year to try to make up for our stupidity.

Here's my question... Has anyone walked with this much debt left on their mortgage? What happens? Do they just foreclose or do they go after us in court? We bought in FL, SC and TX. We are behind 3 months in mortgage payments now due to my poor health and bills associated with that. Our credit has already taken a hit of 100 points.

Thanks for the advice.. Please don't condemn or judge, we already feel stupid enough.

 

[Bmatrose]

They will just foreclose and ruin your credit. I don't believe they can sue you. How did they convince you to take three mortgages out?

 

[tschwa2]

You can also throw yourself on their mercy and explain your hardship and they may forgive some or all of the debt. There still may be credit hits with this option but it wouldn't be as great as it would for a total loan default.

 

[TUGBrian]

with 80,000 dollars worth of debt you are discussing, id make a point to speak to a bankruptcy attorney in your state.

while holiday inn isnt likely to put much effort into your default on the annual maintenance fees, whatever creditor lent you 80+ thousand dollars is going to be far more aggressive in their efforts to recover the money you owe. their options vary from state to state.

 

[Passepartout]

This OP posted the original post, then disappeared within an hour, not to return. They are possibly not as committed to doing whatever it takes to mitigate the damage and they indicated.

Or maybe they signed up for some money-grabbing upfront-fee exit company. We certainly hope not, but it happens.

@mskyler, if you come back, please see a local attorney with experience in dealing with consumer debt issues.

Jim