- Joined
- Jun 9, 2019
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- Resorts Owned
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Wyndham Grand Desert 77k, VV Williamsburg 4L/4 & 2/2
Former: Wyndham 276k, HGVC South Bend 1/1
Okay, Thanks. your responses help confirm our worst fears. yikes. He has owned the timeshares with Wyndham since 2009 and from what I can tell has paid off 150K and still owes 150K. I have no idea how they ever thought they would get enough use out of it to make sense for the financial investment. And yes, I believe he was working, way past retirement age, to help cover the costs of the timeshares. The monthly costs on the two for both maintenance and mortgage total around $4000. This is more than they have available from Social Security.
He has a 401k. If he claims bankruptcy will they try to take money from this and try to take his house etc?
the contract is 346 pages long. From an outsiders point of view Wyndham looks criminal to me. If anyone has a legitimate lawyer or financial advisory they trust and can help advise please let me know.
He is embarrassed and I don't want to further shame him about it. But I don't see a way out except for default.
Does anyone know if Wyndham sues if you stop paying? They won't help come up with solutions other than transferring the deed to a family member- NO THANK YOU- or if its already paid off.
ugh. Thanks.
Ashleigh, you seriously need to consult a bankruptcy attorney. You are asking advice far beyond what TUG is equipped to provide. I'm a NY barred attorney. I can only tell you what might happen in NY and based on general legal insight, not on the specific laws of your state.
The Wyndham contract is iron clad, one-sided, but not technically or legally criminal. Wyndham has paid hundreds of thousands, if not millions of dollars, to brilliant, millionaire attorneys to prepare those iron-clad TS contracts and limit your legal options.
For Chapter 7 bankruptcy, in NY, the bankruptcy estate can take flier's house, cars, and anything past "exempt" amounts. For Chapter 13 bankruptcy, in NY, fliers can keep his/her house and cars, but possibly lose everything else. Under ERISA, in NY, the bankruptcy trustee can't take flier's 401k or SS benefits unless it's over $1.2 million. https://www.experian.com/blogs/ask-experian/bankruptcy-chapter-7-vs-chapter-13/
If you default, in NY, Wyndham can sue for at least one years worth of MF and the mortgage, apparently about $48k ($4k times 12 months). However, under ERISA, in NY, Wyndham wouldn't be able to go after flier's 401k or SS benefits.
All my TS are in my name only, not my wife's or child's. Hate to sound morbid, but you want to keep the TS in his name. When he passes, the TS won't burden your family.
Good luck.
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