miss1964
newbie
- Joined
- Sep 17, 2019
- Messages
- 8
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- Resorts Owned
- HGVC
Purchased a timeshare in April of this year, totally regret it. Should have known better, still did it. Should have walked away in the first 5 days, but was in denial about what a bad decision I had made.
Looking for advice, please no judgment or rude comments about my terrible life choice (I have definitely seen some haters posting on other threads).
I purchased one gold week for the HGVC Las Palmeras.
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Met with Timeshare Freedom Group for a free consultation, did not buy their services because it just looks like another scam since they are asking for the money upfront ($5k when I only owe about $10k on the loan). However, hoping to use the same tactics they told me they would use.
Essentially they told me the following:
They would send a letter asking for my timeshare to be canceled. Not given back any of the money I have already given them, but not responsible for any more loan payments or maintenance fees.
It would be at my discretion whether I wanted to continue paying the monthly loan payment or stop paying, but just to let them know my choice so they could be aware
I was told that HGVC is one of the easier companies to work with, that they care more about their reputation than my small timeshare. Also told it would be easier because we haven't used our week yet.
They used some shady tactics (I'm sure standard for the industry as whole) and that could play to my advantage. We attended the presentation in Las Vegas for the Elara resort, but we were sold Las Palmeras in Florida. They used this as a way to get around the fact that I am married but my husband does not have a SSN and could not co-sign the loan with me, and turns out Florida is the only state that does not legally require your spouse to co-sign.
They said it would take up to a year to complete the process.
---
It's not that I can't afford it, we are fortunate enough that we don't have any major life stressors like medical issues or anything. We are still living comfortably even with this debt. It's just that I would rather have that large sum of money to apply to different life goals.
I am aware that everyone's experience is different, and will keep that in mind when evaluating suggestions.
I am not interested in filing for bankruptcy at any point. I have worked hard to get my credit to where it is, and the amount we owe on the loan is not worth starting over on my credit.
I am curious about the foreclosure option, as this loan is not reported on any of my three credit reports. It seems that if they choose to foreclose, they may sell the debt to a 3rd party collection agency that could then possible come after me and have that ding my credit? Does anyone have experience with this? We are looking to buy a house in the next couple years, so my guess it's not worth the credit hit to allow this to go to foreclosure.
Has anyone had experience with simply asking them to take the deed back? Especially if they skirted the law like they did in my case with finding the loophole where my husband did not have to co-sign? At this point, I would be okay with just walking away from the money I have given them so far, and not owing anymore on the loan or additional maintenance fees.
I am aware of the option to pay off the loan and sell the property at a loss. This is an option I am considering, but obviously still not ideal.
Looking for advice, please no judgment or rude comments about my terrible life choice (I have definitely seen some haters posting on other threads).
I purchased one gold week for the HGVC Las Palmeras.
---
Met with Timeshare Freedom Group for a free consultation, did not buy their services because it just looks like another scam since they are asking for the money upfront ($5k when I only owe about $10k on the loan). However, hoping to use the same tactics they told me they would use.
Essentially they told me the following:
They would send a letter asking for my timeshare to be canceled. Not given back any of the money I have already given them, but not responsible for any more loan payments or maintenance fees.
It would be at my discretion whether I wanted to continue paying the monthly loan payment or stop paying, but just to let them know my choice so they could be aware
I was told that HGVC is one of the easier companies to work with, that they care more about their reputation than my small timeshare. Also told it would be easier because we haven't used our week yet.
They used some shady tactics (I'm sure standard for the industry as whole) and that could play to my advantage. We attended the presentation in Las Vegas for the Elara resort, but we were sold Las Palmeras in Florida. They used this as a way to get around the fact that I am married but my husband does not have a SSN and could not co-sign the loan with me, and turns out Florida is the only state that does not legally require your spouse to co-sign.
They said it would take up to a year to complete the process.
---
It's not that I can't afford it, we are fortunate enough that we don't have any major life stressors like medical issues or anything. We are still living comfortably even with this debt. It's just that I would rather have that large sum of money to apply to different life goals.
I am aware that everyone's experience is different, and will keep that in mind when evaluating suggestions.
I am not interested in filing for bankruptcy at any point. I have worked hard to get my credit to where it is, and the amount we owe on the loan is not worth starting over on my credit.
I am curious about the foreclosure option, as this loan is not reported on any of my three credit reports. It seems that if they choose to foreclose, they may sell the debt to a 3rd party collection agency that could then possible come after me and have that ding my credit? Does anyone have experience with this? We are looking to buy a house in the next couple years, so my guess it's not worth the credit hit to allow this to go to foreclosure.
Has anyone had experience with simply asking them to take the deed back? Especially if they skirted the law like they did in my case with finding the loophole where my husband did not have to co-sign? At this point, I would be okay with just walking away from the money I have given them so far, and not owing anymore on the loan or additional maintenance fees.
I am aware of the option to pay off the loan and sell the property at a loss. This is an option I am considering, but obviously still not ideal.