Giving timeshare back to Westgate

[cat3245]

Will they put a lien on my property if I default on my timeshare? I can no longer make the payments.

 

[Passepartout]

Will they put a lien on my property if I default on my timeshare? I can no longer make the payments.

It won't do your credit score any good. They won't take it back willingly, but if you can't pay for it, you can't. I'd write them, telling them they won't see another dime from you, and they are welcome to take the deed back in lieu of foreclosure. In time (7-10 years) your credit will improve. DO NOT sign up with one of those upfront fee 'get out of your timeshare' outfits. They are scams. There are no magic words to make your timeshare go away, and Wastegate are some of the worst actors. Sorry.

Jim

 

[TUGBrian]

are you talking about defaulting on the loan you took out to pay for the timeshare? or the annual maint fees? or both?

far different answers for those two items!

 

[cat3245]

are you talking about defaulting on the loan you took out to pay for the timeshare? or the annual maint fees? or both?

far different answers for those two items!

I am talking about both.

 

[cat3245]

It won't do your credit score any good. They won't take it back willingly, but if you can't pay for it, you can't. I'd write them, telling them they won't see another dime from you, and they are welcome to take the deed back in lieu of foreclosure. In time (7-10 years) your credit will improve. DO NOT sign up with one of those upfront fee 'get out of your timeshare' outfits. They are scams. There are no magic words to make your timeshare go away, and Wastegate are some of the worst actors. Sorry.

Jim

Thank you. So they won't put a lien on my house will they?

 

[Passepartout]

Thank you. So they won't put a lien on my house will they?

Not unless you financed it with a Home Equity Loan. I wouldn't put it past Wastegate to promote people 'refinancing their high interest loan' with a HELOC. Which would put the home at risk if, like you, they were unable to keep up the payments.

Jim

 

[cubigbird]

Thank you. So they won't put a lien on my house will they?

In some states, creditors can seek judgement for the unpaid loan balance / debt allowing for a lien to be filed on certain other property, including real property and wage garnishment. Your best bet is to seek the advice of an attorney about your options if you were to default and a judgement was obtained.

 

[KossB]

Catherine Schofield wrote:

Thank you. So they won't put a lien on my house will they?

You've gotten a couple different answers on this, so I'll offer my thoughts. I'm not an attorney, but I know how these things work.

If you took out a mortgage loan on your home in order to buy the timeshare, then there is already a mortgage lien on it. But that's very unlikely. You probably have an unsecured loan, or a loan that is secured by the timeshare (not your house).

As noted by cubigbird, in theory, they could put a lien on your house or attempt to garnish your wages or your bank accounts, if they obtain a judgment against you. But to obtain a judgment, they have to file a lawsuit against you. If they sue you, you'll know about it. A lawsuit cannot proceed until you have been served with a summons and complaint, and those papers have to be served by certified mail or by a deputy sheriff. If they sue you, you'll need to get an attorney, and either defend yourself against the suit, or negotiate a settlement.

So the answer is yes, your house could theoretically be at risk for any type of delinquent debt, whether it is your timeshare loan, or credit cards, or medical bills, or student loans. But certain things have to happen before they can file a lien against your home.

BMK

 

[cat3245]

Wow I feel stuck. I cannot pay it! What about these timeshare places that can get you out of paying for the timeshare? I see PMG. Anybody heard of it?

 

[LannyPC]

I cannot pay it! What about these timeshare places that can get you out of paying for the timeshare?

A big no-no! At best, what they will do is negotiate an out with your loan/mortgage holder. Other things they might do is tell you to stop paying. Why do you need to pay a company to tell you that?

Here are some things to figure out. What was the original purchase price? How much have you paid so far? How much more do you owe? Depending on these amounts, your best financial bet would be to just stop paying and lose (forfeit) what you paid so far and let the resort foreclose on you.

 

[RX8]

Wow I feel stuck. I cannot pay it! What about these timeshare places that can get you out of paying for the timeshare? I see PMG. Anybody heard of it?

Those “timeshare places” will charge you thousands of dollars and most likely won’t help you in the end. Unfortunately there is no magic out to the mortgage and maintenance fees. If you truly cannot pay then send them a letter advising them of such. They will eventually foreclose. While it will likely ding your credit there is no guarantee that they will file a lawsuit against you for amounts owed. They may sell the debt to a collection agency however.

 

[cat3245]

A big no-no! At best, what they will do is negotiate an out with your loan/mortgage holder. Other things they might do is tell you to stop paying. Why do you need to pay a company to tell you that?

Here are some things to figure out. What was the original purchase price? How much have you paid so far? How much more do you owe? Depending on these amounts, your best financial bet would be to just stop paying and lose (forfeit) what you paid so far and let the resort foreclose on you.

 

[cat3245]

Thank you
Thank you