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Letting timeshare foreclose

Discussion in 'Buying, Selling & Renting Timeshares' started by mommacarus, Jul 27, 2019.

  1. OldGuy

    OldGuy Guest

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    Fred:

    I recently, unsuccessfully, suggested that resale timeshare may not be on solid legal ground when there is no contract, but after looking at the standard wording on TS deeds, I concluded they legally obligated resale buyers to the TS plan and obligations.
     
  2. OldGuy

    OldGuy Guest

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    One of our resorts, the one that finally agreed to a deedback of the last of our weeks there, did foreclose and place liens on delinquent owners other real estate.
     
  3. OldGuy

    OldGuy Guest

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    One of our resorts, the one that finally agreed to a deedback of the last of our weeks there, did foreclose and place liens on delinquent owners' other real estate.

    I guess they figured they made money immediately with the terms of the deedback, and the liens were iffy and long-range.
     
  4. Gypsy65

    Gypsy65 TUG Member

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  5. WVBaker

    WVBaker TUG Member

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  6. OldGuy

    OldGuy Guest

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    A FICO score of 899 is phenomenal:

    FICO® Scores range from 300 to 850.
     
    Grammarhero likes this.
  7. R.J.C.

    R.J.C. Guest

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    Considering the supposed highest FICO score is 850 I'm not sure you were looking at the right number. There are several factors that determine a FICO score with the credit usage being just one of them.
     
  8. R.J.C.

    R.J.C. Guest

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    I highly doubt the owners would get the timeshare back but I'm no lawyer so I can't really answer that question.
     
    Gypsy65 likes this.
  9. R.J.C.

    R.J.C. Guest

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    The many who may find the lack of purchasing to be a form of "Debtors Prison" have no idea what Debtors Prison used to be like and, IMO, are most likely overly dramatic people.

    I don't feel I gave financial advice, I gave, based on what I read and heard from people who have used the Nuclear Option, more of a historical statement. You are correct, you could get someone at Diamond reviewing the records who woke up on the wrong side of the bed and a Judge who didn't get any the night before and Lord knows what they would do to someone who used this option. You could also get just the opposite and it doesn't matter how well someone knows your specific situation because not even they can foresee things liked this that are outside of their ability to control. They, like I did, would give their best guess on what they have seen and know and hope for the best.
     
  10. Grammarhero

    Grammarhero Official TUGBBS Rescission Master TUG Lifetime Member

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    @Juma we hope you are doing well. Would you kindly update us with what you decided to do and is there was an affect on your credit score?
     
  11. Grammarhero

    Grammarhero Official TUGBBS Rescission Master TUG Lifetime Member

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    US: AZ, CA, DC, DE, IL, IN, KY, MD, NC, NJ, NV, NY, OH, OR, PA, SC, TN, TX, VA, WA, WV
    @New Englander we hope you are doing well. Would you kindly update us with what you decided to do and is there was an affect on your credit score?
     
  12. Ruddigore

    Ruddigore Guest

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    Well, you can:
    1. Sell your old car - it's easy.
    2. Donate your old car to a charity - it's easy.
    3. Have your old car hauled away for scrap for free - it's easy.
    4.....and if you just park it and never use it, it does not cost you anything.
    But none of these four statements are true when applied to Timeshares.
     
  13. Gypsy65

    Gypsy65 TUG Member

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    Missed the point but that doesn’t really matter anyway

    Timeshares come with a forever bill. It’s in the contract
    It’s those who feel that resorts or developers should take them back that’s the issue
    I understand people not liking it but no less different than a car or any other purchase. With or with out value it’s me. The buyer that’s responsible
    Either forfeit it and take the hit or deal with the purchase

    If you built a new home say $500,000 and lived there for 20-30 years but due to neglect it’s falling down and the city sends notice that it’s unfit and must be removed at your expense
    Do you call the builder up and ask for a refund?
     
    suzannesimon likes this.
  14. easyrider

    easyrider TUG Review Crew: Expert TUG Member

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    FICO for most things is top at 850. FICO for cars is top at 900. Then there is the National Credit Score that tops out at 990.

    Regarding letting a timeshare go into foreclosure, for most people that don't have to purchase real estate, their credit score hit wouldn't really matter. There will still be plenty of opportunities to purchase items using credit and credit cards.

    The only thing that a bad credit score does to affect most people is to make it harder and more expensive to get a mortgage. If you already have a mortgage a bad credit score doesn't affect that loan at all.

    Bill
     
    Last edited: Oct 15, 2019
    LannyPC and Gypsy65 like this.
  15. R.J.C.

    R.J.C. Guest

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    You must be the original owner to use Transitions. It sounds as though the week is a resale unit which does not qualify for Transitions (for reasons that are unknown to anyone other than Diamond).
     

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