Resort closing services

[theo]

So... if I choose to default my property to go into foreclosure, do I just stop paying the monthly and HOA or is there a process or form that I will have to file?

If you are simply going to stop making any further payments, there is obviously nothing to "file" and nothing more to do. Just stop paying.

You will be defaulting on a loan obligation. There will be some collection efforts and there will be negative impact on your credit report.
Btw, "cancelling" your Westgate credit card (as you mentioned in a previous post) has absolutely no bearing on that loan obligation, which remains firmly in place with or without that (or any other) credit card being operational or cancelled. The loan obligation remains alive and well, regardless.

The good news is that since the Westgate ownership is essentially worthless in the resale market (even if it was fully paid off, which it clearly is not), the sooner you stop paying money to Wastegate, the sooner you will stop throwing away good money.

 

[chapjim]

I must say I can't believe it. But I emailed them a couple of hours ago and I was going to call too but I received the Voluntary Deedback Form in my email. I have just faxed it back.....we'll see what happens

In all the years I've been a TUG member, this is the nicest thing I've seen posted about Westgate!

 

[JoVal89]

If you are simply going to stop making any further payments, there is obviously nothing to "file" and nothing more to do. Just stop paying.

You will be defaulting on a loan obligation. There will be some collection efforts and there will be negative impact on your credit report.
Btw, "cancelling" your Westgate credit card (as you mentioned in a previous post) has absolutely no bearing on that loan obligation, which remains firmly in place with or without that (or any other) credit card being operational.

The good news is that since the Westgate ownership is essentially worthless in the resale market (even if it was fully paid off, which it's not), the sooner you stop paying money to Wastegate, the sooner you will stop throwing away good money.

Any idea how bad is it going to be on my credit report? btw Westgate just called collecting monthly due for the month and had a "quite conversation."

 

[LannyPC]

So... if I choose to default my property to go into foreclosure, do I just stop paying the monthly and HOA or is there a process or form that I will have to file?

Yes, just stop paying. You will probably face a bunch of collection calls and letters. There is the possibility of you being reported to credit agencies and having your credit rating take a hit.

As has been mentioned before, Westgate is opening the door to some owners to deed back their property for a price. Reports have been mentioned between $750-900. You might want to contact either Westgate's corporate office or the actual resort's Homeowners' Association to inquire about a deed back. If accepted, it will be a clean transfer without the nuisance of collection calls, threats of credit hits, etc. So in this situation, yeah there probably will be "a process or form that [you] will have to file" and Westgate will send to you.

 

[theo]

LannyPC:
Westgate is opening the door to some owners to deed back their property for a price. <snip> You might want to contact either Westgate's corporate office or the actual resort's Homeowners' Association to inquire about a deed back.

You have apparently missed the fact that there is an unpaid loan involved in this instance under discussion, so "deedback" is clearly not an available option.