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Stopping payments after only 5 mortgage payments made

Discussion in 'Buying, Selling & Renting Timeshares' started by Tony Charlton, Nov 8, 2019.

  1. Tony Charlton

    Tony Charlton Guest

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    We signed up to buy a timeshare at Silver Lake Resort in Florida in May this year. A couple of months ago we decided we didn’t want to go ahead and emailed them to cancel the contract. We don’t expect to get back our deposit and the payments made so far and we assume that we will now lose any right to ownership of the timeshare. If you stop payments on a home mortgage, the bank will take over ownership and sell the home to recover their costs. Is it somehow different for a timeshare loan?

    They are threatening us with late fees now and a debt collector if we don’t pay.

    Has anyone else had a similar experience and what was the outcome?
     
  2. montygz

    montygz TUG Member

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  3. TheTimeTraveler

    TheTimeTraveler TUG Member

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    A contract is a contract. They can and may make your life miserable. You are well beyond the legal rescission date. At this point you own it and are responsible for it.

    With that said I would suggest you contact them directly and try to work out a amicable solution for both parties.

    Best of luck with your dilemma.






    .
     
  4. Passepartout

    Passepartout TUG Review Crew: Veteran TUG Member

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    Tony, I'm sorry we didn't have this conversation before (or shortly after) you signed this contract. It may well be a painful decision on your part. This contract, like others is a legally binding agreement for you to pay an agreed upon amount. Now if you want to stop paying, you will lose whatever you have paid and may be obligated to pay legal fees to the seller. This debt may follow you for a decade or more, making getting other credit for a house, car, insurance, school loans impossible or more expensive. Be sure you know the consequences of default before you commit. About half of TUGgers bought our timeshares, didn't default, and now enjoy using them. The reasons you bought are still valid, and your family will benefit from the memories of great TS vacations. You can do worse than buckling down and paying it off. Your good credit will remain and you'll learn about the value of giving your family great times together.

    Best wishes whichever way you go.

    Jim
     
  5. CalGalTraveler

    CalGalTraveler TUG Member

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    You may be in luck in Florida, because there is a non-judicial, anti-deficiency law that protects TS owners. Read below and consult a lawyer before acting.

     
  6. Tony Charlton

    Tony Charlton Guest

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    Thanks very much for that and we will follow your advice.

    Tony
     
  7. CalGalTraveler

    CalGalTraveler TUG Member

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    Please pay it forward and report back on what transpires. This will help others in a similar situation.

    Good luck!
     
    Grammarhero likes this.
  8. rickandcindy23

    rickandcindy23 TUG Review Crew: Expert TUG Member

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    Wyndham Plat,RCI pts,Shell,WorldMark,OKW,SSR pts; Marriott's Willow Ridge;Val Chatelle; Hono Koa; SBP; Blue Ridge Village.
    Pam Bondi, as Florida AG, put in some protections for timeshare scammers, and I believe developers fall right in line with scammers. I have reported several scams aimed at me with resale companies and "rent your RCI extra vacations with us," scams over the years. I have been able to file official complaints.

    However, if that fails to help you get out of this mess, a timeshare hit to your credit is not going to hurt as bad as other creditors. Credit reporting agencies really do look at timeshares as evil. I know because I helped someone write letters to reporting agencies about a default on a timeshare. They were still able to buy the house they wanted.
     
  9. LannyPC

    LannyPC TUG Member

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    Yeah it is kind of a catch-22. If someone is applying for a loan or credit who previously defaulted on a TS, the lender might look at this with either a glass half-full or half-empty approach. By one stretch the potential lender might look at the borrower and think, "This person took out a loan to pay for something and then let it go into default. Obviously this person does not know how to manage money or make good investments." Or, "If this person defaulted on a mortgage, he might do the same with any money we lend him. He's high risk."

    OTOH, the lender could take the glass half-full approach and say, "This person did what he had to do to get rid of this albatross. This will now free up [insert amount of annual maintenance fees here] each year for him to pay the loan back."
     
  10. Brianhillmaui

    Brianhillmaui Guest

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    I’m curious, what changed in these few months that made you decide to get out?
     

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