Wyndham Vacation Resorts deed

[Earlirizer1 Junior Member Find all posts View Profile Close Earlirizer1]

Have been in the present contract for 4 years of wyndham vacation resorts, home property at this time is san francisco. I pay out a total of 1023 a month for contract (mortgage?) and maint. Fees.
I contacted their financial dept. For info on voluntary repo, and they do not do such a thing, and told me to just stop paying and let it go into forclosure. I am current, and do not wish to be "non pay" status, but have little choice. I am 100% disabled viet nam vet, a widower now, and cannot or do not wish to afford that amount each month on a fixed income, and no one to travel with to use over half a million points annually.
Need to know if this would be a forclosure or a repo... I am a deeded owner by contract. Gold v.i.p. But needing the free income to survive. Read the blogs about cancellation of contract within allowed time period, but it is 4 yrs into contract and no go on voluntary agreement to release. Anyone with knowledge, not opinion, please help with info.

[rikkis_playpen Diamond Club Contributor Find all posts View Profile Close rikkis_playpen]

Wyndham Canterbury is an ownership that still has some resale value in this economy, but I still doubt if the expected selling price would even come close to how much is likely owed. I'd estimate value at approx $.02 per point.. (Remember that your buyer will not benefit from any VIP bonus as it does not transfer via resale).

Start by determining who much you still owe on the mortgage. Compare that with the expected resale value and you'll be able to get a rough idea of how far under water you are at this time. If you are only a few thousand in the red, it may be worth the cost to sell and bring cash to close to pay off the remaining balance. Understand that it would likely take at least six months to sell and proceed through closing, so you'd still have those monthly payments hitting you until then.

Rentals may also be a possibility to help recover some of your fees. I normally pay my Wyndham owners $5. per thousand points for rentals, enough to offset the maintenance fees in some cases.

These tactics are just thoughts that might help you manage your losses. Regardless you will find that you'll have lost more than $60,000 by the time this is done as you'll never be able to recapture your original purchase price. Understand however that you are not alone. There are many Wyndham owners who have needed to sell in this economy. For that matter there are many home owners who have lost everything. The troubling economy has impacted almost every aspect of our lives.

Ultimately, you'll have to decide how much your current credit rating is worth.. Talk to a local attorney for the best advice. Try to look ahead at your expected expenses over the next seven years and determine just how much impact a foreclosure will have on your everyday life. While I commend you for trying to do the right thing, you'll probably find that the developer isn't really all that interested in working with you toward a resolution. To them, you are just one of many defaults they will process this week.

[Jya-Ning Silver Contributor Find all posts View Profile Close Jya-Ning]

Since this is an open forum, make sure treat whoever contact you and offer you some stuff like you pay them X amount and they can help you get rid of it but you need to pay them in front as scam. Run away from them. Don't pay anyone front fee

I don't have any first hand experince. But I have not heard Wyndham doing any volunteer repo (some HOA do, which means you have to pay off the mortgage already and that will depend on your actual deed, in this case SF). And I believe any repo will hurt your credit rating. The only difference to do volunteer is to avoid extra cost lender may add on to the balance that they can sue you to recover. With timeshare I don't believe these cost will be big consider your remianing balance, even if you only has 7 years loan and you already pay 4 years into it.

The Wyndham resale value close to crash, at this moment, it maybe less than $10 per 1K points. And you do still have loan in your deed. And it took them about 50% of your originally contract cost just to advertise it, and 20% of the originally value for other extra cost for selling it and all that.

I will suggest you to seek legal help on your state. I don't see any way you can rent it to recover the cost.

Jya-Ning

[Earlirizer1 Junior Member Find all posts View Profile Close Earlirizer1]

Wyndham Canterbury is an ownership that still has some resale value in this economy, but I still doubt if the expected selling price would even come close to how much is likely owed. I'd estimate value at approx $.02 per point.. (Remember that your buyer will not benefit from any VIP bonus as it does not transfer via resale).

Start by determining who much you still owe on the mortgage. Compare that with the expected resale value and you'll be able to get a rough idea of how far under water you are at this time. If you are only a few thousand in the red, it may be worth the cost to sell and bring cash to close to pay off the remaining balance. Understand that it would likely take at least six months to sell and proceed through closing, so you'd still have those monthly payments hitting you until then.

Rentals may also be a possibility to help recover some of your fees. I normally pay my Wyndham owners $5. per thousand points for rentals, enough to offset the maintenance fees in some cases.

These tactics are just thoughts that might help you manage your losses. Regardless you will find that you'll have lost more than $60,000 by the time this is done as you'll never be able to recapture your original purchase price. Understand however that you are not alone. There are many Wyndham owners who have needed to sell in this economy. For that matter there are many home owners who have lost everything. The troubling economy has impacted almost every aspect of our lives.

Ultimately, you'll have to decide how much your current credit rating is worth.. Talk to a local attorney for the best advice. Try to look ahead at your expected expenses over the next seven years and determine just how much impact a foreclosure will have on your everyday life. While I commend you for trying to do the right thing, you'll probably find that the developer isn't really all that interested in working with you toward a resolution. To them, you are just one of many defaults they will process this week.

am 4 yewars into a 10 yr. contract, so am very underwater. I just refied my house, have a brand new car, and live in a motor home, so........I beleive the free income for the next 6 years out weighs the impact on my credit. With the free income I could live very comfortably with my income and not use credit...........am on the fence, but weighing my options, thanks for the input