Selling my Bluegreen timeshare with outstanding loan

[GrayFal Silver Contributor and supermoderator Find all posts View Profile Close GrayFal]

Or maybe not

http://www.marketwatch.com/story/fin...res-2014-09-16

I kid!!

dont walk away.

"Michael D. Finn, managing member of Finn Law Group representing the plaintiff and the potential class, stated, “Bluegreen did not undertake any form of foreclosure action. Intentionally categorizing these defaults as foreclosures virtually insures that these former buyers, who had abandoned their property interests and forfeited all funds paid will not be able to either refinance or purchase new homes necessitating a mortgage for about five years. This result is unjust.”


Interesting read, thanks for posting....so basically after you stop your monthly payment on the loan for 120 days, Bluegreen reports you to the credit reporting agencies. Nice, NOT!

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

"Michael D. Finn, managing member of Finn Law Group representing the plaintiff and the potential class, stated, “Bluegreen did not undertake any form of foreclosure action. Intentionally categorizing these defaults as foreclosures virtually insures that these former buyers, who had abandoned their property interests and forfeited all funds paid will not be able to either refinance or purchase new homes necessitating a mortgage for about five years. This result is unjust.”


Interesting read, thanks for posting....so basically after you stop your monthly payment on the loan for 120 days, Bluegreen reports you to the credit reporting agencies. Nice, NOT!

So, owners do just walk away from them, ala my Post #10, where I was asking if they were considering that, so that we could then discuss the consequences, which we now have. Well, discussed it and put a cloud over it.

Now having that, the OP can consider whether keeping the $11K they still owe, if I understand them correctly, would be worth the credit ding, if it leads to that.

None of us knows their situation, so that's for them to decide.

Even in the "walkaway" scenario, the outcome is still not certain:

A trust agreement between Bluegreen and the plaintiffs stated that 120 days after owners defaulted on their obligations, they would be deleted from the trust estate. The trust agreement did not reference foreclosure nor did it give Bluegreen any authority to foreclose.

The plaintiffs alleged that when they were approximately 120-days delinquent, Bluegreen sent them letters advising them that they had been deleted from the Trust and reported the status of their accounts as foreclosures to the credit agencies. The plaintiffs alleged that their credit reports showed the Bluegreen accounts as foreclosed and that the credit reporting agencies subsequently reported the information to numerous third parties.

The complaint, which seeks class action status, alleges violations of Florida’s Consumer Collections Practices Act, the federal Fair Credit Reporting Act, defamation and slander of credit. The timeshare owners seek award of damages, costs, attorneys’ fees and other relief.


For those more in the know, does it make any difference that Bluegreen owners just own air, not a deeded piece of real estate, or is that incorrect, are interests in the Trust secured by a deeded week?

Nice reporting of this matter, by the way.

[GrayFal Silver Contributor and supermoderator Find all posts View Profile Close GrayFal]

JLB, no one said what you posted was not true, it is just not good advice without presenting what the consequences are. VA Traveller posted an interesting article that Bluegreen WILL turn you over to collections and ruin your credit within 120 days...so they take defaulting on your loan very seriously.

Now let it rest...and do not tell the moderators to "chill". We are here to make sure people are getting a balanced view of the situation.

[ace2000 Senior Member Find all posts View Profile Close ace2000]

We are here to make sure people are getting a balanced view of the situation.

It seems to me that whenever one of these questions come up about what to do, people (except for JLB here) rarely discuss the option to walk away. I don't see how you're ensuring people are getting a balanced view. As far as the consequences go, everyone knows that when you walk away from a debt there are consequences. What people generally don't know is how severe those consequences are, and I feel that's why many are asking. I don't believe they're asking how to "get more out of their timeshare" or to "use it more wisely" which seems to be the prevailing answer to the question. So, actually JLB is closer to helping others in his replies IMO.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

It seems to me that whenever one of these questions come up about what to do, people (except for JLB here) rarely discuss the option to walk away. I don't see how you're ensuring people are getting a balanced view. As far as the consequences go, everyone knows that when you walk away from a debt there are consequences. What people generally don't know is how severe those consequences are, and I feel that's why many are asking. I don't believe they're asking how to "get more out of their timeshare" or to "use it more wisely" which seems to be the prevailing answer to the question. So, actually JLB is closer to helping others in his replies IMO.

Actually, don't be too critical of posts that avoid the inevitable answer.

Even those who do that sometimes come close to posting the inevitable:

Julie Pearson Good luck trying to sell, we tried that. It's harder to get out of than prison (not that I have been in prison!)
Like · 1 · September 3 at 1:32pm

http://www.timeshareforums.com/forum...hlight=selling

[chriskre Super Moderator Find all posts View Profile Close chriskre]

It seems to me that whenever one of these questions come up about what to do, people (except for JLB here) rarely discuss the option to walk away. I don't see how you're ensuring people are getting a balanced view. As far as the consequences go, everyone knows that when you walk away from a debt there are consequences. What people generally don't know is how severe those consequences are, and I feel that's why many are asking. I don't believe they're asking how to "get more out of their timeshare" or to "use it more wisely" which seems to be the prevailing answer to the question. So, actually JLB is closer to helping others in his replies IMO.

Sometimes people don't know what they don't know because they haven't been educated on how to use their timeshare.
Obviously America is well versed with walking away from their obligations. Do we really need to encourage it anymore?
We are after all, a community of timeshare owners who feel passionately about our preferred mode of travel.
We want to encourage growth of our community and how will that happen if we clobber newbies with negativity all the time.
That is why some of us do try to show an honest but balanced view.
You can state the truth without all the negativity.

There is nothing wrong with encouraging someone to see if there is a way to use what they have.
Didn't someone teach you that when you came to these forums? Maybe even JLB?

[GrayFal Silver Contributor and supermoderator Find all posts View Profile Close GrayFal]

It seems to me that whenever one of these questions come up about what to do, people (except for JLB here) rarely discuss the option to walk away. I don't see how you're ensuring people are getting a balanced view. As far as the consequences go, everyone knows that when you walk away from a debt there are consequences. What people generally don't know is how severe those consequences are, and I feel that's why many are asking. I don't believe they're asking how to "get more out of their timeshare" or to "use it more wisely" which seems to be the prevailing answer to the question. So, actually JLB is closer to helping others in his replies IMO.

I am not disagreeing with you...all options need to be explored. Which is why when you present the "walking away from your legal debt/ obligation" is mentioned as a solution, it is good to know that these companies ARE going after people, so there will be consequences to your action.

JLB has now edited the post I responded to above. .... Making my answer appear inappropriate.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

Sometimes people don't know what they don't know because they haven't been educated on how to use their timeshare.
Obviously America is well versed with walking away from their obligations. Do we really need to encourage it anymore?
We are after all, a community of timeshare owners who feel passionately about our preferred mode of travel.
We want to encourage growth of our community and how will that happen if we clobber newbies with negativity all the time.
That is why some of us do try to show an honest but balanced view.
You can state the truth without all the negativity.

& y'all do a fine job of doing that. No one said you don't.

But when these people go to other forums and other sites answering the same question, "How do I get rid of it?", which is all that was asked here, they get more real-world replies.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

The bottom line, I believe, is not who won the tit-for-tat on TS4Ms, but has the OP been given the information they sought?

[chriskre Super Moderator Find all posts View Profile Close chriskre]

Actually, don't be too critical of posts that tend to avoid the inevitable answer being avoided.

Even those who do that sometimes come close to saying the inevitable:

http://www.timeshareforums.com/forum...hlight=selling

We are not saying that timeshares are perfect and that developers don't screw their owners sometimes,
that has been hashed and rehashed everywhere here.
And I've always been a proponent of not over owning in any one system hence I usually recommend
buying biennials and triennials if they are available so as not to be overly committed and overly screwed
when things go south which eventually seems to happen for whatever reason.

The OP only owns 6K BG points.
That's a very small package and has lots of perks they may not be aware of like the Bonus Time and
Travellers Plus options.
Luckily they are not overly committed in terms of ownership to this particular developer.

Yes it's harder to "sell" or give away 6K points cause they don't get you much in the newer resorts, but
like I said before, maybe they don't know what they don't know and could use a little help learning.

We were all there at one time in our timeshare journey.
I'm very grateful to many here including you for the wisdom shared.
PatG has been extremely instrumental too along with BNoble and many others.

[GrayFal Silver Contributor and supermoderator Find all posts View Profile Close GrayFal]

I have moved the posts from this thread that did not pertain to the topic to another thread....

We don't all need to agree, just keep on topic and provide all the info regarding the options you are giving.

[Hobbitess Senior Member Find all posts View Profile Close Hobbitess]

I love that the timeshare offers flexibility but my husbands job in the military does not with his recent promotion. We still owe and would rather put the money that we are paying into other things that we will actually use.

I'm sorry you're in this situation.

I agree with others who've recommended making a reservation with your points and trying to rent them out. Your Bluegreen ownership gets you a membership with RCI, which might be one way to make use of them. The points themselves may not go very far with RCI, and you can't use them once they've "rolled over," however if you have an annual membership you can pay next year's maintenance fees ahead of time and double the points you have access to, then use those points to make an RCI reservation. If you can go off season, that will give you more choices when you can go (school breaks won't have much available close up). RCI also has a cash program, Last Call, where you can get a 2 BR or larger unit for a week for under $300 (don't know the studio or 1 BR prices offhand), 90 days or less ahead of check in.

We own 8000 points and have five kids whose schedules keep changing, so although most of our vacations are through Bluegreen one way or another, for a lot of them we don't use our points because we don't have enough points! We do one week with our Bluegreen points that we reserve early and some of us make it and some of us don't. But Bluegreen gives us access to RCI Extra Vacations and Last Call weeks, which generally means we get rental prices without the hassle of tracking down and negotiating with a renter, plus it's more of a "one stop shopping" experience, while renting means you have to look all over the place both to find rentals and to research them. Since we go offseason, we often get deals through RCI that are much lower than the equivalent rentals, so we get our money's worth IMHO. But we're also flexible about where we go, because so long as the units are nice and it's a vacation location, we have a good time.

I hope you can figure out a way to use your purchase that makes you happy.

[GrayFal Silver Contributor and supermoderator Find all posts View Profile Close GrayFal]

FYI. Once the points are "saved" or roll over, you can still use them in RCI for exchanges up to 6 months out.


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[chriskre Super Moderator Find all posts View Profile Close chriskre]

FYI. Once the points are "saved" or roll over, you can still use them in RCI for exchanges up to 6 months out.


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Does BG offer the ability to deposit points to RCI so they don't expire like HGVC or do you have to find an exchange first?

[GrayFal Silver Contributor and supermoderator Find all posts View Profile Close GrayFal]

Does BG offer the ability to deposit points to RCI so they don't expire like HGVC or do you have to find an exchange first?

No, they do not....that is how is used to work but now everything is direct thru the portal. So if you have points that will go to saved status (or expire) it is best to do an exchange even if it is two years out.

Of course you can use them in Bluegreen in the Red. White BLue time...not ultra red, special red, super duper red.