Want to sell my Wyndham TS

[Linda B Junior Member Find all posts View Profile Close Linda B]

My husband and I brought 308,000 points from Wynhdam and few years back. I have read a lot of threads saying you I will only be able to sell .01 per point. I am hoping that is so not true since I still hold a mortgage on it and owe a lot more than that.

If I could have done it all over again I would never have listened to the sales pitch and walked away but that is not the case.

My husband has passed away and I really want to get rid of the debt and the maintenace fees. If anyone has any advise on how I can sell my timeshare and not owe a ton of money I would greatly appreciate the help.

Thanks
Linda

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

Sorry, but I don't know any way you can sell your timeshare for enough money to pay off your mortage.

The only thing I can think of is calling Wyndham and see if they will take back the contract. They will say no, but keep on trying, because sometimes they do. I would play the sympathy card and stress that your husband whom you purchased this with has died. Be shameless, they (sales) certainly are.

Sorry for your loss and that you have to deal with this predicament.

[Linda B Junior Member Find all posts View Profile Close Linda B]

I have called Wyndham a few times and I have not had any luck with them taking back ownership. I am not sure why since they can resell it to someone else.

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

what were you looking to get for it? How many points does an average week cost? I have been trying to do some research lately on hgvc vs wyndham, so i may be interested.
thanks

[timeos2 Senior Member Find all posts View Profile Close timeos2]

My husband and I brought 308,000 points from Wynhdam and few years back. I have read a lot of threads saying you I will only be able to sell .01 per point. I am hoping that is so not true since I still hold a mortgage on it and owe a lot more than that.

If I could have done it all over again I would never have listened to the sales pitch and walked away but that is not the case.

My husband has passed away and I really want to get rid of the debt and the maintenace fees. If anyone has any advise on how I can sell my timeshare and not owe a ton of money I would greatly appreciate the help.

Thanks
Linda

Unfortunately even $.01/point is considered near top dollar for Wyndham today. Regardless of what you paid or what you may owe that is the top you'll be likely to get as there are plenty of offers to simply give Wyndham Points away to those willing to pay the transfer cost.

Wyndham is a great system to use but Wyndham has systematically and purposefully destroyed resale value for the very product they sell for tens of thousands of dollars. You are on the wrong side of the deal.

If you don't pay your fees / loan for the points they may reconsider taking it back from you BUT at the significant expense of at least a big mark or worse on your credit. A risky way to go but sometimes it means they will take a deed back in lieu of future fees. Good luck.

[tonyg Goomba & Super Moderator Find all posts View Profile Close tonyg]

Watch out for resellers contacting you saying they can get big money for it or that they have a buyer. They only want your money and would steal money from a church collection basket if they thought they could get away with it.

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

One option may be to just walk away and have a reported unpaid "consumer debt" (written off). Cost you a few hundred "points" for about 5-7 years but not a foreclosure.

Other option is to remain a slave to the developer.

Who holds the mortgage?

Typically, Unlike conventional mortgages written by commercial banks, timeshare mortgages are held by the resort owners. If a timeshare holder defaults on his mortgage or fails to pay the annual maintenance fee—typically $500 to $1000—then their share can be taken away.

Timeshares to my knowledge have always been classified as consumer credit. Also, to my knowledge the terminology foreclosure is not used for consumer credit. Repossession (as in the car was repossessed) may be used instead, by credit rating agencies.

"When underwriting the credit of an FHA borrower, should a foreclosure on a timeshare be considered a foreclosure on a mortgage or an unpaid consumer debt?

In the FHA underwriting process the default or foreclosure of a timeshare should be considered an unpaid consumer debt and not a foreclosure of a mortgage."

Reference
HUD policy determination