Don't Want Wyndom Points Anymore

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

The rental income lie has been reported many times..

Yeah, I don't trust Wyndom either. Why do you think my parents have the 2nd loan? The saleman told them all the perks they could get with 1,000,000 points. One of the promises was that Wyndom would help with renting them out. I agree the family could benefit by using the points or renting them out but nobody wants to manage it. I'm looking at mom's monthly payments and she is paying $507 per month for maint. fees. Why does she pay maint. fees on points?

Unfortunately, the rental income lie seems to have been reported for years. There have also been a few lawsuits that claimed the same deceptive salespitch, (even more so after the diminishing VIP benefits).

Sometimes, default is the educated response to a situation. It goes against everything I grew up learning, but it has become commonplace in today's society.

As to finding a broker willing to consistently rent the points. This may not be easy.. I have several million+ owners in my inventory for rentals, but I personally don't accept these type of listing when a mortgage is still outstanding.. There is just too much risk for me if the owner has financial difficulty and falls behind on the mortgage payment- resulting in any and all rental confirmations I've made cancelled! As long as it is just m. fees, the rental proceeds can cover any shortfall.. But these don't rent for enough to cover fees plus loan payments. I try to give my owners $6. per 1,000 points- and even that is getting harder to do..

Hopefully, your attorney will move you through this carefully and properly.. If it does come to bankruptcy, tell them I'll be happy to provide a written comparative market analysis that can be submitted to the court.

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

Bad News....

It seems that Wyndham is foreclosing on a lot of people in our county....

Strange though... they appear to not follow the same format as other foreclosed properties do.

Others.. will end up in a public sale of an individual time share where as Wyndham has a way of including several foreclosure in one act... and they call the individuals as; Count 1 - ? how ever many there are... Then when they announce the public auction... they again lump all the "Counts" together.

If someone did try to bid back their own or perhaps someone wanted to pay for one time share... they don't seem to be able to without buying or bidding on all the counts "together".....

In Florida; if someone's property does sell at auction through the foreclosure process... any additional amounts over the amount owed and expenses... would be given to the person who owned or was forclosed on...

This doesn't seem possible if the auction includes multiple "counts"... You may want to check this out.

If they are somehow preventing the "break-up" of the group of foreclosures in the action and are only accepting bids on "counts 1 - ?".... then the individual owner is being treated unfairly... "I'm not in favor of that"

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

Wyndham Foreclosure

I agree with Prestley, what difference does it make if your mom gets a bad credit report from Wyndham? Did your attroney indicate that Wyndham could place a lein on your father's estate?

I plan to stop making maintenance fee payments when I become fed up with Wyndham ( assuming I cannot sell the points or give them away) and walk away. In my case, the 3 timeshares are paid for.

Where is my logic in error?

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

It's a reasonable approach, presuming you won't need to borrow money or, for some other reason, depend on a credit check---i.e. renting a new apartment, some employment screenings, etc.)

However, it's not *that* hard to get rid of most of these, and possibly even have a few pennies left over on the deal, provided the $/K ratio is good.