Want out of Bonnet Creek

[BocaBum99 Super Moderator Find all posts View Profile Close BocaBum99]

I have never been successful doing what I am about to recommend, but it is worth a shot. First, miss 2 or 3 payments. Then, call up Wyndham and tell them that you can no longer afford your timeshare points and you need to give it back to them or default on your loan. Hopefully, they didn't sell it off yet.

Then, try to negotiate a short sale on your mortgage. If they just foreclose on your mortgage, they ruin your credit for 7 years, but all they get it the points back. If you contact them and they can do it, you can perhaps negotiate paying them only, say $10k and give them your points back. That will save your credit and they get $10k more than they would if you just defaulted.

It's a game of chicken, but it should be possible. I tried it twice to help a couple of owners and the developer told me to just have the customer default on the loan.

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

Make a plan of action and follow through.

"I'm about to get divorced, and about to go bankrupt.
I suffer from disabilities and may become homeless".
Death, divorce, disability and bankruptcy! Sing the blues, Baby!

Who do I need to talk to about hardship conditions?

They sold it to you with a plan of action.
Sell it back to them with a plan of action.
Use your public resources and any publicity you can arrange.

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

This will seem like a strange thing to say but a bankruptcy is not necessarily the answer as the TS may just boomarang back to you like an albatross.

Trust me, this is my expertise for the last 28 years.

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

[QUOTE=tonyg;207257]MFs are annual fees which would include any taxes.
[QUOTE]

Wyndham typically bills property taxes for Florida resorts separately from the maintenance and program fees. Wyndham usually sets up the maintenance and program fees to be paid monthly by deduction from a checking account. With 308K points at Bonnet Creek, probably about $140-150 or so of the monthly payment is going to maintenance and program fees.

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

[QUOTE=BocaBum99;207286 First, miss 2 or 3 payments.

Then, try to negotiate a short sale on your mortgage. If they just foreclose on your mortgage, they ruin your credit for 7 years, but all they get it the points back. If you contact them and they can do it, you can perhaps negotiate paying them only, say $10k and give them your points back.

[/QUOTE]

No deal, this is not an option. FF's duty is to provide maximum return to the investors. As a company FF has no qualm of walking away from a bad investment, to cut investor losses, but they make it hard for you to do the same.

Most mortgages give you the right to give up the collateral (a put option) and cut your losses. The lender uses the guilt shame card to prevent you from exercising this contractual right. And contrary to popular belief exercising this right does not dent your credit score nearly as hard nor as long as you are led to believe.

Check out: SSRN-Underwater and Not Walking Away: Shame, Fear and the Social Management of the Housing Crisis by Brent White

(use the one click down load at top opf page -- PDF file)

[bedr1 Junior Member Find all posts View Profile Close bedr1]

Here is the best thing you could do

While it may not be the best time to sell your timeshare, you could rent your points out and offset your expenses.

Its fairly easy to do - its called the Extra Holiday program. Basically Wyndham will rent your points out via expedia.com, orbitz etc. They charge between 20 and 30 percent commission. However if you have a VIP you will automatically get a 25% discount on your room as well as an upgrade to the next size. For example if a 7 day stay normally costs you 154000 points you will pay 115000 points and be in a 2 bed condo. So for example if you book N Myrtle Beach in a 2 bed and get $200 per night in rental that equals $1400.00 minus Wyndham commission.

You can basically recoup some of your money, or offset your expenses - just remember you are also using your vacation time, but that will help with that $500 a month payment. You can also rent it out on your own and recoup more, but just remember you do all the work and also Wyndham practically rents everything you put into this system out, so there is usually no worry if it will rent or not.

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

Welcome to TS4Ms on the occasion of your first post, glad you could lend your expertise to a very old thread. How do you know the success rate of the Extra Holiday Program?

While it may not be the best time to sell your timeshare, you could rent your points out and offset your expenses.

Its fairly easy to do - its called the Extra Holiday program. Basically Wyndham will rent your points out via expedia.com, orbitz etc. They charge between 20 and 30 percent commission. However if you have a VIP you will automatically get a 25% discount on your room as well as an upgrade to the next size. For example if a 7 day stay normally costs you 154000 points you will pay 115000 points and be in a 2 bed condo. So for example if you book N Myrtle Beach in a 2 bed and get $200 per night in rental that equals $1400.00 minus Wyndham commission.

You can basically recoup some of your money, or offset your expenses - just remember you are also using your vacation time, but that will help with that $500 a month payment. You can also rent it out on your own and recoup more, but just remember you do all the work and also Wyndham practically rents everything you put into this system out, so there is usually no worry if it will rent or not.