Want out of Bonnet Creek

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

We bought into Bonnet Creek in 2006 on a whim and have been regretting it ever since. We can't afford the $500 a month and really want out of it. We've looked into selling it but there is no way we will get what we need out of it to pay off the remaining balance.

We are wondering what would happen if we just stopped making the payments (we know it would go against our credit). Has anyone done this? What happened??

I've read the contract and it talks about defaulting or breach of terms, and how they could demand the balance due, but I guess I'm wondering what they could do other than "foreclose" on it. I'm thinking they would just take it back and sell it to someone else.

Any info would be appreciated.

[Beaglemom3 Senior Member Find all posts View Profile Close Beaglemom3]

I'd like to ask a few questions please.

1. What is the payoff balance ?
2. What type of unit is it ? That is, size, time of year, Fairfield pts. ?
3. What are the MFs ?
4. Any other information that you could add ?

Asking this for a friend who stayed there and really enjoyed it.
No promises.

[1950bing Senior Member Find all posts View Profile Close 1950bing]

You have come to a good place to get correct information.
Some places will work with you so you may be able to sell it back to them, some will not.
The number one rule is to never pay an upfront " scam " outfit one red cent to sell your place. They will promise you the moon if you just give them your credit card number. Just say no.
Many other people will weigh in on how to rid yourself of your purchase so hang on and collect information till you are sure which way to take action.

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

I'd like to ask a few questions please.

1. What is the payoff balance ?
2. What type of unit is it ? That is, size, time of year, Fairfield pts. ?
3. What are the MFs ?
4. Any other information that you could add ?

Asking this for a friend who stayed there and really enjoyed it.
No promises.

1. The payoff is around $30,000 I believe (I'd have to call).
2. It's 308,000 points a year. Points renew each year in October. Plus I believe there is an additional 308,000 bonus points they gave us at the time of purchase that could be used any time and do not expire (I'd have to confirm the details).
3. Not sure what MFs are???
4. It's pretty basic - we just bought 308,000 points and can use them for any size unit. It is my understanding the points can also be used at any other Wyndham resort.

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

MFs are annual fees which would include any taxes.
Times are not good right now and the likelihood of the resort taking the week back are minimal or nil. If your financial situation is bad enough to contemplate bankruptcy, that may be your only realistic easy way out choice. Talk to the resort/resort group and see what they are willing to do. It is likely that if you decide to keep it as the only alternative, you might want to explore refinancing as the interest you are paying on the balance is quite high, Best bet would be to refinance via home equity loan or play the low interest come on credit card game. I'm unfamiliar with the property, but my basic rule of thumb is that there are nearly no timeshares worth more than $ 8,000 per week and very few worth close to that.

[aliikai2 Super Moderator Find all posts View Profile Close aliikai2]

The real facts are that 308K

of Wyndham points can be bought resale for under $4000.00.

You lost about 90% of your purchase price as soon as the right of rescission period ended and your deal became final.

I wish there was any easy way out, but unless you want to ruin your credit, or declare bankruptcy, you are going to need to pay this purchase in full.

The best bet at this point is to remeber why you wanted these points, then start planning how best to use them.

fwiw
Greg

[Beaglemom3 Senior Member Find all posts View Profile Close Beaglemom3]

Guys, he made a newbie mistake. Rubbing his nose in it isn't helping this new poster who has come here for advice. He's aware that he made a costly impulse purchase. Sheesh.

Brainstorming to help him would be beneficial.

Moving ahead.....................

You might want to vigorously market it using Timeshare Rentals, Timeshare Resales, Timeshare Ratings, and Timeshare Reviews - RedWeek.com, vacationsonly.com, timesharesonly.com. Do not use any company that demands or suggests an upfront fee. Do not do business with these types.

I checked on Timeshare Rentals, Timeshare Resales, Timeshare Ratings, and Timeshare Reviews - RedWeek.com for this resort and checked out comparable units. It's a $20 annual fee, but this might be a good starting point.

TUG (Timeshare Users Group - Timeshare Owners Helping Each other, Unbiased Timeshare Information for All Owners, Buy Sell Rent Timeshare) has a for sale area, too. Also, Timesharing Today (TIMESHARINGTODAY.COM) has a classifieds area and a kit with forms if you sell it yourself. If you do, seek legal advice.
Some realtors will list it as well. Make some calls.

Market, market, market. Cut your losses the best you can, if you can. As you know, you will have to price it competitively.

Do you have any family members or friends that may want to go half with you ? That is, half ownership, alternate usage?

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

Sell will not help you. The moment you sold it and want to transfer it, the moment you will need to come out $30,000. Unless the new owner agree to take over the payment.

You need to talk to a lawyer in your local. Ask what the local law allows them to do. And make your decision. Not lawyer, I do believe most of local law do allow creditor to go after damage. If they will do it or not, only god knows. And if they do it, some has to go to the court before doing anything. Or your best wish is they violate some collection rules and give you more breath room. If you are ready for bunkrupcy, that is usually the best chance you will get out.


Rent out the usage of points will probably give you same cash back since it is a newer resort, even add the property tax, you should have good chance to get it covered, however, it will not be enough to cover your mortgage payment maybe even one month.

You may want first learn how to use discover point to make some reservation and rent it out, since you can not rent out discover point.

If you do decide to keep it, still talk to local lawyer, then talk to FF and try to neg. the payment (or interest). Sometimes, it may help, sometimes it may not, it depends if you want to take what degree of loss to get out, and who actually talk with you.

If you still want to keep it, then you need to find a way to reduce your mortgage payment.

Sounds like you did not use the point at all?

Sorry, I really don't have too much good news. But please make a decision quick, and if you decide to rent it out, please post it so we can futher help. If you decide to take bankrupcy or go way route, you may want to keep it to yourself, so when get to court, nobody can accuse you.
Jya-Ning

[Beaglemom3 Senior Member Find all posts View Profile Close Beaglemom3]

If you want to ruin your credit for many, many years, do so, however, I would not advise this.

Read and reread your contract. Review all forfeiture clauses and penalties.

Talk to them. See if they will renegotiate (highly unlikely) your terms.

[aliikai2 Super Moderator Find all posts View Profile Close aliikai2]

Beags, most of us made the same mistake paying the developer retail

and I am not jumping on him for making the same mistakes I made

what I told the OP was the truth.

I don't see any point it letting him think that this is going to be easy or cheap.

He said he owes over 30K

So he is upside down about 26K, and making $500 a month payments, so I am guessing they have no way of coming to the table with the required $26,000.00 plus closing and transfer fees to get rid of this ownership.

As I stated, they should try to remeber why they bought these points, and figure a way to enjoy them, as there is no easy way out.

It looks like 308K should get them 2 nice weeks in most locations, so start enjoying your purchase. You may want to try and rent some of your points, and if you can come up with 26K, and feel that you have no futher use of this ownership purchase, then by all means, go ahead and liquidate.

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

If you want to ruin your credit for many, many years, do so, however, I would not advise this.

If you do decide to keep it, still talk to local lawyer, then talk to FF and try to neg. the payment (or interest). Sometimes, it may help, sometimes it may not, it depends if you want to take what degree of loss to get out, and who actually talk with you.

I don't believe that is the desire approach. And hence you will very likely need to talk to Wyndham to rearrange your payment to certain degree of workable for you. But it means you will still pay (and may end up more in the end). But you need to know what you can do and what you want to do before talk to them.

However, in the end, if you can not keep the status quo, you just can not. Than you need to take the approach quicker.

Jya-Ning

[Beaglemom3 Senior Member Find all posts View Profile Close Beaglemom3]

"You lost about 90% of your purchase price as soon as the right of rescission period ended and your deal became final."
Helpful ?

I'm sure he's aware that this won't be easy, that's why he came to us.

Good advice on renting his points out, not sure what FF pts. rent for, but it could blunt the sting of $6K/annual payout.

Good advice, too, from TonyG on refinancing if possible.

Refinance into new mortgage and rent out pts. ? Refinance, see if anyone will split it with you and then rent out pts ?

Just figuring out some angles for him.

As a third year law student and finishing bankruptcy law and its rammifications, I'd advise against it. Not for this type of debt.

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

Guys, he made a newbie mistake. Rubbing his nose in it isn't helping this new poster who has come here for advice. He's aware that he made a costly impulse purchase. Sheesh.

Brainstorming to help him would be beneficial.

Moving ahead.....................

You might want to vigorously market it using Timeshare Rentals, Timeshare Resales, Timeshare Ratings, and Timeshare Reviews - RedWeek.com, vacationsonly.com, timesharesonly.com. Do not use any company that demands or suggests an upfront fee. Do not do business with these types.

I checked on Timeshare Rentals, Timeshare Resales, Timeshare Ratings, and Timeshare Reviews - RedWeek.com for this resort and checked out comparable units. It's a $20 annual fee, but this might be a good starting point.

TUG (Timeshare Users Group - Timeshare Owners Helping Each other, Unbiased Timeshare Information for All Owners, Buy Sell Rent Timeshare) has a for sale area, too. Also, Timesharing Today (TIMESHARINGTODAY.COM) has a classifieds area and a kit with forms if you sell it yourself. If you do, seek legal advice.
Some realtors will list it as well. Make some calls.

Market, market, market. Cut your losses the best you can, if you can. As you know, you will have to price it competitively.

Do you have any family members or friends that may want to go half with you ? That is, half ownership, alternate usage?

Excellent advice.
I would do the same and try to cut my losses without ruining my credit.
In this day....your credit score is too important to jepordize over a TS.
Redweek.com and TUG allow you to list it for a very low fee. Give those a try before you give up!
Good luck.
K

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

Refinance, see if anyone will split it with you and then rent out pts ?

The OP has problem with the $500 per month payment. Which for 308k points is the mortgage payment, not MF payment.

If OP can come out $30,000 at this moment to cut the loss, than they will not have issue with $500 mortgage payment.

Very unfortuantely. Split will not help unless the other party willing to pay $15,000. And it usually end up OP needs to pay all if it become a bad arrangemnt.

Talk to local lawyer first, figure out your max loss, than start to find which approach you want to take and see each causes, then you will be able to determine the best approach you want to take.

Sell, you will need to find someone to pay $30,000. Although it is possible, don't expect it happens anytime soon, when it happen, you may already pay off all the loans.

Jya-Ning

[Beaglemom3 Senior Member Find all posts View Profile Close Beaglemom3]

The OP has problem with the $500 per month payment. Which for 308k points is the mortgage payment, not MF payment.

Jya-Ning

I understand this and did not say otherwise.Please reread. You have misconstrued it and are misinterpreting it.

Refinancing and renting out points could help defray total costs. I have rented out two of my t/s and put the proceeds towards the MFs and in paying down the principal partially. The rest, I paid out of pocket until it was paid off. The offset helped, did not solve the whole deal, but took some of the load off.

Hopefully, some FF experts will weigh in here.