Defaulting on Time Share Question.

So, what would happen if I just bought a Westgate Orlando timeshare and
now simply stopped making the monthly payments. The monthly payments
haven't even started yet and I only put $200 down but now that I'm
looking at the whole picture it seems totally insane and in order to
get out it would just be easier to default on the whole thing than try
to resell it. (total loss $200 almost offset by some free Disney
tickets).

They just repossess the property as it is taken in collateral, right?
You can't get into any legal trouble can you? (I'm Canadian living in
Montreal anyways).

Signed,
Retarded.

Re: Defaulting on Time Share Question.

The blind leading the blind...but I'm really trying to rebuild my
credit and I know defaults and foreclosures are really really bad for
your credit.

Anytime, ;)
Jamie

Re: Defaulting on Time Share Question.

In article <>,
wrote:

> So, what would happen if I just bought a Westgate Orlando timeshare and
> now simply stopped making the monthly payments. The monthly payments
> haven't even started yet and I only put $200 down but now that I'm
> looking at the whole picture it seems totally insane and in order to
> get out it would just be easier to default on the whole thing than try
> to resell it. (total loss $200 almost offset by some free Disney
> tickets).
>
> They just repossess the property as it is taken in collateral, right?
> You can't get into any legal trouble can you? (I'm Canadian living in
> Montreal anyways).

The problem is that a time share is like a car...the moment
you sign on the dotted line, it loses 2/3 of its value. What
will happen is that the mortgage company will put you in
foreclosure. They will repo the time share, sell it wholesale
for pennies on the dollar, and send you the bill for the shortage.
If you cannot pay the bill, then they will take you to court,
win, get a judgement, and then start collecting. They can
collect by seizing bank accounts, garnishing wages, and putting
a lien on any real estate that you own.

Letting it go back is probably the single worst thing you
can do.

-john-

--
============================================================ ==========
John A. Weeks III 952-432-2708
Newave Communications
============================================================ ==========

Re: Defaulting on Time Share Question.

wrote:
>
> So, what would happen if I just bought a Westgate Orlando timeshare and
> now simply stopped making the monthly payments. The monthly payments
> haven't even started yet and I only put $200 down but now that I'm
> looking at the whole picture it seems totally insane and in order to
> get out it would just be easier to default on the whole thing than try
> to resell it. (total loss $200 almost offset by some free Disney
> tickets).
>
> They just repossess the property as it is taken in collateral, right?
> You can't get into any legal trouble can you? (I'm Canadian living in
> Montreal anyways).

If you just walk you're in for a whole of hassle. Trashed credit,
paperwork by the ton.

Call them and tell them you wish to back out. See if they are
willing to work it out peacefully. If they are willing to back out for
a small fee, it will be worth your bother.

Also look through your contract carefully. If it has a 3-day right
of cancellation get on the phone instantly and do the paperwork
by FAX instantly. If it does and you're past those 3 days, too
late.

Re: Defaulting on Time Share Question.

<> wrote in message
news:
> So, what would happen if I just bought a Westgate Orlando timeshare and
> now simply stopped making the monthly payments. The monthly payments
> haven't even started yet and I only put $200 down but now that I'm
> looking at the whole picture it seems totally insane and in order to
> get out it would just be easier to default on the whole thing than try
> to resell it. (total loss $200 almost offset by some free Disney
> tickets).

Are you sure you "bought" the timeshare? If you just put down $200 as a good
faith deposit and will be signing the papers to close the deal at a later
time, you can probably back out with only a loss of $200. If I were asked to
name what I consider to be the single worst financial investment on the
planet, I would reply "timeshares."

Re: Defaulting on Time Share Question.

Don wrote:
> <> wrote in message
> news:
> > So, what would happen if I just bought a Westgate Orlando timeshare and
> > now simply stopped making the monthly payments. The monthly payments
> > haven't even started yet and I only put $200 down but now that I'm
> > looking at the whole picture it seems totally insane and in order to
> > get out it would just be easier to default on the whole thing than try
> > to resell it. (total loss $200 almost offset by some free Disney
> > tickets).
>
> Are you sure you "bought" the timeshare? If you just put down $200 as a good
> faith deposit and will be signing the papers to close the deal at a later
> time, you can probably back out with only a loss of $200. If I were asked to
> name what I consider to be the single worst financial investment on the
> planet, I would reply "timeshares."

Yeah, we definitely bought it. On the other hand we might actually use
it in the long run and it's not like it cost $30,000. It was like
$8000 and we only pay the fee every other year etc. so fortunately it
was about as minimal into it as you can get. Honestly, I feel more
irritated that I did it than any financial or investment drain. Kind
of swindled/charmed, you know and now I just wish I had walked away.

Anyway, sounds like more of a headache to cut it off than anything
else. Does anyone have anything positive to say about the Timeshares
at all? Not as an "investment" per se but is it possible to actually
get your money's worth out of it if you use it? There is so much
negative said/written about them, are there any positive aspects to
timeshares at all?

Jenny

Re: Defaulting on Time Share Question.

<> wrote in message
news:

> Anyway, sounds like more of a headache to cut it off than anything
> else. Does anyone have anything positive to say about the Timeshares
> at all? Not as an "investment" per se but is it possible to actually
> get your money's worth out of it if you use it? There is so much
> negative said/written about them, are there any positive aspects to
> timeshares at all?

My guess is that most people who buy timeshares use them for a couple of
years, then sell them for half or less of what they paid, and realize that
they have taken a couple of very expensive vacations. Of course, I suppose
there are exceptions, and if you fall in love with one resort and want to
keep going back there every year forever, it could be a good deal. A lot of
people will buy them in the excitement of a great vacation at a new place,
but, as with so many things, the excitement wears off and they want to move
on. Timeshares are a great thing for the people who develop and sell them.

Re: Defaulting on Time Share Question.

<> wrote in message
news:

> Anyway, sounds like more of a headache to cut it off than anything
> else. Does anyone have anything positive to say about the Timeshares
> at all? Not as an "investment" per se but is it possible to actually
> get your money's worth out of it if you use it? There is so much
> negative said/written about them, are there any positive aspects to
> timeshares at all?

My guess is that most people who buy timeshares use them for a couple of
years, then sell them for half or less of what they paid, and realize that
they have taken a couple of very expensive vacations. Of course, I suppose
there are exceptions, and if you fall in love with one resort and want to
keep going back there every year forever, it could be a good deal. A lot of
people will buy them in the excitement of a great vacation at a new place,
but, as with so many things, the excitement wears off and they want to move
on. Timeshares are a great thing for the people who develop and sell them.

Re: Defaulting on Time Share Question.

wrote:
>
> Honestly, I feel more
> irritated that I did it than any financial or investment drain. Kind
> of swindled/charmed, you know and now I just wish I had walked away.

They do tend to have high pressure sales pitches,
don't they? Very tempting on the spot when the
sales pitch is a good one.

> Anyway, sounds like more of a headache to cut it off than anything
> else. Does anyone have anything positive to say about the Timeshares
> at all? Not as an "investment" per se but is it possible to actually
> get your money's worth out of it if you use it? There is so much
> negative said/written about them, are there any positive aspects to
> timeshares at all?

I have a friend who loves to play golf but he gets sick of it
fast. He bought a timeshare near a nice golf course that
included green fees for a week per year. He goes plays
golf for 5-6 days, loves it, gets tired of playing golf, comes
home. Then some other time of year he goes somewhere
else on vacation. It turned out fine for him. If I bought the
place I'd be bored stiff the first walk up the green.

Also if you bought in one of the big group ones and you bought
in a very popular place, you can trade. Buy in Las Vegas and
good luck trading for anything but Florida. Buy in Tahiti, no
problem trading for anything short or the French Riviera. In
those groups popularity matters a lot - Who with a timeshare
in Rome wants to trade for one in Los Angeles, who with a
timeshare in LA doesn't want to trade for one in Rome?

The general idea should be to vacation at assorted places
and see if you end up with a clearcut favorite. If you do look
into timeshares there. If you spend all summer polishing
your skis, go ahead and get that place in Aspen.

My understanding is there are always plenty of folks who
rent their timeshare out. I'd rather rent than own. More
choice. So far I've only done so once but it was nice and I
would be happy to do that again somewhere else. If you do
keep it, you can recoup some of the cost by putting it in the
rental pool.

Re: Defaulting on Time Share Question.

In article <MCGMf.6850$>
wrote:

> If I were asked to
> name what I consider to be the single worst financial investment on the
> planet, I would reply "timeshares."

If you qualify this as "new timeshares", I'd agree. If you insist on
including resale timeshares, then you still may have a good argument.
But if you really do want a timeshare, look on the used and repo
market. You can often find them for little more than the price of
the annual upkeep. For example, I bought one a while back for $750,
and it had 3 years of pre-paid maintenance. I plan to sell it in a
few years, and likely will use it 4 or 5 years and get nearly all of
my money back out.

-john-

--
============================================================ ==========
John A. Weeks III 952-432-2708
Newave Communications
============================================================ ==========

Re: Defaulting on Time Share Question.

wrote:
> Does anyone have anything positive to say about the Timeshares
> at all? Not as an "investment" per se but is it possible to actually
> get your money's worth out of it if you use it? There is so much
> negative said/written about them, are there any positive aspects to
> timeshares at all?

OK, Jenny, yes, most certainly.

My husband had to talk me into it because I didn't see it at the time,
but after over 12 years (of which we didn't lose a single week or
now point yet), I agree that he was right in the first place (actually,
I agreed with that years ago), but you have to see the reason why
we bought it: we live on the Big Island of Hawaii and the timeshare
is on the other side o the island. We can get there without making
big travel arrangements other than booking well ahead of time
(which is half the point: you have to plan to take the time then,
so matter what comes up later. "I can't go now" doesn't work.)

Some years we had to go out of our way to find a timeslot when all
3 of us could go, this year may very well be another one of those, and
we wouldn't have gone on any vacation anywhere if we hadn't had to
book it 6 months ahead of time. I might mention that for the
maintenance
fees we pay for a 2BR/2 or 3BA you can't get more that 4-5 nights worth
of single hotel room here at the very most, where in the off season
we can get about 10-12 nights of timeshare. It's paid for itself, even
if
we bought it "new" - and we're planning on keeping it.

Of course we didn't buy it for investment, we bought it for saving
our sanity, and it's done that many times.
(Why we don't just stay home? That's easy. There's always too much
work to do)

Aloha,

Maren
Palms, Etc.: Tropical Plant Seeds - Hand-made Jewelry - Plants &
Lilikoi

Re: Defaulting on Time Share Question.

"John A. Weeks III" <> wrote in message
news:
> If you qualify this as "new timeshares", I'd agree. If you insist on
> including resale timeshares, then you still may have a good argument.
> But if you really do want a timeshare, look on the used and repo
> market. You can often find them for little more than the price of
> the annual upkeep. For example, I bought one a while back for $750,
> and it had 3 years of pre-paid maintenance. I plan to sell it in a
> few years, and likely will use it 4 or 5 years and get nearly all of
> my money back out.

Yes, I was thinking of new ones. New or used, I believe they are a lousy
investment, but indeed they could be O.K. for personal vacations, if used
year after year for a long time. I doubt that many people realize a capital
gain after owning a timeshare for a few years and then selling it. To invest
in something in a resort area, for personal use as well as an investment, I
would say that a far better plan is to buy a resale condo or a single family
dwelling.