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Re: Re: Re: Re: Get out of Westgate Resorts (by Irene P.):

This from the horse's mouth: Sr VP of Mortgage Lending, a deposition, but things change, so read this article by an attorney explaining that, while not likely anything really ugly will happen, developers, especially Westgate, have been getting more aggressive: https://afterinsidetimeshare.com/timeshare-wars-an-attorney-speaks-out-about-exit-companies-and-developers/

From the depositions: What Happens When a Westgate Owner Defaults? According to Joint Pre-Trial Statements - not much happens. Out of 621 original owners, Westgate only brought foreclosure proceedings against 244 accounts. Of the 86 remaining owners, only four testified they were foreclosed. With respect to the 86 owners Westgate decided to foreclose upon, none testified that their credit was damaged as a result of nonjudicial foreclosure, or were aware of any such impact. Westgate had not sought deficiency judgments as a matter of policy and is not entitled to under Florida law and the law of almost every state. Westgate could change its policy to pursue judicial foreclosure and seek deficiency judgments. This would allow them to place liens on real property or garnish wages, etc. Nonjudicial foreclosure is quicker and costs less than judicial foreclosure. Non-deeded points, rapidly replacing deeded timeshares, are not eligible for judicial foreclosure. The buyer is a “member” with no beneficial interest in real property. However, that member could be sued for the balance due on a promissory note.