NEED TO RETURN TIMESHARE

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Original Message:

No "returns"...it is not that simple or easy... (by KC):

sabrinat4 wrote:
I need some assistance with knowing what can the timeshare companies do ( WYNDHAM LAS VEGAS) if you're in need to turn the timeshare(s) back in. We've had it for 5 years ( even and odd years) and due to finances we can't afford it any longer. I just want to make sure that 1. they can't garnish our wages and 2. ruin our credit for ever. Can you please inform what will happen. We just can no longer afford it. Its either mortage and other bills or timeshare. Timeshare is the decision because we can't live in it. Its a luxury.
If you fail to pay your maintenance fees (a legal obligation) your ownership will ultimately be foreclosed upon and a negative report WILL then be formally filed with the credit reporting agencies (...but likely only AFTER you are hounded by collection agencies seeking payment of the money owed). You indicate that you "...need to turn the timeshare back in...", but it does NOT work that way --- or that easily. You have 5 years of OWNERSHIP and all the associated, legally binding obligations of ownership. It's NOT an option to just choose to "discontinue participation", without inviting the consequences.

If there is no loan on the timeshare, you should contact Wyndham headquarters (attn; Legal Dept.) in Orlando, FL (in writing, NOT by phone) and at least formally ASK Wyndham if they will accept a "deedback", in which case you would voluntarily forfeit your ownership (and ALL of your purchase money). I know that in SOME instances, Wyndham HAS accepted "deedbacks" --- but I would have serious doubts about their being willing to do so for overbuilt Las Vegas. Nonetheless, it can't hurt to ask (in writing only --- they will NOT engage in any phone discussions about such matters).

If you still have a loan on the purchase however, all bets are off. Wyndham certainly won't consider or discuss a "deedback" if there is an outstanding purchase loan debt, since that particular debt is likely in the hands of a third party (i.e., not in Wyndham's hands).

I wish you luck, but you definitely have your work cut out for you. Las Vegas timeshares are a dime a dozen and just "turning it back in" is not likely to be an available option, just as bringing a car or a boat back 5 years after purchase to "turn it back in" is not an available option.