Original Message:
Default / foreclosure (by KC):
dianeh504 wrote:I've been trying to get out for a year. I still have a balance on my contract. I've emailed and spoken to people on the phone who say they are going to help me but that doesn't happen. I can't use the timeshare because they say I need to buy more points. They told me on purchase that they would buy back at any time. Apparently that was a lie. I've been forced to stop payment to see if someone would contact me but all that has done is ruin my credit rating. Any suggestions would be great!
If your credit rating has ALREADY been negatively impacted, then perhaps loan default reporting and foreclosure proceedings may have ALREADY occurred.
NO entity (including Wyndham) can or will ever "take back" a purchase if / when there is still an outstanding loan balance on the contract. Moreover, there is very often a third party lender involved, in which case the loan portion of the purchase transaction is essentially out of the hands of the resort chain anyhow.
It is unfortunate that someone may have untruthfully represented to you that the company would ever "buy back" your timeshare purchase. There is NO timeshare system in which that statement is true. Marriott, Hilton, Hyatt will sometimes exercise their "right of first refusal", but that only means that the company will "match" the resale price (on a fully paid off ownership ONLY) that a buyer is willing to pay the current owner in the resale market. This figure is of course always just a fraction of the original developer-direct price.