Original Message:
ask-redweek-wyndham-ovation-help-owners-get-out (by Eric B.):
After being a WorldMark, then a WorldMark by Wyndham owner for over 20 years, I am embarrassed that I ever entered into a contract for the timeshare. It should be a crime in every state to suffer through the sales process of these time shares. A notice should be mandatory and provided to each and every person, on a singular page, up front and on top of the purchase contract, who is considering a time share warning them of the financial consequences of purchasing the time share. The warning should include the limitless increase of the dues, the every growing numbers of people who will become owners, along with the negative amortization to the value of the points they are purchasing through the mortgage they are accessing. It should also include wether there is a way to sell this share that they own.
If they cannot sell it, how can it be that they own it? The legal system should demand that something so easily sold also either be easily sold again, or should provide significant warning as to the impact of purchase up front.
I regret that I ever purchased the time share contract. And, to add insult to injury, I got caught up two more times before I looked diligently at the contract. The two additional sales were for shares less costly. Foolishly I thought I was reducing the cost over time. I just did not realize the value of the shares were already zero because no one reputable would want to purchase them from me because of the structure of the shares.
I am constantly surprised at the rise in maintenance dues. I now pay monthly what I originally paid annually.
At what point will the Attorney Generals come knocking? Unfortunately, any Attorney General action ignores and does not provide for recovery for the owners. It is nearly impossible for individuals to consider a class action law suit. Even after the last attempt at bait and switch that I suffered through, I was incensed but did not consider an attorney.
I think it is in the best interest of these time share companies to quickly come up with financial solutions that can return some amount of money to owners who are tired and feel taken advantage of. The States should either expect solutions or demand that some kind of market is created for timeshare owners. I think it only moral for Time Share companies to begin thinking broadly and address the lies in their presentations and communicate the fraud of time share ownership. Time share owners merely become liable for poor management and terrible real estate selection through monthly expenses. There is no real value in the ownership except fleeting visits to the corporate locations where they can see the aging of the real estate they are paying to maintain.
As a Time Share owner, I already know that the resell value to the market is zero. The only things left for me to lose is my current monthly expenses and the remainder of my debt. Once the mortgage is paid, I will have nothing to lose as I make complaints and demand legislators make reasonable changes.
This is the last area for "highway robbery" that continues to be illegal. It should be shut down or the Attorney Generals should at least warn these companies that the scam will come quickly to an end.