Original Message:
Is there any EFFECTIVE way to dump a wyndham timeshare...??? (by Lance C.):
jefff382 wrote:I Have two cousin's that just used a company to get them out LEGALLY. Funny thing is they were all talking about timeshares a couple family gatherings ago. One bought one from Wyndham for 29K two years ago and the other bought from Blue Green for 27K 1 year go. both timeshares are now gone including the mortgage they had. Took right at a year on both to get them out due to the mortgage. After reading this I called one of my cousins and he said it was a decent chunk, but the best money he ever spent. Saved thousands on the mortgage and the Maint. Fee's and is gone.
A few things here. First, are you and your cousins really that close that they would reveal such information to you? They seriously told you about a company they paid thousands of dollars to (I'm assuming) to relieve them of a mortgage and maintenance fees? And on top of that, they told you the name of the company?!?! And then on top of that, you decided that you (not they) would come on these boards and tout the praises of this previously not-so-well-known company?!?!
And how can their timeshares be "Gone"? The timeshares still exist. It's not like they were put in an incinerator and reduced to ashes.
Did they explain how this company worked because each time I hear of a company that supposedly got a customer out of a timeshare with a mortgage still on it the question arises. For argument's sake, I'm just going to roll out some round figures. Let's say your cousins still owed $15,000 on their mortgage. They paid this miracle-working company $4000 to "cancel"' their mortgage and timeshare. So now your cousins are elated that they only spent $4k instead of $15K (yes, I would be too). As well, this company that you and your cousins are touting are $4K richer. But what about the $15K that is owed to the lender? What happens to the lender? How does the lender get satisfied?
I raise this question each time I see someone on these boards touting a company that supposedly "canceled" their mortgage (and possibly timeshare) but no one can ever explain this phenomenon. After all, if someone owed you $3000 but, for one reason or another, did not want to or could not pay you back, then went to some supposed debt-cancellation lawyer, paid the lawyer $500 to get rid of this debt and this debt were somehow cancelled, how would you feel not getting the $3000 owed to you? How would you feel about your debtor as well as this lawyer? How would you feel about the debtor (or his cousin) going on forums like these saying, "Hey, if you owe somebody money that you do not want to pay, then hire this lawyer who, for a fee smaller than what you owe your creditor, will make your debt disappear"?