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I have a TIMESHARE MORTGAGE that I
(a) would like to get out of or
(b) just stop paying on it.
I currently have litigation pending towards exiting the contract because of some "technicalities" Wyndham used in their negotiations. However, if this fails what would happen if I JUST QUIT PAYING? I would love for then to forclose, as it were, and just take it back. I'm 67, retired, own home, and just don't really care about my so-called "credit rating." My payments on this thing are ruining my retirement security.

gmakerley · Posted: Fri Feb 18, 2011 12:44 pm Post subject:

I'd have to think that they'd simply foreclose, take the unit back into inventory and sell it to someone else (if you just stop paying).

Your litigation, if you think it will be successful, might be more suitable, though. If you stand to reap some sort of benefit, it'd make sense to see that to fruition...maybe.

Guest

During a recent "upgrade" negotiation, we were
1.told that our "first" contract was now "officially void" and have a notarized Quitclaim. However, it was never recorded as it should have been.
2. We then were given a "new" deed for a "new" contract which, after review, we legally canceled within the 15 day window.
My contention is now that since I, in good faith, have had both contracts "canceled" therefore I DO NOT OWN ANYTHING and should not keep making payments which are creating undue hardships.

Posted: Sun Feb 20, 2011 10:37 pm Post subject:

You need to check out whether or not your name is mentioned on the mortgage docs. If no, then you won't be liable for paying off anything to the lender.

gmakerley · Posted: Fri Apr 01, 2011 9:13 am Post subject:

Dr. Jose, what precisely did they mean by "canceled"?

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