CFI Resorts Management Inc., Westgate Resorts, Planet Hollywood, Las Vegas, Week 52 Club fraud. Ocoee Florida

Timeshares need to be looked up as a purchase and not an investment. Regardless of how timeshares are presented, they don´t perform as well as a house or stock investment. If you look around the resale market for timeshares on websites like EBay, Redweek, or TUGBBS will find that you can buy a timeshare for far less money than what the first owner purchased it for.

Hi TyJilly,

 I really like what I read from you, but it sounds too good to be true.  How do you know that they do this, has someone you know been presented with only the deed of leiu and not had to keep paying?  Are you referring to just mortgages and/or maintenance fees?

I have done so much research on line to see if people have been foreclosed on etc etc and I find everyone saying it will happen, but havent seen anywhere that it has happened.  Collections say it does and they are the only ones who have ever confirmed it for me.

I was lied to and tried to cancel 1 day too late my timeshare in Miami back in 2001.  I decided to pay off the mortgage and be 'safe'.  I stopped paying maintenance 6 yrs ago, and with odd ownership I have 3 yrs of fees and interest owing.  I am not a US citizen.  I moved from the States and WGate couldnt contact me.  6 yrs ago I listed the timeshare for sale on sellmytimesharenow.com and last year I was approached by a fake potential buyer frederickrobinson30@yahoo.com, who uses different numbers in his email address as it turns out .  I have a sneaky suspicion that this was somehow Westgate.  Anyway, this made me contact Wgate and also contact the collectors to see how much was owing.  They call me alot now. 

'Collections' have advised me that Wgate is very patient and will wait until there is alot more owing, and then they  'could' foreclose and you loose the property and still have to pay what is owing which will be an astronomical figure by that point with all the interest and court fees. 

I dont want to pay them another dime.  The collectors are giving me an option of paying only 2000 of the 3000 owing to them to give it back to Wgate, or pay whats owing in total and keep the stupid thing and their ongoing maintenance fees.  From what you suggest, I could eventually end up with a letter and a deed in leiu.  From what you know,  are you suggesting that I wouldnt have to pay anything, and yet get this deed?  How can you be sure?  If you do know someone this happened to, how long was it before they were sent the deed from when they stopped paying, and what kind of sum was owed at time?  I have lost 10K in the whole process with Westgate already, and i really feel for people like Bill who have it even worse.

Hi,

We used to own a westgate timeshare, what a mistake, we donated it but ended up losing 16,000 in the process, not much compared to what you lost.

If you stop paying Westgate will not sure you, they will NOT destroy your credit.  I wish I knew this before I paid it off.  Here is what will happen,

1. Once you stop paying, you will get threatening phone calls, ignore them.

2. You will start getting letters and more calls from what looks like a "collection company" it's actually just a department in westgate.

3. They will threaten to ruin your credit (they will NOT) and to take you to court (they will not).

4. They will send you tons of letters, ignore them at first.  Again the collection company is just a department at Westgate

5. They will try to work out a payment plan, DO NOT do it!  Don't pay a dime, nada, not one cent.

6. They will finally offer you a deed in leiu of foreclosure, they will mail it to you, sign it and send it back. 

7. They will ask you for a "processing fee" of 500 or 700, DON'T send anything, just sign the papers and return.

8. you will get a comfirmation from Westgate stating that you are no longer the owner.

Why would they do this you ask?  Well it's simple, Westgate provides it's inhouse "financing" through what we think is Westgate well it's not.  The financing comes from multiple "investors" and "banks."  In order for Westgate to keep providing these high interest loans they have to be able to get the banks and investors to keep believing Westgate is a great business.  Of course they have to show them financial statements and they DO NOT want to show forclosures on these statements.  If they do, the banks and investors will not longer support westgate and where will they get all this money to give these poor victims loans.

Please email me if you have any questions,

TyJilly@yahoo.com

I hope this helps.

Hi,

We used to own a westgate timeshare, what a mistake, we donated it but ended up losing 16,000 in the process, not much compared to what you lost.

If you stop paying Westgate will not sure you, they will NOT destroy your credit.  I wish I knew this before I paid it off.  Here is what will happen,

1. Once you stop paying, you will get threatening phone calls, ignore them.

2. You will start getting letters and more calls from what looks like a "collection company" it's actually just a department in westgate.

3. They will threaten to ruin your credit (they will NOT) and to take you to court (they will not).

4. They will send you tons of letters, ignore them at first.  Again the collection company is just a department at Westgate

5. They will try to work out a payment plan, DO NOT do it!  Don't pay a dime, nada, not one cent.

6. They will finally offer you a deed in leiu of foreclosure, they will mail it to you, sign it and send it back. 

7. They will ask you for a "processing fee" of 500 or 700, DON'T send anything, just sign the papers and return.

8. you will get a comfirmation from Westgate stating that you are no longer the owner.

Why would they do this you ask?  Well it's simple, Westgate provides it's inhouse "financing" through what we think is Westgate well it's not.  The financing comes from multiple "investors" and "banks."  In order for Westgate to keep providing these high interest loans they have to be able to get the banks and investors to keep believing Westgate is a great business.  Of course they have to show them financial statements and they DO NOT want to show forclosures on these statements.  If they do, the banks and investors will not longer support westgate and where will they get all this money to give these poor victims loans.

Please email me if you have any questions,

TyJilly@yahoo.com

I hope this helps.