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Roger, Lawyer
Category: Real Estate Law
Satisfied Customers: 31788
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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I own a time share with Wyndham and VO Financials has contacted

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I own a time share with Wyndham and VO Financials has contacted me and told me that they could do a non-judicial foreclosure under the Dodd-Frank act and reduce the amount I owe by 40 percent and help me get a lower interest rate. They say they have experience in doing this and that they would be filing it in Florida. However, in my research I discovered that Florida does not do Non-Judicial Foreclosures. They want me to sign a document that says that I can't sue them and resolves them of any liabilities concerning this issue. They say they are not legal representatives and all they are doing is just trying to help out victims who have been defrauded by time shares. What would be your advice to me?

Hi - my name is XXXXX XXXXX I'm a Real Estate litigation attorney. Thanks for your question.


Usually, any contact from a company like this that is not solicited by you is some type of sham, or at the least, is way too good to be true. The best response you can usually give is that you are interested and to please mail you all of the literature on its program so you can read over it and also allow your attorney to look at it. That usually ends the solicitation.


You are correct that non-judicial foreclosures aren't allowed in Florida. Also, a foreclosure means that you lose your property. Thus, there would be no need to refinance the loan because you wouldn't own the property.


You certainly should not commit to anything and ask for the literature to be mailed to you. My guess is that this is not a legitimate operation, or at the least, that it is not exactly what they're telling you - - based on your observations that non-judicial foreclosures aren't allowed in Florida and that a foreclosure would sever your ownership interest in the property and cause the loan you owe to be due immediately, leaving no need for a refinance.


Please let me know if you have any additional questions related to this issue. Also, please positively rate our conversation so that I may receive credit for my research and response.


Customer: replied 4 years ago.

Thanks Kirk for the reply. Does the Dodd-Frank law apply to time shares? or are they using that as a front to prey on individuals who are unlearned about the law?

The Dodd-Frank Act is the financial reform act that President Obama signed into law a few years ago. It changed many financial regulations on banks an other financial businesses. Here's a link to an outline of the law:–Frank_Wall_Street_Reform_and_Consumer_Protection_Act#section_3

The law would apply to loan regulations related to your timeshare, but it would not allow you to process a non-judicial foreclosure in a state that doesn't allow non-judicial foreclosures.

Any time you receive an un-solicited offer like this, it's usually not on the "up and up".
Customer: replied 4 years ago.

I have supposedly talked to a lawyer at that office that has tried to calm my concerns. I hate that people try and trick people out of their hard earned money. Based on what you have said, it seems the best thing for me to do is to tell them I am not interested. Is there a way to get out of these time shares legitimately? It seems that every avenue seems to be blocked?

Any time you speak with an attorney, you should ask for his/her state bar (license) number and the state of licensure. You can verify whether or not the person is an attorney with the state bar.

The only real way to get out of a timeshare is to find someone else to buy you out. There are reputable companies out there. I can't recommend any due to the terms of service of our website, but you can look at the BBB's website ( and search for timeshare companies. If they have a positive BBB rating, they're generally reputable.

You can make contact with the company of your choice and try to get help selling your timeshare. These companies usually aren't going to be calling you soliciting business - - you'll have to seek out the more legitimate companies.

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