twinmommy19
TUG Member
- Joined
- Aug 10, 2011
- Messages
- 584
- Reaction score
- 6
- Points
- 228
Can someone please explain the risks associated with walking away from a RTU contract? What is the real credit risk involved and do the circumstances matter at all?
This isn't about trying to get out of the maintenance fees. We are in use year 27 of a 30 year RTU contract @ ESJ Towers in Puerto Rico and the last straw has just been pulled. The letter came yesterday. They are completely remodeling the units, and they want us owners, most of whom will not be owners anymore once the work is done to pre-pay for it so they can resell - in our case, they've asked $2,100 on top of our Maintenance in one lump sum. No way are we paying this.
Please understand that we have honored our contract through thick and thin - bought when the Towers were affiliated with the luxury resort next door. Continued paying through the years despite the blow that timeshare owners could no longer use the hotel grounds or facilities. Of course, the maintenance went up, and we continued to pay and would have done so until the end of our contract even with Puerto Rico in the undesirable crime ridden state it's in right now. We were prepared to honor our contract - to pay out 3 more maintenance cycles. Heck we'd be willing to still do this if they would just give us our Interval deposits up front now before that work is done and void the RTU. Yes we'd prepay the 3 remaining years if they'd let us do that. But we will not give ESJ an additional $2,100 above and beyond the $18K we already pissed away 27 years ago when we purchased.
So please help. What happens if we simply don't pay this assessment? We already prepaid 2018 maintenance and have confirmed trade with II. Can they take this away if we don't pay? I assume they can't ask II for a deposited week back right? What will happen to our credit if we walk away from this ownership now? Is it even legal that ESJ is doing this? The letter said the Board voted for this, but that means nothing if the Board isn't represented by any owners who are about to finish their 30 year ownership blocks. Is there any way to fight this?
This isn't about trying to get out of the maintenance fees. We are in use year 27 of a 30 year RTU contract @ ESJ Towers in Puerto Rico and the last straw has just been pulled. The letter came yesterday. They are completely remodeling the units, and they want us owners, most of whom will not be owners anymore once the work is done to pre-pay for it so they can resell - in our case, they've asked $2,100 on top of our Maintenance in one lump sum. No way are we paying this.
Please understand that we have honored our contract through thick and thin - bought when the Towers were affiliated with the luxury resort next door. Continued paying through the years despite the blow that timeshare owners could no longer use the hotel grounds or facilities. Of course, the maintenance went up, and we continued to pay and would have done so until the end of our contract even with Puerto Rico in the undesirable crime ridden state it's in right now. We were prepared to honor our contract - to pay out 3 more maintenance cycles. Heck we'd be willing to still do this if they would just give us our Interval deposits up front now before that work is done and void the RTU. Yes we'd prepay the 3 remaining years if they'd let us do that. But we will not give ESJ an additional $2,100 above and beyond the $18K we already pissed away 27 years ago when we purchased.
So please help. What happens if we simply don't pay this assessment? We already prepaid 2018 maintenance and have confirmed trade with II. Can they take this away if we don't pay? I assume they can't ask II for a deposited week back right? What will happen to our credit if we walk away from this ownership now? Is it even legal that ESJ is doing this? The letter said the Board voted for this, but that means nothing if the Board isn't represented by any owners who are about to finish their 30 year ownership blocks. Is there any way to fight this?