The Maverick, Ormond Beach/Daytona Florida - Week 45 - FREE

[Chuck Smillie]

FREE CLOSING - FREE 2017 AND 2018 MFs paid by seller if bought before may 15!

Week 45 FIXED
Fees ~$721
Unit - Bahama 316 Sq. Ft. Sleeps 4


we have moved to the west coast and never used the unit anyway.

I have a chunk of cash to pay the 2017 and 2018 MFs and will be more then willing to pay closing costs. Lets talk ... Chuck

 

[rickandcindy23]

I would definitely not put my phone number in a post. Too many scammers who will see it and call.

Have people click on your username to send a PM.

What week do you own. I see it's week 45, but is it fixed each year, floating? Size of unit? What are the fees?

 

[Chuck Smillie]

I would definitely not put my phone number in a post. Too many scammers who will see it and call.

Have people click on your username to send a PM.

What week do you own. I see it's week 45, but is it fixed each year, floating? Size of unit? What are the fees?

Thanks ... Modified

 

[Saintsfanfl]

This looks like an all fixed unit fixed week resort but I could be wrong. Studio and 1BR units.

Some advice for the OP. Nobody should take the timeshare on blind faith that you will pay the maintenance fee at closing, but the resort might refuse the transfer without it. Your best chance at unloading is to use a known reputable and affordable closing company like LT Transfers. You pay all the fees (LT is very reasonable) and pay the maintenance fee to LT to sit in escrow until the deed is ready to be sent for recording. In my opinion it's Florida on the beach so you have a decent shot at finding someone provided the maintenance fee is not crazy high for a studio unit. Redweek has a studio unit listed with a fee of $815. If the deal isn't good enough to find a taker within a few months be prepared to sweeten the pot if you really want to get rid of it.

 

[Saintsfanfl]

Thanks ... Modified

How can the fee be ~$400-$500? It is a specific amount. You need state the actual fee that was billed for 2017. Florida law requires it as part of a resale transfer.

One studio on Redweek has a fee listed of $750 and the other $815.

 

[Saintsfanfl]

Here is the link to the resort web page. http://maverickormondbeach.com/?page_id=276. The resort has been closed for some time due to hurricane damage but is supposed to be open soon. There is helpful information on floor plans which might explain the annual fee disparity.

 

[Chuck Smillie]

Maintenance FEE $721.57 ... 2016 WAS $355, not 100% sure why the increase other than Hurricane Damage

 

[Saintsfanfl]

Maintenance FEE $721.57 ... 2016 WAS $355, not 100% sure why the increase other than Hurricane Damage

They must be projecting additional costs beyond the insurance claim or doing a bad debt estimate due to closure instead of doing a special assessment. Unless that amount has an additional line item for the assessment.

How far are you behind? Only 2017 or prior years?

It is probably best to wait until they reopen to try and unload. Anyone wanting to take it on will want to do so knowing the full situation. You are in a bad spot but so are all the other owners so I would wait and make sure they reopen and continue.

 

[Chuck Smillie]

You are in a bad spot but so are all the other owners so I would wait and make sure they reopen and continue.

What happens if they close? I assume that would be good for me Also, they are projecting opening in a month or so ... it's not going to cost anyone anything until 2018 so they would be safe because if they are not open by then it would be closing for good. No cost to the person getting the unit.

I am a few years behind and will settle it all as part of closing.

 

[Saintsfanfl]

What happens if they close? I assume that would be good for me Also, they are projecting opening in a month or so ... it's not going to cost anyone anything until 2018 so they would be safe because if they are not open by then it would be closing for good. No cost to the person getting the unit.

I am a few years behind and will settle it all as part of closing.

If they close then the property would likely eventually be sold. In theory once the financials are settled if there is a gain it would be distributed to the owners.

 

[Chuck Smillie]

If they close then the property would likely eventually be sold. In theory once the financials are settled if there is a gain it would be distributed to the owners.

Would that "gain" be applied to any outstanding debt or would that just go to a collection agency who would actually try to collect since they will not take this to court NOW ... since I assume if it did go to court the only asset they could get is the unit itself, they would not want to risk getting the unit back. Hence why I keep just getting calls.

 

[Saintsfanfl]

Would that "gain" be applied to any outstanding debt or would that just go to a collection agency who would actually try to collect since they will not take this to court NOW ... since I assume if it did go to court the only asset they could get is the unit itself, they would not want to risk getting the unit back. Hence why I keep just getting calls.

If a timeshare goes under there is not likely to be anything left to distribute. They mention damage potentially exceeding 4 million but how much of that would be an insurance claim is the question. From the blog on the website it really looks like they will at least attempt to continue but I wonder how many 2017 fees remain unpaid.

You are correct in the court assumption. They would only do that for the foreclosure proceedings. Nobody sues in court for unpaid timeshare fees because it would almost never result in a net gain.

Even after foreclosed the unpaid debt remains. Technically it stays there forever even if no action is taken. You would only know it is gone if you receive a 1099-C but timeshare management companies and HOA's don't have to issue one.

 

[Chuck Smillie]

Even after foreclosed the unpaid debt remains. Technically it stays there forever even if no action is taken. You would only know it is gone if you receive a 1099-C but timeshare management companies and HOA's don't have to issue one.

Is that Florida Law ... or since it was purchase in Georgia, under Georgia Law? Which if I understand after 2 years without a court filing it's done ... and then they have to refile every 7 years after a judgement if no collection has been done or it's gone. Hope not to get to a legal point since I don't wish to travel to Florida for that;-) Now as long as it is operational they can keep adding on without going to court, but once it's dead ... the clock starts ticking. Also, it would most likely go to a collection company and there you can settle much easier since they paid pennies on the dollar!!

 

[Saintsfanfl]

You are either referring to a credit report or taking action with the courts. That is where the various laws apply. I was referring to actually owing the debt and collection attempts. It doesn't matter what state you are in, if you owe a debt now you will still owe it in 30 years unless the debt has been "forgiven" or settled.

I am not sure about other states but in Florida the courts will not act on the statute of limitations without the defendant coming to court and claiming it. In other words there is no timetable to being sued but if the statute of limitations has run out you just have to show up or have representation and ask for a dismissal based on the statute of limitations.

You have to watch your credit report on really old debt that changes hands. I have seen cases where the debt purchaser files it as new so it will show back up a decade or more later. You then have to dispute it with the credit bureaus to get it back off.

Avoid a judgement at all costs. If a collection company actually begins court proceedings then settle as quick as you can. There are so many credit and loan situations that will require a judgement be paid. It will stay on the credit report for I believe 10 years but it can be looked up on public record indefinitely. It is highly doubtful any timeshare would go to the courts to sue for unpaid fees but I have seen it happen with credit card balances for only a couple thousand.

 

[Chuck Smillie]

Avoid a judgement at all costs. If a collection company actually begins court proceedings then settle as quick as you can.

I would love to either settle and give back the deed OR just sell it and clear things out. Either way it seems to be less risky or costly then say LoneStar Transfers, US Consumer Attorney's or Timeshare Exit Team ... who all claim to get me out of my timeshare legally, yet cost over $1000 more than I own and will no guarantee how much in past due fees I will owe, other than "possibly" all. Hence why I am hoping someone who enjoys timesharing will see this and jump on it.

HECK HOW ABOUT A "BONE" ... if we can CLOSE BEFORE MAY 15, I WILL PRE-PAY 2018 EST FEES ALSO

 

[Chuck Smillie]

Any reason why interest is low?

 

[TUGBrian]

at least from my viewpoint, anyone considering buying would be put off by the fact that you mention you are currently in default of your payments, with the first line of your ad stating "i am behind in my dues"...this doesnt really attract buyers!

while I realize that you also mention you will "pay up your balance owed" as part of the closing, it could certainly hinder the transaction if the resort has already marked the ownership in default etc and doesnt provide much of a warm and fuzzy to any potential buyer.

have you written a letter to the HOA offering to pay your back fees and 2018 fees to see if they would allow you to surrender your deed back to them?

offering to also pay 2018 fees is a great idea and should be far more prominent in the ad...ill modify your first post a bit.


id also suggest posting the ad in the marketplace where it'd get far more views.

 

[TUGBrian]

edited your first post to make it a bit more appealing...please let me know if anything is not correct and ill change it for you.

 

[Saintsfanfl]

Any reason why interest is low?

I do not want to be negative, but since you asked, there are some key reasons.

• The resort is closed. It is really tough to sell or give away a timeshare when the resort is still being repaired. The damage was extensive and the opening has been delayed multiple times. This is why I suggested waiting until they reopen before trying to find a taker. Once the repairs are completed the resort should be very nice and new.
• Lack of information regarding financial impact to owners due to damage and defaults from closure.
• The maintenance fees are not current. You offer to pay upon transfer but some people are uncomfortable with having a deed signed over to them without the fees paid first.