Need Help [merged]

Out TS is at A Place at the Beach Atlantic Beach NC. My question and problem is a special assessment for the next 3 years to redo the whole resort. They want it all or a 3rd of it at one time. We are old and retired on fixed income and can't do it all when they want it. I am paying a certain amount monthly to go toward the maint fees and the special assessment. Problem 40.00 late fee letter and they will be turning over to collection agency after a certain date and then we will have to deal with collection agency. Since I have contacted them and told them what I can do Is there anything else I can do?
Thanks

Boy, that's tough. Maybe you can take out a bank loan for the SA? You probably can't even give the TS away while there is an SA owing on it, and the HOA no doubt won't accept a deed-back. Truth told, the HOA or management should be held responsible for allowing the place to get into a situation that an SA is necessary to bring it up to standards. I wish I had a good suggestion for you, but none of the choices are good.

As to turning you over to collection, if you are tapped out and on fixed income, you are very likely 'collection proof'. A collector would know that even if suit was brought, you couldn't pay it. You might be able to write to the HOA, explaining this to them. There is a chance they will accept a deed-back, but the odds are not good.

Good Luck, and Welcome to TUG

Jim

have you written a letter to your HOA explaining your situation and asking if they will take the unit back? (note not a phone call to the resort, but writing to your hoa)

No but will try that. Thanks

TS Foreclosure

Does anyone know how it works with the TS if you are behind.This is our story
brought TS tri yearly in Williamsburg paid on it a couple of years made the mistake of going to meeting "owners update" Upgraded to biyearly red week.
After we did this and before we started making payments on upgrade/ financial and personal events happen. We are now almost 1000.00 behind.I have contacted them to let them know of our situation they will not take it back.To
make the situation worse we own another TS that has added a special assessment for the next 3 years. With all this going on the financial burden is to much We are both retired and on a fixed income.The thought process is to let the Williamsburg TS mortgage go into foreclosure.The other TS is paid for and we will try to get all the assessments paid. This foreclosure direction is new to us and would like to know how it goes and what to expect. Thanks

jimmylinn2014 said:

Does anyone know how it works with the TS if you are behind.This is our story
brought TS tri yearly in Williamsburg paid on it a couple of years made the mistake of going to meeting "owners update" Upgraded to biyearly red week.
After we did this and before we started making payments on upgrade/ financial and personal events happen. We are now almost 1000.00 behind.I have contacted them to let them know of our situation they will not take it back.To
make the situation worse we own another TS that has added a special assessment for the next 3 years. With all this going on the financial burden is to much We are both retired and on a fixed income.The thought process is to let the Williamsburg TS mortgage go into foreclosure.The other TS is paid for and we will try to get all the assessments paid. This foreclosure direction is new to us and would like to know how it goes and what to expect. Thanks

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http://tug2.net/timeshare_advice/stop_paying_for_timeshare.html

Need Help

I have read the article. I am trying to work out something with the TS mortgage dept. Thanks

good luck, stick to your guns...the answer you get first is almost universally no! be persistent about your situation.

Need Help

TS They won't take it back but will do a payment plan to get us going in the right direction to get caught up.Pay so much for 3 months and then start our regular payments. I just wish I knew how hard they will push.

I can assure you the resort would be financially better off accepting the week back (perhaps for a fee)...than paying to go through the foreclosure process.

I already mentioned your first answer was going to be a no, however it appears you have expressed a desire to them that you are willing to work out a payment plan...if thats the case I doubt you have much leverage anymore.

kudos to you however for at least making an attempt to work it out with the resort.

TUGBrian said:

I can assure you the resort would be financially better off accepting the week back (perhaps for a fee)...than paying to go through the foreclosure process.

I already mentioned your first answer was going to be a no, however it appears you have expressed a desire to them that you are willing to work out a payment plan...if thats the case I doubt you have much leverage anymore.

kudos to you however for at least making an attempt to work it out with the resort.

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What would happen if they just walked away? She said she is older and that she can't afford it since they are on fixed incomes. Won't the timeshare company just take it back if she refuses, or is unable, to pay for it?

No they presented this to me when I asked them to take it back.

icydog said:

What would happen if they just walked away? She said she is older and that she can't afford it since they are on fixed incomes. Won't the timeshare company just take it back if she refuses, or is unable, to pay for it?

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through the legal foreclosure process yes...but in most states thats a long and expensive process (for the resort hoa) which is why it really is in the resorts best interest in situations where an owner simply cannot pay anymore, to take the week back (even if under some payment plan).

however resorts still stick to the "lets keep threatening them to try to try to squeeze blood from a stone" plan....not matter what the actual situation may be. Dont get me wrong, I realize that a % of folks who want to walk away are not in dire financial straits and can likely continue to make the payments...but ignoring the fact that many of your owners have been owners for many years, and can simply no longer travel, and no longer afford to pay...is just ignorant on all levels.

quite frankly, even a foreclosure listing on your credit goes away after 7 years, in many situations...that is certainly a better option than paying 7 years of maintenance fees at a resort you wont even use for the elderly/retired/fixed income folks.

going off the math above, you claim you are already $1000 behind, and lets assume your mf is 800 a year (going with an average here). we are talking $6600 dollars paid out for nothing more than keeping your credit score up for the next 7 years.

I am not one for walking away from obligations, but if you truly are in dire financial straits, and dont visit the resort anymore or vacation due to age/etc/whatever...thats a pretty penny to pay for nothing more than maintaining a credit score.

Rogers' Advice Is Good Advice

If your situation is, indeed, dire, then the Rogers' advice is excellent advice and I hope you consider it.

Too many super seniors are discovering long overdue MFs and/or SAs that they have been filing away, always intending to pay, as soon as their income allows, but emergencies keep preventing this, and they get further and further behind.

Worse, these same citizens have been paying those MFs and SAs on time, every year, and they have stopped traveling and using their timeshares for 10 years or more, all the while being too embarrassed about their situation to ask for help.

Many family members discover this only after a hospitalization requires a thorough examination of all income and outstanding debts in order to qualify for extended care or nursing home care under Medicare.

And there are many elderly who are proud of their credit history and want to leave this world free and clear of any and all obligations. The thought of passing along time share debt to their children is inconceivable and worries them to death, literally!

Good luck. Please post back with a happy ending.

avelox said:

And there are many elderly who are proud of their credit history and want to leave this world free and clear of any and all obligations. The thought of passing along time share debt to their children is inconceivable and worries them to death, literally

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Biggest misconception out there Debt doesn't bequeath, only assets (net of any debt). Other Assets would be used to satisfy timeshare mortgages, Maintenance Fee obligation stops when the estate is closed and the worthless timeshares are abandoned (refused by the heirs)

The OP should seek the advise of insolvency counsel, since they have T/S Mortgage, Maintenance and Special assessment debt plus other extraordinary financial pressures

Need Help

Thanks for all the advice. It has been very helpful. I am contacting the resort again asking them to take the units back.I will keep you updated on how it goes.
Thanks

I respectfully suggest taking a harder line...

jimmylinn2014 said:

I am contacting the resort again asking them to take the units back.

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You might want to consider taking a slightly different (and considerably more hard line) approach during your next contact...

More specifically, consider telling them plainly and clearly (but still politely) that your financial situation is such that you cannot realistically consider any "payment plans", nor do you have any interest, ability, plans or intentions to visit or use the resort again in the future.

After making the above points crystal clear, next plainly state that they can either take back the deed(s) in lieu of foreclosure now, willingly and at minimal expense to them, or they can instead go right ahead and foreclose anytime they choose --- incurring the expenditure of considerably more time and more cost to them.

Make it politely clear that the above are their only two choices. Make it further politely clear that in either scenario you are not sending any more money their way. Once presented with these two clear choices, their attitude and viewpoint may very well shift to be more "accommodating".

I greatly respect your obvious integrity and your willingness to honor your own personal financial obligations. I also acknowledge, understand and respect that advancing years and financial survival on a fixed income must, of necessity, trump leisure travel and / or timeshare matters in the reality of your life.

I wish you luck and success in achieving a mutually agreed "deedback" resolution on this matter. You might also want to consider seeking legal counsel on these (and / or other applicable) debt matters, in order to effectively ward off future collection efforts and contacts and otherwise help protect your personal interests.