# Will my grandkids be obligated to complete my timeshare agreement?



## Humu (Nov 12, 2008)

Ten years ago, my in-laws gave my wife and I their timeshare in St. Maarten. Seemed like a deal at the time -- hey, free is good!  But we're far too busy with our young children to actually use our week. The maintenance fees rise over 10% a year  , and when I did my online research on selling or renting the timeshare, well . . .  

I've come to accept that, unless we are truly fortunate, my wife and I will own this timeshare until we die (I'm now hoping we'll actually use it in a few years, so we can realize some value from it). My question is this -- can the timeshare management group come after my kids after we're gone to continue paying the maintenance fees, even though their names don't appear on the deed? And, since that deed is in effect until the end of the century, will that obligation extend to their children?

I'd appeciate anyone's insight on this issue. Like I said, I've come to accept the situation my wife and I are in and trying to make the best of it -- I just don't want to pass this burden on to our children.


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## DeniseM (Nov 12, 2008)

No - children are not responsible for ANY of their parent's bills.  Nor, are they are not obligated to accept any property that you might leave them, or that might come to them through probate.

But right now, you should consider exchanging your St. Maartan timeshare for a drive-to timeshare that you can take the children to now.


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## swift (Nov 12, 2008)

You might want to contact an attorney to ask what the legalities are. My husband was the executor of his brothers estate. Part of the estate was a boat. We had to liquidate the boat before we could close the estate. This was not easy!! The boat was an older 40 foot Tollycraft that ran on gas. The gas price wars were just beginning and on there way up to $5.00 per gallon. Nobody was looking to buy a boat especially an older boat. We finely found a buyer and was able to close the estate. 



Inventory of Estate Property

    a. Locate the estate's property  You must attempt to locate and take possession of all the decedent's property to be administered in the estate.

    b. Determine the value of the property  This can be done yourself or you can consult a professional to assist you.

    c. File an inventory and appraisal  You must file with the court an inventory and appraisal of all the assets in the estate.

    d. File a change of ownership  At the time you file the inventory and appraisal, you must also file a change of ownership statement with the county recorded or assessor in each county where the decedent owned real property at the time of death.


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## timeos2 (Nov 12, 2008)

*Not even death eliminates the fees*



Humu said:


> Ten years ago, my in-laws gave my wife and I their timeshare in St. Maarten. Seemed like a deal at the time -- hey, free is good!  But we're far too busy with our young children to actually use our week. The maintenance fees rise over 10% a year  , and when I did my online research on selling or renting the timeshare, well . . .
> 
> I've come to accept that, unless we are truly fortunate, my wife and I will own this timeshare until we die (I'm now hoping we'll actually use it in a few years, so we can realize some value from it). My question is this -- can the timeshare management group come after my kids after we're gone to continue paying the maintenance fees, even though their names don't appear on the deed? And, since that deed is in effect until the end of the century, will that obligation extend to their children?
> 
> I'd appeciate anyone's insight on this issue. Like I said, I've come to accept the situation my wife and I are in and trying to make the best of it -- I just don't want to pass this burden on to our children.



No, they cannot come after the kids BUT, and too many seem to ignore this, the estate IS responsible for the ongoing fees (debt) until it is legally transferred to another owner. Your estate cannot be closed out until that transfer is complete. It can be to a family member who accepts it, a sale, a return to the resort (if they accept it) but SOMEONE has to take it over or it remains an outstanding liability.  

So best to make arrangements to have someone ready to accept it, sell it or give it away but don't assume it will suddenly disappear upon your death. Doesn't happen.


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## swift (Nov 12, 2008)

Looks like we were thinking a like there John.


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## Humu (Nov 12, 2008)

timeos2 said:


> No, they cannot come after the kids BUT, and too many seem to ignore this, the estate IS responsible for the ongoing fees (debt) until it is legally transferred to another owner. Your estate cannot be closed out until that transfer is complete. It can be to a family member who accepts it, a sale, a return to the resort (if they accept it) but SOMEONE has to take it over or it remains an outstanding liability.
> 
> So best to make arrangements to have someone ready to accept it, sell it or give it away but don't assume it will suddenly disappear upon your death. Doesn't happen.



So while they can't come after the kids, the management group can effectively prevent them from receiving our estate unless they accept ownership of the timeshare and pay the annual maintenance fees, which will be in the thousands by then.

Wow.

With all respect to the many people who enjoy their timeshares, this is easily the most callous industry I've ever been associated with.


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## Humu (Nov 12, 2008)

DeniseM said:


> No - children are not responsible for ANY of their parent's bills.  Nor, are they are not obligated to accept any property that you might leave them, or that might come to them through probate.
> 
> But right now, you should consider exchanging your St. Maartan timeshare for a drive-to timeshare that you can take the children to now.



That's good advice, but with all things regarding this industry, exchanging is easier said than done.


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## DeniseM (Nov 12, 2008)

Humu said:


> That's good advice, but with all things regarding this industry, exchanging is easier said than done.




I mean exchanging through an exchange company - if you deposit a popular week early enough, you should be able to get something that you can drive-to.


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## bogey21 (Nov 12, 2008)

This is why I have given away anything of value I own.* All that is left in my estate is debt which I alone am responsible for and the timeshare weeks I don't want any one to have.  Basically no assets, all liabilities.  Let them fight over it

George


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## timeos2 (Nov 12, 2008)

Humu said:


> So while they can't come after the kids, the management group can effectively prevent them from receiving our estate unless they accept ownership of the timeshare and pay the annual maintenance fees, which will be in the thousands by then.
> 
> Wow.
> 
> With all respect to the many people who enjoy their timeshares, this is easily the most callous industry I've ever been associated with.



When you buy real estate - even a 1/52 slice - and commit to the rules of a condo/timeshare/HOA i is up to the buyer to properly turn it over when they are done with it.  The fact that a timeshare isn't as easy as a home would be to dispose of doesn't make them any different. Right now there are homes no one will take on either. So its not just timeshares.


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## roadtriper (Nov 12, 2008)

Humu said:


> That's good advice, but with all things regarding this industry, exchanging is easier said than done.


First...  Welcome to TUG!
"This Industry"  as you refer to it. Thrives on Ignorance!  
So far, you have paid 10 years MF and not used your timeshare, and seemed resolved to just keep paying with your main concern being that your children don't assume the burden when you die! ???   that's one aproach, but probably not the right aproach 

You have found the website where the answers are!   Join TUG, search the archives, ask lot's of questions, and learn how to best use, rent, exchange or sell the timeshare.  you can't get the 10 years back, but you sure can maximize the next 10!  look on the bright side...  there are folks who Paid $30,000 for a timeshare and paid 10 years  of maint fees and never used their timeshare!  it's Sad, but true.    YOU are $30K ahead of those folks.

I would love to spend a week on St. Maarten sometime!  already have a Caribbean trip planned for 09. but I would be a potential renter someday in the future!    You control the future of your timeshare, not the "Industry"
RT


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## ace2000 (Nov 12, 2008)

This is a great question and I'd like to get a final word on this one ... Based on what I've read on TUG, I also believe that the estate is accountable for the unit.  But, what if the unit just will not sell?  I guess that's where the 'post card companies' may enter the picture and provide a valuable service in this regard. 

But, there has to be some other process... right???  I mean, what happens to the estates that have a non-popular blue week at a run down resort?  What do the PCC companies do with these units that they can't even give away on eBay for $1 (sometimes they even throw in a bonus of 1 year of  use and no closing costs and still can't get a bite)???  What happens to an estate that knows nothing about a PCC???

Surely, somebody on TUG has actually been through the process and can share their experience...


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## rickandcindy23 (Nov 12, 2008)

ace2000 said:


> This is a great question and I'd like to get a final word on this one ... Based on what I've read on TUG, I also believe that the estate is accountable for the unit.  But, what if the unit just will not sell?  I guess that's where the 'post card companies' may enter the picture and provide a valuable service in this regard.
> 
> But, there has to be some other process... right???  I mean, what happens to the estates that have a non-popular blue week at a run down resort?  What do the PCC companies do with these units that they can't even give away on eBay for $1 (sometimes they even throw in a bonus of 1 year of  use and no closing costs and still can't get a bite)???  What happens to an estate that knows nothing about a PCC???
> 
> Surely, somebody on TUG has actually been through the process and can share their experience...



The PCC's don't take the ones that won't sell for $1.  They have a long list of units they won't take.


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## rickandcindy23 (Nov 12, 2008)

Humu said:


> So while they can't come after the kids, the management group can effectively prevent them from receiving our estate unless they accept ownership of the timeshare and pay the annual maintenance fees, which will be in the thousands by then.
> 
> Wow.
> 
> With all respect to the many people who enjoy their timeshares, this is easily the most callous industry I've ever been associated with.



Older timeshares are owned by the people, and run by management companies that we, as owners, hire.  Most older timeshares are not run by big corporations.  I have no idea what your situation is, because you haven't said what timeshare you own, but I wouldn't call your fellow owners (and the management company) calloused because they need you to uphold your part of the bargain.


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## EvelynK72 (Nov 12, 2008)

Humu said:


> Ten years ago, my in-laws gave my wife and I their timeshare in St. Maarten. Seemed like a deal at the time -- hey, free is good!  But we're far too busy with our young children to actually use our week. The maintenance fees rise over 10% a year  , and when I did my online research on selling or renting the timeshare, well . . .
> 
> I've come to accept that, unless we are truly fortunate, my wife and I will own this timeshare until we die (I'm now hoping we'll actually use it in a few years, so we can realize some value from it). My question is this -- can the timeshare management group come after my kids after we're gone to continue paying the maintenance fees, even though their names don't appear on the deed? And, since that deed is in effect until the end of the century, will that obligation extend to their children?
> 
> I'd appeciate anyone's insight on this issue. Like I said, I've come to accept the situation my wife and I are in and trying to make the best of it -- I just don't want to pass this burden on to our children.



Humu,
Am I missing something here?  You received a timeshare for free, but haven't used it much over the years.  What has prevented you from selling your timeshare (even at a low price) or giving it away for free (on this site, for example)?  You would have saved on those ever-increasing maintenance fees over the past years!  

While selling or giving your timeshare away is one option, the other alternative is to read the advice on this site and learn how to rent your timeshare or exchange your resort for something you and your family might enjoy. 

Good luck!


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## AwayWeGo (Nov 12, 2008)

*The Next Generation Is Already On Our Timeshare Deeds.*

That's right, our timeshares are deeded to The Chief Of Staff & me & our son & daughter-in-law -- all 4 of us, JTWROS.  

When The Chief Of Staff & I assume room temperature, our timeshare ownerships will just keep chugging along.  

Of course, I'm hoping to keep on breathing air another 20-25 years or so & to keep on taking timeshare vacations with The Chief Of Staff until we give out physically or mentally. 

Meanwhile, our extended family gets to use our timeshares too -- not just ours but other people's too via RCI. 

Is this a great country or what ? 

-- Alan A. Cole, McLean (Fairfax County), Virginia, USA.​


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## Talent312 (Nov 12, 2008)

timeos2 said:


> No, they cannot come after the kids BUT, and too many seem to ignore this, the estate IS responsible for the ongoing fees (debt) until it is legally transferred to another owner. Your estate cannot be closed out until that transfer is complete. It can be to a family member who accepts it, a sale, a return to the resort (if they accept it) but SOMEONE has to take it over or it remains an outstanding liability.



Some folks manage their estates so that the are no probatable assets upon their death.  The establish joint ownerships with right of survivorship, make lifetime gifts (reserving life-estates), and set up revocable trusts.  Thus the heirs can recieve shares not subject to such liabilities.

If the TS were to be the only asset of the probate estate, there is nothing for the HOA to claim against, and its only remedy is to foreclose the unit.  But as another poster pointed out, this is a fairly rotten way of treating your fellow TS owners.

Perhaps the best bet would be to auction it on e-bay for whatever the market would bear.  The OP could even offer to cover closing costs.


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## RMitchell (Nov 12, 2008)

So timeshare is just an eternal trap and not worth it. I agree.....


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## swift (Nov 12, 2008)

You can write into your will that you wish to donate your TS to an organization that might except it.  http://www.tug2.net/advice/TS_abandon.htm


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## JudyS (Nov 12, 2008)

Humu said:


> So while they can't come after the kids, the management group can effectively prevent them from receiving our estate unless they accept ownership of the timeshare and pay the annual maintenance fees, which will be in the thousands by then.
> 
> Wow.
> 
> With all respect to the many people who enjoy their timeshares, this is easily the most callous industry I've ever been associated with.


There are  a lot of problems with how timeshares are marketed, and the situation is even worse outside the US.  Many people end up with something that doesn't meet their needs, and don't know how to get out of it. 

However, most of us here on TUG are *extremely* happy with our timeshares.  I own 20 and am tempted to buy more, even though my current financial situation is quite precarious.  And no, I'm not crazy or reckless -- it's just that I've generally done well with exchanging and with renting out my timeshares, and there are some fabulous deals out there right now.

You haven't told us what resort, unit size, and time period you own.  That makes a big difference.  There are some very nice timeshares on St. Martin.  It's hard to sell a timeshare right now, due to the ongoing financial crisis, but that doesn't mean that your timeshare will never have value.  Also, with regards to trading, there are some independent companies that are very easy to work with.  I especially like Trading Places International, although their inventory is mostly concentrated in the western part of the US and Hawaii.  If those locations won't work well for you, tell us where you want to go, and we may be able to suggest a different trading company for you.


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## Humu (Nov 13, 2008)

EvelynK72 said:


> Humu,
> Am I missing something here?  You received a timeshare for free, but haven't used it much over the years.  What has prevented you from selling your timeshare (even at a low price) or giving it away for free (on this site, for example)?  You would have saved on those ever-increasing maintenance fees over the past years!
> 
> While selling or giving your timeshare away is one option, the other alternative is to read the advice on this site and learn how to rent your timeshare or exchange your resort for something you and your family might enjoy.
> ...



I have posted the timeshare for sale on this and a few other online locations over the past few years, and haven't received a response. I've also contacted charities about donating the timeshare, and been told they're not accepting any timeshares, not matter the location or week. Haven't exactly given up on selling or renting the week, but the glut of $1 timeshares on the market doesn't inspire confidence. I do believe in trying to make the best of the situation, though, and that's what I'm looking to do.


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## Humu (Nov 13, 2008)

roadtriper said:


> First...  Welcome to TUG!
> "This Industry"  as you refer to it. Thrives on Ignorance!
> So far, you have paid 10 years MF and not used your timeshare, and seemed resolved to just keep paying with your main concern being that your children don't assume the burden when you die! ???   that's one aproach, but probably not the right aproach
> 
> ...



When I read stories about people who are out $30K or more, yes, I do feel very fortunate. I've reviewed the advice on TUG for a few years now, and will make more use of it in the future as I look to make the most out of this situation.


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## Humu (Nov 13, 2008)

rickandcindy23 said:


> Older timeshares are owned by the people, and run by management companies that we, as owners, hire.  Most older timeshares are not run by big corporations.  I have no idea what your situation is, because you haven't said what timeshare you own, but I wouldn't call your fellow owners (and the management company) calloused because they need you to uphold your part of the bargain.



My use of the term "calloused" seems to have struck a nerve with several people, so I feel obligated to say that  the comment was prompted by the scores of stories I've read about deceptive sales practices in this industry. In my situation, the case can be made that I should have asked more questions when my in-laws offered the timeshare (I trusted people who have been very honest and generous with my wife and I in the past -- if trusting them is my worst sin, I guess I'm doing OK). But for the people who are invited to seemingly innocuous presentations, then subjected to high-pressure sales pitches spiced with the occassional egregious lie (it's an investment that appreciates in value, resale market's never been stronger) and conned into five-fgure purchases with annual maintenance fees running into the thousands -- yeah, I find the treatment of those people calloused, indeed.


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## DeniseM (Nov 13, 2008)

I understand about not being able to sell it, but why aren't you at least exchanging it for a drive-to location?


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## Humu (Nov 13, 2008)

DeniseM said:


> I understand about not being able to sell it, but why aren't you at least exchanging it for a drive-to location?



I've looked into exchanges, but found that to make it work you need to be flexible either with travel dates or location. Unfortunately my wife and I don't have all that much flexibility.


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## swift (Nov 13, 2008)

Humu said:


> I've looked into exchanges, but found that to make it work you need to be flexible either with travel dates or location. Unfortunately my wife and I don't have all that much flexibility.



Have you looked into Direct Exchange? http://www.tugbbs.com/forums/showthread.php?t=80715  Most people find that with timeshares if you are willing to do some advance planning, 6mos or more, out you can usually find something.


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## DeniseM (Nov 13, 2008)

Humu said:


> I've looked into exchanges, but found that to make it work you need to be flexible either with travel dates or location. Unfortunately my wife and I don't have all that much flexibility.



There are many of us here who don't have flexibility - I'm a teacher and I can only travel during school holidays.  I think if you took the time to learn about exchanging, you could make it work for you.  Since you are currently getting no value out of your timeshare at all, it would certainly be worth your time to at least learn how timesharing works.  What I've found over time on this boards is that most of the people who say they can't plan in advance, really mean they don't want to plan in advance, or they aren't organized enough to plan in advance.  Maybe you really can't, but here's what I'd do:

Find out what exchange company your resort is affiliated with and join it.

Sit down with your wife and a calendar and choose a vacation date at least 6 mos. out, or even better a year out.  Or maybe select several different possible weeks when you could take time off.

Join TUG and use the regional TUG reviews to research all the timeshares in your area.

Deposit your week with the exchange company.

Put in an ongoing request for every acceptable timeshare within driving distance of your home for the acceptable weeks.

Go online and see what's available on the exchange company website on a regular basis.  Also check out the Sightings board on TUG where this info. is posted.

With our economy in the shape it's in, more TS's are being deposited than ever, so this is a great time to get into exchanging.

Or, you can just keep mailing off those maintenance fee checks for nothing!  

Good luck!


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## Keitht (Nov 13, 2008)

Humu said:


> My use of the term "calloused" seems to have struck a nerve with several people, so I feel obligated to say that  the comment was prompted by the scores of stories I've read about deceptive sales practices in this industry. In my situation, the case can be made that I should have asked more questions when my in-laws offered the timeshare (I trusted people who have been very honest and generous with my wife and I in the past -- if trusting them is my worst sin, I guess I'm doing OK). But for the people who are invited to seemingly innocuous presentations, then subjected to high-pressure sales pitches spiced with the occassional egregious lie (it's an investment that appreciates in value, resale market's never been stronger) and conned into five-fgure purchases with annual maintenance fees running into the thousands -- yeah, I find the treatment of those people calloused, indeed.


I suspect the reaction to your use of the term "Callous" was in part due to the fact that the place had cost you nothing in the first place, but you seemed to feel hard done by that you couldn't just dump it when you decided you didn't want it.  Nobody has suggested that your in-laws passed the unit on to you in anything but good faith.
I think many, if not most, people here would agree with you about the sales tactics used by many companies.
The bottom line however is that as with any other asset left in the estate it will need to be disposed of in order to finalise the estate.  If you haven't already done so I would suggest contacting the resort to find out if they will take it back.  Provide them with the full story of how it came into your ownership.  You never know - you might strike lucky.


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## ace2000 (Nov 13, 2008)

There is absolutely no doubt that the resorts play 'hardball' when it comes to collecting maintenance fees.  Who can blame them?  That's their job. 

However, if a timeshare becomes worthless and cannot be sold, I would do everything I could to protect my children from having to make a continuous payment of those fees after I passed on.

And I'm willing to bet everyone on here would do the same thing.  Anyone disagree?  I wouldn't hesitate to help someone else do the same.

Thanks to all that gave realistic advice on this matter...


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## ace2000 (Nov 13, 2008)

Humu said:


> I have posted the timeshare for sale on this and a few other online locations over the past few years, and haven't received a response. I've also contacted charities about donating the timeshare, and been told they're not accepting any timeshares, not matter the location or week. Haven't exactly given up on selling or renting the week, but the glut of $1 timeshares on the market doesn't inspire confidence. I do believe in trying to make the best of the situation, though, and that's what I'm looking to do.



Humu,

Have you tried to offer any bonus with the purchase?  Such as paying all closing costs and/or offering a free year of maintenance fees.  Unfortunately, that's the level that a LOT of timeshare weeks are at right now.  Even summer RED weeks!  And the trend keeps getting worse...

That's still better than continuing to pay maintenance fees for nothing in return.

Good luck with your situation.


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## RMitchell (Nov 13, 2008)

Wow - negative equity. You have to pay someone to get rid of it. Do the sales people still talk of a timeshare being an investment?


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## roadtriper (Nov 13, 2008)

Humu said:


> I've looked into exchanges, but found that to make it work you need to be flexible either with travel dates or location. Unfortunately my wife and I don't have all that much flexibility.



Wow!  your kids ARE going to get stuck with this burden!  You have yourself convinced that you can't sell it, you can't rent it and you can't exchange it because the awful timeshare industry has you in their sights, the economy sucks ,and your life's not flexible enough to plan a vacation with your family!

If a football team takes the field convinced they are going to loose the game, guess what the outcome is...  100% of the time they will loose the game!

If they take the field convinced they are going to win the game, guess what the outcome is...   it's a 50/50 crapshoot unless the other team rolls over.

50/50 is the best odds life is going to give you.   the deciding factor is YOU.

I appologize for being so Sarcastic, BUT...


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## biskits (Nov 16, 2008)

*Rent*

Timeshare forums like TUG and others have classified sections
where you can offer your ts for rent for or close to what you pay for maintainance fees plus guest certificate fee if required. If resort and deeded week you own is desirable, you should be able to cover your costs each year until you decide to use it. TUG also has exchange classifieds where you can exchange use of your unit for one closer to where you live or want to visit without going thru an exchange company. PM me if you wish additional info on above. Good luck!!!!
Paul


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## Mel (Nov 17, 2008)

As others have asked - what resort, what unit size, what week do you own?

You Inlaws gave this unit to you ten years ago, and one would assume they were doing so to be kind, not to saddle you with a worthless week.  To me, that indicates that maybe they knew how to use their ownership, and you never bothered to ask them to show you the ropes.

Unless it's a studio unit in a run-down resort, I find it hard to believe that you can't exchange a week in St Martin for anything worthwhile.  What are your expectations?  Are you looking only for summer and holiday weeks?  (They are higher demand because everybody wants them).  Are you looking for a 3BR unit because you want to take the kids?  If you have 2 or 3 (or even 4) kids, you can fit in a 2 BR timeshare easily.  It will still be bigger than 2 hotel rooms, and you'll have kitchen facilities.

To get a better exchange, you need to commit to exchanging and start looking for what you want a year ahead of time.  No, you can't call in mid-January and expect to trade into a top location during your kid's spring break.  Those weeks are already taken.

You say you have tried to exchange, but where have you done this?  If you've only tried direct exchanges through TUG or other places, that's not going to work - direct exchange requires more flexibility, because you have to accept a week from someone who wants YOUR week.  However, when you use and exchange company, you don't worry about who will use your week - the exchange company in effect creates a chain of many owners using each other's weeks.  But you do need to request early, and don't expect them to have what you want right away - but if that can find what you want if you give them time.

As for that flexibility, it is sometimes a good thing.  You can't use the timeshare like you would a vacation in a hotel - you don't call up and simply reserve your room.  If you can pick a window of 2 or 3 weeks when you can vacation, call and find out what is available.  Pick something in driving distance, that you might not have done if you were reserving a hotel.  You might find yourself surprised.   The money's already spent, so for the cost of an exchange fee, and gas to get you there, you'll get a week away with the kids.  Maybe you'll find a resort you really enjoy, or maybe you just get some quality time with the kids.

Your Inlaws gave you the timeshare for a reason, but probably didn't realize you wouldn't know what to do with it.  They probably already understand the benefits of using it.  Perhaps you should ask them to help you.  Yes, it means admitting to them that you've never used their gift.  But they can probably "hold you hands" through the process the first couple of times until you understand how to best use what you own.


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## abc31 (Nov 18, 2008)

timeos2 said:


> Right now there are homes no one will take on either. So its not just timeshares.



I am experiencing this right now.  We inherited my mother- in- laws's house a year and a half ago, just before everything really crashed.  We have had it on the market for over a year. We have lowered and lowered the asking price, but every deal we have had has fallen through, because people just can't get mortgages.  The house had a mortgage on it & with the taxes, it is costing us $1,900 a month plus utilities, ect.  My mother-in-law would never in a million years have guessed what a burden this would have turned into.

We moved into our own house 4 years ago, right when houses were at their peak.  It has since lost $100,000 in equity, so we can't sell that either.  What a mess we are in!


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## bogey21 (Nov 23, 2008)

timeos2 said:


> Your estate cannot be closed out until that transfer is complete.....but don't assume it will suddenly disappear upon your death. Doesn't happen.



So they can't close out my estate.  Big deal.  I gave everything of value away long ago.  My estate consists of no assets except a car which is not worth what is owed on it.  So don't close out my estate.  Who cares? 

Opps, I forget the race horses.  One of them is worth some money.  I think I will give it to my ex-wife tomorrow!

George


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## vab (Dec 1, 2008)

My wife and i have the same problem, we have not used our timeshare for 5 years. My question is what will they do if you quit paying the fee's. Oh, by the way our resort is 7 mile beach on grand cayman


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## beachlimey (Dec 12, 2008)

roadtriper said:


> First...  Welcome to TUG!
> "This Industry"  as you refer to it. Thrives on Ignorance!
> So far, you have paid 10 years MF and not used your timeshare, and seemed resolved to just keep paying with your main concern being that your children don't assume the burden when you die! ???   that's one aproach, but probably not the right aproach
> 
> ...



I have the same history as Humu, had the time share for years but unable to use it, used the traded points mostly. Great Marriot resort on Hilton Head but maintenance fees making me consider selling if poss. Hope to pick up renting strategies to cover until sale!


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## timeos2 (Dec 12, 2008)

*Timing is bad*



beachlimey said:


> I have the same history as Humu, had the time share for years but unable to use it, used the traded points mostly. Great Marriot resort on Hilton Head but maintenance fees making me consider selling if poss. Hope to pick up renting strategies to cover until sale!



Not only has the resale market, never a strong one, virtually bottomed out but the vacation rental market has also tanked.  People worried about their next paycheck and retirement funds aren't out planning vacations no matter how cheap.  Bad time to be looking to sell or rent.


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## bogey21 (Dec 12, 2008)

RMitchell said:


> Wow - negative equity. You have to pay someone to get rid of it.



I had a race horse the other day that I wanted out of.  Couldn't sell it; couldn't give it away.  Finally, I gave someone $500 to take it off my hands.  It saved me a bunch of money as I was no longer responsible for $3,000 monthly training fees.

George


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## bnoble (Dec 12, 2008)

I paid the neighborhood salvage guy $265 today to haul away a bunch of stuff.  Some of it I probably could have sold on ebay, and the rest I probably could have disposed of myself at the dump.  I might have netted $200 rather than spent $265.  But, that would have taken me hours and hours to do, and would be a pain in the rear.

I was happy to have him take it away---even though I know he's eventually going to sell some of it himself at his monthly "garage sale."  It worked for me, it worked for him, everybody's happy.


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## oregonguy (Dec 13, 2008)

*not the same*

*When you buy real estate - even a 1/52 slice - and commit to the rules of a condo/timeshare/HOA i is up to the buyer to properly turn it over when they are done with it. The fact that a timeshare isn't as easy as a home would be to dispose of doesn't make them any different. Right now there are homes no one will take on either. So its not just timeshares.*

There is NO comparison between a timeshare and a real estate property. The homes nobody will take would sell if the price was lower - you can get out of property if you reduce your price enough. With some timeshares, you literally can not even give them away.


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## Charlie D. (Dec 13, 2008)

This thread is very interesting and since it could be applicable to me has become VERY interesting.  Our Fairfield purchase and sale agreement has the following under item 12, binding effect. "This agreement is binding upon the parties hereto and their heirs, legal representatives, successors and assigns."

Mom and dad have an RV pad in Branson and I am the executor.  They pay an annual upkeep/maintenance fee on it.  They haven't used it for years and I know none of us boys (men now) would want to use it nor even own it.  I am the executor.  My guess is that mom and dad's assets (should they untimely pass together) are not even going to cover the funeral costs much less any debts they owe.  If that RV pad has the same language as our Fairfield timeshare there is going to be a big problem because none of us are planning on taking ownership of it nor paying the annual fees!!  I need to do some more research before I actually start crossing that bridge.

I don't know if credit card debt has that same magic language in it or not.  Once again, we're not planning on paying their credit card debt either nor any car loan over and above what the car will sell for.  They can come reposses the car for all I care.  To my current knowledge all those debts would be estate debt and if the estate doesn't have enough assets to pay them - such is life.

Charlie D.


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## oregonguy (Dec 13, 2008)

*I am experiencing this right now. We inherited my mother- in- laws's house a year and a half ago, just before everything really crashed. We have had it on the market for over a year. We have lowered and lowered the asking price, but every deal we have had has fallen through, because people just can't get mortgages. The house had a mortgage on it & with the taxes, it is costing us $1,900 a month plus utilities, ect. My mother-in-law would never in a million years have guessed what a burden this would have turned into.*

You really expect anyone to believe that you inherited her mortgage?  I could believe you if you were trying to sell the house for the estate and you were an executor - but you can't inherit a house with a mortgage in someone else's name. You would have no legal responsibility (unless you were on the mortgage already, which is something you might be failing to disclose - and in that case, it would have already been your house)


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## Jbart74 (Dec 13, 2008)

oregonguy said:


> *I am experiencing this right now. We inherited my mother- in- laws's house a year and a half ago, just before everything really crashed. We have had it on the market for over a year. We have lowered and lowered the asking price, but every deal we have had has fallen through, because people just can't get mortgages. The house had a mortgage on it & with the taxes, it is costing us $1,900 a month plus utilities, ect. My mother-in-law would never in a million years have guessed what a burden this would have turned into.*
> 
> You really expect anyone to believe that you inherited her mortgage?  I could believe you if you were trying to sell the house for the estate and you were an executor - but you can't inherit a house with a mortgage in someone else's name. You would have no legal responsibility (unless you were on the mortgage already, which is something you might be failing to disclose - and in that case, it would have already been your house)



If the poster's name is on the deed of the house, as I am familiar with, he or she can INDEED inherit the mortgage.  I believe the poster.  My name is not on the mortgage, but you can be sure the bank would come after me if my mother died tomorrow.


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## beachlimey (Dec 13, 2008)

*Giving away your timeshare*

On the topic of paying someone to take your timeshare I was contacted by a company who offer to do just that. Although they say they don't charge an up front fee, depending on how much your annual maintenance fees are they will buy it for bulk commercial purchasers if you pay them from $3000 to $5000 to cover closing and legal costs. They claim that from the moment you pay this it is put in escrow and you are immediately relieved of the property while they go ahead and handle the legal transaction. They put on a fancy webinar promotion.
This company was calledTimeshare Relief Inc. 
Anyone heard of anyone doing business with them?


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## timeos2 (Dec 13, 2008)

*Here we go again*



beachlimey said:


> On the topic of paying someone to take your timeshare I was contacted by a company who offer to do just that. Although they say they don't charge an up front fee, depending on how much your annual maintenance fees are they will buy it for bulk commercial purchasers if you pay them from $3000 to $5000 to cover closing and legal costs. They claim that from the moment you pay this it is put in escrow and you are immediately relieved of the property while they go ahead and handle the legal transaction. They put on a fancy webinar promotion.
> This company was calledTimeshare Relief Inc.
> Anyone heard of anyone doing business with them?



That is the company that help trigger the term Post Card Companies. It is the general belief on every timeshare board I've frequented - too many - that these types of operations are not a good value. There is zero guarantee they will actually remove your name(s) from the deed, no guarantee your $3500+ has actually "relieved" you of the obligation and they tend to use disposal methods that lead to $1 sales on eBay - which you could do yourself and save $3500+ - which lowers resale value for all timeshares. It is the ultimate in upfront fees and I would not recommend it to anyone. You have to decide for yourself if its a value to you and if you trust them.


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## AwayWeGo (Dec 13, 2008)

*Something About This Bad Dream Seems Familiar.*




beachlimey said:


> On the topic of paying someone to take your timeshare I was contacted by a company who offer to do just that.





beachlimey said:


> This company was calledTimeshare Relief Inc.


Click here for a hypothetical scenario illustrating what can happen to folks who get that desperate. 

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​


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## oregonguy (Dec 14, 2008)

*If the poster's name is on the deed of the house, as I am familiar with, he or she can INDEED inherit the mortgage. I believe the poster. My name is not on the mortgage, but you can be sure the bank would come after me if my mother died tomorrow.*

If you are on title of the house and the person who has the mortgage can't pay, the house will be foreclosed on so in that case, you would lose the house - but you aren't obligated to pay a loan that you didn't sign for. It doesn't mean you keep the house either though. 

Also, if you are already on title, then it is a different story because you already own the place. The children would have to be on title of the timeshare for it to be anything close to a similar situation.


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## timeos2 (Dec 14, 2008)

oregonguy said:


> *When you buy real estate - even a 1/52 slice - and commit to the rules of a condo/timeshare/HOA i is up to the buyer to properly turn it over when they are done with it. The fact that a timeshare isn't as easy as a home would be to dispose of doesn't make them any different. Right now there are homes no one will take on either. So its not just timeshares.*
> 
> There is NO comparison between a timeshare and a real estate property. The homes nobody will take would sell if the price was lower - you can get out of property if you reduce your price enough. With some timeshares, you literally can not even give them away.



No comparison in price but the obligation you sign on for IS the same.  In most cases there is deed on file with the local registrar just as there is for a home. The rights and obligations are the same. The value does impact those but does impact the owners ability to sell and the desirability of the deeded ownership to a buyer.  But none of that change what you paid to own and the legal obligations you agreed to. Until someone else agrees to take it over you or your estate if you're gone are responsible.


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## timeos2 (Dec 14, 2008)

oregonguy said:


> *I am experiencing this right now. We inherited my mother- in- laws's house a year and a half ago, just before everything really crashed. We have had it on the market for over a year. We have lowered and lowered the asking price, but every deal we have had has fallen through, because people just can't get mortgages. The house had a mortgage on it & with the taxes, it is costing us $1,900 a month plus utilities, ect. My mother-in-law would never in a million years have guessed what a burden this would have turned into.*
> 
> You really expect anyone to believe that you inherited her mortgage?  I could believe you if you were trying to sell the house for the estate and you were an executor - but you can't inherit a house with a mortgage in someone else's name. You would have no legal responsibility (unless you were on the mortgage already, which is something you might be failing to disclose - and in that case, it would have already been your house)



You don't inherit a mortgage. The bank cannot transfer the obligation to another family member not already on the deed. But the mortgage does stay with the property. So if you are the designated heir that mortgage has to be satisfied by the estate, or you or reaffirmed by the new owner. It doesn't just magically disappear at the death of the original owner. 

So while the OP may not be personally liable for the mortgage the inability to sell the property means the estate is being reduced each month by the required payments and cannot be finalized.  It seems the money is flying away every month I'd guess.


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## oregonguy (Dec 14, 2008)

*So if you are the designated heir that mortgage has to be satisfied by the estate, or you or reaffirmed by the new owner. It doesn't just magically disappear at the death of the original owner. *

Well, of course. I never stated the mortgage would disappear - just that you can't inherit a mortgage. If you do nothing in this situation, the house will be foreclosed on and you will lose the house (even if you are on title) - you are also responsible for property taxes regardless whether you are on the title or not. For estate planning purposes, it seems to me that shared title houses are a bad idea.


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## oregonguy (Dec 14, 2008)

*No comparison in price but the obligation you sign on for IS the same. In most cases there is deed on file with the local registrar just as there is for a home. The rights and obligations are the same. The value does impact those but does impact the owners ability to sell and the desirability of the deeded ownership to a buyer. But none of that change what you paid to own and the legal obligations you agreed to. Until someone else agrees to take it over you or your estate if you're gone are responsible.*

You do a very good job at bringing up points to argue that were never made in the first place. This is the second post to me where you do this. I never made the argument that both aren't deeded and registered. There is a world of difference between the two, try selling a timeshare compared to a condo.


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