Deedback fees

[CznDry]

I recently requested a deedback from our resort. It is not part of a large timeshare group. We own 1 week every third year using points and have no outstanding loans or delinquent maintenance fees. They responded with an offer to take it back for $2,500 which I think is ridiculous. I plan to counter the offer but I am curious what others have paid to deedback their timeshares.

 

[callwill]

I recently requested a deedback from our resort. It is not part of a large timeshare group. We own 1 week every third year using points and have no outstanding loans or delinquent maintenance fees. They responded with an offer to take it back for $2,500 which I think is ridiculous. I plan to counter the offer but I am curious what others have paid to deedback their timeshares.

Where is the timeshare? Name of it?

 

[sponger76]

I recently requested a deedback from our resort. It is not part of a large timeshare group. We own 1 week every third year using points and have no outstanding loans or delinquent maintenance fees. They responded with an offer to take it back for $2,500 which I think is ridiculous. I plan to counter the offer but I am curious what others have paid to deedback their timeshares.

It really depends on the timeshare. Some companies or HOAs don't take them back at all. Some take them back for free. Others charge, and the amounts can range from a couple hundred dollars to a couple of years worth of Maintenance Fees, which can run well over $2,500 depending on what is owned.

 

[bnoble]

a couple of years worth of Maintenance Fees

This is a triennial, so that's probably not the justificaiton.

I'd tell them that is a ridiculous number, and if they want to make a more reasonable offer, I'd listen to it. Otherwise, I would tel them I will default and they can foreclose when they are ready to do so.

 

[sponger76]

This is a triennial, so that's probably not the justificaiton.

I'd tell them that is a ridiculous number, and if they want to make a more reasonable offer, I'd listen to it. Otherwise, I would tel them I will default and they can foreclose when they are ready to do so.

Didn't say that was the justification, just was giving a few examples of how wildly deedback fees can vary, from zero to thousands of dollars. They were asking what other have paid, not what we thought the justification was for their particular circumstance.

 

[CznDry]

Where is the timeshare? Name of it?

It is in South Carolina. Prefer not to mention the name while I am negotiating this.

 

[CznDry]

This is a triennial, so that's probably not the justificaiton.

I'd tell them that is a ridiculous number, and if they want to make a more reasonable offer, I'd listen to it. Otherwise, I would tel them I will default and they can foreclose when they are ready to do so.

My thoughts exactly. Thanks.

 

[BJRSanDiego]

@CznDry , since you live in Canada and the TS is in South Carolina, you may want to consider just abandoning it. If nothing else, in your negotiations, mention that if they don't drop the surrender cost that they may end up trying to foreclose on a timeshare owned by a non-US person.

 

[CznDry]

@CznDry , since you live in Canada and the TS is in South Carolina, you may want to consider just abandoning it. If nothing else, in your negotiations, mention that if they don't drop the surrender cost that they may end up trying to foreclose on a timeshare owned by a non-US person.

Good point. Thanks.

 

[Huskerpaul]

Good point. Thanks.

You can tell them they can take it back for free now or go through the expense of foreclosure, but either way, you will no longer be paying maintance fees.

 

[TUGBrian]

does seem a bit high, especially compared to others....but almost all these fees are set arbitrarily as a buffer for the resort/management company to be able to absorb the future lack of maintenance fees until "something" can be done with that interval, especially with a smaller independent resort with no viable sales staff!

that number is negotiable all the way down to zero if you want to default and let nature take its course! though that latter option usually comes with some hassle in the terms of notifications/calls/etc as they navigate thru whatever official policy is in place to handle delinquent accounts.

 

[moonstone]

@CznDry , since you live in Canada and the TS is in South Carolina, you may want to consider just abandoning it. If nothing else, in your negotiations, mention that if they don't drop the surrender cost that they may end up trying to foreclose on a timeshare owned by a non-US person.

Totally agree. The credit agencies of both countries are not connected to each other. It is a very lengthy, complicated, costly legal procedure for any collections agency (or company) to chase a debt into another country. Ignore their calls & letters!

Also, defaulting on a loan or having an open file with a collections agency can not in any way affect your ability to visit the USA since the Customs & Immigration computer systems are not connected in any way to any financial or other company.


~Diane

 

[LannyPC]

They responded with an offer to take it back for $2,500 which I think is ridiculous. I plan to counter the offer but I am curious what others have paid to deedback their timeshares.

Just as a side point, that's still cheaper than what some of these exit companies charge. And with this (if you choose to pay it), you are certain to be quickly and legally out of your TS, unlike these exit companies that can be uncertain.