Getting rid of timeshare

[northjerseyjim]

Off topic inquiry: If I can not sell/give away a timeshare, notify the resort that I am retired and can not afford it, and simply stop paying the maintenance fees, will they actually go through the effort to sue me? Will they turn it over to a credit agency, and if so, what can they do besides threaten me?
Thank you for your time.

Jim Kloster 973 975 9494

 

[NTHC]

Hi Jim,

I don't know your situation or what steps any particular resort would be willing to go to in order to collect fees. I can give you some ideas about selling, if in fact what you have is sellable. Or perhaps rent it out for you.

Thanks,
Cindy
540-560-2987

 

[northjerseyjim]

Atlantic Palace, boardwalk in Atlantic City, NJ. Floating week. Maintenance. $650. Would be willing to give it away. I would be willing to pay legal fees and transfer costs.

 

[Karen G]

Jim, you can post in the Bargain Deals forum to try to give away your timeshare. See this thread for more info: https://www.tugbbs.com/forums/index.php?threads/how-can-i-give-away-my-timeshare-on-tug.132509/

 

[theo]

Off topic inquiry: If I can not sell/give away a timeshare, notify the resort that I am retired and can not afford it, and simply stop paying the maintenance fees, will they actually go through the effort to sue me? Will they turn it over to a credit agency, and if so, what can they do besides threaten me?
Thank you for your time.

Jim Kloster xxx-xxx-xxxx

First, I suggest removing your phone number from your post. TUG members are generally an honest and helpful bunch, but scammers (and honest entities with a commercial agenda of some sort) surely peruse this site as well. Do you really want those calls?

Have you formally asked the resort HOA if they will accept a "deedback"? Most won't, but some will --- if your fees are paid up to date. You won't know unless you ask.

 

[LannyPC]

If I can not sell/give away a timeshare...

Have you tried to give it away first? Why not try that before wondering what will happen if you can't?

 

[northjerseyjim]

I have tried for over a year. I offered to pay all legal/transfer fees. My attorney advised me to send a copy of the deed with a letter to the resort informing them that I no longer can afford the maintenance fees. He feels that the fees are not worth legal
conflict to the resort.

 

[WackyLucy]

My attorney advised me to send a copy of the deed with a letter to the resort informing them that I no longer can afford the maintenance fees. He feels that the fees are not worth legal
conflict to the resort.

Not particularly helpful "advice", in my opinion. The resort has no obligation to accept a deedback just because you independently send a letter and a copy of the current deed.

You didn't answer the question about whether you have asked the resort about a deedback. If your fees are up to date, perhaps they will accept a deedback, in which case they would likely prepare a new quit claim deed for your notarized signature as grantor, with the HOA as the new grantee. If they decline, you could just stop paying and await later foreclosure.

 

[RX8]

I have tried for over a year. I offered to pay all legal/transfer fees.

You’ve been active with TUG since 2016 but I don’t see where you have posted your timeshare in the bargain deals forum here. Did you see Karen G’s post?

What have you done thus far to try and give it away?

 

[Happytravels]

TUG is our go to place for the best advise ever!!!! Back in 2011 our mf's were getting out of hand and some places we decided we just didn't want to own any more. Cutting our losses. We took the advise of the great TUG members. Put it in the BARGAIN BASEMENT give away. One we traded with another TUG member. After that transaction the new one had an HOA that would take it back with a fee. We paid the fee (about a years worth of mf's). Another gave away with an additional years mf's paid. Two others that we just called the HOA and asked them to take back and they did. It never hurts to just ask the HOA..We still own 5 weeks and enjoy each of them within driving distance to home.

 

[RNCollins]

Atlantic Palace, boardwalk in Atlantic City, NJ. Floating week. Maintenance. $650. Would be willing to give it away. I would be willing to pay legal fees and transfer costs.

Hi Jim,
If your unit is a floating summer week it may have some value.
What weeks does it float?

 

[TUGBrian]

we cant find any record of any TUG membership under this name/email...nor see any posts trying to give it away here on the forums.

where exactly have you been offering it up?