I received my annual maintenance fees bill in the mail today and included was a letter from an attorney's office stating essentially that the Oaks at Stonebridge Village, that is the section near the check-in building, under control of the VOA, not the COA sections that are also on Stonebridge Village, is unable to continue operating with the regular maintenance fees they assess annually. The attorney's letter has listed 3 options you can take at this point:
1.) Continue ownership and pay substantial special assessments until you can sell your ownership at your own expense.
2.) Turn over your deed at no cost to the VOA and simply stop being owners and stop paying maintenance fees and special assessments.
3.) Exchange the VOA ownership for a like unit on the COA Oak Ridge section of Stonebridge Village, which is reportedly in a considerably better financial situation.
I called the attorney's office and spoke with him directly and passed on to him my choice. I already own 2 additional Stonebridge unit on the Oak Ridge section and decided my choice was to turn over the deed to the VOA and drop ownership.
I wanted to say that this seems to me like a high-class way to end the timeshare by the VOA. They provided information and offered an easy out to ownership with several choices to the owner. I can't count the number of posts I have read where owners were dinged with outrageous special assessments and in the same letter threatened with legal action if the payment wasn't promptly made. This should be an example for other timeshare companies on how to treat owners. The exchange to the Oak Ridge section was also a good option for anyone wanting to stay owners at Stonebridge.
The option to stay an owner and ride it out was marred by the special assessments that will be required to sell the ownership on your own. The first one is scheduled to be an additional supplement of $1030.06 for a 2Br, in addition to the $776.71 maintenance fees due. If the units can still manage to stay in business, a second-year special assessment of $490.33 plus maintenance fees.
I wholeheartedly commend the Oaks VOA Board for being the "Good Guys and Ladies" in this situation and looking out for the owners! Thank you!
1.) Continue ownership and pay substantial special assessments until you can sell your ownership at your own expense.
2.) Turn over your deed at no cost to the VOA and simply stop being owners and stop paying maintenance fees and special assessments.
3.) Exchange the VOA ownership for a like unit on the COA Oak Ridge section of Stonebridge Village, which is reportedly in a considerably better financial situation.
I called the attorney's office and spoke with him directly and passed on to him my choice. I already own 2 additional Stonebridge unit on the Oak Ridge section and decided my choice was to turn over the deed to the VOA and drop ownership.
I wanted to say that this seems to me like a high-class way to end the timeshare by the VOA. They provided information and offered an easy out to ownership with several choices to the owner. I can't count the number of posts I have read where owners were dinged with outrageous special assessments and in the same letter threatened with legal action if the payment wasn't promptly made. This should be an example for other timeshare companies on how to treat owners. The exchange to the Oak Ridge section was also a good option for anyone wanting to stay owners at Stonebridge.
The option to stay an owner and ride it out was marred by the special assessments that will be required to sell the ownership on your own. The first one is scheduled to be an additional supplement of $1030.06 for a 2Br, in addition to the $776.71 maintenance fees due. If the units can still manage to stay in business, a second-year special assessment of $490.33 plus maintenance fees.
I wholeheartedly commend the Oaks VOA Board for being the "Good Guys and Ladies" in this situation and looking out for the owners! Thank you!