Special Assessment of $14,498.45!

[pedro47]

my friendswho own apartment in FL were recently telling me about these huge assements of old building 175k assement it reminds me of this thread - just crazy where don’t share the profits imo

Will those large property assessments causes the apartment building to be demolished ? That is the question.

 

[tkainz]

Like many I think this is a scam to get the owners to just surrender their deeds so they can clean up later. While I'd be "tempted" to tell them to take a flying leap and let them go through the foreclosure process, I'm not taking their threat of turning over any people who don't pay the $14k ransom/blackmail lightly as I love having all the advantages that my 820 credit score gives me and I wouldn't want to take the credit score hit of a collections process on my reports. As much as I may hate being robbed by them - especially only a few months after paying the $800+ for my maintenance fees, if the $1,500 lets me walk away from this anchor forever..... it may be money (reluctantly) well spent.

 

[tkainz]

Too bad there's not someone with the wherewithal to start a class-action lawsuit. It seems to me that if the timeshare owners (us) are being forced to pay the $1,500 and walk away, then somewhere down the road when the dust settles, any proceeds of the sale of the property (or whatever scheme the board has in their pockets), and after all debts have been paid, should get split up to those owners who were current on their fees and dues every year.

 

[TolmiePeak]

Like many I think this is a scam to get the owners to just surrender their deeds so they can clean up later. While I'd be "tempted" to tell them to take a flying leap and let them go through the foreclosure process, I'm not taking their threat of turning over any people who don't pay the $14k ransom/blackmail lightly as I love having all the advantages that my 820 credit score gives me and I wouldn't want to take the credit score hit of a collections process on my reports. As much as I may hate being robbed by them - especially only a few months after paying the $800+ for my maintenance fees, if the $1,500 lets me walk away from this anchor forever..... it may be money (reluctantly) well spent.

What advantages does an 820 credit score give you unless you are applying for a loan?

 

[tkainz]

What advantages does an 820 credit score give you unless you are applying for a loan?

Exactly that. It's because we (my wife and I) have such good credit scores (that we worked so hard to get) that we were able to refi the house a few years ago at 4.75% .... and the reason I was able to by my 70k tractor and implements for only 5% down and 0.9%. I was able to negotiate 1 1/2 points down on the car loan solely because of the score. Lower rates on credit cards as well as increased credit limits. And other similar examples. The interest savings alone over the life of the mortgage loan between the 6.9% I was paying and the 4.75% that we were able to refi at will be approx. $123k. That is why I cannot afford any collection activity and why they'll 'get away' with what they're doing. And they know that... which is why they specifically noted that (collections threat) in their demand letter.

 

[TolmiePeak]

Exactly that. It's because we (my wife and I) have such good credit scores (that we worked so hard to get)

I guess this is the part I don't understand. What do you mean you "worked so hard"? All you had to do was not apply for loans you couldn't repay. You shouldn't have had to work hard to do that at all.

 

[bnoble]

Now that it is possible to track every change in one’s credit, some folks make a game of trying to optimize it.

 

[colmfmurphy]

Received this response to my questions from Legacy yesterday.

My biggest question remains unanswered tho... #5 - what's the transfer rate? Ie, how many points will I end up with?

**************************************************************
Please find the answers to your questions below.

1: Who are the current board members of the owners association? - Jared Myers, Alex Smith, Lawrence Mattern & Jodie Davis

2: Where can I find minutes for the recent owners association meetings? - Minutes can be requested in writing in a letter signed by all title holders and mailed to Legacy Vacation Resorts-Legal Dept. - PO Box 690999, Orlando, FL 32869.

3: Where can I read the current HOA terms and conditions? Termination terms: "The terms and conditions are: approval of a one-time termination payment (via credit card) and a fully executed Deed drafted and recorded solely by LVR. Please note that LVR does not accept third-party terminations, as the request only pertains to an agreement between your HOA and the title holder(s). The termination process can take approximately 2 to 3 weeks. The termination fee is $500.00 and is valid until 05/15/2025. After May 15, 2025, the termination fee is subject to change without notice, and your account may be subject to being placed with a third-party collection agency for the Special Assessment."

4: How many owners are involved in this scheme currently? - All

5: How many points is our current holding worth in this new system? - At this time, I do not have this answer.

6: Is there a term or time limit on our ownership of our current holding? - NO, Reno is a lifetime Deed.

7: Is there a term or time limit on the points version of our holding? - The Club points are a lifetime membership.

8: What will be the annual maintenance rate under this points scheme? - Depending on the option you choose. I have attached the Club Points information sheet and catalog.

9: What additional costs are associated with deeding the holding directly back to the owners association? - If you choose to deed back, the final cost is $500.00 to terminate your contract. You must choose by or before 5/15/2025.

Let us know if you have additional questions.

Kind regards,

Rousana Figueroa
Title Services Manager
Legacy Vacation Resorts
1-866-905-8808

 

[colmfmurphy]

My response to Legacy:

Hey Rousana,
Appreciate your responses.

Per your response to item #2, I have today mailed a request for the last four board of directors meeting minutes. We'll need those to afford us the opportunity to make an informed decision and further determine how to proceed.
Do you have a timeline for how long it'll take to get that information?

However, one of our biggest items still remains unanswered. #5.
We need to know what our points balance will be so that we can make a decision on whether to continue with Legacy or withdraw completely.

Given that your response only arrived yesterday and we still have these major items unanswered, we expect that your deadline of today will be extended by at least thirty days to allow us to make an informed decision.

 

[TUGBrian]

interesting, wonder what the hoa laws/statutes are in Nevada covering the storage and publication of association documents...florida requires them all to be posted online (assuming the association has a website, which this resort clearly does) and readily available to any owner.

kudos for submitting an official records request! also curious on nevada law there as florida actually has a monetary penalty for not providing access to the records within a certain timeframe (and its a daily fine!)

 

[colmfmurphy]

interesting, wonder what the hoa laws/statutes are in Nevada covering the storage and publication of association documents...florida requires them all to be posted online (assuming the association has a website, which this resort clearly does) and readily available to any owner.

kudos for submitting an official records request! also curious on nevada law there as florida actually has a monetary penalty for not providing access to the records within a certain timeframe (and its a daily fine!)

Great info!! Thx!!
I'll look into that in both FLA & NV...

 

[theo]

The name Jared Myers (identified to you yesterday as one of the four LVC Board members) immediately rang a bell. He was a principal in Celebrity Resorts (along with his father, whose first name currently escapes me) before Celebrity's bankruptcy in / around 2009 and its' subsequent emergence from bankruptcy as "Legacy Vacation Club". Just offering this observation and fact if it's of any interest to you. I have no idea who the other three named Board members might be, but frankly would not be at all surprised if some (...or all) of them are essentially just LVC stooges and, if so, highly unlikely to have owners' interests anywhere in mind or at heart. In any case, good luck!

 

[colmfmurphy]

We paid the $500 and walked away - hopefully...

 

[gravityrules]

The name Jared Myers (identified to you yesterday as one of the four LVC Board members) immediately rang a bell. He was a principal in Celebrity Resorts (along with his father, whose first name currently escapes me) before Celebrity's bankruptcy in / around 2009 and its' subsequent emergence from bankruptcy as "Legacy Vacation Club". Just offering this observation and fact if it's of any interest to you. I have no idea who the other three named LVC Board members might be, but frankly would not be shocked if some (...or all three) of them are essentially just LVC stooges and, if so, highly unlikely to have LVC owners' interests anywhere in mind or at heart. In any case, good luck!

Quick search - LinkedIn has Lawrence Mattern as CPA for Legacy Vacation Resorts.

Wouldn't be surprised if the other 2 are LVC as well.

 

[wswanliz]

Found this:
Jody Davis -Legacy Vacation Club - Portfolio Administrator & Manager
Alex Smith - Executive Leader for Legacy Vacation Club

 

[colmfmurphy]

Official paperwork is supposed to show up inn a few days. I'll keep y'all posted on it when/if it arrives...

 

[jabberwocky]

I wonder if there is a relationship between the timing of this SA and the launch of andCo Hospitality?

Something really stinks here. For this amount in aggregate it might be worth suing the board of directors and hope they have D&O insurance which could cover the losses here.

 

[colmfmurphy]

Still no paperwork...

 

[David Occhiuzzo]

I have a 1 BR studio with Legacy Vacation in Reno NV since 1992. I paid the annual maintenance fee of $783 at the end of December. I just got a bill for $14,498.45 for a special assessment because of bad debt and critical capital improvements! It looks like they want to take the property back from the owners who will likely all default then resell it. They give you the option to covnvert to our points-based vacation club program(I am sure at a cost) or deed back your week. What can I do about thi?. Seems outrageous!

This sounds like a Class Action Lawsuit Lawsuit to me!

Let me guess they offered to buy back your deed for pennies in the dollar, if true sales value, and they can’t get a 75% Majority Vote.

Do you even know who’s on tbe POA Board (property owners association)

I think the special assessment is a strong arm tactic to take control of the property an internal hostile take over.

Bad debt??? Impossible, unless someone on the inside took a business loan on property?

Can you provide me with a copy of the original sales contract???

David.occhiuzxo@gmail.com

 

[David Occhiuzzo]

Seems like extortion.

This sounds like a Class Action Lawsuit Lawsuit to me!

Let me guess they offered to buy back your deed for pennies in the dollar, if true sales value, and they can’t get a 75% Majority Vote.

Do you even know who’s on tbe POA Board (property owners association)

I think the special assessment is a strong arm tactic to take control of the property an internal hostile take over.

Bad debt??? Impossible, unless someone on the inside took a business loan on property?

Can you provide me with a copy of the original sales contract???

David.occhiuzxo@gmail.com

I have a 1 BR studio with Legacy Vacation in Reno NV since 1992. I paid the annual maintenance fee of $783 at the end of December. I just got a bill for $14,498.45 for a special assessment because of bad debt and critical capital improvements! It looks like they want to take the property back from the owners who will likely all default then resell it. They give you the option to covnvert to our points-based vacation club program(I am sure at a cost) or deed back your week. What can I do about thi?. Seems outrageous!

Step One you need to get a 26% of the owners to proxy their vote to an attorney
To stop the sale if this property

Then try to convince atlesst 75% of the owners to terminate the board if directors

Then a forensic audit

This could be an opportunity to take control of the property

Not my first rodeo

David.occhiuzzo@gmsil.com

I can help you organise a proxy fight I have the right attorney in Reno

Class Action Lawsuit Too!!!!

 

[Fido Chuckwagon]

Step One you need to get a 26% of the owners to proxy their vote to an attorney

That is a Herculean task.

 

[TUGBrian]

and to add insult to injury, just had an owner report on facebook that they got a notification that this resort has permanently closed its doors and is all fenced off?

wow, feel awful for anyone that paid money!

 

[TUGBrian]

and confirmed, one owner forwarded me an email from Legacy cancelling their existing reservation because the resort has officially closed as of june 2 2025.

----- Forwarded Message -----
From: "Legacy Vacation Resorts" <rentalsalesteam@lvcresorts.com>
To: redacted
Sent: Thu, Jun 5, 2025 at 2:30 PM
Subject: Re: redacted] Thank you for choosing Legacy Vacation Resorts Reno.
Dear redacted,

We regret to inform you that your reservation at Legacy Vacation Resorts Reno has been cancelled due to the resort's closure, effective June 2, 2025.

You are still eligible to use this week at any of our other Legacy Vacation Resorts, with all associated fees waived, subject to availability through 12/31/2025.

We sincerely apologize for any inconvenience this may cause. If you have any questions or need further assistance, please don’t hesitate to contact our Guest Experience Team at 1-800-423-8604.

Thank you for your understanding.

Warm regards,
Guest Experience Team
Legacy Vacation Resorts

 

[PrairieGirl]

If it is more than about 1-2 years MFs to deed it back, I would default and tell them to kick rocks.

Isn't it funny how the vernacular changes based on your locale? I would tell them to "go pound sand".

 

[dioxide45]

Isn't it funny how the vernacular changes based on your locale? I would tell them to "go pound sand".

Or "take a hike".