[ 2012 ] Quit claiming my unit back to Legacy Resorts

[Galper]

I have a timeshare at this resort in Kissimmee operated by Legacy Vacation Resorts which was formerly Celebrity Resorts. I lost my job and fell behind on my fees. I owe $4,000 now but they have told me for $1000 they will allow me to quitclaim it back to them and clear my credit report issue with them. For me $1,000 is like a million so I can't afford to be blindsided. Can anyone shed some light on this procedure or this company. Thanks much. St.John 3:16

 

[Passepartout]

If your future credit standing is important, it may be a reasonable out. Especially if this is your only consumer credit issue. $1000 may seem like a fortune right now, but it's less than a bankruptcy would cost and would still give you a fresh start.

If they will accept a quit claim for a grand, maybe they'll do one for $500. Doesn't hurt to ask.

Good luck. If it was me, I'd try for a lesser amount, but if they stick with a thousand offer, I'd still try to do it. That's releasing you from current debt for a quarter on the dollar and no ongoing expense. To me it's a no brainer.

Sorry about your employment situation. Hopefully it's temporary.

Jim

 

[ronparise]

And they may take it back for the promise of a thousand later, or over time.

 

[theo]

Double vision...

I have a timeshare at this resort in Kissimmee operated by Legacy Vacation Resorts which was formerly Celebrity Resorts. I lost my job and fell behind on my fees. I owe $4,000 now but they have told me for $1000 they will allow me to quitclaim it back to them and clear my credit report issue with them. For me $1,000 is like a million so I can't afford to be blindsided. Can anyone shed some light on this procedure or this company. Thanks much. St.John 3:16

You have "double posted" this same inquiry (...and no, I am not the "posting Police, just pointing out that I saw / responded to the other one, located under the thread "Timeshare Transfers" in this same "Buying, Selling & Renting" forum. To repeat that opinion:

On its' face, this would certainly seem to be a pretty reasonable offer and potentially a good "out" for you.

Legacy is surely still a bit "cash strapped" after the relatively recent bankruptcy of predecessor Celebrity Resorts, so they likely realize that having to foreclose on your ownership is just an additional and unwelcome expense for them.

While this "offer" could certainly be a "win / win" for you (you get out of the ownership and the debt) and for Legacy (they get the week back, to then be able to sell it all over again to someone else), I'd personally be concerned about whether this "offer" was expressed to you in writing ---and under the signature of someone with the authority to have even made the offer in the first place. I certainly would not just send $1,000 off into the wild blue yonder solely on the basis of a phone conversation with who-knows-who...

 

[bogey21]

I had a friend who got out from under the burden of substantial monthly dues for a golf club membership just this way. He signed the papers and sent them a check for $1,000. He felt, correctly I guess, that copies of what he signed and a copy of his cancelled check was all he needed for documentation.

In this case I think a copy of your signed and notarized deed, a copy of their offer letter, along with a copy of your cancelled $1,000 check should be adequate. I'm sure others will think you need more than this.

George

 

[theo]

I agree completely, but...

<snip> ... I think a copy of your signed and notarized deed, a copy of their offer letter, along with a copy of your cancelled $1,000 check should be adequate. I'm sure others will think you need more than this.

...please note there was no reference by the OP to any actual "offer letter" in the first place --- hence my observation that there first needs to be something in writing from Legacy (i.e., not just "conversation"). Op stated that legacy "told" him they would take it back, but it's not clear (not to me, anyhow) that this was actually expressed in writing.

 

[Tia]

Agree about getting this in writing on official company stationary.

I had a friend who was promised by Bank of America verbally re payments and clearing credit ... she paid but Bank of America didn't do what someone told her via the phone.