[ 2019 ] anyone has stopped paying maintenance fees, what happened ?

[chaparrusa]

i am trying to get an answer from someone who has actually stopped paying maintenance fees , so unless you are the one , please keep speculation to yourself .secondly i am referring specifically about HOA fees , NOT mortgage payments that i completely understand the consequences . help will be appreciate it
thanks

 

[Grammarhero]

I keep track of this. Out of 11 instances in which owners reported back, 7 got reported to credit agencies with about a 50 pt drop. If you’re not planning on making a huge purchase with credit in the next 7 years, might be worth to stop paying MF. To help others in TUG, do post your result or PM me.

 

[chaparrusa]

I keep track of this. Out of 11 instances in which owners reported back, 7 got reported to credit agencies with about a 50 pt drop. If you’re not planning on making a huge purchase with credit in the next 7 years, might be worth to stop paying MF. To help others in TUG, do post your result or PM me.

sure , that would be something really helpful for most , i appreciate your response . i though more people would respond to it , is there an option to re-post as i can see how newer post would get the most attention which leave some under the radar . right timing .

 

[Passepartout]

sure , that would be something really helpful for most , i appreciate your response . i though more people would respond to it , is there an option to re-post as i can see how newer post would get the most attention which leave some under the radar . right timing .

You can always quote your own post then add [bump] to put it at the top of the thread queue. As an aside, each system or resort HMO has their own criteria on how they deal with delinquencies. For instance, one of mine charges $75 reinstatement after an owner becomes delinquent- of course that's assuming they intend to keep using their unit. Anotherof mine gives the owner the option of paying one year's MF and be scrubbed from the owner rolls. I see that you own more than one TS, so whatever answers you may get are unlikely to be applicable to one, the other, or both. Point is, if you want to default on your MF, DO IT and find out for yourself what happens. To assume that what happenned to another TUGger would necessarily be how your HOA would deal with you is purely hypothetical.

Best Wishes.

 

[easyrider]

unless you are the one , please keep speculation to yourself

Most people here pay their mf. People that don't pay their mf are usually posting about what will happen if I don't pay mf scenarios. So for most of us here it is speculation.

I pay my mf but have called a few resorts to ask what would happen if I didn't. None of the resorts I talked to were willing to tell me it was ok to stop paying the mf and all of them said this could go to collection. "Could" means probably, imo.

Bill

 

[Grammarhero]

If you search closely enough, you will find results. Examples are
https://tugbbs.com/forums/index.php?threads/letting-timeshare-foreclose.293351/page-2#post-2316868
https://tugbbs.com/forums/index.php?threads/letting-timeshare-foreclose.293351/page-2#post-2318259
https://tugbbs.com/forums/index.php?threads/letting-timeshare-foreclose.293351/page-3#post-2318503
https://tugbbs.com/forums/index.php?threads/letting-timeshare-foreclose.293351/page-3#post-2318575
https://tugbbs.com/forums/index.php?threads/letting-timeshare-foreclose.293351/page-4#post-2319590

 

[Grammarhero]

Some more examples
https://tugbbs.com/forums/index.php?threads/what-about-foreclosure.292303/#post-2320226
https://tugbbs.com/forums/index.php...-notice-of-default-and-intent-to-sell.295884/
https://tugbbs.com/forums/index.php?threads/2015-about-to-start-the-foreclosure-process.231584/

For those without loans, it’s 4/7 for their credit affected. It’s 3/4 for those with loans.

 

[Grammarhero]

Most people here pay their mf. People that don't pay their mf are usually posting about what will happen if I don't pay mf scenarios. So for most of us here it is speculation.

I pay my mf but have called a few resorts to ask what would happen if I didn't. None of the resorts I talked to were willing to tell me it was ok to stop paying the mf and all of them said this could go to collection. "Could" means probably, imo.

Bill

Happens so infrequently that I keep track of it.

 

[chaparrusa]

You can always quote your own post then add [bump] to put it at the top of the thread queue. As an aside, each system or resort HMO has their own criteria on how they deal with delinquencies. For instance, one of mine charges $75 reinstatement after an owner becomes delinquent- of course that's assuming they intend to keep using their unit. Anotherof mine gives the owner the option of paying one year's MF and be scrubbed from the owner rolls. I see that you own more than one TS, so whatever answers you may get are unlikely to be applicable to one, the other, or both. Point is, if you want to default on your MF, DO IT and find out for yourself what happens. To assume that what happenned to another TUGger would necessarily be how your HOA would deal with you is purely hypothetical.

Best Wishes.

thanks

 

[chaparrusa]

thanks a lot i have looked at two of the links already but i will review all of them .

 

[DeniseM]

Tuggers are people who enjoy timesharing and therefore pay their maintenance fees. However, we do get your question often from visitors, but those are generally people who post a few times at most and then disappear, because they want to get rid of their timeshare - not participate on a forum for timeshare owners.

 

[Grammarhero]

@TUGBrian are you surprised that I track TS owners who reportedly don’t pay MF and whether their credit was affected afterwards?

 

[TUGBrian]

nope! you certainly have made a crusade out of collecting all sorts of extremely useful info here on the forums to share with others!

I for one appreciate it and find it fascinating.

 

[Carta]

I stopped paying this year (legally).. I had a 20 year RTU; (EOY); not a deeded t/s....I can still timeshare...I just rent owner's units.....No more fees

 

[Passepartout]

I stopped paying this year (legally).. I had a 20 year RTU; (EOY); not a deeded t/s....I can still timeshare...I just rent owner's units.....No more fees

Smart.

 

[Fredflintstone]

I did rid myself of all my timeshares. I was successful giving them all away except one. After multiple tries unsuccessfully to rid the last one, I stopped paying the MF. Here’s what happened:

1. I received multiple letters from them. They were left unopened and stamped Return to Sender. This went on for 2 years.
2. After 2 years, I received a certified letter from a law firm which I opened. The letter said that if I don’t pay in 30 days a non judicial foreclosure will happen. The laws of the State made it anti deficiency or all they can get is the timeshare.

Well it happened. I checked the County Clerk and yup it was gone 4 months later.

No Credit issues, no timeshare. No problems.

I still believe you do everything you can to rid yourself of the timeshare properly by giving it away and even paying transfer fees first. Forcing foreclosure should be your last resort out of courtesy for other owners who end up footing the bill.


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[Fredflintstone]

I should add the worst hassle I had was dumping RCI. I stopped paying their fees years ago and they still send me letters. They say I’m still a member and demand membership dues which I am not. They still hassle me to this day and I just ignore them.


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[Grammarhero]

I did rid myself of all my timeshares. I was successful giving them all away except one. After multiple tries unsuccessfully to rid the last one, I stopped paying the MF. Here’s what happened:

1. I received multiple letters from them. They were left unopened and stamped Return to Sender. This went on for 2 years.
2. After 2 years, I received a certified letter from a law firm which I opened. The letter said that if I don’t pay in 30 days a non judicial foreclosure will happen. The laws of the State made it anti deficiency or all they can get is the timeshare.

Well it happened. I checked the County Clerk and yup it was gone 4 months later.

No Credit issues, no timeshare. No problems.

I still believe you do everything you can to rid yourself of the timeshare properly by giving it away and even paying transfer fees first. Forcing foreclosure should be your last resort out of courtesy for other owners who end up footing the bill.


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Thanks for letting us know. Would you state or Pm me the name of the Ts company? These stats are helpful for any Ts owners in similar situations.

 

[Makai Guy]

I did rid myself of all my timeshares. I was successful giving them all away except one. After multiple tries unsuccessfully to rid the last one, I stopped paying the MF. Here’s what happened:

1. I received multiple letters from them. They were left unopened and stamped Return to Sender. This went on for 2 years.
2. After 2 years, I received a certified letter from a law firm which I opened. The letter said that if I don’t pay in 30 days a non judicial foreclosure will happen. The laws of the State made it anti deficiency or all they can get is the timeshare.

Well it happened. I checked the County Clerk and yup it was gone 4 months later.

No Credit issues, no timeshare. No problems.

I still believe you do everything you can to rid yourself of the timeshare properly by giving it away and even paying transfer fees first. Forcing foreclosure should be your last resort out of courtesy for other owners who end up footing the bill.


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Key sentence:
The laws of the State made it anti deficiency or all they can get is the timeshare.

Which state?

 

[Fredflintstone]

Key sentence:
The laws of the State made it anti deficiency or all they can get is the timeshare.

Which state?

Florida


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[Fredflintstone]

Frankly, I plan never to buy a timeshare again but if I was, I would only buy in States where they have non judicial, anti deficiency laws like Florida.

Even though I believe one should do their very best to rid a timeshare by giving it away first, the non judicial, anti deficiency laws really help if you must stop payment to force foreclosure.

That’s why I think timeshare companies are finally havingdeed back programs. They see that all one has to do in these non judicial, anti deficiency states is to stop payment and force the timeshare down their throats. Florida, as one state, has a lot of timeshares.


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[Fredflintstone]

Tuggers are people who enjoy timesharing and therefore pay their maintenance fees. However, we do get your question often from visitors, but those are generally people who post a few times at most and then disappear, because they want to get rid of their timeshare - not participate on a forum for timeshare owners.

Gee, I’m the exception. I have no timeshares but enjoy the community here...people here are clever, outspoken (in a nice way), respectful and post interesting things.


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[CalGalTraveler]

Frankly, I plan never to buy a timeshare again but if I was, I would only buy in States where they have non judicial, anti deficiency laws like Florida.

Even though I believe one should do their very best to rid a timeshare by giving it away first, the non judicial, anti deficiency laws really help if you must stop payment to force foreclosure.

That’s why I think timeshare companies are finally havingdeed back programs. They see that all one has to do in these non judicial, anti deficiency states is to stop payment and force the timeshare down their throats. Florida, as one state, has a lot of timeshares.


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Is it the state you live? or the state where the TS is located? you had shared a list of those states once. Can you provide that list again?

I believe in Nevada it only applies to a primary home, so it would not work for a timeshare there, correct?

How would this apply to points trusts? I would presume that the TS company lawyers would home all of their points trusts in a state that doesn't have this law. This would be akin to incorporating in Delaware because it is the most corporate friendly state.

But I believe the MVC and Vistana land trusts are based in Florida. So one could walk? Or would this require unwinding all of the deeds to states that apply a trust?

 

[mav]

If your resort won't take it back, there is a bargain forum here where u can give it away. Depending on what resort, season, cost of main. fees per year, you never know, someone may take it. There are many bargains here that are snapped up depending on those factors

 

[Fredflintstone]

Is it the state you live? or the state where the TS is located? you had shared a list of those states once. Can you provide that list again?

I believe in Nevada it only applies to a primary home, so it would not work for a timeshare there, correct?

How would this apply to points trusts? I would presume that the TS company lawyers would home all of their points trusts in a state that doesn't have this law. This would be akin to incorporating in Delaware because it is the most corporate friendly state.

But I believe the MVC and Vistana land trusts are based in Florida. So one could walk? Or would this require unwinding all of the deeds to states that apply a trust?

Foreclosure laws are applicable wherever the timeshare is located. You living in another state does not matter.

From what I know, incorporation in another state does not absolve the timeshare laws to where the timeshare is actually located. It’s like you having a vacation home in California, the real estate laws in California apply regardless of where you live or where you incorporated. The advantage of incorporating in another state only applies to corporate law and income taxes. Property taxes are a local right.

Yes, I understand in Nevada, non judicial, anti deficiency laws apply to only primary residences.

The list is here:

https://www.nolo.com/legal-encyclopedia/how-foreclosure-works-30066-2.html

Remember: A state can have non judicial rules but still allow deficiency judgements. You have to take anti deficiency laws state by state.


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