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Caribbean time share and not paying MF can they hurt a US citizen

hammerhammer

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Someone had mentioned in a thread about TS's in the Caribbean and not having much recourse against people in the states if they go into default on MF's.

How does that work?
 

tschwa2

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I want to add that it depends if the timeshare has offices or affiliates in the US. A Marriott, Hyatt, Hilton, Starwood, Wyndham, Bluegreen, etc. will have some sort of US presence even if you own one outside of the US. This is often the case if they also operate regularly as a nightly hotel. I have a RTU through Sandals and they have offices in Florida. A little mom and pop timeshare that is owned/managed/developed by a local or non US company especially if it is a RTU will be much less likely to try to come after a US owner.
 

DeniseM

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hammerhammer - You keep asking variations on the same question: "How can I buy a timeshare, and default it on with no penalty, if I want/need to."

The reason that you are not getting the first hand experience that you are hoping for is that it's rare for an experienced TUG member to default on their timeshare. I can't think of a single regular, who has posted that they have done this.

This strategy is not well regarded on TUG, for a number of reasons.
 

hammerhammer

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hammerhammer - You keep asking variations on the same question: "How can I buy a timeshare, and default it on with no penalty, if I want/need to."

The reason that you are not getting the first hand experience that you are hoping for is that it's rare for an experienced TUG member to default on their timeshare. I can't think of a single regular, who has posted that they have done this.

This strategy is not well regarded on TUG, for a number of reasons.

Thanks Denise, I think I may be able to add to some folks knowledge bank.

I am in the process of getting a TS. I can not believe it but I am, it makes sense and is better than renting for us at this point in our life. The kids love it there and we do as well.

Now for those who may not know, if you put a time share in a LLC the time share may charge you more for it going into a LLC. Like in my case it would be or 4k to put into a LLC name, or 400 bucks to transfer the unit into just our names.

I have great credit and do not need credit quit frankly, so if some day they have to come after me oh well, but I am not paying 4k for the LLC protection.

I am not one of you by choice, only by force.

I am nervous as heck about in the TS club. And luckily both my kids were telling me do not become a TS owner. I guess my training was good :)

Thanks
 

Tia

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So your buying a foreclosed Caribbean ts from the HOA?

Thanks Denise, I think I may be able to add to some folks knowledge bank.

I am in the process of getting a TS. I can not believe it but I am, it makes sense and is better than renting for us at this point in our life. The kids love it there and we do as well.

Now for those who may not know, if you put a time share in a LLC the time share may charge you more for it going into a LLC. Like in my case it would be or 4k to put into a LLC name, or 400 bucks to transfer the unit into just our names.

I have great credit and do not need credit quit frankly, so if some day they have to come after me oh well, but I am not paying 4k for the LLC protection.

I am not one of you by choice, only by force.

I am nervous as heck about in the TS club. And luckily both my kids were telling me do not become a TS owner. I guess my training was good :)

Thanks
 

Tia

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Nope from a owner.

If the ts was foreclosed on then they don't own it, they are former owners, and can't sell it can they? Maybe I don't understand...
 

hammerhammer

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If the ts was foreclosed on then they don't own it, they are former owners, and can't sell it can they? Maybe I don't understand...

It is a rent to use. I am buying from a private party and when we transfer the contract into our name the TS can charge 400 for transferring into a persons name, and they charge 4k to transfer it into a LLC.

They get to charge what they see fit I guess.
 

DeniseM

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They are charging more to transfer deeds to LLC's to guard against Viking Ship Co.'s.

This weeds out the Viking Ship Companies who will not pay $4,000.

They are protecting their HOA against Viking Ship Companies who want to abandon deeds, which then become the burden of the HOA.
 

taterhed

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If you have good credit...
I have great credit and do not need credit quit frankly, so if some day they have to come after me oh well,

...then just buy it. Seems you don't care.

If the TS is such a bad deal--foreclosed, might need to abandon it? Then don't buy it. Rent just isn't that high.

Finally. If you are blatantly just asking can you buy and randomly walk away when you feel like it... then I think I'm done responding.

The answer you seek is simple:
  • Don't buy it if you can't afford it (and the MF's)
  • Don't buy it if it's such a lousy deal you can't/won't pay for it and you can't give-away/ or sell it--so you may abandon it
  • Don't buy it if you don't intend to pay for it
I'm done
 

DeniseM

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I don't see anywhere that the OP stated that this is a foreclosure.

That was introduced by someone making a comment.
 
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taterhed

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If you have good credit...


...then just buy it. Seems you don't care.

If the TS is such a bad deal--foreclosed, might need to abandon it? Then don't buy it. Rent just isn't that high.

Finally. If you are blatantly just asking can you buy and randomly walk away when you feel like it... then I think I'm done responding.



The answer you seek is simple:
  • Don't buy it if you can't afford it (and the MF's)
  • Don't buy it if it's such a lousy deal you can't/won't pay for it and you can't give-away/ or sell it--so you may abandon it
  • Don't buy it if you don't intend to pay for it
I'm done
{ed. you're right Denise: not buying a foreclosed unit....worried about being foreclosed upon if the OP decides to abandon unit }


Ok. I'm not done.

I re-read the OP's postings.
The OP is (apparently) contemplating purchasing a (resale) timeshare in the Caribbean. Based on past posts, OP is very interested in purchasing via LLC in order to make the timeshare 'disposable'--my words. Lots of concern about '...can they come after me...' etc...

I think the OP's basic concept is quite clear: How can I buy a timeshare, keep my name off the deed, and simply stop paying maintenance fees when I feel like it and walk away with no encumbrances.

Please: If I have misread you posts, enlighten me. It seems pretty clear. I don't mean to come off as angry-old-man, but I'm quite fond of TUG and proud of the many wonderful members here. I'm sincerely hoping it doesn't turn into the premier internet site for "How to defraud your HOA!"

Really. My2c That's the vibe you're giving.
 
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hammerhammer

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They are charging more to transfer deeds to LLC's to guard against Viking Ship Co.'s.

This weeds out the Viking Ship Companies who will not pay $4,000.

They are protecting their HOA against Viking Ship Companies who want to abandon deeds, which then become the burden of the HOA.

There is no HOA
 

hammerhammer

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{

I think the OP's basic concept is quite clear: How can I buy a timeshare, keep my name off the deed, and simply stop paying maintenance fees when I feel like it and walk away with no encumbrances.

Please: If I have misread you posts, enlighten me. It seems pretty clear. I don't mean to come off as angry-old-man, but I'm quite fond of TUG and proud of the many wonderful members here. I'm sincerely hoping it doesn't turn into the premier internet site for "How to defraud your HOA!"

Really. My2c That's the vibe you're giving.


Thanks and you are 100% on track. I am sorry but I view it as an exit plan. Maybe my mind thinks to far ahead sometimes. We have over 250 properties in the USA and I have everything on a spread sheet with an exit plan on everyone of them. Just wrangling with this TS stuff is very hard for me with no exit plan. I am working on a more constructive one now :)

I just could not sleep as good without a plan. Anytime I deal with $$$.$$ I like to have a plan man :)

Thanks for everyones help.
 

Ty1on

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A responsible exit plan would be to expect to give away the TS when you are done with it, kicking in some advance paid-up maintenance fees and other value to sweeten the pot if at that time there isn't a line of buyers waiting for it.

If you don't think it's worth that expense to get rid of it, it probably isn't worth you taking it over.
 
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