So I used to own at this resort. I owned an every other year lockout. Used to be MF around $500 for the week, which as always, steadily rose thru the years. It was a decent, close resort but nothing fancy & usually deserted. When festiva took over, all sorts of special assessments were made. I paid the first 3 or so, which were $500 ea to upwards of $1,000 or so. For an every other year resort! I think I paid the same amount as an every year owner. And every year it seemed there was a special assessment, usually higher than the MF. I think they had lots of storm damage which the insurance didn't cover. At some point, I finally wrote them a letter saying I wouldn't pay any more & offering them the deed back but that I wasn't paying another penny. Which they then wanted around $500 or $1,000 for the deed transfer. Uh, no. I just didn't pay.
The lastest letter I got from them is that they sold the property, and that TS owners would be receiving a payout IF their accounts were in good standing. Which mine wasn't, so of course I expect nothing. Festiva said they had something like a 65% default rate. I didn't pay the last 2 or 3 special assessments, MF, or late fees. So if someone else got back $5,000--good for you, but I figure the amount I'd receive would have been less what I'd paid into it with the MF & special assessments. So I still consider myself even or ahead, and glad the thing is gone.
I think the resort needed to close, but I think Festiva made out very well, and that this is their strategy. If you have a resort, and they take over, watch out.
I've received no paperwork for signing over the deed either, although I'm sure the board will do some paperwork such that they aren't tracking down all the individual owners, especially with a 65% default rate.
