Deeded Property, Raintree Vacation Club

[BadGolfer69]

My wife and I bought at a Raintree property about 20 years ago. We have loved it, but the maintenance fees keep climbing (surprise, surprise). We now have friends come during the same week that we choose and they are able to “rent” the same size unit for 50% of our maintenance fee. While it may have never made financial sense to buy it, it makes even less financial sense to keep paying fees that are double the market prize. Does anyone have any advice for getting out?

Unlike many, if not most, timeshares in Mexico, we actually have a deed. Interestingly, the deed is to a Raintree property in the US even though we bought and signed our contract in Mexico. I could be wrong, but a deed seems to give it some value. However, I have no idea if that value exists, what its value may be, or how to find out what that value is. Any thoughts or advice on the deed?

Thank you in advance for any insight.

-BadGolfer69

 

[LannyPC]

My wife and I bought at a Raintree property about 20 years ago. We have loved it, but the maintenance fees keep climbing (surprise, surprise). We now have friends come during the same week that we choose and they are able to “rent” the same size unit for 50% of our maintenance fee. While it may have never made financial sense to buy it, it makes even less financial sense to keep paying fees that are double the market prize. Does anyone have any advice for getting out?

Unlike many, if not most, timeshares in Mexico, we actually have a deed. Interestingly, the deed is to a Raintree property in the US even though we bought and signed our contract in Mexico. I could be wrong, but a deed seems to give it some value. However, I have no idea if that value exists, what its value may be, or how to find out what that value is. Any thoughts or advice on the deed?

Well it seems that you got good use out of what you bought. I can fully understand why you would want to get rid of something where the MFs are about double what you could rent it for. That makes its resale value about zero, regardless of whether it's deeded or RTU. TBS, the biggest piece of advice we give to people in your situation is to not go seeking the services of these exit companies, law firms, or charities that claim they can get you out of your TS. Do not fall for some of these alleged law firms that claim they can sue the resort, TS company, developer, sales people, etc.

Assuming all your MFs and mortgages are all paid up, you can try advertising here on TUG's Free Timeshares section that you want to give it away.

If you choose to "get rid of it" by just defaulting on payments, you'll probably face a bunch of annoying collection calls and letters. whether or not you will face credit score/ratings hit or not is questionable. It is highly unlikely that you will face any judgments. It's a chance you have to take.

 

[BadGolfer69]

Well it seems that you got good use out of what you bought. I can fully understand why you would want to get rid of something where the MFs are about double what you could rent it for. That makes its resale value about zero, regardless of whether it's deeded or RTU. TBS, the biggest piece of advice we give to people in your situation is to not go seeking the services of these exit companies, law firms, or charities that claim they can get you out of your TS. Do not fall for some of these alleged law firms that claim they can sue the resort, TS company, developer, sales people, etc.

Assuming all your MFs and mortgages are all paid up, you can try advertising here on TUG's Free Timeshares section that you want to give it away.

If you choose to "get rid of it" by just defaulting on payments, you'll probably face a bunch of annoying collection calls and letters. whether or not you will face credit score/ratings hit or not is questionable. It is highly unlikely that you will face any judgments. It's a chance you have to take.

Thank you. I kind of figure that will be the consensus answer from reading similar threads. I was hoping the deed would possibly make it different. You are correct. We have used it and enjoyed it, but it’s time to move on.

 

[jp10558]

It would seem like the resorts would have an interest in making sure rentals are more than MFs. I mean, sure for a period I guess it's the owners who can take a loss renting, but then more and more people will do like you are talking about - i.e. stop paying those MFs and the resort eventually goes under.

 

[daverunfast]

Call raintree and tell them you want to give it back, they'll ask you to pay a few more years but will eventually take it back and won't do any collections. IDK about the deed