Default of MF question

[JackieD]

I am thinking of letting one of my S.Africa properties go into default of MF's. I've thought of listing it with Cape Escapes but don't really want the hassle and my $520+ mf are due now. Plus it's a white week at a gold crown so it probably would take a while to sell. I should've listed it before I had to pay $500 for a special assessments a couple of months ago....Has anyone just let one go and if so, what were the ramifications from the resort???

 

[Carolinian]

Why not list it on bidshares or ebay for $1 and no reserve?

 

[michelle]

I realize that you are not asking if we agree with this kind of action or not, but for what its worth, I would like to say that I do not agree with this kind of action. It leads to the rest of the owners, of which I might be one, to have to pick up your tab. Not good.

Or are you thinking of simply giving it back to the resort? If this is the case, you would have to speak to them to see what your options are.

 

[Malane]

I know that at Dikhololo and Mt Amanzi they are quick to foreclose on unpaid fees. However, you might consider depositing the weeks into a Points account. You can get more than 30K points if it is a 2 bed or bigger -even with a white week.

 

[cali girl]

What resort is this? Levies of 520. are awfully high. I would contact the resort and see if they would take it back.

 

[JackieD]

Thank you for all the replies. I will look into each option. Carolinian, you mentioned Redweek on another board. How much did they charge and how did you handle the paperwork?

When I purchased this TS 3 yrs ago, the levies were 2200R ($209US at that time). It IS a 3 BR GC but a white week. In the last year I've paid special assessments twice for a total of $590 and now their 2006 mf are 3103R which is US $517.82. Not a huge amount I guess to some but pretty steep in my book.

I have never defaulted on any payment EVER so this has not been an easy question to ask. Things are just tight right now since both of my DH's parents passed away in last 2 months so we have been helping their surviving spouses etc......

Again, thanks for the responses.
Jackie

 

[Karen G]

It would be better to sell it on ebay for whatever it will bring than to just default on the MF. Or even give it away. I'll bet someone would love to have it for the points for deposit it would bring as a 3-bedroom.

 

[Hilltop]

What is the Resort name & what week do you own?

 

[Carolinian]

At the time, I believe the listing fee on Redweek was $10, but it has recently gone up quite a bit.

I had the resort send me copies of the necessary paperwork, filled it all out myself, send it to the buyer, and then forwarded it on the resort after the buyer had signed and returned it. It went through without a hitch.

Thank you for all the replies. I will look into each option. Carolinian, you mentioned Redweek on another board. How much did they charge and how did you handle the paperwork?

When I purchased this TS 3 yrs ago, the levies were 2200R ($209US at that time). It IS a 3 BR GC but a white week. In the last year I've paid special assessments twice for a total of $590 and now their 2006 mf are 3103R which is US $517.82. Not a huge amount I guess to some but pretty steep in my book.

I have never defaulted on any payment EVER so this has not been an easy question to ask. Things are just tight right now since both of my DH's parents passed away in last 2 months so we have been helping their surviving spouses etc......

Again, thanks for the responses.
Jackie

 

[Jwerking]

I know that at Dikhololo and Mt Amanzi they are quick to foreclose on unpaid fees. However, you might consider depositing the weeks into a Points account. You can get more than 30K points if it is a 2 bed or bigger -even with a white week.

Can the SA weeks (Dikhololo) somehow be set up as points in RCI if I am only an RCI weeks owner? If so, how do I go about this??

Joyce

 

[Karen G]

Can the SA weeks (Dikhololo) somehow be set up as points in RCI if I am only an RCI weeks owner? If so, how do I go about this??

No, you have to have a points account in order to do a Points-for-Deposit transaction. You could buy a low cost points resort, set up an account, and then you'd be able to deposit non-points resorts into it.

 

[Jwerking]

No, you have to have a points account in order to do a Points-for-Deposit transaction. You could buy a low cost points resort, set up an account, and then you'd be able to deposit non-points resorts into it.

Can someone recommend a low cost points resort? I am NOW really interested in this angle?

Joyce

 

[Karen G]

I bought at Rayburn Country in Texas. Since then RCI has started to charge a fee to deposit non-points resorts into the Points for Deposit and I've heard it was around $29. I think some people have bought Australian points resorts, but I don't know the details. You might want to do some searching on the points bbs for more info.