Hi, I have a family member trying to offload their Tahiti Village/Soleil Management property to no avail. They have not been able to give it away and have had no luck in a deed back with the resort. Has anyone defaulted on their maintenance fee payments to Tahiti Village and been reported to the credit bureaus? Were they foreclosed on? I fear that this may be their only avenue but hate for their credit to be ruined as they will need long term placement in the coming years and will likely be denied if they have a less than desirable score. Their contract is paid in full.
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Defaulting on Maintenance Fees w/ Tahiti Village
- Thread starter amk5050
- Start date
geist1223
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There use to be a thread that collected information concerning what happened when folks defaulted on Loans and/or Maintenance Fees. If I remember correctly there was very few documented occasions that a stopping of paying Maintenance Fees resulted in a Credit Score hit.
a low chance, just never zero. really depends on how much you value your credit score and want to risk any potential hit even if the chances are low.
a very successful method to further attract a buyer even for a free giveaway is to add an incentive at closing, either prepaying another years worth of maintenance fees, or offering additional money at closing. look at it this way. you would likely find someone to happily take it off your hands if you offered $5,000 in cash at closing, yet very few are interested in taking it over for free.... paying 1x or 2x years of maintenance fees ahead of time doesnt seem like a terrible compromise given the alternatives.
but if even thats not appealing to you, roll the dice and walk away.
the exit option that is free comes with some negative possibilities.
the exit option that protects your credit and finds a legitimate new owner is not going to be free.
a very successful method to further attract a buyer even for a free giveaway is to add an incentive at closing, either prepaying another years worth of maintenance fees, or offering additional money at closing. look at it this way. you would likely find someone to happily take it off your hands if you offered $5,000 in cash at closing, yet very few are interested in taking it over for free.... paying 1x or 2x years of maintenance fees ahead of time doesnt seem like a terrible compromise given the alternatives.
but if even thats not appealing to you, roll the dice and walk away.
the exit option that is free comes with some negative possibilities.
the exit option that protects your credit and finds a legitimate new owner is not going to be free.
can you explain how it was settled?