Disposing of unwanted timeshares

[rfhopper]

The timeshare industry has a one of a kind product A timeshare is purchased and then paid for completely. An annual maintenance fee is collected. However, if the owner doesn't want the property any longer, it is extremely difficult (if not impossible) to walk away from it and give it back to the timeshare company. Just ignoring maintenance fees for years could jeopardize one's credit rating.

Why isn't there some law saying that a person who owns a timeshare debt free can GIVE that timeshare back to the timeshare company and be relieved of all future maintenance fees?

There seem to be a huge number of timeshare owners who are even willing to pay someone to take their timeshare just so they are not obligated for future maintenance fees. Scams abound with would be brokers, buyers or donation companies.

It seems worthy of legislative action to address a contract in perpetuity which can't even be resolved by relinquishing all rights to the timeshare. Even if a timeshare owner dies, my understanding is that his/her heirs are now legally liable for the maintenance fees.

Is there anyone out there legally or politically savvy enough to know how to go about addressing this huge problem?

Robert

 

[DeniseM]

Hi Robert and welcome to TUG

Why isn't there some law saying that a person who owns a timeshare debt free can GIVE that timeshare back to the timeshare company and be relieved of all future maintenance fees?

The reason you can't give it back to the company, is because the resort doesn't belong to the developer - it belongs to the owners at the resort, under the direction of a board of directors, elected from the ownership.

Once a resort is sold out - the developer turns it over to the board - the developer is not responsible for foreclosures, deedbacks, etc.

When you give a timeshare back, or default, or are foreclosed on, the timeshare goes back to the other owners, who must cover the maintenance fee, until the week can be resold - which is difficult in this economy. At most resort these day, owners are subsidizing the cost of defaults and foreclosures - not the developer.

Even if a timeshare owner dies, my understanding is that his/her heirs are now legally liable for the maintenance fees.

This is a falsehood that is perpetuated by the companies that want you to pay them to take your timeshare off your hands. It's not true - your heirs simply cannot be forced to accept property that they don't want.

If the law you suggested was put into place, many timeshare resorts would simply go bankrupt, and even the owners at the resort who were not in default would suffer. It's not a viable solution.

Here on TUG was recommend giving your timeshare away yourself, to another private individual, who wants to own it. Let me know if you'd like more info. on that.

 

[rfhopper]

Yes, I'd certainly know how to find someone who wants to take over a timeshare at no cost except the transfer fees and future maintenance fees - especially if the timeshare is a floating week.

I haven't seen any websites where one can post a Free Timeshare. Where does one go to post something like this?

 

[DeniseM]

Please consider giving your timeshare away to a private individual who would like to own it.

Why?
-You can give it away yourself for nearly no cost.
-You can control the transfer process to make sure it is truly transferred out of your name.
-You won't have to deal with companies that may or may not be Legit.
-You can transfer it to a private individual who will be happy to have it for their own use.
-You will have the satisfaction of knowing that you ended your ownership legally and ethically.

There are two places on TUG where you can give away your TS's for free (no charge for the Ads.) There are other cheap and free sites on the internet, as well.

TUG Marketplace - the only cost is your TUG membership - $15 (List it for $1 and it will automatically go in the Bargain Basement Ads.)

Bargain Deals - Totally FREE! - just write a simple post with all the pertinent info. In your post, include the following info.:

-resort name
-unit size
-season owned
-maintenance fee
-current reservations​

To make it more attractive I would:

1) Pay 2011/12 maintenance fees and don't ask for reimbursement.

2) Pay for the title transfer (you can get a simple title transfer with no escrow or title search for about $100.) Many people have used Tugger TTT (Alan) at Time Travel Traders for this service in the past, but he is retired and is referring most business to Lisa Short for this service - 1.706.969.8906 readylegal@gmail.com Lisa has been receiving good reviews on TUG.

3) Reserve a popular holiday week in 2011/12 for the new owner​

Good luck!

 

[siesta]

What do u own that u dont want

 

[DeniseM]

What do u own that u dont want

I'm sorry, but that info. cannot be posted in the discussion forums - please consider a private message.

 

[siesta]

Just curious as to offer advice on the best way to go about unloading it, and gauging how difficult it could be, but alrighty...

 

[rfhopper]

Thank you. I'm actually a member of TUG but didn't post the initial thread under my membership. I obviously haven't researched all of the options available in TUG that carefully.

Thanks for the tips.
Robert

 

[DeniseM]

What was the point of hiding your identity?

 

[rfhopper]

I had no intention of hiding my identity. I thoiught I was logged in when I posted on the BBS.

Robert

 

[DeniseM]

I had no intention of hiding my identity. I thoiught I was logged in when I posted on the BBS.

Robert

My apologies - I thought you meant you were posting under a different name, than your registered member name, because the user name "rfhopper" is not recognized by the system as a TUG member. (Sometimes people will register and post under a new user name because they want to ask something controversial. I didn't do a good job of it, but what I should have said is that the question that you brought up is good one that gets discussed here a lot.)

It may be that you paid for your membership, but did not change your status in your profile, so the system continues to see you as a guest.

Another possibility is that your yearly membership has expired - did you renew it for 2011?

Here's how to change your user status to member:

When you joined TUG, you reveived an email with a member's code that you have to add to your profile, for the system to recognize you as a member.

If you can't find the email and code:

Click on TUG Resort Databases at the top of the page,

Scroll down and click on MEMBERS CLICK HERE TO LOG IN,

Log in,

The member's code will be in the top box.

To add the member's code, click on USER CP in the blue bar at the top of the page.

Then click on EDIT BBS MEMBER CODE

Then scroll all the way down to the bottom of the page, put the code in the box

Save it.​

 

[Rent_Share]

Just curious as to offer advice on the best way to go about unloading it, and gauging how difficult it could be, but alrighty...

You can always PM the poster - It is frustrating not to be abe to give adivice based on location, season, and size but those are the house rules

 

[JulesT]

Unwanted Timeshare & Heir Responsibility

Hi Robert and welcome to TUG.

This is a falsehood that is perpetuated by the companies that want you to pay them to take your timeshare off your hands. It's not true - your heirs simply cannot be forced to accept property that they don't want.

So what happens to the time share when you die & you've instructed your heirs not to accept the property? How do they go about NOT accepting property? If it's in your will that the timeshare is not part of the estate will that be enough to keep them from being liable for the maintenance fees?

 

[DeniseM]

So what happens to the time share when you die & you've instructed your heirs not to accept the property? How do they go about NOT accepting property? If it's in your will that the timeshare is not part of the estate will that be enough to keep them from being liable for the maintenance fees?

If your heirs don't want the property - don't leave it to them. Heirs are not responsible for the debts of the estate - the estate is. It would be the responsibility of the executor to dispose of the timeshare, along with all other property. But the executor is NOT PERSONALLY responsible for the timeshare or any other debts. The executor can give it away, sell it, offer a deed back to the HOA, or have it declared worthless by the court. (That's not the legal term, but you get the idea.)

Heirs do not have to accept a timeshare (even if left to them) and they are not responsible for paying the maintenance fees.

 

[ronparise]

The timeshare industry has a one of a kind product A timeshare is purchased and then paid for completely. An annual maintenance fee is collected. However, if the owner doesn't want the property any longer, it is extremely difficult (if not impossible) to walk away from it and give it back to the timeshare company. Just ignoring maintenance fees for years could jeopardize one's credit rating.

Why isn't there some law saying that a person who owns a timeshare debt free can GIVE that timeshare back to the timeshare company and be relieved of all future maintenance fees?

There seem to be a huge number of timeshare owners who are even willing to pay someone to take their timeshare just so they are not obligated for future maintenance fees. Scams abound with would be brokers, buyers or donation companies.

It seems worthy of legislative action to address a contract in perpetuity which can't even be resolved by relinquishing all rights to the timeshare. Even if a timeshare owner dies, my understanding is that his/her heirs are now legally liable for the maintenance fees.

Is there anyone out there legally or politically savvy enough to know how to go about addressing this huge problem?

Robert

First of all its not a "one of a kind product" as you put it...I dont know of any purchased product that you put back to the seller when you are tired of it......In real estate that would be called "rent"

There are timeshares organized closer to what you want...they are contracts with a fixed end point, or a vacation club...but I dont suppose thats what you own.

However, I happen to agree with you to some degree..,, I think property owners associations should take their timeshares back according to some schedule and subject to some rules..Perhaps for long time owners (10+ years), and if maintenance fees are paid ahead another 5 years and if the owner is over 85 years old or suffering from a terminal illness. I would rather that they make it easy to deed this stuff back, than have to suffer the cost of foreclosure

 

[OCFran]

Timeshare Give Backs

Ron:

I think that any owner controlled Board would take back a deed if the owner was willing to pay 3 to 5 years of maintenance fees up front to leave. Most of these posts want the Board to take them back for free.

I don't think that the people posting understand that the "they" is us.

 

[ms.shalimar]

re:Non Payment of Annual Membership Fee & Non Payment of Maintainance Fees

In my contracts it states:
Non payment of the Annual Membership Fee during 2 consecutive years shall imply the loss of the MULTIRESORT MEMBERSHIP and

NON-payment of the maintainance fees during 2 consecutive years shall imply the cancellation of the MEMBERSHIP.

Not worth the powder to blow it to H---???

Thanks

 

[vckempson]

In my contracts it states:
Non payment of the Annual Membership Fee during 2 consecutive years shall imply the loss of the MULTIRESORT MEMBERSHIP and

NON-payment of the maintainance fees during 2 consecutive years shall imply the cancellation of the MEMBERSHIP.

Not worth the powder to blow it to H---???

Thanks

That's obviously a vacation club or some sort and not a deeded timeshare. They do provide a much easier exit plan. Deeded timeshares do not work that way.

As for heirs declining acceptance of an inheritance, it's call a "qualified disclaimer". You have to do that before taking "constuctive reciept" of the timeshare. Constructive receipt would include such things as using a week for vacation, paying a MF or transferring it into your name.