dumping a timeshare

[RPWH]

Questions concerning dumping are Florida timeshare?
We have tried to give our timeshare away for a very low price, but no luck yet, and we do not want to pay next year's maintenance fees nor the taxes.
What happens to us if we do not pay these fees?
The timeshare is deeded and if it goes back to the resort for lack of payment,will it ruin our credit rating and can the resort come after our home?
WE do not know the Florida laws, so hopefully someone can help us.
Thanks,

 

[Dave M]

What happens to us if we do not pay these fees?

The legal documents for the resort obligate you to make the maintenance fee payment. Thus, the resort might foreclose on your ownership and/or institute collection action. It's likely that those documents allow the resort to collect not only the maintenance fee but also any collection costs, including attorney fees and court costs, along with interest and any late fee penalties that might apply.

The timeshare is deeded and if it goes back to the resort for lack of payment, will it ruin our credit rating...?

It might. There is an excellent chance that your default will be reported to the credit agencies.

...and can the resort come after our home?

I don't know the answer to that. The resort could get a default judgment against you. Against what assets that debt can be enforced depends on the laws of your state.

I wouldn't make a decision based on what you read here. Although we are all well-intentioned, the free advice we give to you on this legal matter is not worth much more than what you are paying us for it! Thus, you would be wise to contact your local Bar Association and ask for a referral to an attorney who understands Florida real estate and bankruptcy law as it relates to individuals. Depending on your Bar's practices, you should be able to get a brief visit with an attorney for free or for a nominal charge (less than $75).

However, it seems to me that the key issue is how to get rid of your unwanted timeshare at no cost (or a very low cost) to you. We can help you with that. One of the easiest ways to sell it is to compose an eBay ad (review other eBay timeshare ads for ideas), list it on eBay with a $1 starting bid and no reserve, perhaps agreeing to pay closing costs ($300-$350 with one of the leading low-cost timeshare closing companies) and let it sell.

Some here may ask you what timeshare you own. Please do not respond to such a question here, as that information would be treated as advertising and would be deleted.

 

[Steamboat Bill]

what resort is it?

 

[Dave M]

Bill -

See the last paragraph of my post. Once he indicates an interest in selling, he can't post that info.

 

[JoeMid]

Some here may ask you what timeshare you own. Please do not respond to such a question here, as that information would be treated as advertising and would be deleted.

what resort is it?

Too funny....:hysterical:

 

[Steamboat Bill]

Some here may ask you what timeshare you own. Please do not respond to such a question here, as that information would be treated as advertising and would be deleted.

oops...my bad!

Looking at the time of our posts (1 minute apart), I did not get a chance to read your post, until mine posted.

 

[KenK]

RP:
Welcome to TUG. I think if you red a lot of the info here, you might get better ideas on how to maximize the use of the timeshare you own. I say this because there are a lot of possibilities the T/S can get you, espically with very low cost vacations, simply because you own one.

Years ago, TUG would get involved with a timeshare auction realtor and many tuggers would try to get a lowish priced maintance unit for the cost of closing. (ie...cost of week or points was simply the closing costs).

We did this in order to have several options available to us (as T/S owners) that were not available (for the price) to the general public.

One example was the availability of super priced weeks the exchange companies would offer. (Yes, the $9.00 weeks are long gone) but there are still some bargains if you are flexible.

One simple example....Fairfield has a resort in Atlantic City. At times, it does not expect to be filled....and its exchange company (RCI) gets several apartments they put on their site as "Extra Vacations".

This spring, that resort had 2 bed 2 bath units for $198 for the week. The one beds were less. Over Thanksgiving week even.

An II (called getaways) special included a studio beach front Marriott Ocean Point (Palm Beach) or Beach Place (Ft Laud) for less than $300 a week during much time this fall. They all sell out fast

Yes, both RCI (court case pending) and II also rent out some of these 'bargains' to the general public, but usually the price is much higher.

If you read the info here (I mean the entire site, not just the BBS), you might get ideas as to maybe keeping it for a while longer might be a OK idea. Need patience, espically if you are working, and flexibility if retired, but your T/S might have more value than you realize.

Also check out the www.ebay.com site and search timeshares. Other sites include www.myresortnetwork.com , www.redweek.com , www.holidaygroup.com and several others. Avoid those with pricing that is impossible to sell.

Avoid any advertising company that wants upfront monies. If a realtor requests upfront money in Fl...they can't

 

[RPWH]

what resort is it?

We were advised by this BBS not to give the name of the timeshare, so we guess we will not. Our unit will be listed on the classified ad section in a day or two.

 

[RPWH]

The legal documents for the resort obligate you to make the maintenance fee payment. Thus, the resort might foreclose on your ownership and/or institute collection action. It's likely that those documents allow the resort to collect not only the maintenance fee but also any collection costs, including attorney fees and court costs, along with interest and any late fee penalties that might apply.It might. There is an excellent chance that your default will be reported to the credit agencies.I don't know the answer to that. The resort could get a default judgment against you. Against what assets that debt can be enforced depends on the laws of your state.

I wouldn't make a decision based on what you read here. Although we are all well-intentioned, the free advice we give to you on this legal matter is not worth much more than what you are paying us for it! Thus, you would be wise to contact your local Bar Association and ask for a referral to an attorney who understands Florida real estate and bankruptcy law as it relates to individuals. Depending on your Bar's practices, you should be able to get a brief visit with an attorney for free or for a nominal charge (less than $75).

However, it seems to me that the key issue is how to get rid of your unwanted timeshare at no cost (or a very low cost) to you. We can help you with that. One of the easiest ways to sell it is to compose an eBay ad (review other eBay timeshare ads for ideas), list it on eBay with a $1 starting bid and no reserve, perhaps agreeing to pay closing costs ($300-$350 with one of the leading low-cost timeshare closing companies) and let it sell.

Some here may ask you what timeshare you own. Please do not respond to such a question here, as that information would be treated as advertising and would be deleted.

thank you for the info.