Hi Ean1, I'm going through the foreclosure now with RS. So I read my deed of trust and it appears that if I default, the remedy they have is the power of sale and foreclosure. So my maintenance fees are secured by the property and they may repossess it through foreclosure to recover any money. My contract that was written by them says they will exercise their power of sale and foreclosure in the event I default in either payments or maintenance fees. I have defaulted. I think I am two years into defaulting. In my state, the statute of limitations for collections is 4 years. I guess it could take up to 4 years until they can't collect on it any longer and they will have to foreclose. I will not pursue them for a deedback. Honestly, I am hell-bent on getting out. I got Covid-19 from the last time I stayed there and I never got it in all the time the virus was raging. I am a senior citizen in a protected age class in the state of Nevada and I nearly died. I have received two messages from RS accounting which I did not respond to. I ignore any calls from RS and I pile up any correspondence from them. I do not want them to get the idea I am equivocal in any way. I truly honestly just don't care anymore. I don't want to be responsible for their negligence if someone gets sick while staying there while renting the place from me. So renting it out is not an option for me anymore. If you have deeded ownership at the RS then this may be the path forward for you. They have a "club" type membership that I never upgraded to which is treated like personal property and not real estate. This may require a different way to default. Let me know if you can't find your deed of trust and I'll photograph the power of sale clause and send it to you. Rest assured we are not alone in going through this. We are not the first and won't be the last. If it does end up on your credit report, there is always disputing it which could cause it to be removed from your credit report anyway. They have to be dead accurate about everything, dates, amounts spellings, etc. If anything is amiss you will have grounds for dispute through FCRA and writing back and forth with RS which they are not good at. I'm not even sure there is a manager since no one ever called me after I sent pictures and complained. I'm doing just as recommended here on TUG. Walk away. Good luck to you.
Thank you so much for your comment, and very sorry to hear about the experience with covid at the resort, yuck! Yes, we have a deeded membership that was purchased by my father-in-law in the late 80s. We were 'gifted' the deed in 2008 or so.
Thank you Patri. I am doing exactly that. The deed of trust says if I default they will exercise power of sale and right to foreclosure. I am counting on it. I want out. I never want to return to that timeshare ever again.
They have not reported negatively on my credit history. If they do, I will request they post my bill paying history to illustrate I did not default while paying on the mortgage. If there are any errors, I will dispute the report and have it removed from my credit history. If there are any errors in anything at all, I will dispute and let the credit reporting agency decide. Also, I would be counting on my past, present and future bill paying habits to repair any damage they may happen to inflict. The deed of trust says nonjudicial foreclosure so I guess that means it doesn't go through the court. They just record a foreclosure with the county recorder and the process begins. They don't have a choice if we choose default they have to foreclose. I have read they offer the deed back after you go through the process as a "deed back in lieu of foreclosure" but they have to initiate foreclosure first. Whether they do or they don't I want out so I default.