Exploria Resorts walk away?

[peggyjshafer]

I’ve owned a 3 bedroom lock off since 1998, long paid off. If we just stop paying dues will Exploria send to collections? We don’t want it any more and I’ve had no luck giving it away.

 

[rickandcindy23]

If you don't care about a credit hit, stop paying your fees. I personally don't care about my credit, and I know how to write a letter to the credit bureaus to explain any situation.

 

[DeniseM]

It doesn't look like you have posted it on the TUG Free Timeshares Forum:

How can I give away my timeshare on TUG for Free?

Before you pay an upfront fee to someone to "take your timeshare off your hands," 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...

tugbbs.com

 

[TUGBrian]

Effective Ways to Exit Your Exploria Resorts Timeshare

Options to Exit your Exploria Resorts Timeshare Ownership | TUG helps owners discover the truth about timeshare exit and avoid scams for free for over 30 years

tug2.net

 

[peggyjshafer]

It doesn't look like you have posted it on the TUG Free Timeshares Forum:

How can I give away my timeshare on TUG for Free?

Before you pay an upfront fee to someone to "take your timeshare off your hands," 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...

tugbbs.com

Looking at how MANY Summer Bay listings are already "free", offering with seller paying closing costs and even some offering to pay CASH to the buyer after closing, I don't see any possibility of this even working.

 

[oxifine]

That's my plan. Though I've heard they're in talks to be bought out by Capital.

 

[Pennytx]

I have three friends giving back their timeshares there
Zero help from management
Zero communication on deed backs
The property at summer bay is in excellent shape
The houses are in the process of remodeling, especially the four nearest to 601 reserve
They have cut back on mixology, beer tasting and free perks such as breakfast etc
I’d say it’s highly likely that they are selling out etc
Just my personal opinion .., it based on a recent three week stay

 

[gravityrules]

Mentioned this before, Exploria was purchased by Cerberus back in 2017, here's the PR at that time:

Cerberus Capital Management Acquires Club Exploria Resorts Assets - Cerberus Capital Management

Industry Veteran Thomas Morris to Lead the Resort and Hospitality Company NEW YORK, November 2, 2017 — Cerberus Capital Management, L.P. and its affiliates (“Cerberus”) today announced the acquisition of certain assets of Club Exploria, LLC and Club Exploria Resorts (“Exploria”), a diversified...

www.cerberus.com

There's another PR from Dec 2018 about Exploria's plan to double in size:

Exploria Resorts Announces Plans to Double Resort Operations

'Our three- to -five year plan is to double our operations' Exploria Resorts CEO Thomas Morris tells Leisure & Hospitality International Magazine in their latest issue. 2018 was a big year for us. Earlier this year, we welcomed a new addition to the Exploria Resorts family: Pocono Mountain

www.exploriaresorts.com

Well the best laid plans of mice and men often go awry ...

The CEO of Exploria appears to still be the same, Thomas J Morris.

I'm wondering if Cerberus is cutting their losses (or perhaps 'monetizing their assets') on their 8 year ownership of Exploria. I'm thinking that's a long time for private equity to be involved, particularly since it doesn't seem to have gone as planned. Sure, COVID played a role but Exploria actions now look like an intentional death spiral ...

 

[gravityrules]

That's my plan. Though I've heard they're in talks to be bought out by Capital.

Capital Vacations did 'acquire' the 2 Tennessee locations, Gatlinburg Town Square and Mountain Meadows (in Pigeon Forge). Don't know why CV would want more in Orlando than they already have ...

 

[shawnee83]

I’ve owned a 3 bedroom lock off since 1998, long paid off. If we just stop paying dues will Exploria send to collections? We don’t want it any more and I’ve had no luck giving it away.

I've been wondering about this too. One possibility is that failing to pay maintenance fees could be a foreclosure, which is much worse than a simple credit hit.

Is this correct? After all, it is a "deed" and you are an "owner."

 

[dioxide45]

I've been wondering about this too. One possibility is that failing to pay maintenance fees could be a foreclosure, which is much worse than a simple credit hit.

Is this correct? After all, it is a "deed" and you are an "owner."

Foreclosure is only worse if that foreclosure gets reported to a credit reporting agency. In the case of only maintenance fees, the most likely remedy is going to be foreclosure by the HOA. You will get annoying calls for a while asking you to pay but at some point they will give up and they will file a lien. While nothing is ever 100%, chances of a credit hit on maintenance fee default is low.

 

[TUGBrian]

ive still not seen any major system actually pursuing judicial foreclosure except in cases where the owner is deceased or similar.

for an owner that has expressed their willingness to surrender, in almost all circumstances the route of non payment results in the resort or management company reaching out to have the owner surrender the ownership back....because its FAR cheaper and less time consuming than the foreclosure process in just about any state.

 

[Larry M]

If you think a buyout is in the future, keep paying maintenance fees. Only those who are paid up will benefit. I bought one around 2010 for$1500. When it went bust in 2020, they sold the property and I got $5500. Only the paid up members benefitted.

 

[Willowt]

Then why didn’t we get a buyout when it was sold in 2017?