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Give back to resort but purchased by a vacation rental company
- Thread starter tugcat
- Start date
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- Resorts Owned
- Wyndham Founder; Disney OKW & SSR; Marriott's Willow Ridge and Shadow Ridge,Grand Chateau; Val Chatelle; Hono Koa OF (3); SBR(LOTS), SDO a few; Grand Palms(selling); WKORV-OF ,Westin Desert Willow.
That was exactly how I took it.
Ski-Dad
TUG Member
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Sheraton Desert Oasis
Marriott Grande Vista - Florida Club
Grandview LV - Vacation Villages
Yes - but what do you actually own?
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@tugcat It appears that you have no choice but to walk away (or walk and later negotiate deed in lieu so they avoid cost of foreclosure),
As I see the math: you could be in arrears of $1000/year and if there are 3 years to the statute of limitations then it's potentially $3k plus lawyers fees and you exit (or $0 deed in lieu when they come to their senses) vs. $12k and you are still stuck with this timeshare.
What state is it in? Depending on the state they can garner any back monies owed on MF through judicial foreclosure. However if and your family you ignore them, do not object to the foreclosure they probably will just take back the deed via foreclosure. In Arizona they can charge you no more than $500 to deedback.
Check out the TUG stickies for the state timeshare laws where this timeshare deed is located. Make sure you or your family don't get tricked into objecting to foreclosure in Florida, South Carolina or a few other other states or you will end up spending more time and money. Make sure none of your relatives give them a cent or objects because that restarts the statute of limitations debt clock and you will owe another year of MF.
tugbbs.com
To avoid a hit to credit you can approach them before it goes to foreclosure. Tell them that you are walking and DO NOT OBJECT to foreclosure. Would they like to have a deed in lieu for free in exchange releasing you from this property and your MF and they avoid the legal fees and hassle of foreclosure. You may need to be in arrears - depends on the management company. The closer to foreclosure the more likely they will want to deed in lieu - you have a better negotiating position.
This is general guidance, we are not lawyers so YMMV.
BTW...Giving away a timeshare that has pending but unannounced assessments and such extortionist deedback tactics is not ethical (without disclosure) or fair to the new party. Therefore no one will want this so giving away is not an option.
As I see the math: you could be in arrears of $1000/year and if there are 3 years to the statute of limitations then it's potentially $3k plus lawyers fees and you exit (or $0 deed in lieu when they come to their senses) vs. $12k and you are still stuck with this timeshare.
What state is it in? Depending on the state they can garner any back monies owed on MF through judicial foreclosure. However if and your family you ignore them, do not object to the foreclosure they probably will just take back the deed via foreclosure. In Arizona they can charge you no more than $500 to deedback.
Check out the TUG stickies for the state timeshare laws where this timeshare deed is located. Make sure you or your family don't get tricked into objecting to foreclosure in Florida, South Carolina or a few other other states or you will end up spending more time and money. Make sure none of your relatives give them a cent or objects because that restarts the statute of limitations debt clock and you will owe another year of MF.
Links to Official State Timeshare Laws and Guides/Manuals
@TUGBrian @DeniseM @CalGalTraveler take a look. This weekend, I’m creating a spreadsheet with official links to states’ timeshare laws, as well as their statuses as to non-judicial, anti-deficiency foreclosures. In the meantime, I will just keep adding notes. * Legal Disclaimer: This list...
tugbbs.com
To avoid a hit to credit you can approach them before it goes to foreclosure. Tell them that you are walking and DO NOT OBJECT to foreclosure. Would they like to have a deed in lieu for free in exchange releasing you from this property and your MF and they avoid the legal fees and hassle of foreclosure. You may need to be in arrears - depends on the management company. The closer to foreclosure the more likely they will want to deed in lieu - you have a better negotiating position.
This is general guidance, we are not lawyers so YMMV.
BTW...Giving away a timeshare that has pending but unannounced assessments and such extortionist deedback tactics is not ethical (without disclosure) or fair to the new party. Therefore no one will want this so giving away is not an option.
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- Joined
- May 5, 2011
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- 4,352
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- HGVC and DVC
Sharing the resort name would be helpful. There may be someone on TUG that also owns at the resort and may be able to provide some knowledgeable information about what is going on.
This whole story sounds like a cold call from an exit scammer pretending to be “someone at my resort”.
This whole story sounds like a cold call from an exit scammer pretending to be “someone at my resort”.
davidvel
TUG Member
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Marriott Shadow Ridge (Villages)
Carlsbad Inn
OP refuses to answer basic questions and the story keeps changing. Not buying any of this.
PcflEZFlng
TUG Member
Agree. OP has been asked multiple times what the resort is, and is being cagey. Perhaps we should walk away from the OP.
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- Resorts Owned
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Fitzpatrick's Castle Holiday Homes,
Enchanted Isle.
I have a similar situation With Enchanted Isle in Hollywood, FL
maintenance fee went up substantially and nothing was updated in my timeshare unit.
I asked about a buy back they told me they would buy back if I paid 5 times the maintenance fee as well as other fees to relieve me of the timeshare. It’s more beneficial for me to keep it . I’m planning to visit this resort on my 2025 week and see if I can deal with them for a more reasonable deal.
maintenance fee went up substantially and nothing was updated in my timeshare unit.
I asked about a buy back they told me they would buy back if I paid 5 times the maintenance fee as well as other fees to relieve me of the timeshare. It’s more beneficial for me to keep it . I’m planning to visit this resort on my 2025 week and see if I can deal with them for a more reasonable deal.
davidvel
TUG Member
- Joined
- May 9, 2008
- Messages
- 8,362
- Reaction score
- 5,315
- Location
- No. Cty. San Diego
- Resorts Owned
-
Marriott Shadow Ridge (Villages)
Carlsbad Inn
Who is they?
- Joined
- Jul 17, 2005
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- Central Florida
- Resorts Owned
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Fitzpatrick's Castle Holiday Homes,
Enchanted Isle.
The Timeshare is THEY
- Joined
- Jun 6, 2005
- Messages
- 33,794
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- 10,277
- Location
- The Centennial State
- Resorts Owned
- Wyndham Founder; Disney OKW & SSR; Marriott's Willow Ridge and Shadow Ridge,Grand Chateau; Val Chatelle; Hono Koa OF (3); SBR(LOTS), SDO a few; Grand Palms(selling); WKORV-OF ,Westin Desert Willow.
The management company is probably they.
- Joined
- Jul 17, 2005
- Messages
- 6,295
- Reaction score
- 3,380
- Location
- Central Florida
- Resorts Owned
-
Fitzpatrick's Castle Holiday Homes,
Enchanted Isle.
Yes
I am guessing one of "The Legacy Vacation Resorts" in Kissimmee/Orlando.
Do not pay the resort's managment company another penny.
Stop paying the MF, and let them foreclose.
If there truly is an upcoming special assessment you will NOT be able to give it away. No one will take it.
The thought of paying over $12K to get them to take back a vacation week is ludicrous.
You need to stop paying with the upcoming year's MF.
Do not pay the resort's managment company another penny.
Stop paying the MF, and let them foreclose.
If there truly is an upcoming special assessment you will NOT be able to give it away. No one will take it.
The thought of paying over $12K to get them to take back a vacation week is ludicrous.
You need to stop paying with the upcoming year's MF.
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