giving back timeshare...contract says...

[Abyssscuba]

this is a paragraph in my contract.
Im reading it as saying I can not pay and this is how it will be handled?
just wondering if it means I can basically not pay maintenance fees and be ok and out of it.
Should I write a letter giving it back and quoting this to them?
thanks for any help

MEMBERS DEFAULT
If the member default arises out of failure to make timely and full payments of resort service fees ect ect,
in accordance to the guidelines established by membership advisory and applied by the company the membership may be sold at the option of the company on the open market for the best price obtainable and after deducting fees ect......... the balance of any sales proceeds shall be remitted to the member.

I"m not looking for money back just to get out from under this!

 

[DeniseM]

They will foreclose on you first - it won't be pretty. You need to contact management and offer a deed back in lieu of foreclosure. You need to talk to someone in authority to accept a deedback - lower level folks will just say "no."

 

[Passepartout]

..... the membership may be sold at the option of the company on the open market for the best price obtainable and after deducting fees ect......... the balance of any sales proceeds shall be remitted to the member.

I"m not looking for money back just to get out from under this!

You won't have to worry about this. To add to what Denise said, not only is a foreclosure good for about a 200 point hit on your credit score, there is a chance that you will get billed for the difference between the 'fair market value' they liquidate it for, and what you owe.

Other TUGgers have had some success giving back TSs, but those are paid off, current on maintenance fees, and even at that, multiple formal, written contacts with the HOA or board are necessary. That ain't a call to the desk clerk or an email.

If yours isn't free and clear and current, you have exactly a snowball's chance in Hell of terminating the contract.

 

[ronparise]

The operative word in what you quoted is "may". They don't have to do it this way.

 

[persia]

I notice your resort is the Grand Caymanian, are you paying a US company that has your SS# or paying a Grand Caymanian company? There may be a way to avoid a ding to your credit if they are the latter. I would suggest talking to a solicitor...

this is a paragraph in my contract.
Im reading it as saying I can not pay and this is how it will be handled?
just wondering if it means I can basically not pay maintenance fees and be ok and out of it.
Should I write a letter giving it back and quoting this to them?
thanks for any help

MEMBERS DEFAULT
If the member default arises out of failure to make timely and full payments of resort service fees ect ect,
in accordance to the guidelines established by membership advisory and applied by the company the membership may be sold at the option of the company on the open market for the best price obtainable and after deducting fees ect......... the balance of any sales proceeds shall be remitted to the member.

I"m not looking for money back just to get out from under this!

 

[Abyssscuba]

Paid in full

no it's been bought and paid for for over 10 yrs.
Thanks for any info

 

[gmarine]

Since its in Grand Cayman its probably a Right to Use. The word "membership" also makes it sound like its a Right to Use. If thats the case there will be no foreclosure. The resort will just take the membership from you and you will be done with it.