Two on each side. Some can poke fun at me all they want.
But yes the owners left at the resort pay for the ones that stop paying MFs or walk away from a contract that they could afford to pay.
What happened to buckle up buttercup & honor your contract if you can? You made a mistake so now learn how to use your TS & enjoy making memories.
Jim says it best, we are Timeshares Users Group
Grammerhero should get his own website called Timeshares Exit Group
Grammerhero serves the same purpose as an exit company but doesn’t charge for the service. Either way the owners that are left end up paying the bill
I encourage you to read the following passage that came from Finn Law Group who specializes in timeshare law:
Distinguish timeshare valuation from other kinds of actual real estate valuation:
To better understand the underpinnings of the controversy, we need to distinguish timeshare valuation from other kinds of actual real estate valuation. Typical real estate valuation is based upon market forces that, working together comprise and define the market value of the subject property.
Consequently when that property is sold at foreclosure auction, if market forces are properly in play, then the property will be auctioned off or sold for an amount close to the property’s actual market value. Therefore if a debtor was unable to continue making payments on his or her property’s underlying mortgage, at least when the property is sold at foreclosure sale, the net amount obtained at auction sale would first be credited against the mortgage debt. Therefore there is not only a fair chance of the mortgage debtor’s debt being extinguished but perhaps if the market value has appreciated, those surplus funds still remaining after the mortgage debt is fully satisfied would then be paid back to the debtor, hopefully to be used for a fresh start.
Contrast this possible outcome with a timeshare foreclosure where the only bidder for the foreclosed property is the Developer who, as a practical matter, never lost possession or control of the interest in any event, since it was always contained within the four corners of the Developer’s project. Also, note that that foreclosed timeshare interest was maintained at the exact same level of maintenance as its neighboring adjacent interests and therefore its condition was precisely the same as its neighbors. The foreclosing Developer has just gained a double windfall by retaining the monies it received prior to foreclosure from our debtor and again when the interest was then resold to the next purchaser, presumably for at minimum, the same price that the defaulting debtor had paid. Due to what I would characterize as a Developer inspired legislative oversight in the law, typically none of the proceeds from the next subsequent sale are credited against the so-called debt (the balance of the previous unpaid purchase price).
This completely inequitable result appears, to me at minimum, to be patently unfair. Even worse, to then allow the timeshare developer to pursue the former owner for the unpaid balance of the purchase price after retaining the funds that were paid prior to default, in addition to the Developer retaining the complete sales price from the next buyer, to me, creates an absolute unconscionable and unfair result!
Indeed therefore, regularly reselling the same interest over and over again would arguably be more profitable for the Developer than working with the then current owners to alleviate any need for foreclosure!
The inescapable conclusion therefore is if you are a timeshare developer, repeatedly foreclosing on your owner’s interest is truly the gift that keeps on giving, and giving, and giving!
Source:
https://www.finnlawgroup.com/the-timeshare-foreclosure-fiasco/
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How much would the 'closing costs' be ?
