Help Getting Rid of a Timeshare in Minnesota

[Msturg29]

Hello All,

I am becoming desperate and don't know where to go. I have a timeshare called The Village of Izaty's (Fixed week 18 annually) that my wife and I took over from her parents as they couldn't afford the maintenance fee. We thought we could use the trade in with Interval, but it's been horrible and basically a $900/ year burden. I have tried contacting the resort and they are unwilling to take it back, I have contacted places to donate.. but they want money up front = scam and I have tried to transfer to another company called Equinox who said they would take it over.. the kicker is that they are saying the transfer fee is $3,500. I feel like everywhere I turn there's a scam to rake me over the coals. How can I get rid of this crappy timeshare?

Please help.

 

[Passepartout]

Try listing it in the Free Timeshares forum. Make an attractive ad- NOT one that calls the place a burden. Capitalize on the advantages of the annual week 18 in Minnesota. What's there to do there at that time. Advertise it for free in the area fb Marketplace as well. Offer to pay the closing (do it through lttransfers.com) when you find it a new home. You may even offer new owners a $500 gift card on closing.

Somebody wants it.

Jim

 

[artofm]

How about transferring it a trust or llc and defaulting on it? Is that a valid strategy?

 

[LannyPC]

Hello All,

I am becoming desperate and don't know where to go. I have a timeshare called The Village of Izaty's (Fixed week 18 annually) that my wife and I took over from her parents as they couldn't afford the maintenance fee. We thought we could use the trade in with Interval, but it's been horrible and basically a $900/ year burden. I have tried contacting the resort and they are unwilling to take it back, I have contacted places to donate.. but they want money up front = scam and I have tried to transfer to another company called Equinox who said they would take it over.. the kicker is that they are saying the transfer fee is $3,500. I feel like everywhere I turn there's a scam to rake me over the coals.

One option, as artofm pointed out above, is just to default and let it go into foreclosure. This would be after exhausting all other options. You said the resort is "unwilling to take it back". Whom did you contact at "the resort"? Try writing to the resort's Homeowners' Association (not just contacting a front desk clerk) and explain your situation. Say that if the HOA does not take it back, then you will have no choice but to default and stop paying maintenance fees.

As for astofm's other suggestion mentioned above, it is not recommended here on TUG to transfer it to some other LLC. That's commonly known as the Viking Ship. There should be no need to do this if you follow Jim's suggestion above or just let it default and go into foreclosure.

BTW, you mentioned Interval International (II). Have you tried trading with II? Considering that the MFs are "only" $900/year (that's below average), you might be able to get good use out of what you have. What has been your experience with II?

 

[Msturg29]

Try listing it in the Free Timeshares forum. Make an attractive ad- NOT one that calls the place a burden. Capitalize on the advantages of the annual week 18 in Minnesota. What's there to do there at that time. Advertise it for free in the area fb Marketplace as well. Offer to pay the closing (do it through lttransfers.com) when you find it a new home. You may even offer new owners a $500 gift card on closing.

Somebody wants it.

Jim

Jim, I will do that and see if I get any bites. In terms of transfer fees I was told by this Equinova group that this resort charges $3K for transfer. That seems unrealistic to me. As for ltttransfers, they are legit? Thanks!

 

[LannyPC]

As for ltttransfers, they are legit? Thanks!

LTtransfers comes highly recommended by people here on TUG. Many here on TUG have successfully used this company to legally and legitimately complete sales and transfers of TSs. Just remember, all this company will do for you is complete the legal paperwork. You will be responsible for finding a buyer or taker for your TS.

 

[bnoble]

Have you tried trading with II?

This is my question as well. What have you tried to do in II? We might be able to give you some tips to get better use out of this week. It is not a strong trader, but that doesn't mean you can't get good trades with it.

 

[Msturg29]

One option, as artofm pointed out above, is just to default and let it go into foreclosure. This would be after exhausting all other options. You said the resort is "unwilling to take it back". Whom did you contact at "the resort"? Try writing to the resort's Homeowners' Association (not just contacting a front desk clerk) and explain your situation. Say that if the HOA does not take it back, then you will have no choice but to default and stop paying maintenance fees.

As for astofm's other suggestion mentioned above, it is not recommended here on TUG to transfer it to some other LLC. That's commonly known as the Viking Ship. There should be no need to do this if you follow Jim's suggestion above or just let it default and go into foreclosure.

BTW, you mentioned Interval International (II). Have you tried trading with II? Considering that the MFs are "only" $900/year (that's below average), you might be able to get good use out of what you have. What has been your experience with II?

@LannyPC thanks for your response. I have reached out to the private equity group called Narvesonmanagement and they told me they wouldn't accept it back. This is not new as others have tried and failed (see BBB reviews). I have contacted them every couple months asking for options and they just don't respond. I don't know how to contact any association as they just won't tell me. They and their representatives have horrible customer service. I could use the threat of foreclosure, but honestly didn't consider this as I wouldn't want any impact to my credit or any burden put on my family. If it's separate then I could consider this..?

I have been able to use Interval to transfer 3x in the past 8 years (Florida x2 and Las Vegas 1x) but the trade options are so minimal on Interval. I was hopeful I could use that portion when we took over, but it's been bad.

 

[Msturg29]

This is my question as well. What have you tried to do in II? We might be able to give you some tips to get better use out of this week. It is not a strong trader, but that doesn't mean you can't get good trades with it.

@bnoble the issue is that the options are very limited when I search Interval after trading. There is no where I really want to go with my wife and kids and don't want to settle and pay for flights to some out of the way place in rural Wisconsin with the kids... (being sarcastic but not completely). I paid for the upgrades Interval to try and open my options and still nothing great. Anywhere decent is booked up or the timing doesn't work. Overall the timeshare cost (while $900 annually is low I hear) is still $900 for no use... I add that and Interval annual fee and over $1K for nothing 5 of 8 years. I would love it someone would take over and actually be able to use.

 

[LannyPC]

I could use the threat of foreclosure, but honestly didn't consider this as I wouldn't want any impact to my credit or any burden put on my family. If it's separate then I could consider this..?

This is why we suggest writing to the resort's HOA. You should have information how to contact it. The letter should state that you are not paying another dime in MFs so it would be in everyone's best interests to take the TS back amicably. The HOA does not want to go through the rigours and expenses of foreclosure.

If you are worried about credit score or history, check out this thread that tracks what others have faced (or have not faced) when they defaulted:

https://tugbbs.com/forums/threads/2022-timeshare-default-credit-report-collection-tracking.304138/

Very rarely have there been dire results.

 

[Msturg29]

LTtransfers comes highly recommended by people here on TUG. Many here on TUG have successfully used this company to legally and legitimately complete sales and transfers of TSs. Just remember, all this company will do for you is complete the legal paperwork. You will be responsible for finding a buyer or taker for your TS.

You seem to be very knowledgable about this. So please bear with me my many questions:

My wife and I purchased a timeshare in Cancun (Royal Resorts) set week 2. We have been there the past 3 years, got them give us the discover packages for $3K for all-inclusive 6 adults 2 room villa. They won't extend a 4th . So we bought a set week for the next 12 years for $15K (same villa). Annual maintenance is $1350 and a cash back option after 12 years dependent on sale price of property. Now I am not banking on the return on purchase, but because we love to go every time annually and by my calculations our annual cost to go will be ~$2,650 for 6 people I think we got a good deal.

All that background added, part of the deal was that Royal would take our existing timeshare for a $500 title transfer fee. Well it's been 30 days (past cancellation timing) and I am being told that Equinova charges $600 + $3,500 title transfer to take over. So I am in a crap spot where I am unwilling to pay another $4K to get rid of the timeshare.

All other options were pursued that I mentioned, but I feel this Equinova place is shady.. thoughts?

 

[bnoble]

the issue is that the options are very limited when I search Interval after trading.

It sounds like you are only looking to use Instant Exchange and are not setting up an automated search.

"Instant Exchange" is the term we use to mean: Logging into intervalworld.com and seeing what is available for exchange right then. The problem with Instant Exchange is that it is only the leftovers; the deposits that weren't already matched to someone else's search and that no one took between when it was deposited and when you looked.

That can work, and I've made exchanges that way. But, you may have much better success by establishing an ongoing search, and letting the computers do your looking for you. To do this: Log into Interval, and under Exchanges click on My Units. If you have weeks already deposited* they should appear with two buttons next to them: "Vacation Exchange" and "Place Request". Vacation Exchange is used for Instant Exchanges. Place Request, however, will let you list a set of potential resorts with desired check-in dates, and once you've got that set up, the computers will match automatically for you. The more flexible you are in terms of resorts and check-in dates, the better your chances of getting something you might like.

--------
*: If you haven't deposited a particular week yet, you can still search against it--this is called "search first". But, you might have more success by depositing your week at least ten months or a year in advance. The "trade power" of a week declines as you get closer to check-in, but the trade power is "fixed" by depositing it. But, once you deposit, you have to use it in Interval; there are no take-backs.

 

[CaliSunshine]

You seem to be very knowledgable about this. So please bear with me my many questions:

My wife and I purchased a timeshare in Cancun (Royal Resorts) set week 2. We have been there the past 3 years, got them give us the discover packages for $3K for all-inclusive 6 adults 2 room villa. They won't extend a 4th . So we bought a set week for the next 12 years for $15K (same villa). Annual maintenance is $1350 and a cash back option after 12 years dependent on sale price of property. Now I am not banking on the return on purchase, but because we love to go every time annually and by my calculations our annual cost to go will be ~$2,650 for 6 people I think we got a good deal.

All that background added, part of the deal was that Royal would take our existing timeshare for a $500 title transfer fee. Well it's been 30 days (past cancellation timing) and I am being told that Equinova charges $600 + $3,500 title transfer to take over. So I am in a crap spot where I am unwilling to pay another $4K to get rid of the timeshare.

All other options were pursued that I mentioned, but I feel this Equinova place is shady.. thoughts?

Here are some other folks who have encountered Equinova: https://tugbbs.com/forums/threads/equinova-duplicate-threads-merged.177202/

Be very careful. This is a common Mexican timeshare scam, and you wouldn't be the first one to have "given back" your timeshare to find that you still own it. Read all the documents very carefully. Are they actually taking title of your timeshare or are they simply "marketing" it?

Your last HOA minutes on the website: https://thevillageatizatysresort.com/meeting-minutes/ state that only half of your owners are paying dues, which is... rather bad, but also indicates that like others have said they may not going after delinquent accounts very aggressively. I'm also a little concerned that your HOA hasn't posted any updated minutes since a year ago.

I would absolutely avoid going to any other timeshare presentations until you do more research on how to maximize your existing ownerships.

 

[CaliSunshine]

This looks like the official website of Equinova: http://www.equinova.info/Home.html

Based only on the website, this doesn't look like the type of company I'd want to send 4000 dollars to, unfortunately.

 

[PigsDad]

How about transferring it a trust or llc and defaulting on it? Is that a valid strategy?

That's criminal fraud, so no, that is not a valid strategy.

Kurt

 

[Msturg29]

Here are some other folks who have encountered Equinova: https://tugbbs.com/forums/threads/equinova-duplicate-threads-merged.177202/

Be very careful. This is a common Mexican timeshare scam, and you wouldn't be the first one to have "given back" your timeshare to find that you still own it. Read all the documents very carefully. Are they actually taking title of your timeshare or are they simply "marketing" it?

Your last HOA minutes on the website: https://thevillageatizatysresort.com/meeting-minutes/ state that only half of your owners are paying dues, which is... rather bad, but also indicates that like others have said they may not going after delinquent accounts very aggressively. I'm also a little concerned that your HOA hasn't posted any updated minutes since a year ago.

I would absolutely avoid going to any other timeshare presentations until you do more research on how to maximize your existing ownerships.

Wow @CaliSunshine thank you for your information. I definitely won't be attending any timeshare presentations anytime soon.
As for the meeting minutes, wow they are over 1yr old and only 50% have paid. I still would be leery on going into foreclosure. I will continue to seek other avenues of getting rid of.

As for Equinova, they sound very shady and with the claim of $4K of fees and durable power of attorney makes me very nervous. I have another quote from Lonestar Transfer of $7800, which is crazy.

Man, didn't know this was going to be such a minefield to get rid of. I will keep trying to contact the HoA and the owners and then also seeing if I can sell or give away legitimately. Ugh

 

[Fido Chuckwagon]

How about transferring it a trust or llc and defaulting on it? Is that a valid strategy?

No. If you’re going to default, just default. If you engage in transferring it to a Viking ship (which is basically what you’re describing), you’re likely running afoul of various laws and could jam yourself up.

 

[CaliSunshine]

The Viking Ship may be what Equinova and some exit companies are doing. AGs are trying to shut that down because it is basically fraud, but it's tough to find all the bad actors.

Doing it yourself is a horrible idea though. It'll take all of 2 minutes to figure out who's the owner of the LLC.

 

[TUGBrian]

I still would be leery on going into foreclosure.

chances are high it never gets to that point as actual foreclosure is a long and expensive process for any resort in most cases.

default is truly your best option if you have exhausted your efforts to try to give it away for free and the resort has made it clear they wont take it back.

 

[Msturg29]

All,

Thank you so much for your advice and help. Its good to know there is a community that is willing to help when there are so many trying to just get more money out of me.

Based on all that, here are my next steps. Please do let me know if this is valid.

1. Contacted the HoA and equity group letting them know I would like to work towards a deed-back. They blatently rejected and said I would be putting the burden on other owners and thats not acceptable.
2. I will be calling Equinova to cancel as them requesting $4K and being Mexico based is very concerning.
3. I contacted LTT and Consumer Protection Group for quotes. LTT is asking for $6K and 2 Years maintenance and CPG is asking $3K. Again both want money up front.. so concerning.
4. I will be posting the timeshare for free with me covering the closing costs and paying this coming years maintenace.. effectively providing 1.5 years free timeshare with use starting next year.
5. If this all fails in the next 2-3 months I will look at my situation and determine if I want to pay another $900.
6. If I have no other choice I will look at just stop paying annual fee knowing I could take a credit hit. Hope it doesnt come to this..

Thoughts?

 

[RX8]

Your plan of action looks good. Exit companies are not going to be the answer as they have no magic powers to get rid of the timeshare. You will still be in the same boat that you are in now only with lighter pockets.

I reviewed the meeting minutes from the link posted by @CaliSunshine. In prior years, there were multiple meeting minutes each year. In 2023 there was just one meeting minutes and nothing so far in 2024. In the 2023 minutes they make a passing comment about 50% of owners not paying dues and $690,000 in receivables exceeding one year. No plan of action detailing how they are addressing that major issue. And unlike previous years, there was no recap of an annual owners meeting in 2023 (did they not have one?). Their website also appears to not have been updated recently. My guess is that the situation for owners is only going to get worse with massive increases in maintenance fees and/or special assessments in the future. This could lead to even more defaults. I only hope any potential new owner, even if taking it for free, does their due diligence.

 

[Passepartout]

All,

Thank you so much for your advice and help. Its good to know there is a community that is willing to help when there are so many trying to just get more money out of me.

Based on all that, here are my next steps. Please do let me know if this is valid.
<snipped for brevity>
6. If I have no other choice I will look at just stop paying annual fee knowing I could take a credit hit. Hope it doesnt come to this..

Thoughts?

You haven't mentioned your age, and it's none of anybody's business. But IF you have no need to borrow in the next few years- new car, buying a new home, paying for education, etc.- a temporary hit of perhaps 50 or so points from your credit score may well be a non-event. In fact a case can be made that your defaulting on timeshare MFs will effectively put more disposable income in your pockets that can be put to other purposes.

Jim

 

[GTLINZ]

i have read on other similar threads that the defaulting party has called all 3 credit agencies to establish that this was a timeshare and default was the only valid option. You would not be the first person in this situation and details never hurt.

 

[bnoble]

a temporary hit of perhaps 50 or so points from your credit score may well be a non-event

And depending on your current score, it might still be a non-event.

 

[Msturg29]

You haven't mentioned your age, and it's none of anybody's business. But IF you have no need to borrow in the next few years- new car, buying a new home, paying for education, etc.- a temporary hit of perhaps 50 or so points from your credit score may well be a non-event. In fact a case can be made that your defaulting on timeshare MFs will effectively put more disposable income in your pockets that can be put to other purposes.

Jim

Thanks for all your responses. I am 41 and have very good credit (over 800). I dont have any big purchases coming soon, and with my credit very good wouldnt expect a 50 point hit to impact any need to request loans.

That said, posted it here on TUG : https://tugbbs.com/forums/threads/free-timeshare-in-minnesota.364300/ would love anyones feedback.