I've just begun the process of learning EVERYTHING about timeshares, specifically HIVC. I've never owned one, so I'm starting from zero, trying to learn all that I can. My husband and MIL purchased at Orange Lake in 1999 and they no longer want to own it. My MIL has been paying for it and using it without input from DH for at least 15 years. She was told (she says by someone with HIVC) that if she didn't want it any longer to just stop paying and they'll reposes it. DH received a bill earlier this month for 2021, 2022, and 2023, plus late fees. It was a total shock to us, since she hadn't kept us in the loop of what her plan was. As we now understand it, we have to pay all 3 of these years of maintenance fees, membership fees, and taxes and once those are paid we can use the Horizon program and pay them $1200 to give the property back and no longer have any responsibility for it.
Is this our only option? Is this the best option?
I know that when they purchased it, it was considered a mortgage for a specific unit for a specific week. I understand it now to be points. I can't figure out when it changed or if they signed something agreeing to that. If they didn't, is that some sort of breech that could get us an out on the contract?
I've been searching the web and reading as many threads in this forum trying to learn more. Anything you can share is greatly appreciated.
Is this our only option? Is this the best option?
I know that when they purchased it, it was considered a mortgage for a specific unit for a specific week. I understand it now to be points. I can't figure out when it changed or if they signed something agreeing to that. If they didn't, is that some sort of breech that could get us an out on the contract?
I've been searching the web and reading as many threads in this forum trying to learn more. Anything you can share is greatly appreciated.