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Help. Parents can't keep up with maintenance payments. What do I do?

AceX

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Hi all,

First time poster here! I need some help with timeshares. My parents bought a 75 year marriott timeshare for $14,000 approx 10 - 12 years ago. I was a child at the time (currently 23), but they talked about the timeshare as something they would pass on to their kids and grandkids, so it's something I have a slight interest in.

However, for the past few years, they've been struggling to meet the annual payments on their timeshare. They currently owe approx $3.5k of maintenance fees (2018-2019 & late fees), and they received a letter in the mail a couple of weeks ago stating that their timeshare property would be revoked in approx 2 weeks. This is really causing some division in the family as my mother wants to let it go, but my father wants to keep it. So I would please like to get some advice on what to do about it.

They haven't given me the full details of the timeshare, but I believe we have a fixed week around September in Marriott Village d'ile-de-France (I believe it might be silver, but I can ask my parents to confirm this). Strangely, my father says that he looked at selling his timeshare 2 years ago and he said that he was able to sell it for $12k two years ago. To him, there's still a lot of value in keeping it, but my research suggests that our timeshare isn't worth that much.

Before finding this forum, I wasn't hearing great things about timeshares and right now I'm curious if there's any value in keeping the timeshare or not. My questions are:

1. My parents need to pay $3.5k in fees to keep the timeshare, and then pay another $1.2k in December 2020 for this year's maintenance. Is it worth keeping the timeshare and taking out a loan to pay the fees?
2. If I keep the timeshare, what's the best way to maximise our value from the timeshare. Do we try to rent it out or upgrade to a higher week?
3. If it's not worth keeping, then what happens if my parents don't pay the maintenance fees? How can I convince my father that his timeshare is no longer worth $12,000?


Thanks so much for reading this, really desperate to get some advice!

EDIT: Turns out it's a Gold week instead!
 
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DRIless

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1. My parents need to pay $3.5k in fees to keep the timeshare, and then pay another $1.2k in December 2020 for this year's maintenance. Is it worth keeping the timeshare and taking out a loan to pay the fees? NO

2. If I keep the timeshare, what's the best way to maximise our value from the timeshare. Do we try to rent it out or upgrade to a higher week?
ONLY if you're wanting to use Marriott Village d'ile-de-France every year for the rest of your life. Trading costs more money. Upgrading costs more money.

3. If it's not worth keeping, then what happens if my parents don't pay the maintenance fees? How can I convince my father that his timeshare is no longer worth $12,000? Their credit score suffers. Take him to ebay and show him the prices of second hand timeshares.
 

turkel

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Let it go. Borrowing to pay maintenance fees is not a sound financial decision. Silver season is the lowest season and will be difficult to sell for $1.
 

CalGalTraveler

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Sorry to hear about your parent's plight. Suggest that you take this discussion to the Marriott Vacation Club thread for more specific advice on this property. For example, they may be able to deed it back to MVC if they pay off the debt. Check out Marriott at Responsibleexit.com Would MVC pay for it such that the sales price would offset the outstanding debt?

If not perhaps walking is the best alternative, however I do not know if a foreign (French) timeshare deed can go after your parent's other assets (aka deficiency law) to backpay the debt. cc @Grammarhero in case he knows?

Good luck!
 
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Grammarhero

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Out of 28 MF defaults reported to/on TUG, only 5 got reported to the credit agencies. Although not directly on point, out of 9 TS defaults from international residents on US TSs, none got reported to their credit agencies.

If your parents make the hard decision to default, please kindly let us know if their credit got affected. It would help tuggers in similar siutations moving forward.
 

Passepartout

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Hi, and Welcome to TUG.
First, the timeshare is not worth $12,000. It does have SOME value, being Marriott, but not THAT much. Take a look through the TUG Marketplace, or eBay to see what actual weeks have really sold for.

Now would be a good time to do some soul searching to decide if you REALLY want the timeshare, and it's annual obligation. If you do, then bring it current and then transfer it into your name.- or just use it until it will pass into your name at some point down the road.

Financially, it's not a good investment. The value of TS is in their use, and the memories they provide, At the annual price you quote above, it's highly unlikely to rent for anywhere close to that amount without a large effort and a whole lot of luck.

I'm not sure if Marriott has a buy-back program so they can get some value back from them if your parents wish to return it to them. Other TS systems accept deed-backs, but there is a charge for this, and it sounds like your parents are expecting it to be a return on investment, not additional expense.

You might try posting to the Marriott forum, as your questions are really not 'newbie' questions. If you decide to keep the TS in the family, we can offer some advice there, but for now, there are other issues to clear up.

Jim
 

AceX

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Thank you for the advice everyone.

I've tried to look for the prices on ebay and I'd say that it's probably not worth trying to resell, since whoever takes over would need to clear off the owed maintenance payments.

I've thought about it, and although I have great memories from my time at MVC when I was younger - it's too much of a financial risk right now. I'd be equally happy to rent from other TUGgers in the future, and have the flexibility to visit loads of different places, rather than needing to make maintenance payments for marriott every year, even when I don't intend to travel.

I'll probably advise my parents to walk, so all I need to do now is understand the repercussions this might have. Is it just going to be a hit on the credit score, or would they try to get in touch with a guarantor if one was named?
 
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Dean

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Thank you for the advice everyone.

I've tried to look for the prices on ebay and I'd say that it's probably not worth trying to resell, since whoever takes over would need to clear off the owed maintenance payments.

I've thought about it, and although I have great memories from my time at MVC when I was younger - it's too much of a financial risk right now. I'd be equally happy to rent from other TUGgers in the future, and have the flexibility to visit loads of different places, rather than needing to make maintenance payments for marriott every year, even when I don't intend to travel.

I'll probably advise my parents to walk, so all I need to do now is understand the repercussions this might have. Is it just going to be a hit on the credit score, or would they try to get in touch with a guarantor if one was named?
In the situation I think this is best. Not our business but it may be their credit has already been affected by other struggles. I honestly don't know if MVC turns such things in to the credit bureau's or not, they may not though it would not change my thoughts to just let it go.
 

TXTortoise

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Might call with your dad on the phone and see if they’ll take a deed back in lieu of fees, though guessing it’s too late in the foreclosure process for that. Worth the call in any case. You never know what might be offered in the current Covid situation.
 

Grammarhero

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Thank you for the advice everyone.

I've tried to look for the prices on ebay and I'd say that it's probably not worth trying to resell, since whoever takes over would need to clear off the owed maintenance payments.

I've thought about it, and although I have great memories from my time at MVC when I was younger - it's too much of a financial risk right now. I'd be equally happy to rent from other TUGgers in the future, and have the flexibility to visit loads of different places, rather than needing to make maintenance payments for marriott every year, even when I don't intend to travel.

I'll probably advise my parents to walk, so all I need to do now is understand the repercussions this might have. Is it just going to be a hit on the credit score, or would they try to get in touch with a guarantor if one was named?
@AceX if your parents made the hard decision to default, please kindly let us know if their credit got affected. It would help tuggers in similar situations moving forward.
 

bazzap

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You might also want to join and share your request on the Marriott Village d'ile-de-France Owners facebook group for resort specific thoughts from other owners there and perhaps even to find a buyer if that is the route you choose to take?

 

Gemini Chica

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It's very relevant to know what season they own and how many bedrooms as that would determine price, if Silver then hard to shift and sounds like too far gone in the process to try to sell anyway. I would also suggest a call to Marriott to see if they will take back the unit in lieu of outstanding fees.
 

AceX

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@AceX if your parents made the hard decision to default, please kindly let us know if their credit got affected. It would help tuggers in similar situations moving forward.

Thanks Grammarhero. They have made the decision to keep the Marriotts Timeshare, which I can respect.

So there's been no issues with their credit score so far. I will let you know if anything changes!

Thanks again for the advice
 

AceX

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You might also want to join and share your request on the Marriott Village d'ile-de-France Owners facebook group for resort specific thoughts from other owners there and perhaps even to find a buyer if that is the route you choose to take?


Thanks for this, I didn't realise that there was a facebook group. I've requested to join, so hopefully I can get more advice from posting in the group.
 

AceX

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It's very relevant to know what season they own and how many bedrooms as that would determine price, if Silver then hard to shift and sounds like too far gone in the process to try to sell anyway. I would also suggest a call to Marriott to see if they will take back the unit in lieu of outstanding fees.

It's a gold season with 2 bedrooms, but we'll keep the villa and pay the outstanding fees. I calculated that a gold season is probably worth £2-3k max if we wanted to sell it. Or is it lower?
 
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