HICV Has done it again

[Happytravels]

The Silverleaf Resorts was bought out, HICV purchased them I think in 2015. They took ALMOST ALL the benefits away for owning two weeks (Diamond Status) So with that we deeded one back free of charge at the time. They currently charge $1200.00 for deed backs. We kept the other for our Bonus Time program which was good but was getting very hard to justify their VERY HIGH mf’s. But then again HICV pulled a fast one on us. They closed the resort we were deeded (approx. 2020, we never went there so not sure when they actually closed it.) to but let us exchange internally for free within the silverleaf resort family. After about 5 years, we finally got a notice they were going to sell the property and some of the other Silverleaf properties. They called it RIGHTSIZING. They wanted us to change our deed to another property that is still open and running. We received the paperwork for this and what they told us on the phone as not what was in the contract. If we didn’t reassign to another deed, we were let out of our contract and no more OBLIGATIONS. (So, we didn’t have to PAY for them to take it back)

FAST FORWARD JAN. 2025 HICV pulled another fast one.
Please help or make me understand. They have sent us a 1099S form for taxes. It's in the amount of $753.xx . We never received ANY MONEY from this company and do not understand how they can send us this 1099S that we have to claim as income.

Can ANYONE EXPLAIN this to me. I know we are not the only ones that go it. Some actually did get checks, but we didn't.

 

[dioxide45]

Did you opt to change to a different property?

 

[Happytravels]

Did you opt to change to a different property?

No we did not. The paperwork did not match what they told us over the phone.

 

[DrQ]

Did you owe maintenance fees? If so, this is might be what happened:

What happens if an owner does not reassign his/her vacation ownership interest?​

If an owner does not reassign his/her vacation ownership interest to a comparable interest, the interest will be terminated upon an affirmative vote by the owners of the applicable Silverleaf Club resort confirming that the resort is obsolete or under-utilized. Following any such termination vote, owners who do not reassign their ownership interests will no longer be able to use their vacation ownership interests as the timeshare plan for the applicable resort will have been terminated and the timeshare interest will cease to exist. Thereafter, the applicable Resort Club will distribute the net sale proceeds for the resort on a pro rata basis to the owners of record for the terminated vacation ownership interests. Pro rata shares of the sale proceeds will be calculated as the share of the terminated property attributable to the vacation ownership interest. For example, if an owner had one vacation ownership interest in one unit, the pro rata share may be 1/50th, 1/51st or 1/52nd, as applicable, of the proceeds attributable to that unit.​

If a vacation ownership interest is terminated, this does not mean the owner is no longer financially responsible for it. Any owner with an outstanding promissory note or unpaid maintenance fees will still be required to pay the balance in full, and any pro rata share of the net proceeds due to the owner will be reduced by any amounts owed.​

OR, they may have applied the proceeds to offset the current years MF.

Either way, you now see what your Timeshare Property is REALLY worth.

 

[Happytravels]

We opted OUT when the paperwork didn't match what they told us over the phone. IT'S A GOOD THING. They now are closing the resort that we were going to be reassigned to. This is so VERY SAD. They totally destroyed what we purchased back in 1998.
.

 

[DrQ]

They now are closing the resort that we were going to be reassigned to.

Where were they going to assign you? Was there a cost involved?

 

[dioxide45]

It seems that HICV wants their cake and to eat it too. They want to unload the resorts but keep the owners tied to an ownership. I see no obligation on your part to take a reassignment to another property. If it is deeded ownership, when they shut down the resort your ownership would just go away with it. You may even receive residuals when they sell the property.

 

[sdhakala7]

It seems that HICV wants their cake and to eat it too. They want to unload the resorts but keep the owners tied to an ownership. I see no obligation on your part to take a reassignment to another property. If it is deeded ownership, when they shut down the resort your ownership would just go away with it. You may even receive residuals when they sell the property.

At Ozark Mountain, they hit us for excess maintenance fees in the months in the last year of operation and then gave us a credit that barely made up the excess fees upon the sale. The net sale proceeds to the unit owners were not much at all. That is not surprising given the older age, hilly condition, and location. I suspect that the same thing will happen again for those units sold that are deeded again. They closed some buildings at Hill Country and Villages already and closed the smaller resort (which had a golf course and a lot of retirement homes as well) at Holly Lake Ranch. The remaining properly values are typically minimal. especially for the older units and buildings, because most developers will raze or completely retrofit the existing units and redevelop as apartments, retirement condos, and rental units.

 

[dioxide45]

At Ozark Mountain, they hit us for excess maintenance fees in the months in the last year of operation and then gave us a credit that barely made up the excess fees upon the sale. The net sale proceeds to the unit owners were not much at all. That is not surprising given the older age, hilly condition, and location. I suspect that the same thing will happen again for those units sold that are deeded again. They closed some buildings at Hill Country and Villages already and closed the smaller resort (which had a golf course and a lot of retirement homes as well) at Holly Lake Ranch. The remaining properly values are typically minimal. especially for the older units and buildings, because most developers will raze or completely retrofit the existing units and redevelop as apartments, retirement condos, and rental units.

Good information. Residual or not, there is nothing requiring anyone to take a reassignment to some other resort. If their resort closes, it closes. Now if one wants to remain in the HICV program, then working with them on a reassignment is an option, but I see no way they can force you to take a different property.

 

[gravityrules]

What are typical maintenance fees for a Silverleaf week? Will these resorts closures likely make the MF situation worse or will this help stabilize things?

To what extent are the problems with Silverleaf common to all legacy 40+ year old timeshares?

 

[Happytravels]

Where were they going to assign you? Was there a cost involved?

They originally wanted to deed us at The Villages, but I didn't like it there and we wanted something closer to home for BT. So, we told them we would do it if we could be deeded at Piney Shores for the same week 25. They finally called back and agreed to that. But then when we got the paperwork there was lots of stuff we didn't agree on: like or mf's would be higher, mf's would need to be paid annually, and there was NO BONUS TIME DISCLOSURE. So, they would have taken our EE away. Things just didn't add up and we talked about letting it go. After what they had already taken away we figured it was just a matter of time for them to take other things away.
There was no cost to transfer deed from what I remember. Our mf's were stopped June of 2024. But our resort Lake O the Woods had been closed for approx. 5 yrs. We just internal exchanged it. Which they gave us a hard time EVERYTIME.