HICV is downsizing units from Silverleaf resorts [Merged threads]

[adburks]

Received a letter in April regarding plans by HICV for several Silverleaf Resorts. Is there a class action or has there been anymore news on this? I have not called them yet. Don't trust whatever they have to say. Ours is paid for but would like to get out from under the dues if possible and rid of it altogether, if possible.

 

[Happytravels]

Received a letter in April regarding plans by HICV for several Silverleaf Resorts. Is there a class action or has there been anymore news on this? I have not called them yet. Don't trust whatever they have to say. Ours is paid for but would like to get out from under the dues if possible and rid of it altogether, if possible.

We got the letter also. Called right away to get what we wanted been waiting months. They called 2 weeks ago. We are waiting to see what the paperwork actually says because that's all that matters.


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[amycurl]

There has already been an extensive thread started on this subject.

 

[adburks]

What happens if an owner does not reassign their vacation ownership interest?
If an owner does not reassign their vacation ownership interest to a comparable interest, their interest will be terminated if the owners eligible to vote confirm that the units and buildings are obsolete or under-utilized, resulting in those units’ termination from the HICV network. This means the owner can no longer use their vacation ownership interest.

Here is what I suspect:
Fact: You own a deed to that property recorded in the county of the location of the property.

While they cannot evict you from your ownership, they CAN make it expensive for you to keep it by either raising the yearly fees or making a special assessment, or both. This is what happened to us at our property at Inverness by the Sea by giving us a SA of $6K per owned week if we wanted to keep our chips in the game. With millions of $ in losses, I didn't want to plunk down $12K to essentially become a shareholder in the consortium on the sale of ALL units as apartments. It was better to be rid of thing for $0.

I still see a class action brewing. If you have a July 4 week, I bet that you WILL NOT be able to replace it in one of the other resorts dollar for dollar.

Has anyone heard anything on a class-action?

 

[adburks]

There has already been an extensive thread started on this subject.

Yes, I was just hoping there might be some updated info. We called and were transferred to the Horizons program but the office was already closed. We have to call back tomorrow. I assume they are a legitimate organization. We'll at least find out what our options are.

 

[TXgalSAM]

There has already been an extensive thread started on this subject.

Link, please?

 

[normalrog2]

Hello TUG friends, I'm a weeks owner at Fox River and have not yet responded to the HIVC phone messages and emails. I would appreciate any first hand information from Fox River owners who have already contacted HIVC. Specifically, I'm interested in knowing what Fox River options were presented as available, were any other resorts proposed for a swap, and if so, which resorts, what are they suggesting happens if an owner chooses to do nothing, and are they offering a straight free deed-back, and the owner just walks away? Thanks in advance for any information; I'd like to be as informed as possible prior to contacting them.

 

[skirin4]

Hello, anyone have any updates on this? I am a Fox River owner affected by this change and still holding out. Thanks!