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Inheriting an unwanted timeshare

daverunfast

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In most states, the timeshare companies only remedy to solve the default is to foreclose on the timeshare. They can't sue for additional monies other than what they get from foreclosure.
If foreclosure is the only remedy and all that can be achieved by foreclosure is the deed goes back to vacation villages. Why doesn't vacation villages just accept the deed back?
 

hcw

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If foreclosure is the only remedy and all that can be achieved by foreclosure is the deed goes back to vacation villages. Why doesn't vacation villages just accept the deed back?
The property is worse than worthless, they wouldn't be able to sell it, and as it is they can still rent it out. There is no motivation for them to take it back.
 

daverunfast

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The property is worse than worthless, they wouldn't be able to sell it, and as it is they can still rent it out. There is no motivation for them to take it back.
I'm certain the property is quite valuable. The management company is just more interested in running a collections scam than a resort.

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Ty1on

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I'm certain the property is quite valuable. The management company is just more interested in running a collections scam than a resort.

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The contract value on the market is probably somewhere between zero and a negative number. Many companies leave delinquencies on the books because once they take it back by any method, they are on the hook for maintenance fees going forward. Imagine that, a timeshare company that doesn't want to pay Maintenance Fees on a contract it can't use. They can rent out delinquencies or developer/association owned contracts. Renting out delinquencies and association owned contracts is pure profit for the developer with no cost. Renting out developer owned points, the developer gets the entire rental income less agent costs, but they also have to pay full maintenance fees.
 

Vagabonder

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I had an experience where I inherited a TS from Royal Holidays Club of Mexico. It was a full paid points membership and I sent them a letter saying my Parent had died and I was not going to accept the inheritance. I told them that I disclaimed it and requested to deed it back. They kept billing me personally for the fees and sent lots of letters which I ignored. Later I noticed that they had put a default on my credit (how they got my SSN I have no idea). I disputed it with the credit reporting agencies and laid out the facts and eventually they removed it. Please like my post - I am a new tugger and need the credibility / recognition! TYIA!
 

daverunfast

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The contract value on the market is probably somewhere between zero and a negative number. Many companies leave delinquencies on the books because once they take it back by any method, they are on the hook for maintenance fees going forward. Imagine that, a timeshare company that doesn't want to pay Maintenance Fees on a contract it can't use. They can rent out delinquencies or developer/association owned contracts. Renting out delinquencies and association owned contracts is pure profit for the developer with no cost. Renting out developer owned points, the developer gets the entire rental income less agent costs, but they also have to pay full maintenance fees.
So delinquent contracts are an asset to the management company... that's probably a good method to quantify the collections fraud. It's unfortunate that these companies or developers are allowed to do this when it's so clearly not in the interest of their "owners". The FTC has other priorities, but this can't continue.



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Ski-Dad

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To the OP:

I am an lawyer. In Canada. First basic question I had was in whose name was the unit. You said your parents owned it and your dad has passed. Whose name is on the time share unit? If it is your dad's and the estate is closed, that makes things easier.

First questions from any decent lawyer:

  1. Whose name is on the Unit?
  2. Are you the executor/excutrix of your father's estate? Has the estate been closed?
  3. Do you have and enduring power of attorney over your mother's estate or have you obtained a power of administration over her estate? Does she have any assets or income? Net worth?
The Tuggers above have given you sound advice. My questions hopefully can focus your direction.

Best Regards
 

hcw

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1. At this point it's in my mother's name. Joint owners with right of survivorship.
2. and 3. I have power of attorney, and I am the trustee of the estate. Yes she has assets and income, but her maintenance expenses are very high. It is not impossible that she could run out of assets down the line.

Thanks for your help. I'm also a Canadian expat. Grew up in Toronto.
 

hcw

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I'd like to suggest to everybody who owns a time share that you think about the burden this puts on your heirs. I'm sure my parents never considered that.
 

Ty1on

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I'd like to suggest to everybody who owns a time share that you think about the burden this puts on your heirs. I'm sure my parents never considered that.
You can never be required to inherit an asset. At the very worst, in my humble understanding, even if they did legally pursue the estate after your mother passes (hopefully a long time from now), they can only pursue amounts due to date. They can't claim future maintenance fees or force an heir to take the asset in her name.

A lot of questions pop up here about that, and it is preached regularly to both contract-holding parents and children of them that inheritance isn't compulsory and they should absolutely formally reject the lovely gift if it's a burden they don't want to shoulder.
 

dioxide45

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1. At this point it's in my mother's name. Joint owners with right of survivorship.
2. and 3. I have power of attorney, and I am the trustee of the estate. Yes she has assets and income, but her maintenance expenses are very high. It is not impossible that she could run out of assets down the line.

Thanks for your help. I'm also a Canadian expat. Grew up in Toronto.
From the initial post you indicate $6000 is owed. I am not sure you ever answered the question of what the $6000 is from? Is it past due fees or an outstanding loan. If it is past due fees, then it seems that no one has been paying on the timeshare for quite a while. So the amount of fees is irrelevant if one stops paying. When was the last payment made?
 

Patri

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Please like my post - I am a new tugger and need the credibility / recognition! TYIA!
Likes on TUG are not the same as on Facebook. They do not increase or decrease our opinion of you.
 

hcw

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From the initial post you indicate $6000 is owed. I am not sure you ever answered the question of what the $6000 is from? Is it past due fees or an outstanding loan. If it is past due fees, then it seems that no one has been paying on the timeshare for quite a while. So the amount of fees is irrelevant if one stops paying. When was the last payment made?
They are maintenance fees. It seems nobody paid anything since 2014. The company sends statements so infrequently, it was only recently that I realized it was a legitimate bill.
 

bogey21

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I'd like to suggest to everybody who owns a time share that you think about the burden this puts on your heirs. I'm sure my parents never considered that.
I am now 86 years old and this is exactly why I got rid of mine a number of years ago. I wanted it to be for me to handle, not my kids...

George
 

mcsteve

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Please like my post - I am a new tugger and need the credibility / recognition! TYIA!
Likes on TUG are not the same as on Facebook. They do not increase or decrease our opinion of you.
And while guests are treated as cordially as members, you should consider becoming a member if you are calling yourself a Tugger. Membership helps to support the forum and all of the hard work the mods put in to keep this place running. At only $15/yr, it is a great investment.
 

Mongoose

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My father passed away 4 years ago, and due to dementia I have taken over my mother's bookkeeping responsibilities. I know nothing about timeshares and how they work, but it seems my parents owned 2 separate timeshare properties from Grandview at Las Vegas. Nobody has paid fees for quite a while and over $6000 is owed. What is the quickest, cheapest way to unload this obligation? My mother's care is very expensive and it would be a burden to pay this bill. What would happen if I just leave it unpaid? We don't care about her credit score, but would they come after the estate? I would be thrilled if the company would just foreclose and take it back. Incidentally I was told that they are very nice properties.
Who is on the deed and contract?
 

moonstone

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Thanks for your help. I'm also a Canadian expat. Grew up in Toronto.
Fellow Ontarian here (north of Barrie). From previous reports by others, timeshare maintenance defaults incurred in the USA will not affect a Canadian credit rating. Very few companies will chase a debt into a foreign country due to the legal work, time involved and high cost. @Grammarhero has been tracking maintenance fee defaults in another thread (pink sticky) in the Buying Selling, Renting section, so you might want to have a look through there.


~Diane
 

Ty1on

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Fellow Ontarian here (north of Barrie). From previous reports by others, timeshare maintenance defaults incurred in the USA will not affect a Canadian credit rating. Very few companies will chase a debt into a foreign country due to the legal work, time involved and high cost. @Grammarhero has been tracking maintenance fee defaults in another thread (pink sticky) in the Buying Selling, Renting section, so you might want to have a look through there.


~Diane
I believe they are in US now
 

escanoe

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The contract value on the market is probably somewhere between zero and a negative number.
That is a long grammatical and mathematical way of simply saying "a negative number."
 

LannyPC

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I'd like to suggest to everybody who owns a time share that you think about the burden this puts on your heirs.
I understand the frustration you're feeling because of this but what do you want "everybody who owns a time share" to do? Get rid of it so that there are no problems if he dies?

One suggestion that's mentioned here on TUG is for TS owners, when they're preparing their will, to talk to the heirs (if they have any) and ask if they want the TS if they die. If the heirs say "No", then talk to the executor, mention that there is a TS in their possession and perhaps go to TUG to see how to divest oneself of ownership.
 

Vagabonder

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In my case I was aware of what I inherited and enjoyed Pueblo Bonito (MZT) as a cherished family holiday location, but it was a fully paid, fixed week, fixed unit trip with a 25 yr. end date (ending 2019) so we knew what we were in for...
 

Vagabonder

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In my case I was aware of what I inherited and enjoyed Pueblo Bonito (MZT) as a cherished family holiday location, but it was a fully paid, fixed week, fixed unit trip with a 25 yr. end date (ending 2019) so we knew what we were in for...
Oddly enough RCI still wants me to deposit weeks- but I keep it it for the cash options-
 
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