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We own at the Playa Del Sol Grand in Puerto Vallarta Mexico. The resort owners decided to open two new resorts and to fund the new resorts they have doubled our maintenance fees from $199 per week to $420 per week. They tell me that I have to pay the maintenance fee for the rest of my life unless I sell the unit to someone else. Is this true? Can't I just forfeit my membership and walk away? I would appreciate real advice. Thanks!
I'm not an attorney and I didn't stay at a Holiday Inn last night, so I can't give you legal advice but I can share some of the common wisdom from TUG: Unfortunately, if you just stop paying your maintenance fees, they will probably turn you over to collections and it will damage your credit rating.
However, even at $420 your maintenance fee is VERY reasonable, but if you can't manage the increase, consider giving the ownership away. We have a board on TUG called the Bargain Basement Board where you can list it for $1 and stipulate that the new owner pays any transfer costs. If you price it between $1 and $500 it will automatically go on the Bargain Basement page. Due to the economy, there are a lot of people trying to get rid of their timeshares, so please consider all your options, but never pay a big upfront fee to sell your timeshare.
For more info. about trying to sell or donate your week, see the article at the top of the board.
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