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Letting timeshare foreclose

Fredflintstone

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As an aside. During my two years of tribulations and stiffing Wastegate, they did not foreclose. I did not call them. They charged me a delinquency fee for each year, but they did not foreclose. I wonder how long it would have taken before they would have taken action. They won on their bet as I brought it up to date over the course of a year when I got a job.
From what I have read, some timeshares, especially legacy ones, are very slow to foreclose. It’s because they hope and pray you resume payments, the return rates are either low (like a buck) and they are impossible to resell.

I think too they assess whether they can collect. If you are out of country or clearly broke, the odds of you coming on stream is low...thus foreclose.

State laws also play a role. If, let’s say, the timeshare is in California where non judicial, anti deficiency laws are in place, there is no point waiting and hoping. However, if the timeshare is in a judicial, deficiency state, costs to foreclosure are higher and time consuming, plus judgement placements are more assured.

Maybe I can con errr...ask @Grammarhero to see if there is a way to see if what I have read is true or not. I’m not sure whether it is possible though as many defaulted owners may not even know if the timeshare foreclosed or not.

What I do find interesting is I read an article where RCI attempts to gather information on the defaulted owner to garner new contact details. I am not sure if that is true or not though.


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LannyPC

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It is even more unfair that those timeshare owners who enjoy their TS and pay their dues are the ones penalized with increase in maintenance fees, when their fellow TS owners decide to stop paying their own fees.
I'm going to play devil's advocate for a minute here just for argument's sake. As a disclaimer, I do not own a TS so this is just for bantering. If faithful owners who enjoy their TSs are complaining to me (a delinquent owner who is just letting it go into foreclosure) that I am causing his MFs to go up because I'm not paying and am letting it go into foreclosure, I could very well say to them, "Hey, if you like it so much, then you and all the owners who are enjoying it, pay your fees. If it's too much for you, then do what I am doing and walk away. I'm not paying for you to enjoy it. If you and all the other owners see value in it then pay. If you don't, then let the place go bankrupt and shut down."

As cold-hearted (and perhaps irresponsible) as that may sound, I am not paying $1000 per year so that others can enjoy their vacations.
 

Fredflintstone

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I'm going to play devil's advocate for a minute here just for argument's sake. As a disclaimer, I do not own a TS so this is just for bantering. If faithful owners who enjoy their TSs are complaining to me (a delinquent owner who is just letting it go into foreclosure) that I am causing his MFs to go up because I'm not paying and am letting it go into foreclosure, I could very well say to them, "Hey, if you like it so much, then you and all the owners who are enjoying it, pay your fees. If it's too much for you, then do what I am doing and walk away. I'm not paying for you to enjoy it. If you and all the other owners see value in it then pay. If you don't, then let the place go bankrupt and shut down."

As cold-hearted (and perhaps irresponsible) as that may sound, I am not paying $1000 per year so that others can enjoy their vacations.
Very interesting angle . In most situations, if you are displeased with the pricing, service, quality, you can simply walk. That’s what forces most companies to continue to excel. It’s survival.

Then we have timeshares. You sign a contract that locks you in. So, IMO, you have given them a blank check. They can fee whatever, allow things to slide and if you complain... well...you signed a contract. Walk away...you got a contract.

That’s the main reason I have not and won’t re enter into a timeshare agreement. As a renter, I can walk. As a renter, I dont pay fees when I am unable to use the timeshare. As a renter, I don’t need to return. Saying that, many timeshares are beautiful places and I sure like the condo style living while vacationing. I can still get that by renting a timeshare. I just see it as freedom.

I do respect those who own too. Each to his own and I know many owners very happy with their timeshares. Many tell me they don’t mind being chained to a contract. However, if you choose to own, you also choose to pay whatever MF bill that comes your way.

That’s why I too think timeshares need to change. From what I have read, I see many a millennial not choosing locked in contracts. That’s just another reason why owning, IMO, is just not the way to go. I know...many here disagree and I respect that.


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Mtsmith

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That’s life!! Period!!

You bought. Deal with it
If I forever drive my car. I forever have insurance and maintenance etc. forever!!! Period
When I no longer want my car or TS then get rid of it
My entire point with any comments is that why would I or ANYONE else feel that they’re entitled to a deal from the seller??

Foolish. Period

If the day comes when I have to get rid of what I own. I’m not going to go to the seller and cry a river
I’m a man. I will take whatever consequences. If any as you say and move on but it was I who did the original buying
Jumping in late to the party. I bought at The Colonnade in Branson. The manager there, an employee of the company, took maintenance fees, extra “onetime” fees for “repairs” of the property and put them in his bank accounts. Got cot caught and went to jail. For several years I was “required” by the TS contract to pay fees even though the resort was closed. Now open under Oak Ridge At Branson they are still sending bills. I don’t feel like I received what I was promised, but TS companies don’t care. I have offered to pay the MF of the past three years (even though there was no TS to use) if they take it back. We will see what happens. But I don’t feel like I am “crying a River”. Oh, and I’m a man too.
 
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