Lonestar Transfer and Resort Closings Inc

[Taraga]

Hi, I am looking for recent information and interactions regarding exiting out of my timeshare with any of these three companies. Yes, I know I have to pay a fee. I will pay it as long as it get done. Thank you!
LoneStar Transfer
Resort Closings, Inc
Timeshare Escrow and Title, LLC

 

[dioxide45]

Don't. See this thread;

I was scammed by an exit company -feel horrible

I was scammed by an exit company. I won't say the name because they won't give me any money back pending a BBB review I have left. Any advice.

tugbbs.com

I suspect you are wanting to avoid the large special assessment at the property in your profile?

Humongous $2200 per week 2020 assessment for Barrier Island Station Duck: A 50 Million dollar theft

Barrier Island Station Duck owners just received a notification for a $2200 per week per unit special assessment. For 500+ condos, it will be $50 million fund. This is over and above $900 maintenance fee. My unit in the resort is simply not taken care of in many years. We had a special...

tugbbs.com

The problem is that no one will want to take that over until you are beyond the assessment. You best bet may be a last resort of defaulting and not paying the MFs. That is very likely what the timeshare exit company will have you do and you can do it for free, except a potential hit to your credit.

 

[dioxide45]

Check out this thread for a tracking of experiences by others on if non payment or foreclosure would impact your credit.

[ 2022 ] Timeshare Default Credit Report/Collection Tracking

Some of you know I have been tracking this. Out of four (4) more TS defaults reported on TUG Facebook, one (1) got his credit affected. I have tabbed the following stats(updated 5/2022): TS defaults w credit drops: 47 out of 107 TS defaults w collections: 12 out of 107 TS defaults w...

tugbbs.com

 

[bogey21]

Yes, I know I have to pay a fee. I will pay it as long as it get done. Thank you!

Your statement is half right, half wrong. You will pay a fee but nothing will get done. Bank on it...

George

 

[dioxide45]

Your statement is half right, half wrong. You will pay a fee but nothing will get done. Bank on it...

George

It may get done, but it will simply be a foreclosure. What other method will the exit company have?

Of course, it is possible that the HOA won't foreclose and it will be other owners that take the hit. Though I think the property is anticipating a certain number of non payments and built that into the reserve.

 

[Taraga]

In all reality the property needs the assessment for the updates. Even the new website is a huge improvement. I'm willing to negotiate the assessment fees with anyone who takes it over. I think that the assessment fees will be well spent, hopefully I'm not naive.

The real reality is I've been trying to get out of this timeshare for over two years, and what I want to really know is how can consumers put an end to this absolutely awful industry? If you saw my post about how I acquired it, it was a wish of my father's for me to have it (I didn't want it!!!) He didn't understand the industry. So, I figured I'd take it and use it and make him happy, and I did and knew that I would have to deal with it at some time, so here it is some time!

I think I'm willing to take the chance and not pay the MF and assessment.

Don't. See this thread;

I was scammed by an exit company -feel horrible

I was scammed by an exit company. I won't say the name because they won't give me any money back pending a BBB review I have left. Any advice.

tugbbs.com

I suspect you are wanting to avoid the large special assessment at the property in your profile?

Humongous $2200 per week 2020 assessment for Barrier Island Station Duck: A 50 Million dollar theft

Barrier Island Station Duck owners just received a notification for a $2200 per week per unit special assessment. For 500+ condos, it will be $50 million fund. This is over and above $900 maintenance fee. My unit in the resort is simply not taken care of in many years. We had a special...

tugbbs.com

The problem is that no one will want to take that over until you are beyond the assessment. You best bet may be a last resort of defaulting and not paying the MFs. That is very likely what the timeshare exit company will have you do and you can do it for free, except a potential hit to your credit.

 

[Taraga]

Your statement is half right, half wrong. You will pay a fee but nothing will get done. Bank on it...

George

That is my fear of course.

Timeshare Escrow and Resort Closings responded to me that they DO NOT provide exit strategies only deed transfers, closings, etc.

Lonestar claims they can "cancel the contract".

 

[Karen G]

I'm willing to negotiate the assessment fees with anyone who takes it over. I think that the assessment fees will be well spent, hopefully I'm not naive.

You might want to update your post in the Bargain Deals forum with this information.

 

[Taraga]

You might want to update your post in the Bargain Deals forum with this information.

Good idea! I will. Thank you.

 

[dioxide45]

I do think in the end, the property will be more desirable and it is of course on the Outer Banks. It is low season, so that may be a challenge for many, but if you are willing to pay some toward the assessment and perhaps even throw in a free use year and closing, you will certainly be able to get it to someone else for far less than some exit company will charge.

Have you received a quote from LoneStar Transfer for the exit?

 

[Taraga]

I do think in the end, the property will be more desirable and it is of course on the Outer Banks. It is low season, so that may be a challenge for many, but if you are willing to pay some toward the assessment and perhaps even throw in a free use year and closing, you will certainly be able to get it to someone else for far less than some exit company will charge.

Have you received a quote from LoneStar Transfer for the exit?

That's a great idea!

LoneStar's quote is $3,995, plus the MF and Assessement

 

[dioxide45]

That's a great idea!

LoneStar's quote is $3,995, plus the MF and Assessement

So you pay them the $4000 plus also pay them the MF and assessment. Chances are that they don't pass that on to the property and they don't take over ownership.

 

[Taraga]

So you pay them the $4000 plus also pay them the MF and assessment. Chances are that they don't pass that on to the property and they don't take over ownership.

No, I would pay the MF and assessment to the property. They claim the process is quicker if everything is paid up. I only pay them their fee. Their "job" is to "cancel the contract" and get my name off the Deed. It's not clear what happens to the unit. I'll ask again. I'm surprised there are not more posts about Lone Star Transfer on here.

 

[RX8]

Call the HOA and tell them you will pay them the assessment plus 2021 MF in return for a deedback OR you will pay nothing and they can foreclose. They might take you up on the offer. If they do you will be ahead of paying an exit company (and there is no guaranty that the exit company will even follow through on their promise).

 

[Taraga]

Call the HOA and tell them you will pay them the assessment plus 2021 MF in return for a deedback OR you will pay nothing and they can foreclose. They might take you up on the offer. If they do you will be ahead of paying an exit company (and there is no guaranty that the exit company will even follow through on their promise).

I tried that. They said I didn't qualify for Deed Back and sorry for my situation, but I should know the terms of the contract. I requested the contract. They have not produced it. It seems to me there should be some legal course there. Yes, of course, I'm most concerned that the exit company will be another scam.

 

[dioxide45]

No, I would pay the MF and assessment to the property. They claim the process is quicker if everything is paid up. I only pay them their fee. Their "job" is to "cancel the contract" and get my name off the Deed. It's not clear what happens to the unit. I'll ask again. I'm surprised there are not more posts about Lone Star Transfer on here.

It is probably quicker. It is possible that they will deed the week over to a viking ship LLC or something similar and then let the fees go into default. Then the HOA comes around and tries to foreclose, but it becomes a much more expensive process for them since the LLC is sunk and there is no one around anymore to contact.

 

[Taraga]

It is probably quicker. It is possible that they will deed the week over to a viking ship LLC or something similar and then let the fees go into default. Then the HOA comes around and tries to foreclose, but it becomes a much more expensive process for them since the LLC is sunk and there is no one around anymore to contact.

That makes sense

 

[RX8]

I tried that. They said I didn't qualify for Deed Back and sorry for my situation, but I should know the terms of the contract. I requested the contract. They have not produced it. It seems to me there should be some legal course there. Yes, of course, I'm most concerned that the exit company will be another scam.

Did you ask for a deedback or did you offer to pay the assessment and 2021 MF too if they accept the deedback? Also, they told you that you didn't qualify for a deedback? if your offer doesn't qualify for a deedback what would?

I suggest to call back again and speak with a supervisor or manager. You will need to play some hard ball by telling them not another dime is going to be paid with ownership and then give them your offer. The HOA will need to spend money to foreclose versus getting the assessment paid plus 2021 MF which gives them plenty of time to get things fixed up and then sell the week to another owner. Seems like a no-brainer decision to me, if I was running the HOA. But what do I know, I am just sitting here typing on the computer...

 

[tom_r]

have you been able to use lonestar transfer successfully?

 

[dioxide45]

have you been able to use lonestar transfer successfully?

Lonestar Transfer is a timeshare exit company that collects large upfront fees. The biggest warning sign that something is likely a scam is a huge upfront fee. I doubt you will find anyone around these parts that have use them to successfully get out of their timeshare.

 

[tom_r]

Lonestar Transfer is a timeshare exit company that collects large upfront fees. The biggest warning sign that something is likely a scam is a huge upfront fee. I doubt you will find anyone around these parts that have use them to successfully get out of their timeshare.

very tempting - 14+ years in business, hundreds of positive reviews on google, 4.9 stars, cannot find any obvious negatives reviews... (maybe their IT team is really good pushing them down in the search results)

 

[dioxide45]

very tempting - 14+ years in business, hundreds of positive reviews on google, 4.9 stars, cannot find any obvious negatives reviews... (maybe their IT team is really good pushing them down in the search results)

What timeshare are you trying to get rid of?

 

[tom_r]

Village of Loon, ski week Lincoln, NH

Free the Village of Loon, Lincoln, NH New Hampshire

Maintenance fees paid for 2022, so you will have a chance to use it in January 2022 for FREE!!! Fully paid, maintenance fees (approx $1,047) are paid for this year. Timeshare for sale, The Village of Loon, fixed week January 21. Two bedroom loft,(sleeps 8) kitchen, fireplace, indoor pool with...

tugbbs.com

 

[TheTimeTraveler]

That's a great idea!

LoneStar's quote is $3,995, plus the MF and Assessement

OUCH.

Don't pay it. They'll take your hard earned money and run!

Advertise it in the TUG Free Timeshare Giveaway and offer a $2,000 incentive instead! Then you KNOW it will be out of your name for good.



.

 

[KimmieM]

You might want to update your post in the Bargain Deals forum with this information.

Is it really a bargain with the assessment fees?