00don
newbie
I just recieved my yearly maintenance fee invoice and the amount has gone up 6% (Grandview, Las Vegas, NV). When I called, I was told the information I anticipated (higher costs of water, utilities, etc.) but then the woman explained that one of the biggest drivers was loan defaults. She explained that it takes about three years to foreclose and that the costs continue to rise.
I have gone through my paperwork (again) and can find nothing about having to cover bad underwriting by the developer/seller of units although there is a generally broad statement about "fees."
I'm guessing that I'm stuck but has anyone ever researched whether or not the developer can pass along their bad loan decisions to the various owners of the timeshares? In the current economy, I can see numerous defaults in the future and, if allowed to continue, we end up subsidizing poor lending decisions by the developer/builder.
I have gone through my paperwork (again) and can find nothing about having to cover bad underwriting by the developer/seller of units although there is a generally broad statement about "fees."
I'm guessing that I'm stuck but has anyone ever researched whether or not the developer can pass along their bad loan decisions to the various owners of the timeshares? In the current economy, I can see numerous defaults in the future and, if allowed to continue, we end up subsidizing poor lending decisions by the developer/builder.