Non-payment of Maintenance fees

[Munmun]

Hi:

Own 2 weeks at Sheraton Vistana. Cannot afford to pay the maintenance fees this year. No mortgage on weeks.

Will this affect my credit rating if I don't pay the fees.

Want to get rid of the 2 weeks. What are the possibilites? Not looking for een break-even....just want to get them off my hands.

Fed up and broke!

thanks.

 

[ada903]

There is a bargains forum where you can list these for free.

http://tugbbs.com/forums/forumdisplay.php?f=55

Make sure you list complete details. Are they two bedrooms? Which section of the resort? Do they have staroptions or are they voluntary? Do they lockoff? Which season? Put up all the details and offer to pay closing costs. On ebay two bedrooms at Vistana go for $1 with free closing, and sometimes even paid free 2011 usage as an incentive for the buyer. They make good traders for folks who want to use Interval International and get a Starwood trading preference.

 

[Munmun]

Thanks. Will post on Bargain Deals.
-- No Staroptions
-- Red week

What happens if I cannot pay 2011 maintenance fees which are due soon? Affects credit rating. Need to know this as time is running out for the fee which I think are due end of Jan 2011.

 

[timeos2]

Be careful - even giving it away can be a bit hard to do

Thanks. Will post on Bargain Deals.
-- No Staroptions
-- Red week

What happens if I cannot pay 2011 maintenance fees which are due soon? Affects credit rating. Need to know this as time is running out for the fee which I think are due end of Jan 2011.

Same as any other bill you are obligated to but, for any reason, do not pay. It can, if reported, have a negative affect on your credit rating/reports. That assumes the resort will report it which is far more likely today than it was a few years ago (so don't depend on reports that may say "I didn't pay and nothing happened" as resorts / managements have become far more aggressive now).

Hopefully you can find a taker for your week. It will be tougher to even give it away if penalties and fees are due (and in fact the resort can block any sale/transfer if fees are owed) so being so close to the due date you may want to scrape up one last annual fee (get it back from the new owner as it is common for the new owner to pay for the year IF they use it) to help ensure you can in fact give it away. Or plan to reimburse them for any late fees/ penalties due.

 

[LisaRex]

There is a grace period for MFs, though you'll incur a penalty. I'd call Starwood and let them know that you plan on paying, albeit late.

I'd put in the ad that you will reimburse the buyer for that penalty. If they'll allow you to make reservations, I'd also reserve a week in the fall because you're closing in on the 8 month window for some 2011 reservations.