Sheraton Mountain Vista Foreclosures

[Vanteri]

I wanted to see if I can interact with some former owners at Sheraton Mountain Vista. I am in the foreclosure process now and I am not sure what to expect or how to minimize my impact afterward. I want to know what kind of costs/fees are coming out of the foreclosure process. What are the biyearly TSs selling for on average and what are the court costs and attorney fees that are placed back on the owner? They are into me for a little over 5K and I'm pretty sure the TS isn't going to sell for that much. I have no desire to keep it and foreclosed is probably the only way I'll be rid of it. The attorneys filing are Eck, Conley & Richardson PLLC.

 

[Hindsite]

Did you have a loan on the ownership, or just stop paying the maintenance fees?

 

[dioxide45]

Colorado is a recourse state when it comes to foreclosure. Which means they could legally try to collect the difference between what you own and what it sells for. That said, since the money is no longer secured, it would mean they also have to obtain a deficiency judgement for the money to then try to collect on. That has added costs to collect which is probably more than the money they might be able to collect.

You can check out the links to official state timeshare laws thread or also check out the default tracker to get an idea of what other people are reporting for timeshare defaults.

 

[cindylou]

You should reach out to the board directly and see if you can just deed it back. If they give you that option you should take it. It will save the HOA and you money.

 

[rcv82]

What season is it? If it’s winter, it’s worth a few thousand $ maybe. If it’s mud season, it’s worthless. Summer might be worth something but not much.

For winter season, SMV has one of the best StarOption to maintenance fee ratios around if in VSN.


Sent from my iPhone using Tapatalk

 

[cindylou]

Good point from @rcv82. If it's winter, I just sold 2 of the sister property units (Lakeside Terrace) to someone I can put you in touch with, because they are seeking winter weeks. Not for much, but easy transaction, no foreclosure, no feedback, and no paying someone to take it off your hands.

 

[dioxide45]

Any sale would require a net of $5000 in order to close and cover everything outstanding. I would expect the buyer would likely have to pay all that since the current owner is in default.

 

[Robert D]

My understanding is that the 3rd dunning letter you receive includes the option to deed the interval back in lieu of foreclosure. Most people don't read those letters. Did you read each letter you received before the foreclosure started? If you contact the general manager at the resort he can probably put you in contact with the person who could do a deed in lieu of foreclosure. That's the best route for both the owner and HOA. I don't know if this will impact your credit but even if it does it shouldn't be as bad as a foreclosure.

Concerning the value of your interval, the season and size of the unit will determine the value. Only winter season weeks have much value but that has little to do with where you're at now as the amount you owe plus collection costs probably exceed the value of your interval. Also, Mountain Vista is not a mandatory resort so the star options don't transfer on a resale.

 

[TUGBrian]

can you elaborate on what you mean by the "foreclosure process"? have you been sent a legitimate summons or served with papers from an attorney?

or just a letter from the resort of their "notice of intent to foreclose"

this would be the first reported instance of Marriott pursuing foreclosure for an owner, we would like more details!