Special Assessment for Silverleaf Club

[GGR]

I recently received a special assessment maintenance fee billing of $1,482.82 for Fox River Resort to supposedly payoff approximately $11 million in outstanding bank loans prior to the expected sale of the property and termination of the timeshare plan in mid-October. HICV provided an option to transfer my ownership to another HICV timeshare unit but I have no intention of doing that. Paying the special assessment fee is not something I want to do either given that the Fox River Resort timeshare plan will likely be terminated. The last option which was not specifically stated is to not pay the special assessment. HICV intends to market the resort for sale on behalf of the timeshare association with the net proceeds of the sale distributed on a pro-rata basis to owners with deeded timeshare interests in the resort as of the date of sale. Any pro-rata share of the net proceeds to which an owner is entitled, will be subject to a lien for unpaid assessments. I expect owners who do not pay the special assessment will be billed again after the sale of the resort for unpaid maintenance fees net of the proceeds of the sale. Given this likely happened with other Silverleaf resort locations that were sold several years ago, I would like to know if someone else experienced this and the consequences of not paying the special assessment fee. I am considering contacting an attorney regarding the special assessment and the legality of HICV placing a personal lien on owners for the remaining balance of the special assessment if that is what they can do. Any insight on this would be appreciated.

 

[JONC777]

If indeed the resort is to be sold, and you are current at the time, youll receive a portion of the sale, Id likely pay the $1500 to remain current as typically ive seen folks receive 3-5k, but of course you have to do whats best for your personal situtation. They may offer a deedback as well just so the resort can keep the share of the proceeds. . It would be worth it to call and ask.