Summer Bay Resorts-Building Termination

[tsbill24]

I received a letter from Summer Bay Resorts that there was a "court-approved termination of building 104." My building is 104.
What does this mean? I have called Summer Bay Resorts and they have not returned my call.
Suggestions? Next step?

 

[tschwa2]

This was from a press release in Sept of 2013:
http://www.nationaltimeshareownersassoc.com/media/NTOAPartnersSummerBay2013.pdf

Going forward, owners of Building 104 are being invited back to Summer Bay for a complimentary 3 night stay so that they are allowed to inspect the property, have their questions fully answered and determine what is their best course of action moving forward. The NTOA has learned that there are three options specifically for these owners at this time.

Option #1- Allows the affected owners to transfer their ownership on a like for like basis with no additional payment or increase in annual maintenance fees

Option #2- Allows the owner to take advantage of an upgrade taking 100% of the equity of the prior ownership and some special discounts that the developer will be offering

Option #3- A cancellation of the property obligations and a small insurance payout that will be applied to any outstanding balance prior to write off and cancellation.

Since it sounds like this is the first time you are hearing about it you need to continue to reach out to the resort. This is still 4th of July weekend so I would imagine you should be able to reach someone on Monday.

 

[pedro47]

Sound liked option 3 terminates owner ship plus a small insurance pay out. This maybe the time to take this offer and run.

 

[simpsontruckdriver]

Definitely take the buyout! How many MILLIONS of people would like to walk away from a timeshare and NOT have their credit annihilated, and NOT have to go through closing companies? That way, you can figure out a better RESALE timeshare, or simply don't.

TS

 

[Sandy VDH]

Wish we all had sinkholes below timeshares we want to get rid of.

 

[vacationhopeful]

Oh, come, come ... now.

First, there will be the settling of all claims from those "scared the crap out of resident guests" that where staying there (and some that where in the building next door, across the street and 3 miles away). And their legal fees. And then, the deductible on the claim before the "insurance" paid out for an "Act of God". Then the management company account and processing fees .. and so forth, and so forth.

So, I suggest you don't spend anything yet ... wait for the check to arrive and then give it 21 days to clear the bank. Could be a wait and then some ...

But it is one way to terminate a timeshare ownership.

Another vote for OPTION #3.

 

[tsbill24]

Summer Bay Building 104 Termination

I have been emailing back & forth with Summer Bay Resort (SBR) and they offered a "new" proposal for $15,900 and 75500 points. SBR said they don't recognize "Option 3" that was in the published newspaper report just after the sinkhole event. I have accepted the insurance payment but still negotiating the balance due of $3000.

 

[uscav8r]

I have been emailing back & forth with Summer Bay Resort (SBR) and they offered a "new" proposal for $15,900 and 75500 points. SBR said they don't recognize "Option 3" that was in the published newspaper report just after the sinkhole event. I have accepted the insurance payment but still negotiating the balance due of $3000.

Don't take their word for it re: option 3. I would think the court documents / settlement should identify the specific remedies available to you.


Sent from my iPad using Tapatalk

 

[dcostales]

Summer Bay nightmare

My family and bought this timeshare back in 2007 and pay everything at once. We have been using on the regular basis until we got a check for $700 something on the mail....we first thought it was a scam since it came with a generic letter but then we realized it was from them. We contact our attorney and she requested proof of ownership of building 104 and their lawyer the only thing they said was that that what the court has decided and we are loosing everything. We are so UPSET and FURIOUS and really want to keep it.

Anyone has any advice?

PLEASE HELP.

 

[vacationhopeful]

Don't sign or cash the check .... doing that, it legally says you ACCEPTED the deal.

And Welcome to TUG ... from a fellow longtime NJ resident.

 

[CO skier]

My family and bought this timeshare back in 2007 and pay everything at once. We have been using on the regular basis until we got a check for $700 something on the mail....we first thought it was a scam since it came with a generic letter but then we realized it was from them. We contact our attorney and she requested proof of ownership of building 104 and their lawyer the only thing they said was that that what the court has decided and we are loosing everything. We are so UPSET and FURIOUS and really want to keep it.

Anyone has any advice?

PLEASE HELP.

I agree with the opinion that most people would feel fortunate to cash the check and be free of their timeshare.

It is not worth fighting. Only your lawyer will win, even if the lawsuit is lost, if lawyers get involved.

If you want to continue vacationing at Summer Bay, buy this 2 bedroom timeshare (or another one that better suits your usage dates, they are on EBay all the time) for $1 and pocket the other $699.

ANNUAL USAGE, 2 Bedrooms & 2 Bathrooms, Floating weeks 7-17, 24-34 & 51-52

http://www.ebay.com/itm/SUMMER-BAY-...631?pt=LH_DefaultDomain_0&hash=item339db8cf07

The seller is paying all closing and transfer fees plus the 2015 maintenance fees. You would be getting a free vacation this year.


There are also some good deals on Summer Bay Resort weeks in the TUG marketplace, including $1 deals with prepaid maintenance fees for a free vacation. Just type "Summer Bay" in the Location filter:

http://tug2.com/MarketplaceClassifi...ulf Coast / Orlando&ResortArea=4&ForSale=True

You can't keep the week in building 104 because the building was condemned. You can replace that lost week with a week in a different building, if that is what you want to do, for much less than the $700 you received, and possibly receive a free vacation for your trouble. That seems more than fair to me.

 

[csxjohn]

There have been other discussions here on TUG and if you do a search you should find some info.

I seem to remember that the owners in that building were given three options but I can't remember exactly. One was to accept the pay off, I believe one was to accept a unit in another bldg. and I can't recall the third if there was one.

You need to contact them and see why you were not given other options. After that cave in many were giving away units there and I picked up a nice 3Br lock off with a 1-51 float period and a years use for around $75.00

You will never get close to what you paid but you may want to take the money and run then buy in for a few dollars if that's what you want.

 

[dcostales]

I agree with the opinion that most people would feel fortunate to cash the check and be free of their timeshare.

It is not worth fighting. Only your lawyer will win, even if the lawsuit is lost, if lawyers get involved.

If you want to continue vacationing at Summer Bay, buy this 2 bedroom timeshare (or another one that better suits your usage dates, they are on EBay all the time) for $1 and pocket the other $699.

ANNUAL USAGE, 2 Bedrooms & 2 Bathrooms, Floating weeks 7-17, 24-34 & 51-52

http://www.ebay.com/itm/SUMMER-BAY-...631?pt=LH_DefaultDomain_0&hash=item339db8cf07

The seller is paying all closing and transfer fees plus the 2015 maintenance fees. You would be getting a free vacation this year.


There are also some good deals on Summer Bay Resort weeks in the TUG marketplace, including $1 deals with prepaid maintenance fees for a free vacation. Just type "Summer Bay" in the Location filter:

http://tug2.com/MarketplaceClassifi...ulf Coast / Orlando&ResortArea=4&ForSale=True

You can't keep the week in building 104 because the building was condemned. You can replace that lost week with a week in a different building, if that is what you want to do, for much less than the $700 you received, and possibly receive a free vacation for your trouble. That seems more than fair to me.

I think we would go with this option to find something on ebay. We rather have points than going to the same spot every time.
Really appreciate the help.

 

[Ron2]

I think we would go with this option to find something on ebay. We rather have points than going to the same spot every time.
Really appreciate the help.

Summer Bay was our first timeshare. We bought it in 1999 but later found the Wyndham points resorts (Bonnet Creek in particular) to be a much fit to the way we like to vacation. We have not returned to Summer Bay since buying at Bonnet Creek and since the deed-back was offered last year, we even paid a small fee to give it back to them (just before the sinkhole disaster). So if you want some flexibility but still want to be in the Orlando and Disney area, you can’t beat Bonnet Creek.