Timeshare help....[BlueGreen]

[justinj229]

I recently purchased a timeshare in June of 2019 and have yet to use the properties due to conflicting dates on when I could vacation. Of course I was told the Bonus nights would be 69 and 79 a night and could be used so we could sign up for a lower points package which we did only to find out the bonus nights have to be booked within 30 days and most everything is gone by then. Then the maintenance fees were never addressed. My question is I see numerous time share companies to get you out but I've seen conflicting reports on if they work. I doubt these companies are able to keep going if they do not get results however most all them are charging similar fees so I guess they know what the going rate is. The only other option is to ask Bluegreen to take the property back which isn't likely or use a time share exit team or 3rd option is to stop paying cut losses and it affects credit. What happens if you "foreclose" on an approximately 7k property?

 

[DaveNV]

Welcome to Tug. Have a seat and keep reading. There are many people here who can provide specific information about your options. But in general:

You can't get out of a timeshare purchase that isn't paid off. Until the deed is free and clear, even the "get out of your timeshare" companies won't be of any help.

Those "get out of your timeshare" companies are generally a scam. They charge you a big fee up front, then just list your timeshare for sale on a website nobody reads. Your listing is surrounded by dozens of other identical ads, and nobody wants to buy a timeshare with an outstanding mortgage. The company has no interest or incentive in actually selling your timeshare, because you already paid them. And when the maintenance fees come due again, they're still your responsibility.

Figure that the resale value of what you own is zero. Check eBay for Completed Auctions to get an idea of what things are actually selling for. As a buyer, it's nearly always best to buy on the resale market.

There is no difference between "new" and "used" in timesharing, except for the price. Even if you bought a new timeshare still under construction, by the time you get there to use your time, someone else has already slept in that bed. After you're an owner, the ongoing fees you pay as a "new" purchaser are the same as someone who bought "used" on the resale market.

The seller is unlikely to take it back, since their interest is in selling them, not buying them. If you owe money on the purchase, then double-down on this reality. You're pretty much stuck with what you purchased, sad to say.

Bonus Weeks are a standard in the industry, and it's ALL leftovers within a short timeframe to check in. You can't generally schedule them months in advance. If they were available then, they wouldn't be considered a Bonus. By the time you factor in costs and assorted add-on fees, they are rarely a good deal unless they fall directly in line with your exact needs. Consider them a found option, good to use once in awhile, but not something to count on.

Your best option at this point is to learn how best to schedule and use what you own, and make the most from it. Many Tuggers were in the same place you are - they didn't learn about the Resale market until after they'd purchased at big bucks from the Developer.

Sorry to be the bearer of bad news, but the above is pretty much your reality right now. After the pandemic is over and things open up, you'll have the ability to use what you bought. Till then, hunker down, read Tug, and learn all you can about how to make the most of your purchase.

Good luck,
Dave

 

[cbyrne1174]

It goes into a collections account and stays on your credit report for 7 years from the day it's first in collections. If you acknowledge the debt before it expires, the timer can be reset. Once you have an account in collections, never admit to the debt unless you plan on paying it. Some states allow timeshare companies to sue for the amount due, but most only allow them to foreclose on the property.

 

[TheTimeTraveler]

One thing you can do is pay off the loan and give the unit away for free. Another thing you can do is to rent the timeshare and use those funds to pay off the mortgage and all the yearly maintenance fees (sometimes easier said than done).

Check with your Timeshare Company and see if they are willing to take back the unit (assuming the loan is paid off).

Don't go with any of those Companies that claim they can get you out of your Timeshare. They will take your money upfront and leave you holding the bag.





.

 

[samara64]

I hate to be the bearer of bad news but If you still owe any loan on the timeshare, you cannot get rid of it.

If you stop paying, they will ding your credit before taking it back. Depending on the state where the timeshare is located, they even may come after you other assets.

 

[justinj229]

Welcome to Tug. Have a seat and keep reading. There are many people here who can provide specific information about your options. But in general:

You can't get out of a timeshare purchase that isn't paid off. Until the deed is free and clear, even the "get out of your timeshare" companies won't be of any help.

Those "get out of your timeshare" companies are generally a scam. They charge you a big fee up front, then just list your timeshare for sale on a website nobody reads. Your listing is surrounded by dozens of other identical ads, and nobody wants to buy a timeshare with an outstanding mortgage. The company has no interest or incentive in actually selling your timeshare, because you already paid them. And when the maintenance fees come due again, they're still your responsibility.

Figure that the resale value of what you own is zero. Check eBay for Completed Auctions to get an idea of what things are actually selling for. As a buyer, it's nearly always best to buy on the resale market.

There is no difference between "new" and "used" in timesharing, except for the price. Even if you bought a new timeshare still under construction, by the time you get there to use your time, someone else has already slept in that bed. After you're an owner, the ongoing fees you pay as a "new" purchaser are the same as someone who bought "used" on the resale market.

The seller is unlikely to take it back, since their interest is in selling them, not buying them. If you owe money on the purchase, then double-down on this reality. You're pretty much stuck with what you purchased, sad to say.

Bonus Weeks are a standard in the industry, and it's ALL leftovers within a short timeframe to check in. You can't generally schedule them months in advance. If they were available then, they wouldn't be considered a Bonus. By the time you factor in costs and assorted add-on fees, they are rarely a good deal unless they fall directly in line with your exact needs. Consider them a found option, good to use once in awhile, but not something to count on.

Your best option at this point is to learn how best to schedule and use what you own, and make the most from it. Many Tuggers were in the same place you are - they didn't learn about the Resale market until after they'd purchased at big bucks from the Developer.

Sorry to be the bearer of bad news, but the above is pretty much your reality right now. After the pandemic is over and things open up, you'll have the ability to use what you bought. Till then, hunker down, read Tug, and learn all you can about how to make the most of your purchase.

Good luck,
Dave

Thanks for the in depth explanation - if I keep "paying" the mortgage fee but not the maintenance fee (this is the part that was really poorly explained) then what happens? If I pay the mortgage but not the maintenance fee I would not be able to use the properties but I wouldn't foreclose either? What happens if I pay it off and want to sell in 3 years but have 3 years of Maintenance fees late? I have to pay those up too? I just don't think it's right to pay for something that was not even close to advertised correctly. To be honest I've already paid one year of fees and I have not been on one vacation yet except they sold me a "sampler" package that I used because they were unable to convince me to buy more points.

These buyback companies are there any TUG members who have used them? I can't imagine you wouldn't find tons of reviews that are horrible but I'm having a hard time finding a lot of bad experiences and these guys want big bucks so you would think the negativity would be plentiful. Of course I could be looking in the wrong places.

 

[justinj229]

I hate to be the bearer of bad news but If you still owe any loan on the timeshare, you cannot get rid of it.

If you stop paying, they will ding your credit before taking it back. Depending on the state where the timeshare is located, they even may come after you other assets.

Pretty sure you can foreclose on a primary housing residence and other assets wouldn't be touched so I highly doubt a time share would have more rights than a house when a time share has a LOT more of a shady practice going than a real estate deal with appraisals and set fees that are spelled out.

 

[DaveNV]

Thanks for the in depth explanation - if I keep "paying" the mortgage fee but not the maintenance fee (this is the part that was really poorly explained) then what happens? If I pay the mortgage but not the maintenance fee I would not be able to use the properties but I wouldn't foreclose either? What happens if I pay it off and want to sell in 3 years but have 3 years of Maintenance fees late? I have to pay those up too? I just don't think it's right to pay for something that was not even close to advertised correctly. To be honest I've already paid one year of fees and I have not been on one vacation yet except they sold me a "sampler" package that I used because they were unable to convince me to buy more points.

These buyback companies are there any TUG members who have used them? I can't imagine you wouldn't find tons of reviews that are horrible but I'm having a hard time finding a lot of bad experiences and these guys want big bucks so you would think the negativity would be plentiful. Of course I could be looking in the wrong places.

I don't have experience with your suggestion, but I believe if you go delinquent on maintenance fees they can also take you to collections for that. I know it will prevent you from using the facility, because your account needs to be in good order to use it or sell it. I don't see how they could foreclose on the loan if it's being paid, but I don't understand why you'd pay one and not the other? If you pay them both, you can use or rent the timeshare, and be an owner in good standing. Once the mortgage is paid, you could then turn around and sell the unit if you wanted to - but at that point the hard damage is done. You could keep paying the maintenance fees and just use it then. No sense in throwing away good money after bad, right?

If the mortgage fees are delinquent, they won't transfer the ownership to a new owner's name. Somebody (likely you) would have to pay those delinquent fees. Foreclosure or collections in any form is going to hurt your credit. That may or may not matter to you, so it would be your decision.

As to the "good" up-front-fee exit companies, I don't know of any that have a good reputation. (The concept is backwards - would you prepay a real estate agency to sell your house, or would you have them take their fee from the proceeds of the sale?) If you search Tug threads for things like "timeshare exit company" you should find many threads that talk about them. The only posts I've ever read that brag them up are false "troll" posts from someone who works for the company themselves.

I know you aren't looking for my opinion, but just so you can hear it: Bite the bullet. Pay the loan and maintenance fees. Learn how to squeeze every dollar of enjoyment from your ownership. Later on, after the mortgage is paid off, decide then if you want to sell the unit. You may find you actually don't mind being an owner. Anything less is just inviting yourself to have a negative experience.

Timeshare sales people prey on emotional responses from their customers, they lie about anything and everything to make a sale, and all they care about is their commission. The best option you could make right now is to hang on, pay it off, and make the most of the situation.

Dave

 

[justinj229]

I don't have experience with your suggestion, but I believe if you go delinquent on maintenance fees they can also take you to collections for that. I know it will prevent you from using the facility, because your account needs to be in good order to use it or sell it. I don't see how they could foreclose on the loan if it's being paid, but I don't understand why you'd pay one and not the other? If you pay them both, you can use or rent the timeshare, and be an owner in good standing. Once the mortgage is paid, you could then turn around and sell the unit if you wanted to - but at that point the hard damage is done. You could keep paying the maintenance fees and just use it then. No sense in throwing away good money after bad, right?

If the mortgage fees are delinquent, they won't transfer the ownership to a new owner's name. Somebody (likely you) would have to pay those delinquent fees. Foreclosure or collections in any form is going to hurt your credit. That may or may not matter to you, so it would be your decision.

As to the "good" up-front-fee exit companies, I don't know of any that have a good reputation. (The concept is backwards - would you prepay a real estate agency to sell your house, or would you have them take their fee from the proceeds of the sale?) If you search Tug threads for things like "timeshare exit company" you should find many threads that talk about them. The only posts I've ever read that brag them up are false "troll" posts from someone who works for the company themselves.

I know you aren't looking for my opinion, but just so you can hear it: Bite the bullet. Pay the loan and maintenance fees. Learn how to squeeze every dollar of enjoyment from your ownership. Later on, after the mortgage is paid off, decide then if you want to sell the unit. You may find you actually don't mind being an owner. Anything less is just inviting yourself to have a negative experience.

Timeshare sales people prey on emotional responses from their customers, they lie about anything and everything to make a sale, and all they care about is their commission. The best option you could make right now is to hang on, pay it off, and make the most of the situation.

Dave

You make some sound logic but part of the problem I have with the whole concept is how many times I was misled and usually when that happens I am the type personality to get ticked off and want to throw the towel in. They actually sold me a sampler package when I WAS ALREADY an owner just because they wanted to upsell me more points so bad and I kept saying NO. A 30 minute presentation turns into 6 hours it is insane. The only time share folks I have talked with put the money into a escrow account from what I gather a 3rd party if you will and only get the money AFTER they have got you out of the timeshare. One I talked with called Sapphire out of Orlando actually has a 12 month money back guarantee in the contract if they can not get you out per the contract I was given. I haven't signed anything but just saying I HAVE to think with all the lies, manipulations they use in the practices unless they have everything 100% on record recorded they would have to lose some business due to MULTIPLE customers saying the same thing.

 

[Iggyearl]

Please be aware that the "exit" companies are far from being a perfect solution. "Sapphire" from Orlando may offer a money back guarantee, but most of the exit companies also do. The trick is that they will tell you to stop all contact with the timeshare company, and they will handle everything. They might write a letter to the timeshare company, but that is about it. (What else can they do?). Eventually, the timeshare company will foreclose on your timeshare, and you will be out. But, you probably will have a judgement against you, and your credit will be ruined. BUT - you won't get a refund because the exit company DID get you out of your timeshare contract. Before signing with such a company, make sure that your read the complete contract and look for flaws that may affect you. The same thing people should do when they buy a timeshare. A lawyer once told me: "Make all your promises verbally. And get all your promises in writing."

 

[RX8]

I recently purchased a timeshare in June of 2019 and have yet to use the properties due to conflicting dates on when I could vacation. Of course I was told the Bonus nights would be 69 and 79 a night and could be used so we could sign up for a lower points package which we did only to find out the bonus nights have to be booked within 30 days and most everything is gone by then. Then the maintenance fees were never addressed. My question is I see numerous time share companies to get you out but I've seen conflicting reports on if they work. I doubt these companies are able to keep going if they do not get results however most all them are charging similar fees so I guess they know what the going rate is. The only other option is to ask Bluegreen to take the property back which isn't likely or use a time share exit team or 3rd option is to stop paying cut losses and it affects credit. What happens if you "foreclose" on an approximately 7k property?

A few thoughts

• There have been many Timeshare Exit companies that have popped up over the last several years. And why not? It is very profitable and anyone and their grandmother can open a "business" and call them a Timeshare Exit company. Generally speaking, timeshare owners seeking someone to help them get out of the timeshare probably aren't the type to do much research and that is exactly what they are counting on.
• They are going to charge you thousands of dollars and it will drag on and on. Certainly well past the time that you could dispute the charge with your credit card. And don't trust the money back guaranty. One Timeshare Exit company, one that has been around a number of years, was recently sued by the Washington state Attorney General with charges among others being that they didn't honor their guaranty even years after the customer signed the contract. As previously reported in another post, one Timeshare Exit company refused to refund the fee after the customer had been foreclosed on because they claimed to have gotten them out of the timeshare, even it is was through foreclosure. Of course, the owner could have just stopped paying on their own and saved the huge fee they had paid.
• Many of the "successes" of these companies are likely to be simple deedbacks that are available to owners by certain resorts. These resorts handle the paperwork making it very easy and quick for the owner. The fee is minimal compared to what the Timeshare Exit companies are charging owners. While many of these Timeshare Exit companies tout themselves as an advocate to owners, do you think they inform their clients of this option? Nope. Diamond Resorts is one such developer that has a deedback program. A Timeshare Exit team company has a Facebook page and someone inquired about Diamond. @Grammarhero replied to the poster about Diamond's relatively cheap deedback program. This is great information that an owner seeking to be free from the timeshare should know about. What was the Timeshare Exit company's response? DELETE the helpful post. Why? Because they want their clients to be in the dark so that THEY can make an easy $3500+ for doing exactly what the owner could have done themselves! Nice advocate.
• In some of my researches of other Timeshare Exit companies the principals behind them were convicted criminals.
• These companies come and go. Sapphire has been around for less than two years. Even if they had a printed "ironclad" money back guaranty it wouldn't do anyone any good if they shut their doors 12 months from now.
• One thing that seems common for these Timeshare Exit companies is that they have lots of glowing "reviews". People generally just don't leave reviews at the BBB. Ford Motor Company for example, has been in business for 117 years. They have had a BBB profile since 1927. They have 76 BBB reviews. This little company, one that I haven't heard of before today, one that has been in business for less than two years, has 50 glowing reviews! Makes one wonder if this company is paying people to post "reviews" or if they are posting fake reviews themselves.

You indicate that you owe about $7,000. A Timeshare Exit company is going to charge you thousands with their "promise" to get you out that will stretch out for months and the end result is still no guaranty. An alternative suggestion is to read TUG, ask questions that other Bluegreen owners can answer, and learn to maximize the use of the timeshare that works for you and your family.

Good luck!

 

[TheHolleys87]

Don’t miss this TUG thread, which was posted a few hours after yours: https://tugbbs.com/forums/threads/consumer-checkbook-story-on-timeshare-exit-companies.304295/.

 

[DaveNV]

Justin, all I can offer at this point is for you to Google your pants off about this. Search for things like "timeshare exit scams" or "timeshare sales fraudulent claims" and so forth. Use your common sense, and decide whether you want to risk the consequences just to "throw in the towel." It's one thing to be an indignant owner who feels ripped off, and another thing to be an indignant owner who feels ripped off with a bad credit hit. You may be better served to swallow your anger, step back, and take a longer view at the situation.

If you were upsold after being an owner, then you should know how the system works. If the additional points you bought gives you what you wanted, and the thing you're most upset about are the lies you were told, then decide if you can live with things as they are. If so, make the most of your ownership, and enjoy things. The bitter pill of being lied to will go away after awhile, if the end result is a timeshare system you enjoy using.

On the other hand, if you're dissatisfied and just want out at any cost, then take the steps you wish. Just don't expect to ever be treated well by any of the exit companies - they're only a step or two above the lowlife slimes who sold you the timeshare in the first place. They'll also promise wonderful things on the front end, and what happens after that is a crapshoot. Be prepared to get ripped off again, because that's often what happens. People don't come back to tell a glowing, legit story of how great something was for them unless there is something in it for them. Those are the troll posts I mentioned before. But the horror stories of bad results are all over the place.

Do your research, and make a smart choice. And good luck!

Dave

 

[justinj229]

Justin, all I can offer at this point is for you to Google your pants off about this. Search for things like "timeshare exit scams" or "timeshare sales fraudulent claims" and so forth. Use your common sense, and decide whether you want to risk the consequences just to "throw in the towel." It's one thing to be an indignant owner who feels ripped off, and another thing to be an indignant owner who feels ripped off with a bad credit hit. You may be better served to swallow your anger, step back, and take a longer view at the situation.

If you were upsold after being an owner, then you should know how the system works. If the additional points you bought gives you what you wanted, and the thing you're most upset about are the lies you were told, then decide if you can live with things as they are. If so, make the most of your ownership, and enjoy things. The bitter pill of being lied to will go away after awhile, if the end result is a timeshare system you enjoy using.

On the other hand, if you're dissatisfied and just want out at any cost, then take the steps you wish. Just don't expect to ever be treated well by any of the exit companies - they're only a step or two above the lowlife slimes who sold you the timeshare in the first place. They'll also promise wonderful things on the front end, and what happens after that is a crapshoot. Be prepared to get ripped off again, because that's often what happens. People don't come back to tell a glowing, legit story of how great something was for them unless there is something in it for them. Those are the troll posts I mentioned before. But the horror stories of bad results are all over the place.

Do your research, and make a smart choice. And good luck!

Dave

Thanks again Dave,

It seems I can do the same things an exit company can do maybe I use that fee and tell the timeshare company I'm willing to pay XXX for a buyback or something to that nature. That might go further than just throwing in the towel. I do question if anyone who has gone through foreclosure and can explain that process if I had to turn to worst case scenario?

 

[GTLINZ]

Not sure if this was mentioned before, but there is a specific board for Bluegreen and there are multiple posts on this subject. I would suggest you read up there if you have not already.

From the main page (or click Forums), look under "Timeshare Resort Systems,". and you will see a "Bluegreen Vacations" subgroup under 'All Other Timeshare Systems".

 

[Grammarhero]

Thanks again Dave,

It seems I can do the same things an exit company can do maybe I use that fee and tell the timeshare company I'm willing to pay XXX for a buyback or something to that nature. That might go further than just throwing in the towel. I do question if anyone who has gone through foreclosure and can explain that process if I had to turn to worst case scenario?

Where is your TS deed located? Owners defaulting on timeshare mortgages deeded in FL, SC, Maine, CA, WI, HI, or MT get anti-deficiency protection, if they don’t object to the foreclosure. Anti-deficiency protection is when resorts can’t sue you for the foreclosure sale deficiency balance.

Your credit score may get wrecked by 50 to 200 points.

 

[R.J.C.]

A few thoughts

• Many of the "successes" of these companies are likely to be simple deedbacks that are available to owners by certain resorts. These resorts handle the paperwork making it very easy and quick for the owner. The fee is minimal compared to what the Timeshare Exit companies are charging owners. While many of these Timeshare Exit companies tout themselves as an advocate to owners, do you think they inform their clients of this option? Nope. Diamond Resorts is one such developer that has a deedback program. A Timeshare Exit team company has a Facebook page and someone inquired about Diamond. @Grammarhero replied to the poster about Diamond's relatively cheap deedback program. This is great information that an owner seeking to be free from the timeshare should know about. What was the Timeshare Exit company's response? DELETE the helpful post. Why? Because they want their clients to be in the dark so that THEY can make an easy $3500+ for doing exactly what the owner could have done themselves! Nice advocate.

Good luck!

To note with Diamond: Diamond's Transitions program can only be utilized for timeshares (points/weeks) if purchased directly from Diamond. Resale weeks or point contracts are ineligible from Transitions.

 

[LannyPC]

It seems I can do the same things an exit company can do maybe I use that fee and tell the timeshare company I'm willing to pay XXX for a buyback or something to that nature.

That's exactly what we try to tell people who come on here asking if they should use such-and-such TS exit/cancel/relief company to get them out of their TS.

 

[justinj229]

Where is your TS deed located? Owners defaulting on timeshare mortgages deeded in FL, SC, Maine, CA, WI, HI, or MT get anti-deficiency protection, if they don’t object to the foreclosure. Anti-deficiency protection is when resorts can’t sue you for the foreclosure sale deficiency balance.

Your credit score may get wrecked by 50 to 200 points.

It's deeded to Daytona Beach Fla blue-green resort casa something. So I'm protected if I stop paying but my credit could/will take a hit? What about maintenance fees?

 

[Grammarhero]

It's deeded to Daytona Beach Fla blue-green resort casa something. So I'm protected if I stop paying but my credit could/will take a hit? What about maintenance fees?

Laws on defaulting MF or mortgages are at

Statutes & Constitution :View Statutes : Online Sunshine

Statutes & Constitution :View Statutes : Online Sunshine

Owners defaulting on mortgages on timeshares deeded in CA, FL, Maine, SC, WI, HI, or MT get anti-deficiency protection, if they don’t object to the foreclosure. Anti-deficiency protection is when resorts can’t sue you for the foreclosure sale deficient balance.

 

[justinj229]

Laws on defaulting MF or mortgages are at

Statutes & Constitution :View Statutes : Online Sunshine

Statutes & Constitution :View Statutes : Online Sunshine

Owners defaulting on mortgages on timeshares deeded in CA, FL, Maine, SC, WI, HI, or MT get anti-deficiency protection, if they don’t object to the foreclosure. Anti-deficiency protection is when resorts can’t sue you for the foreclosure sale deficient balance.

That's good info - any TUGGERS know of anyone in this situation before I'm sure the number is plentiful but just curious if I could lean on anyone about the process and details?

 

[R.J.C.]

It's deeded to Daytona Beach Fla blue-green resort casa something. So I'm protected if I stop paying but my credit could/will take a hit? What about maintenance fees?

Casa Del Mar??

 

[justinj229]

Casa Del Mar??

That's it

 

[TGonzalez]

Looks like Diamond Resorts updated their website and the "Transitions" tab is gone. Can anyone find it on their updated website?

 

[gerena]

Hmmm. I Just checked because we are in the Transitions situation. Go to their classics section. They haven't changed their entire website and if you click the right place, it will take you back to the old one.