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truly can not afford fees

MPanto

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I have been out of work for nearly 4 years outside of little side jobs to put food on the table. This is not a sob story! I have been paying my maintenance every year and been sucking it up not using my timeshare. I have been contacted by every scammer possible but have not had any luck getting out of my unit. Yes. tried giving, donating, even wishing it away. My fees were around $800 for 1 week in Fla. This year I was hit with a special assessment which the fee is now close to $1,300. I just can't pay it. My w2 for 2011 is $1,800.00 That's right! I need to just give it up. I know all you TS people say "because of you my fees are rising". But even though I haven't been working thus far I was still paying my fees. I can't any more. What will happen to me?
Someone please answer me with truth not agression to my failure to pay!
 

ronparise

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Sometimes the resorts HOA will take the week back, first try that. You probably already know that an Orlando unit with a special assessment cant be sold or even given away

The consequences of not paying depend on the resorts HOA and their collections policy...and heart....They may just take it back, or they could put you through hell, . with collections, credit reporting and foreclosure
 

Passepartout

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Try listing it here. Or giving it away. Look at the Bargain Deals in Buying, Selling, Renting. Follow the basic layout of resort name, size, week, etc. Put a $1 price on it and it will be there. You'll see that some have sellers offer to pay this year's MF, but not all of them.

It also may be possible to rent your unit to help with your cash flow. Probably won't cover it entirely- especially with a SA, but it might help for a while.

You are not alone in your plight- I left my job almost 3 years ago too.

We wish you well. Good Luck!

Jim Ricks
 
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MPanto

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Thanks Ron, But I have already tried giving it back. The answer was, "we are not taking back units". The past two years I actually had to make monthly payments to satisfy. The resort had told me that if I paid it before my week they would rent it for me and I would make some money back. So, I paid and they never rented it. (2 years). When I inquired as to why no rent they said "no one wanted to rent that week"! I have owned this unit and always paid for 30 years. Just can't anymore!
 

Timeshare Von

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Unless you are going to pay the SA it will be next to impossible to even give away at this point. Do you have a listing here on TUG in the "freebies" section?
 

MPanto

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Had it listed on TUG, tried freebies, offered to pay closing costs. All I got back were "privates" from scammers to pay them. I know they were scammers because I received three different contacts with exact same message saying they were interested in purchasing it for their (one said wife, one said husband and one said family friend) three different emails addresses but exact same letter body.
 

Carol C

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Foreclosing on a timeshare won't be the end of the world. Either way you'll have stress from collection calls and your credit will get dinged...but it sounds like you've tried everything and are stressing due to making payments and not using it. You need to focus on job-hunting and conserving your resources right now. You won't be the only one in the world foreclosing on a timeshare...and goodness knows folks are walking away from their investment properties and their own houses via foreclosure...so these are challenging economic times for most everyone. Good luck to you, whatever course you decide to take. We feel trapped too, owning Mexican timeshares we cannot give away...and with the US State Dept warning against travel in 14 Mexican states (one of which is the location of our timeshares!) In other words...I feel your pain! :wall:
 

bogey21

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Thanks Ron, But I have already tried giving it back. The answer was, "we are not taking back units".

Don't take no for an answer. Keep calling the resort(s), not enough to be a pain, but keep asking. I have successfully had 4 resorts take deedbacks. It took me about 3 years and multiple phone calls but I got it done.

George
 

presley

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Just let it go and don't worry about it. Send a letter stating what you have posted here. You can't pay. Don't pay.
 

Liz Wolf-Spada

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I agree, with all the other issues going on, a hit to your credit will be the least of them. I do hope that you find work soon. How very discouraging for you and your family.
Liz
 

Passepartout

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I'd declare bankruptcy unless you have a lot of assets that could be surrendered. As far as timeshares, BK trustees don't want them and force TS companies to take them back. They don't get to say 'We don't take deedbacks'.

See a local attorney who specializes in BK.

Jim
 

DeniseM

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Hi - MPanto - I just looked, and you have never posted an Ad on our Bargain Deals Forum (a separate area from the TUG Marketplace/Classifieds.)

More Info. - http://tugbbs.com/forums/showthread.php?t=132509

For optimum exposure, you should re-post to the Ad at least once a week, to keep it active and at the top of the forum.

Giving away a timeshare usually takes a lot of exposure.
 

geekette

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I'd declare bankruptcy unless you have a lot of assets that could be surrendered. As far as timeshares, BK trustees don't want them and force TS companies to take them back. They don't get to say 'We don't take deedbacks'.

See a local attorney who specializes in BK.

Jim

Really??? I didn't know this. Glad to hear it, tho, for situations like OP is in.

nyah nyah nyah, TS co., it's yours again! and then, no give backs, either.
 

ampaholic

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... I have owned this unit and always paid for 30 years. Just can't anymore!

I have these words of advice:

After 4 years unemployed and just scraping by - the resort simply will not believe you cannot pay as long as you do pay.

If you can't pay - prove it, just don't - there is a real chance nothing worse than a (likely minor) hit on your credit will occur.
 

pedro47

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Suggestion print about a thousands raffle tickets and sell them to friends and family. With the grand prize a week at your resort.

Please check with your city or county to see if you need a license to do this.
 

chalee94

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nyah nyah nyah, TS co., it's yours again! and then, no give backs, either.

as the OP has acknowledged, it's not like some faceless corporation will be paying the bills going forward. the other owners of the resort get hit with the extra costs. that's why management tends not to want to deal with deedbacks, particularly in situations where they have stopped active sales.

but when there's no other option, there's no other option.
 

TUGBrian

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send them a letter with a copy of your w2.

dont take no for an answer to deed the unit back...after all its SIGNIFICANTLY cheaper for them to take the deed back willingly than the foreclose on it.
 

geekette

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as the OP has acknowledged, it's not like some faceless corporation will be paying the bills going forward. the other owners of the resort get hit with the extra costs. that's why management tends not to want to deal with deedbacks, particularly in situations where they have stopped active sales.

maybe, but could be mf is inflated to account for non-payers, maybe there is an active rental program or a 'cheap to current owners' deal to pick up another week. we don't know the specifics of this one.

agree, some may spread costs among other owners. not much any of us can do about that.
 

rrlongwell

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I'd declare bankruptcy unless you have a lot of assets that could be surrendered. As far as timeshares, BK trustees don't want them and force TS companies to take them back. They don't get to say 'We don't take deedbacks'.

See a local attorney who specializes in BK.

Jim

Talking to a bankrupcy attorney is not a bad idea.
 

Talent312

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Here's a summary of your options in the event of foreclosure...

First, deal with harassing creditors by either (1) hiring an attorney who can direct them to cease direct contact, or (2) change your phone to an unlisted number.

-- If they file suit, file a response in the time allowed.
-- Do not allow them to get a default, as that shuts you out of further notices.
-- If besides foreclosing on the property, they get a "deficiency judgment"...

They may try to seize some of your income and assets to satisfy the judgment. Some assets are protected from creditor claims by state law. These typically include items such as retirement accounts, homestead real estate and wages of a head of household. Non-exempt income and assets are subject to enforcement of the Judgment. Many folks do not have much in the way of assets (or divest themselves of assets) and thus, are considered “judgment-proof.”

Liability for a Judgment can also be avoided thru Bankruptcy; however, non-exempt assets would be property of the Bankruptcy estate and could be sold to satisfy claims. Any that you wanted to keep would have to be “bought back” from the Trustee.

DO NOT consider any of this to be legal advice, merely the musings of an armchair quarterback who knows just enuff to be dangerous, so as always, you should consult a qualified attorney in your state.
 
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ace2000

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I think the big question for a lot of people is when are creditors allowed to garnish wages. I think many would not want things to get that far. I've seen some TUG members state that wage garnishment is possible. Does anyone know for sure? Does it vary from state to state?

Having not gone through a foreclosure myself, I really don't know the answer to this one.
 

Ridewithme38

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Isn't it crazy that the only way out of a Timeshare is to go through ALL of this??

Here's a summary of your options in the event of foreclosure...

First, deal with harassing creditors by either (1) hiring an attorney who can direct them to cease direct contact, or (2) change your phone to an unlisted number.

-- If they file suit, file a response in the time allowed.
-- Do not allow them to get a default, as that shuts you out of further notices.
-- If besides foreclosing on the property, they get a "deficiency judgment"...

They may try to seize some of your income and assets to satisfy the judgment. Some assets are protected from creditor claims by state law. These typically include items such as retirement accounts, homestead real estate and wages of a head of household. Non-exempt income and assets are subject to enforcement of the Judgment. Many folks do not have much in the way of assets (or divest themselves of assets) and thus, are considered “judgment-proof.”

Liability for a Judgment can also be avoided thru Bankruptcy; however, non-exempt assets would be property of the Bankruptcy estate and could be sold to satisfy claims. Any that you wanted to keep would have to be “bought back” from the Trustee.

DO NOT consider any of this to be legal advice, merely the musings of an armchair quarterback who knows just enuff to be dangerous, so as always, you should consult a qualified attorney in your state.
 

rickandcindy23

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Isn't it crazy that the only way out of a Timeshare is to go through ALL of this??

You can blame the government for much of the difficulty in getting out of a deed. For example, foreclosing on a week in Colorado used to be $2,500 per week. Now at least they let you bundle a bunch together, since it's timeshare, for the same price. I think the limit is ten. Foreclosure is not a great option for those who choose not to pay, but if it is their only choice, then we as owners have to pay the foreclosure costs and lose the years of MF's, too.

I also wish the resort would just take back the OP's week.

Don't "buy" anymore timeshare, Ride, if you dislike it so much. If you like your timeshare and it's somewhere you will use it, and you know someone will take from you for free, then take the timeshare free and give it away for free. It's that simple.

Timeshares are a dime a dozen, but that doesn't mean they aren't worth more to the user.

I feel badly for this person, too, but a timeshare is a financial obligation. If your credit is not going to get too hard of a hit (as in, it's already bad), then stop paying and face the consequences. It will go away after a while.

I gave away two weeks through bulletin board ads I created and posted myself at a local Mexican eatery we frequent. You can give a timeshare away without much time involved. It's selling them that's difficult. Since you got yours FREE, then you need to give them away FREE and stop worrying about how you will rid yourself of the weeks you own. Someone wants most any timeshare, but there are those are truly worthless.

We don't even know what this person owns, specifically. I would love to know.
 
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