truly can not afford fees

[ace2000]

So as a timeshare BOD member at a small resort, you don't think my statement is valid? Come on, Ace!

Not doubting you, but it seems like there's always variables involved that might be misinterpreted. I've heard of many individuals (at least one on this very thread) that stated that they just walked away from their maintenance fees. I'd like to hear from one of them to see how it worked or didn't work out. All I know is that there's a growing number of people walking away, and you really don't hear from anyone that has stated they had their wages garnished for missing maintenance fee payments.

In other words... I quit paying three years ago, and nothing happened, etc. etc. etc.

 

[Talent312]

I've heard of many individuals (at least one on this very thread) that stated that they just walked away from their maintenance fees. I'd like to hear from one of them to see how it worked or didn't work out.

You'll have to join a different group: "X-TUG," the group for former TS users.

 

[rickandcindy23]

BTW Cindy those programs sound like a great idea to help make up for people walking away...the problem is, you are treating the Symptoms and not the cause...until you treat the cause the resort will never be able to fully recover

The main problem with some of the older resorts like Twin Rivers is the age of the owners. The resort is 31 years old. People were done buying from Twin Rivers about 29 years ago. We bought when we were 27, but most people were in their 40's and 50's back then. Now those people want out because they are on fixed incomes and have health problems. How can that problem be addressed?

Our board took deeds back from at least 100 weeks out of a total of 26 units X 50 weeks, so 100/1,350. Then about another 100 are not paying, so we have 200/ 1,350 with no fees added to the coffers.

Everyone thinks they know how things are, but they don't really know, until they sit on a board and find out what costs are involved in collecting, foreclosing, etc., for these weeks. We just wanted the non-payers to give back the weeks, like y'all are saying is only right.

Now the resort has more and more wanting to deedback, but the new board has a new policy of so many per year (this is a rumor). One of our TUG members has been trying to give back his week, to no avail. The board thinks this is the way to stop the inevitable. They are dreaming.

My fees are still low, so I am keeping our two weeks. $510 for a 3 bedroom unit in prime season is not bad.

 

[hypnotiq]

Based on the posters who come to TUG, a lot of people who want to dump their TS's do not have financial problems - they just don't want them any more. The resort would rather have those people continue to pay their MF's, rather than taking the deed back and having to find a new owner. They are betting that a person who can pay, will pay, rather than risking their credit rating by defaulting. The resort would rather have a dues paying owner on the hook, than have the expense of reselling the unit, in a weak market.

Obviously I defer to those of you that have been around here much longer than I.

I still think the idea of, if someone is current, they show sufficient financial issues, and if they pay this years and next years MF fee (surrendering their usagE), the resorts should consider doing a deed back. In the long run, people will just stop paying and then you're forced down a more expensive route.

 

[Talent312]

I still think the idea of, if someone is current, they show sufficient financial issues, and if they pay this years and next years MF fee (surrendering their usage), the resorts should consider doing a deed back. In the long run, people will just stop paying and then you're forced down a more expensive route.

Common sense and the way things are done have very little to do with each other.
As the saying goes, "life ain't fair." Well, it ain't rational, either.

 

[persia]

The chances of the timeshare company taking legal action through a court are small. In general they don't have the legal staff to do so. Their main tool is intimidation. Most people walk away with nothing but dinged credit. The debt will be sold and resold to deeper and deeper bottom feeders, who get progressively nastier. But there's no law that says you have to answer their calls or talk to them.

You might as well take the credit ding now as later. In a years time challenge it on your credit report and challenge it every year after that. In the worst case it'll stay on your report for seven years, but more than likely you'll be able to successfully challenge it off in less than that. Bottom feeders are fortunately not the best in responding to challenges in the 30 day window.

 

[Kaelyn]

I'm thinking of buying a timeshare. I'm a private individual, not a company. Need to know how many bed/bath, yearly or otherwise, fixed or floating, deeded or points, which resort, and where it is, if there is a ROFR attached to the deed, and if it's bankable with RCI or II. Also need to know what closing costs & recording costs would be, and what the resort transfer fees would be. If you have a current ad up, just link me to it, and I'd appreciate it. I know the economy sucks, it took me 5 years to sell my mother's house, meanwhile I had to pay property tax, and insurance. It sucked up 30% of my annual income for 5 (BLEEP!) years. Because it's in snow country, year round utilities were necessary. Burst pipes were absolutely brutal, so, I get it. I still had to carry the note just to get the damn thing sold.

 

[Passepartout]

I'm thinking of buying a timeshare.

Good heavens. A buyer!!! You may be in undated with offers. I'd think that the vast majority of your questions would be answered by any ad that you see. Look on eBay, TUG classifieds,(Marketplace in the red stripe above) the Bargain Deals. Sort out what might interest you, then if you have additional questions, ask the seller.

Decide where you want to own. What level of luxury you want to pay for. How much MF you are comfortable with coming due every year about holiday time.

Keep your questions short and on topic. Your initial post on this was less on buying a specific TS and more on ranting about selling your mom's house. We all know the real estate market has sucked for the last few years.

Good Luck, welcome to TUG. Since you are a member, you have access to the TUG reviews, so you can research any TSs that interest you, so you have less need of recommendations. There are maps that show you what TSs are in areas that interest you.

Happy hunting for the perfect place(s) to vacation.

Jim

 

[ace2000]

I'm thinking of buying a timeshare. I'm a private individual, not a company. Need to know how many bed/bath, yearly or otherwise, fixed or floating, deeded or points, which resort, and where it is, if there is a ROFR attached to the deed, and if it's bankable with RCI or II. Also need to know what closing costs & recording costs would be, and what the resort transfer fees would be. If you have a current ad up, just link me to it, and I'd appreciate it. I know the economy sucks, it took me 5 years to sell my mother's house, meanwhile I had to pay property tax, and insurance. It sucked up 30% of my annual income for 5 (BLEEP!) years. Because it's in snow country, year round utilities were necessary. Burst pipes were absolutely brutal, so, I get it. I still had to carry the note just to get the damn thing sold.

You're kidding us, right? You ask for people to send you random links to their timeshares?

Do you need help finding the TUG classified?

 

[chickenfoot]

link to older post with bank levy for MF

I'm sorry to hear of your circumstance and hope things improve for you.

Here is a link to an older post. As noted, the member had a bank levy enforced.

http://tugbbs.com/forums/showthread.php?t=25318&highlight=Land'

You may want to consider changing banks as the resort has record of your banking information.

Best of luck

 

[persia]

Yep, you takes your chances when you walk away. A good cautionary tale. If the OP would give us the name of the Timeshare company he's dealing with it might be useful to guess how likely they are to come after him.

I'm sorry to hear of your circumstance and hope things improve for you.

Here is a link to an older post. As noted, the member had a bank levy enforced.

http://tugbbs.com/forums/showthread.php?t=25318&highlight=Land'

You may want to consider changing banks as the resort has record of your banking information.

Best of luck

 

[bogey21]

I still think the idea of, if someone is current, they show sufficient financial issues, and if they pay this years and next years MF fee (surrendering their usage), the resorts should consider doing a deed back. In the long run, people will just stop paying and then you're forced down a more expensive route.

I agree. Over the last couple of years I successfully deeded back weeks to HOAs at 4 different resorts. My recollection is that two charged me nothing; one charged me $50; and the other charged me $125. I think that there are a lot of owners out there who would willingly pay an extra MF to a Resort's HOA rather than 2 or 3 years MFs to a PCC, not only because it is cheaper, but it is also safer.

George

 

[Kaelyn]

Researching is exactly what I'm doing here. I've spent a fair amount of time going through ads,and will continue to do so. As for the minor rant, I was commiserating with the poor guy. I'm sorry it seems to have offended you.