Trying to understand what my parents own in their timeshare

[uncotran]

Hi everyone. Hope you are all safe and healthy during this pandemic!

I'm completely new to the timeshare world, and am trying to understand it so that I can prepare it for giveaway or any other method of renouncing it.
Parents are >60 and no longer travelling. Money is an issue (one lost their job) and we can't keep paying these fees - they need their money for retirement. These timeshares have only been used once or twice since purchase.

So we have 2 original purchase agreements:

• Calypso Cay (CC) purchased 2007: week 5, sapphire season 5. 3 bdr, odd biennial.
• GeoHoliday purchased 2001: 105K points, biennial

I believe at the time the company managing CC was Interval International.
There is a document from 2015 that states they were changing over to RCI.
Now from a quick search on these forums I see that Capital Vacations has taken over.
How does this affect us?

We also have a login for Interval International, which shows Calypso Cay as our timeshare, with a "Float" week and "Float" unit type. This does not match the original agreement - any idea why?

Do you guys have any advice on how to even start the process of getting rid of these?

Your help is much appreciated!!

 

[CO skier]

Some timeshares have a free deedback program. Contact Calypso Cay and see if they have such a program. If not, Calypso Cay is a Florida timeshare; they can only come after the timeshare. Stop paying the maintenance fees, ignore any contact from Calypso Cay or a collection agency, and let Calypso Cay foreclose.

Same with GeoHolidays. Stop paying maintenance fees, let GeoHolidays repossess the points, and take the possible minor credit score hit.

[ 2020 ] Please I need help getting out of a timeshare

Hi everyone- My parents got a timeshare decades ago and they're both out of a job and declining in health and can't pay the fees for it anymore. The timeshare is with Sapphire Resorts/Geo Holiday Vacations. I'm reaching out to see if anyone has suggestions? I read a bit about a deed back option...

tugbbs.com

 

[BJRSanDiego]

...

So we have 2 original purchase agreements:

• Calypso Cay (CC) purchased 2007: week 5, sapphire season 5. 3 bdr, odd biennial.
• GeoHoliday purchased 2001: 105K points, biennial

I believe at the time the company managing CC was Interval International.
There is a document from 2015 that states they were changing over to RCI.
Now from a quick search on these forums I see that Capital Vacations has taken over.
How does this affect us?

We also have a login for Interval International, which shows Calypso Cay as our timeshare, with a "Float" week and "Float" unit type. This does not match the original agreement - any idea why?

Some feedback:
1. The company "managing CC was Interval". Actually Interval was most likely the the exchange company only. So they were not "managing" CC, just accepting deposits and exchanges for other owners.
2. Float week - - on your deed it will show a specific week. But that is just for deeding purposes and an easy way for authorities to make sure that they didn't sell the same unit more than once. It also shows what "season" you folks own. In many timeshares, there are seasons - - some are higher demand and some are lower. For instance, at Marriott Palm Desert I own a medium demand week (white) and that includes something like weeks 22-26 and 36 to 49. The high demand season is when it is cooler and the low demand weeks (27-35) are blisteringly hot. My deed says that I own week 39 or something.

So don't be overly concerned that the deed doesn't match the "float" season.

I'd suggest that you offer the timeshare for sale in the Free and Bargains section on Tug. I'm unfamiliar with your TS, but I suspect that they don't have much resale value. (If you are motivated, check ebay and redweek.com to see what sellers are asking). In your tug ad, provide as much info as you can like: # bedrooms, whether maintenance fees are current, annual MF, the season, first year of usage, whether the new owners will be able to book this year, who pays the closing costs (suggestion: use Legal Timeshare Transfer - - I've used them as well as other Tug members and was pleased. ). Also consider adding a stock photo of the TS - - anything that will help market it.

 

[CO skier]

I'm unfamiliar with your TS, but I suspect that they don't have much resale value.

Your parents timeshares have NO resale value, which is why it would be a waste of time to advertise it for sale.

Stop paying maintenance fees, and just deal with the minimal consequences.

 

[bogey21]

Some timeshares have a free deedback program. Contact Calypso Cay and see if they have such a program. If not, Calypso Cay is a Florida timeshare; they can only come after the timeshare. Stop paying the maintenance fees, ignore any contact from Calypso Cay or a collection agency, and let Calypso Cay foreclose.

Same with GeoHolidays. Stop paying maintenance fees, let GeoHolidays repossess the points, and take the possible minor credit score hit.

I agree with the above. If Calypso Cay won't take it back, just stop paying on both. Ignore your conscience, all collection phone calls and letters. In time both will be gone...

George

 

[Grammarhero]

Hi everyone. Hope you are all safe and healthy during this pandemic!

I'm completely new to the timeshare world, and am trying to understand it so that I can prepare it for giveaway or any other method of renouncing it.
Parents are >60 and no longer travelling. Money is an issue (one lost their job) and we can't keep paying these fees - they need their money for retirement. These timeshares have only been used once or twice since purchase.

So we have 2 original purchase agreements:

• Calypso Cay (CC) purchased 2007: week 5, sapphire season 5. 3 bdr, odd biennial.
• GeoHoliday purchased 2001: 105K points, biennial

I believe at the time the company managing CC was Interval International.
There is a document from 2015 that states they were changing over to RCI.
Now from a quick search on these forums I see that Capital Vacations has taken over.
How does this affect us?

We also have a login for Interval International, which shows Calypso Cay as our timeshare, with a "Float" week and "Float" unit type. This does not match the original agreement - any idea why?

Do you guys have any advice on how to even start the process of getting rid of these?

Your help is much appreciated!!

Owners defaulting on maintenance fees on timeshares deeded in CA, FL, Maine, SC, WI, or CO 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.

if your parents make the hard decision to default, please kindly let us know if their credit got affected. It would help tuggers in similar situations moving forward.

 

[Grammarhero]

Hi everyone. Hope you are all safe and healthy during this pandemic!

I'm completely new to the timeshare world, and am trying to understand it so that I can prepare it for giveaway or any other method of renouncing it.
Parents are >60 and no longer travelling. Money is an issue (one lost their job) and we can't keep paying these fees - they need their money for retirement. These timeshares have only been used once or twice since purchase.

So we have 2 original purchase agreements:

• Calypso Cay (CC) purchased 2007: week 5, sapphire season 5. 3 bdr, odd biennial.
• GeoHoliday purchased 2001: 105K points, biennial

I believe at the time the company managing CC was Interval International.
There is a document from 2015 that states they were changing over to RCI.
Now from a quick search on these forums I see that Capital Vacations has taken over.
How does this affect us?

We also have a login for Interval International, which shows Calypso Cay as our timeshare, with a "Float" week and "Float" unit type. This does not match the original agreement - any idea why?

Do you guys have any advice on how to even start the process of getting rid of these?

Your help is much appreciated!!

http://www.leg.state.fl.us/Statutes...ute&URL=0700-0799/0721/Sections/0721.855.html http://www.leg.state.fl.us/Statutes...ng=&URL=0700-0799/0721/Sections/0721.856.html http://www.leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0095/0095.html
Operative Language: “If you do not object to the use of the trustee foreclosure procedure, you will not be subject to a deficiency judgment even if the proceeds from the sale of your timeshare interest are insufficient to offset the amounts secured by the lien.”
Operative Language: “WITHIN FIVE YEARS.— (b) A legal or equitable action on a contract, obligation, or liability founded on a written instrument . . . (c) An action to foreclose a mortgage.” Sec. 95-11.
Note: non-objection or inaction likely leads to non-judicial, anti-deficiency treatment; objection may waive non-judicial, anti- deficiency treatment. TS defaults have SOL of five years

 

[uncotran]

Some timeshares have a free deedback program. Contact Calypso Cay and see if they have such a program. If not, Calypso Cay is a Florida timeshare; they can only come after the timeshare. Stop paying the maintenance fees, ignore any contact from Calypso Cay or a collection agency, and let Calypso Cay foreclose.

Same with GeoHolidays. Stop paying maintenance fees, let GeoHolidays repossess the points, and take the possible minor credit score hit.

[ 2020 ] Please I need help getting out of a timeshare

Hi everyone- My parents got a timeshare decades ago and they're both out of a job and declining in health and can't pay the fees for it anymore. The timeshare is with Sapphire Resorts/Geo Holiday Vacations. I'm reaching out to see if anyone has suggestions? I read a bit about a deed back option...

tugbbs.com

Thanks! I see this option being suggested many places and often thought about it myself.

Do you know how bad of a credit hit this would be?
Would it even matter for my parents in their 60s?

I also should have started with this - we live in Ontario Canada. Not sure if this affects anything.
We got pulled into one of those timeshare meetings during our vacation when they sold us into the thing (I was a toddler at the time).

 

[uncotran]

Some feedback:
1. The company "managing CC was Interval". Actually Interval was most likely the the exchange company only. So they were not "managing" CC, just accepting deposits and exchanges for other owners.
2. Float week - - on your deed it will show a specific week. But that is just for deeding purposes and an easy way for authorities to make sure that they didn't sell the same unit more than once. It also shows what "season" you folks own. In many timeshares, there are seasons - - some are higher demand and some are lower. For instance, at Marriott Palm Desert I own a medium demand week (white) and that includes something like weeks 22-26 and 36 to 49. The high demand season is when it is cooler and the low demand weeks (27-35) are blisteringly hot. My deed says that I own week 39 or something.

So don't be overly concerned that the deed doesn't match the "float" season.

I'd suggest that you offer the timeshare for sale in the Free and Bargains section on Tug. I'm unfamiliar with your TS, but I suspect that they don't have much resale value. (If you are motivated, check ebay and redweek.com to see what sellers are asking). In your tug ad, provide as much info as you can like: # bedrooms, whether maintenance fees are current, annual MF, the season, first year of usage, whether the new owners will be able to book this year, who pays the closing costs (suggestion: use Legal Timeshare Transfer - - I've used them as well as other Tug members and was pleased. ). Also consider adding a stock photo of the TS - - anything that will help market it.

I was looking into this! My thoughts were to get as much detail as possible, and that float week thing really threw me off.
So I'll just indicate the week that was listed in the agreement instead of the float week.

Any idea what week 5 sapphire season 5 means? I couldn't find this at all in my google search, as most TS seem to list the weeks as red/blue/white.

Will definitely consider Legal Timeshare Transfer!

 

[uncotran]

Owners defaulting on maintenance fees on timeshares deeded in CA, FL, Maine, SC, WI, or CO 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.

if your parents make the hard decision to default, please kindly let us know if their credit got affected. It would help tuggers in similar situations moving forward.

Will certainly do so if we go this route.
Any idea how big the hit may be?
We could care less about the foreclosure.

 

[Grammarhero]

Will certainly do so if we go this route.
Any idea how big the hit may be?
We could care less about the foreclosure.

@uncotran the hits have ranged from 50 pts (typically someone with average/decent credit) to 200 pts (typically someone with great credit).

If it helps, out of 10 TS defaults by Canadians reported on TUG, 0 got reported to the Canadian credit agencies. Check out the links below. One Canadian MF defaulter was told to me in confidence, so I cannot reveal that. Out of 1 TS defaults by English reported on TUG, 0 got reported to the English credit agencies.

https://tugbbs.com/forums/threads/timeshare-default-credit-report-collection-tracking.304138/

https://tugbbs.com/forums/threads/a...fees-what-happened.296893/page-7#post-2396547

https://tugbbs.com/forums/threads/canadian-with-a-timeshare-in-florida.298837/#post-2367946

[ 2019 ] anyone has stopped paying maintenance fees, what happened ? I’m so sorry for just replying. I hadn't checked back in a while. Both of my sister’s timeshares were paid for initially. I gave her the Ocean Beach & Racquet Club about 20 years ago. The Shawnee was found on EBay for $1.00, also 20 years ago. She used both timeshares for a few years, but... tugbbs.com

https://tugbbs.com/forums/threads/a...fees-what-happened.296893/page-3#post-2352822

 

[Grammarhero]

Will certainly do so if we go this route.
Any idea how big the hit may be?
We could care less about the foreclosure.

@uncotran we hope you are well and healthy. If your parents made the difficult decision to default, please kindly let us know if their credit got affected. it would help tuggers in similar situations moving forward.

 

[uncotran]

@uncotran we hope you are well and healthy. If your parents made the difficult decision to default, please kindly let us know if their credit got affected. it would help tuggers in similar situations moving forward.

Thanks, I most certainly will! Although it will likely take another year or so before it gets to that situation.

Cheers

 

[uncotran]

@uncotran the hits have ranged from 50 pts (typically someone with average/decent credit) to 200 pts (typically someone with great credit).

If it helps, out of 10 TS defaults by Canadians reported on TUG, 0 got reported to the Canadian credit agencies. Check out the links below. One Canadian MF defaulter was told to me in confidence, so I cannot reveal that. Out of 1 TS defaults by English reported on TUG, 0 got reported to the English credit agencies.

https://tugbbs.com/forums/threads/timeshare-default-credit-report-collection-tracking.304138/

https://tugbbs.com/forums/threads/a...fees-what-happened.296893/page-7#post-2396547

https://tugbbs.com/forums/threads/canadian-with-a-timeshare-in-florida.298837/#post-2367946

[ 2019 ] anyone has stopped paying maintenance fees, what happened ? I’m so sorry for just replying. I hadn't checked back in a while. Both of my sister’s timeshares were paid for initially. I gave her the Ocean Beach & Racquet Club about 20 years ago. The Shawnee was found on EBay for $1.00, also 20 years ago. She used both timeshares for a few years, but... tugbbs.com

https://tugbbs.com/forums/threads/a...fees-what-happened.296893/page-3#post-2352822

Thanks so much!! This was very helpful and influenced our decision.

 

[silentg]

What are you going to do?