Hi,
I am trying to assist a friend who has a Mexican timeshare they bought 15 years ago they have only been to once. They stopped paying MF’s over five years ago.
From my research, the property has no resale value and they owe about $10k in MF’s. Because Mexico is a RTU country, there is no deed. I did not even explore the resort transfer fees as the $10k in MF’s already made selling it unrealistic.
My advice was to continue to let it sit dormant as they rarely get solicited by the resort they own at. My thought process was there is no deed so there would be no judgement (not sure you could even get an enforceable judgement internationally even if there was a deed). There also suspect there is nothing to worry about regarding collections as this timeshare is in Mexico and they have jurisdiction to negatively impact him in that way. My friend is rarely contacted by the resort so if he does reach out, it may prompt the resort to pester him more.
My thought is he reaches out to the resort, the resort has no incentive to take the property back. I suspect the resort now rents the unit for revenue as the unit is likely not empty. They also probably have many of these units for sale as the resort is nice but certainly isn’t a premier property, week, or view. If my friend hit the lottery, the resort would love to accept payment in full and give him a room. They have no incentive to settle now to make it go away as they are likely getting revenue from others and have the option to collect revenue if my friends wants to stay here again.
And even if the resort did settle for say $3k, can you reasonably trust them not to come back for more funds in a year or two?
Am I missing something as I would hate to give bad advice and I told him I would reach out to my TUGGER friends.
Thanks in advance!
I am trying to assist a friend who has a Mexican timeshare they bought 15 years ago they have only been to once. They stopped paying MF’s over five years ago.
From my research, the property has no resale value and they owe about $10k in MF’s. Because Mexico is a RTU country, there is no deed. I did not even explore the resort transfer fees as the $10k in MF’s already made selling it unrealistic.
My advice was to continue to let it sit dormant as they rarely get solicited by the resort they own at. My thought process was there is no deed so there would be no judgement (not sure you could even get an enforceable judgement internationally even if there was a deed). There also suspect there is nothing to worry about regarding collections as this timeshare is in Mexico and they have jurisdiction to negatively impact him in that way. My friend is rarely contacted by the resort so if he does reach out, it may prompt the resort to pester him more.
My thought is he reaches out to the resort, the resort has no incentive to take the property back. I suspect the resort now rents the unit for revenue as the unit is likely not empty. They also probably have many of these units for sale as the resort is nice but certainly isn’t a premier property, week, or view. If my friend hit the lottery, the resort would love to accept payment in full and give him a room. They have no incentive to settle now to make it go away as they are likely getting revenue from others and have the option to collect revenue if my friends wants to stay here again.
And even if the resort did settle for say $3k, can you reasonably trust them not to come back for more funds in a year or two?
Am I missing something as I would hate to give bad advice and I told him I would reach out to my TUGGER friends.
Thanks in advance!
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