What happens if you just stop paying maintenance fees?

[frdm13]

We are among the people who were duped into buying a timeshare in Las Vegas and greatly regret it at this point. We own it free and clear, and it seems like getting rid of it will actually cost us money. Just wondering what happens if we just stop paying the maintenance fees. We are semi-retired and own our home and don't really care if it ruins our credit, just wondering if anyone knows just how far they'll go to try and collect? We hate to just keep dumping good money after bad, which certainly seems like what we're doing.

 

[TheTimeTraveler]

We are among the people who were duped into buying a timeshare in Las Vegas and greatly regret it at this point. We own it free and clear, and it seems like getting rid of it will actually cost us money. Just wondering what happens if we just stop paying the maintenance fees. We are semi-retired and own our home and don't really care if it ruins our credit, just wondering if anyone knows just how far they'll go to try and collect? We hate to just keep dumping good money after bad, which certainly seems like what we're doing.

Contact the resort directly and see if they will allow a "Deed Back". They may, and that will then resolve your issue easily.




.

 

[LannyPC]

There have been several threads on these boards regarding your question. Using the Search function would have brought you to this page:

https://tugbbs.com/forums/search/10456/?q=paying+maintenance+fees&c[title_only]=1&o=date

For the most part, the answer is that, if you stop paying, you will face a number of collection calls and letters. There is, however, nothing really that the resort, HOA, or TS company can do to you. I'll agree, however, with Time Traveler's advice above. Try contacting the resort's Homeowners' Association first. Let them know what you said in your OP and that you will not be paying another dollar in MFs so it would be best if the HOA took your TS back.

 

[CalGalTraveler]

How long ago did you buy this? Are you still within the rescission period of 5 - 7 days. If so rescind immediately and get your money back.

If not, here are your options:

1) As described above, contact the resort and see if you can deed it back. www.responsibleexit.com
2) What type of Grandview do you own? You might be able to sell for a small $ or give it away here on Tug. Some units are desireable and relatively easy to give away. See the sticky for details on how to give away a timeshare.

as a last resort you can walk but:

Nevada is an anti-deficiency state so they can go after your assets for legal fees to recover etc. So more than just recouping the MF and foreclosing on the unit . See this link for NV:

Links to Official State Timeshare Laws and Guides/Manuals

@TUGBrian @DeniseM @CalGalTraveler take a look. This weekend, I’m creating a spreadsheet with official links to states’ timeshare laws, as well as their statuses as to non-judicial, anti-deficiency foreclosures. In the meantime, I will just keep adding notes. * Legal Disclaimer: This list...

tugbbs.com

Do not pay anyone in advance to offload your timeshare. They are scams and will do the above steps you can do yourself and you still will be no further but much poorer.

 

[dgalati]

We are among the people who were duped into buying a timeshare in Las Vegas and greatly regret it at this point. We own it free and clear, and it seems like getting rid of it will actually cost us money. Just wondering what happens if we just stop paying the maintenance fees. We are semi-retired and own our home and don't really care if it ruins our credit, just wondering if anyone knows just how far they'll go to try and collect? We hate to just keep dumping good money after bad, which certainly seems like what we're doing.

@Grammarhero or @Fredflintstone may be of help on this issue.

 

[frdm13]

I tried a couple of months back to see if they would take it back but was told no.

There have been several threads on these boards regarding your question. Using the Search function would have brought you to this page:

https://tugbbs.com/forums/search/10456/?q=paying+maintenance+fees&c[title_only]=1&o=date

For the most part, the answer is that, if you stop paying, you will face a number of collection calls and letters. There is, however, nothing really that the resort, HOA, or TS company can do to you. I'll agree, however, with Time Traveler's advice above. Try contacting the resort's Homeowners' Association first. Let them know what you said in your OP and that you will not be paying another dollar in MFs so it would be best if the HOA took your TS back.

 

[frdm13]

We bought it back in 2011, have only used it a couple of times. We were led to believe that trading to another resort would be a piece of cake and there's tons out there. We have found that a lot of the RCI properties are not very nice, and every time we try to use our points when we go somewhere, there's no availability. From what I've seen, it would cost us closing fees to get rid of it .

How long ago did you buy this? Are you still within the rescission period of 5 - 7 days. If so rescind immediately and get your money back.

If not, here are your options:

1) As described above, contact the resort and see if you can deed it back. www.responsibleexit.com
2) What type of Grandview do you own? You might be able to sell for a small $ or give it away here on Tug. Some units are desireable and relatively easy to give away. See the sticky for details on how to give away a timeshare.

as a last resort you can walk but:

Nevada is an anti-deficiency state so they can go after your assets for legal fees to recover etc. So more than just recouping the MF and foreclosing on the unit . See this link for NV:

Links to Official State Timeshare Laws and Guides/Manuals

@TUGBrian @DeniseM @CalGalTraveler take a look. This weekend, I’m creating a spreadsheet with official links to states’ timeshare laws, as well as their statuses as to non-judicial, anti-deficiency foreclosures. In the meantime, I will just keep adding notes. * Legal Disclaimer: This list...

tugbbs.com

Do not pay anyone in advance to offload your timeshare. They are scams and will do the above steps you can do yourself and you still will be no further but much poorer.

 

[CalGalTraveler]

We bought it back in 2011, have only used it a couple of times. We were led to believe that trading to another resort would be a piece of cake and there's tons out there. We have found that a lot of the RCI properties are not very nice, and every time we try to use our points when we go somewhere, there's no availability. From what I've seen, it would cost us closing fees to get rid of it .

Sounds like you are not getting much value out of it. Have you tried searching or starting a thread on TUG for ideal Grandview trading opportunities? I know some here enjoy Grandview and trading it in RCI frequently.

If not try giving it away for closing fees. There was a poster last month who wanted to walk and there was a taker here on TUG. However I don't know what type of unit you own.

 

[bnoble]

From what I've seen, it would cost us closing fees to get rid of it .

That might be a modest cost for the peace of mind of not having to deal with collections.

 

[Grammarhero]

Maybe put it on TUG for free. Out of 20 defaults as reported by tuggers, 6 got reported to the credit agencies. One tugger reported defaulting on Grandview, which did not lead to a credit score increase.

Nevada also has a two year SOL, of which one year is from the lien recordation date, but the resort can request an one year extension. This means if nothing has happened within one possibly nerve-racking year of the lien recordation for the defaulted TS owner, he/she is probably in the clear.
The citation is NRS 119A.550, and the link is below.

NRS: CHAPTER 119A - TIME SHARES

Whatever happens, please DM me on whether your credit got affected. Good luck!

 

[Passepartout]

frdm13, It's probably a nice unit in a nice resort. Why not 'rehome' it with someone who wants it instead of paying the high developer cost. You might even get the taker to pay the transfer cost- It's under $300. Just list it for free under the Bargain Deals at the top of this very forum. Follow the basic layout of other offerings. Why put up with collections and possible legal problems and a foreclosure when you don't have to?

Good Luck!

I see you just signed up today. If you'd haved found us back when you were trying to learn to use what you paid a big price for, we could've helped. Still could, if you decide to keep it.

Jim

 

[frdm13]

Jim
I actually was a member for a few years and let it lapse a couple of months because I was so disgusted with the whole timeshare thing. Believe me, I wish I had been a member here before we bought ours. I am going to try posting it, I think. I really don't want to deal with collection agencies.

frdm13, It's probably a nice unit in a nice resort. Why not 'rehome' it with someone who wants it instead of paying the high developer cost. You might even get the taker to pay the transfer cost- It's under $300. Just list it for free under the Bargain Deals at the top of this very forum. Follow the basic layout of other offerings. Why put up with collections and possible legal problems and a foreclosure when you don't have to?

Good Luck!

I see you just signed up today. If you'd haved found us back when you were trying to learn to use what you paid a big price for, we could've helped. Still could, if you decide to keep it.

Jim

 

[Grammarhero]

Jim
I actually was a member for a few years and let it lapse a couple of months because I was so disgusted with the whole timeshare thing. Believe me, I wish I had been a member here before we bought ours. I am going to try posting it, I think. I really don't want to deal with collection agencies.

Good morning @frdm13 if you defaulted on your TS, would you kindly PM me as to whether your credit got affected? It would help tuggers in similar situations moving forward.

 

[frdm13]

Good morning @frdm13 if you defaulted on your TS, would you kindly PM me as to whether your credit got affected? It would help tuggers in similar situations moving forward.

We are in the process of trying to do a surrender to the HOA.

Good morning @frdm13 if you defaulted on your TS, would you kindly PM me as to whether your credit got affected? It would help tuggers in similar situations moving forward.

We are in the process of working out a surrender to the HOA. When we finally reached the proper people they asked us for proof of our current income to determine if we qualify for financial hardship relinquishment. I will post as I get more info.

 

[Grammarhero]

We are in the process of trying to do a surrender to the HOA.

We are in the process of working out a surrender to the HOA. When we finally reached the proper people they asked us for proof of our current income to determine if we qualify for financial hardship relinquishment. I will post as I get more info.

I am glad to hear that.

 

[torreal62]

New to this forum, I own my timeshare (13000 points) with Bluegreen. Has anyone just stopped paying the maintenance fees?

 

[Passepartout]

New to this forum, I own my timeshare (13000 points) with Bluegreen. Has anyone just stopped paying the maintenance fees?

They can turn you over to collection, but most likely at first they'll just assess late charges and reinstatement fee. Do a search here on the site, I think BG has a plan that you can return the deed to them (for a price). I'd check that out first before risking my credit.

ETA: Enter Bluegreen Deedback in the search window (dark blue stripe above here- far right side) and you'll find LOTS of info on doing it.

 

[STLBBB]

Here is a pretty good breakdown on this issue.

Will Defaulting On A Timeshare Contract Go On My Credit Report?

Will defaulting on a timeshare contract go on my credit report? The short answer is that it probably will, but not always.

www.finnlawgroup.com

 

[TUGBrian]

as with most things timeshare related...it all depends

What happens if I stop paying for my Timeshare?

Can I just stop paying for my Timeshare? What would happen?

tug2.net

 

[AZSadOwner]

All the collection agencies do is send you a collection letter once in a while. They never phone us. And our credit rating has barely seen a blimp as we are very current on everything else. And out TS is in Vegas too. After 4 years now, we only receive one or two letters a year. Probably costs more to the agency than the probability of getting any results ! I think it may have even passed to another collection agency after a while, probably for pennies on the dollar ! We had another one in AZ where they saw our determination and finally foreclosed to attract another sucker. But these days, they must be starving for new owners and wait longer to foreclose.

 

[karibkeith]

An interesting case is that of Carriage Hills and Carriage Ridge resorts in Ontario. Delinquency was estimated at 25% or so which caused escalating maintenance fees to the owners who had not defaulted causing more delinquency and the death spiral. The question arises as to why there was not a more aggressive attempt to collect delinquency. Instead, a group of owners have engineered a legal solution via a court order to close the resorts down and sell them.

See the thread: -
Carriage Hills Maintenance fees

 

[tdietvorst]

I wanted to thank frdm 13 for once again addressing the topic. I am not going to say we got "duped" into buying a time share. In fact, we bought in three more times - 1) Started in Hawaii, then visited 57th Street, thought my son who was in college on the east coast would like that, so 2) bought into 57th street. We were in Vegas again - I get the idea, I know "what goes on in Vegas stays in Vegas," I just got to stay out of Vegas. Of all things bought again because we thought we were doing our son and daughter-in-law a favor by putting their name on the deed. Trump Tower was the best deal at the time. So bought 3) Trump Tower. Who knew? Son, who has a Ph.D. in Economics now, has lectured us ad nauseum about how stupid we've been. For only a little more money (- bought in Hawaii again so I could get him off the deed. Friday night dinners with my son and daughter-in-law are a lot more pleasant now. And every time I look at the rising maintenance fees I get indigestion and a little angrier. Now with COVID and being 70 travel seems an unnecessary risk and converting to points is not cost-efficient and if you are not traveling what are you going to do with the points? I have learned a lot. Most importantly I have enjoyed TUG - too bad, I found it so late in the game. I have certainly paid tuition for my education...in fact, it'll be January soon and I will pay again...(-...I'm not getting a degree with this education. My other Ph.D. was a lot cheaper. (- I resolve to once again try to talk my spouse into listing it on TUG for free (tried RedWeek posting prior to the last purchase. Asked for one year's maintenance as the price. No takers). Or walking away. Again thanks to frdm 13 for this post. It feels good to have outed myself. (Is this like AA? (-)

 

[callwill]

I wanted to thank frdm 13 for once again addressing the topic. I am not going to say we got "duped" into buying a time share. In fact, we bought in three more times - 1) Started in Hawaii, then visited 57th Street, thought my son who was in college on the east coast would like that, so 2) bought into 57th street. We were in Vegas again - I get the idea, I know "what goes on in Vegas stays in Vegas," I just got to stay out of Vegas. Of all things bought again because we thought we were doing our son and daughter-in-law a favor by putting their name on the deed. Trump Tower was the best deal at the time. So bought 3) Trump Tower. Who knew? Son, who has a Ph.D. in Economics now, has lectured us ad nauseum about how stupid we've been. For only a little more money (- bought in Hawaii again so I could get him off the deed. Friday night dinners with my son and daughter-in-law are a lot more pleasant now. And every time I look at the rising maintenance fees I get indigestion and a little angrier. Now with COVID and being 70 travel seems an unnecessary risk and converting to points is not cost-efficient and if you are not traveling what are you going to do with the points? I have learned a lot. Most importantly I have enjoyed TUG - too bad, I found it so late in the game. I have certainly paid tuition for my education...in fact, it'll be January soon and I will pay again...(-...I'm not getting a degree with this education. My other Ph.D. was a lot cheaper. (- I resolve to once again try to talk my spouse into listing it on TUG for free (tried RedWeek posting prior to the last purchase. Asked for one year's maintenance as the price. No takers). Or walking away. Again thanks to frdm 13 for this post. It feels good to have outed myself. (Is this like AA? (-)

Feel similar about the 1 we bought when we were younger and dumber. Thank god we are the only ones on the deed. The problem for you and me is death and probate. I own in florida and live in NY. That pretty much means the florida "real" estate goes thru probate. My plan is to "sell" of let them foreclose...its paid off, but i will eventually stop paying the fees.

 

[Grammarhero]

New to this forum, I own my timeshare (13000 points) with Bluegreen. Has anyone just stopped paying the maintenance fees?

@torreal62 If you make the hard decision to default, please kindly let us know if your credit got affected. It would help tuggers in similar situations moving forward.

 

[Grammarhero]

Feel similar about the 1 we bought when we were younger and dumber. Thank god we are the only ones on the deed. The problem for you and me is death and probate. I own in florida and live in NY. That pretty much means the florida "real" estate goes thru probate. My plan is to "sell" of let them foreclose...its paid off, but i will eventually stop paying the fees.

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