Yes, I would like to know, as well. I don't know what to do other than default. I own a 3 Bedroom Diamond property in Orlando and have listed it this past year for $1, with escrow paid by myself, and without success on TUG, Craigslist, EBay, and with two real estate brokers specializing in timeshare resales who did not charge an upfront fee. Because I purchased the unit on the secondary market, Diamond which charges a $1000 takeback fee for the units they directly sell, refuses to take back the unit because I didn't buy it from them. I don't want to keep paying a $1200 maintenance fee and get nothing in return.
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What happens if you just stop paying maintenance fees?
- Thread starter frdm13
- Start date
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- Tags
- dump maintenance fee
As you now apparently know, you were not really "doing them any favors" at all. Instead, you made them unknowing and unwilling (yet legally responsible) co-owners of something that they may very well want no part of either now or in the future.
More important now than unfortunate past actions is whether or not you have undertaken to correct this situation by removing them from the deed while you are still around to do so, something which is easily and inexpensively achieved with their cooperation.
Get it done. Don't leave this matter of "involuntary ownership" lurking as a potentially unwelcome and smelly albatross for your offspring to have to deal with when you depart this earth. Instead, leave them a choice as to whether or not they want any part of this "inheritance". If you leave it to them in your will, they can then choose to either accept or disclaim that inheritance. You basically deny them any choice at all in the matter if you unilaterally placed (...and now leave) their names on the deed, thereby making them "involuntary co-owners", even if they might actually have wanted no part of it whatsoever if they had been provided with a choice.
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LannyPC
TUG Member
At this point, your best option would probably be to contact the resort's Homeowners' Association and say that you are not paying any more money in MFs so the HOA can either take it back amicably now (with you perhaps paying the closing costs) or go through the hassle and expense of foreclosure.
callwill
TUG Member
And if you do as LannyPC suggests, you may need to hang tough against the onslaught of calls to pay up until they give up. If you are waiting for me to see what will happen it will be years. I have afew left on my RCI subscription, and then plan to just use without a trading company for a few years and then go dark on them. Should you chose to accept this mission before then, you should also report back here on your experience including whether or not they took it back the easy way, chose to forclose, What fees you paid to close out your interest if any and if any reports were made to the credit bureaus.
bogey21
TUG Member
This makes so much sense even if co-owner currently thinks they want Week. They are better off if you leave it to them in your will. That way if they have a change in circumstance or otherwise change their mind, they have an out. In addition if you later decide to sell, you won't have to track down co-owner to sign off...
George
I have researched this topic in depth and made hundreds of phone calls. There is no end to this horrific burden. It is impossible to get anyone of reason on the phone at Bluegreen. You get the same BS over and over. I just learned the term" perpetuity" in contract terminology. There is no such thing as quit deedback either. That does not apply to Bluegreen. What bothers me the most about the process is that even if you find a buyer, the process is arduous and Bluegreen has the right to first refusal... WTF. I'm done, walking away. Will let you all know in 6 months. As of today I have a 836 credit rating.
callwill
TUG Member
Letting us know in 6 mos is nice, it might be more helpful to those considering this process if you reveal details as they unfold with a recap summary at the end. From what i have gathered, the first thing is to stop communicating with them. Do not answer any communications.
LannyPC
TUG Member
That does not necessarily mean that BG will exercise that right. And even if BG did, that would mean that BG would have to buy it from you for the price you originally agreed with the other potential buyer. Either way, you will be rid of the TS.
Even so, I am usually a think very optimistically... not so in this case. I would sell it for 1.00 and pay all transfer and closing fees but again, pretty impossible to find buyers.
LannyPC
TUG Member
Yes, I understand the plight in which you are. I was just correcting a misconception many people have about Right of First Refusal (ROFR). Many owners see that and panic. Other exit/relief/cancel firms exploit that leading their potential victims customers to believe that it's impossible to get rid of a TS because of ROFR but can if you use their "services".
callwill
TUG Member
Yes. as LannyPC explained, you need to understand that BG cannot block the sale. ROFR, as i understand it, only allows them to step in and buy it before you can sell it to anyone else.
BG may want you to believe that they can just say no and stick you. So. if you were able to line up a buyer, i would serve notice that you are about to sell it and what the terms are.
"Right of first refusal (ROFR), also known as first right of refusal, is a contractual right to enter into a business transaction with a person or company before anyone else can. If the party with this right declines to enter into a transaction, the obligor is free to entertain other offers"
echoloader
Guest
what happens if you are in Canada and you stop paying maintanance fee. Anybody has the experience I really donot care about the credit scores. just curiuos to find out what they will do.
There is no hard and fast rule of exactly what any TS resort or group absolutely will do. Odds are, at first, they'll assess late fees. Then they'll add 'reinstatement fees'. Ultimately they'll turn the account over to 'in house' collection. If that doesn't get results, the debt will be sold (for pennies on the dollars owed) to a collection agency. And if that doesn't work, they'll foreclose on the interval.
Bear in mind that at each stage, letters and phone calls will be generated.
Now, I see that you list Grandview Las Vegas as an owned resort. Actually, those have a fairly good track record of being able to 're-home' using the TUG Bargain Deals sub-forum. Especially if yours has been converted to RCI Points. Those have generous points and low MF costs.
If it was me and facing this, I'd at least make a run at giving it away before subjecting myself to the alternative.
Jim
- Joined
- Dec 21, 2014
- Messages
- 10,436
- Reaction score
- 8,994
- Location
- California
- Resorts Owned
- HGVC, MVC Vistana
Good luck and please report back what you find out. Is your Bluegreen a deed? If so, what state? Have you tried to give away the points on the TUG free timeshare giveaway board? (I have zero knowledge of Bluegreen but thought I would ask.)
- Joined
- Jun 9, 2019
- Messages
- 3,107
- Reaction score
- 2,527
- Location
- Washington, DC Area
- Resorts Owned
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Wyndham Grand Desert 154k & Bali Hai 105k, VV Williamsburg 4L/4 & 2/2
Former: Wyndham 276k, HVC South Bend 1/1
@echoloader Grandview is pretty easy to offload, unless you have a terrible week.
out of 8 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.
If you make the hard decision to default, mind telling us if your credit got affected? It would help tuggers in similar situations moving forward.
tdietvorst
TUG Member
Ah, it is so good not to feel alone. Thank you Callwill.
- Joined
- Jun 9, 2019
- Messages
- 3,107
- Reaction score
- 2,527
- Location
- Washington, DC Area
- Resorts Owned
-
Wyndham Grand Desert 154k & Bali Hai 105k, VV Williamsburg 4L/4 & 2/2
Former: Wyndham 276k, HVC South Bend 1/1
@callwill we hope you are well and healthy. If you made the difficult decision to default, please kindly let us know if your credit got affected. It would help tuggers in similar situations moving forward.
callwill
TUG Member
We wont be doing that for a few more years. Firstly, when the RCI dollars i have accumulated run out I will be done with them. Then our plan is to use our week at our resort every year for a number of years, taking advantage of the newly rebuilt/remodeled accommodations that they are now engaged in from past hurricane damage, and once we tire of that it will be offered for sale at the loser takes all price that most of these things go for and failing that, stop paying the maintenance fees/default.
BLUEGREEN OWNERS
I finally did it, I am officially released of my ownership with Bluegreen. They actually took it back. I have contract in hand with Bluegreen. It wasn't easy , but its done.
Something good in 2020 did indeed occur.
I finally did it, I am officially released of my ownership with Bluegreen. They actually took it back. I have contract in hand with Bluegreen. It wasn't easy , but its done.
Something good in 2020 did indeed occur.
callwill
TUG Member
Please detail how you managed it for all interested...like me!
I wrote to the company numerous times on their website. That is the only way to get past the customer service representatives. Basically just stated I no longer wanted the condo, I had no loan on it and my maintenance dues were paid in full. It took 45 days to end the misery.