What next? [Can't afford maintenance fees]

[cindi]

I guess I made a mistake. We have been retired for 9 years, and it is getting harder and harder to pay the MF for our last 3 timeshares. We delayed paying them for our Fox Run unit, and got a letter saying they would turn us over to collection if we didn't pay. We wrote them a letter and mailed it to the board of directors, telling them our financial situation didn't allow for payment for MF. We asked if they would consider us giving them back the timeshare. There is nothing owed on it, and it is a prime summer week. We not only didn't hear back yes, no or options. We just got a letter from a collection agency.

I am asking for any suggestions as to how to proceed at this point. I don't even know if they took the week back or not. We have paid all our bills faithfull for all our lives, so have no experience with this.

Any suggestions or comments would be appreciated. Thanks.

 

[Tia]

I imagine they didn't remove the timeshare from your name. Not sure what to tell you , others will hopefully post suggestions.

One ts we used to own rents the weeks of delinquent owners out, puts it towards the maint. fees. I luckily sold (for pennies) out 2 ts weeks years ago before it became an issue, I was unhappy with the management of both resorts.

 

[rickandcindy23]

Cindi, I am sorry about Foxrun and their lack of understanding. Capital Vacations is not a great company, and they bought out VRI. I think VRI would have understood, but maybe not.

We lost our best advocate on TUG, Becky Varn, who was a board member at Foxrun and died a few years ago from cancer. She was my age.

Foxrun is very valuable as a trader in II, and Disney is back in II, I even see Disney with my little ol' Foxrun week 52, and a summer week is much more valuable. With back fees due, it would be tougher to give away than it would have been last year.

I listed a week 26 at Foxrun on RW for $500 and closed it myself. This was before Disney went back to II from RCI. I wish I hadn't done that, but it's done.

Are you behind by two years? What week is it? Is it a week 31, if I remember right? So valuable.

 

[Passepartout]

If it's any consolation, @Grammarhero tracked these things and has reported that no one who defaulted on MF on paid-in-full intervals had their credit dinged. Ultimately, the resort will auction the week.

I also understand that Capitol Vacations charges $480 plus 2X MF to deed it back to them.

Wishing you all the best.

Jim

 

[cindi]

Cindi, I am sorry about Foxrun and their lack of understanding. Capital Vacations is not a great company, and they bought out VRI. I think VRI would have understood, but maybe not.

We lost our best advocate on TUG, Becky Varn, who was a board member at Foxrun and died a few years ago from cancer. She was my age.

Foxrun is very valuable as a trader in II, and Disney is back in II, I even see Disney with my little ol' Foxrun week 52, and a summer week is much more valuable. With back fees due, it would be tougher to give away than it would have been last year.

I listed a week 26 at Foxrun on RW for $500 and closed it myself. This was before Disney went back to II from RCI. I wish I hadn't done that, but it's done.

Are you behind by two years? What week is it? Is it a week 31, if I remember right? So valuable.

Yes, it’s week 31. Always traded so well. Only behind for the most recent MF.

 

[cindi]

If it's any consolation, @Grammarhero tracked these things and has reported that no one who defaulted on MF on paid-in-full intervals had their credit dinged. Ultimately, the resort will auction the week.

I also understand that Capitol Vacations charges $480 plus 2X MF to deed it back to them.

Wishing you all the best.

Jim

That is a huge amount to give them back a prime summer week! Wow. You would think they would at least have the decency to tell us, rather than go right to a collection agency. Thank you for that info.

 

[cindi]

I imagine they didn't remove the timeshare from your name. Not sure what to tell you , others will hopefully post suggestions.

One ts we used to own rents the weeks of delinquent owners out, puts it towards the maint. fees. I luckily sold (for pennies) out 2 ts weeks years ago before it became an issue, I was unhappy with the management of both resorts.

I hope they did remove it. Don’t know how to find out, though.

 

[jp10558]

Yes, it’s week 31. Always traded so well. Only behind for the most recent MF.

Well, if you get it current, you might give it away on the free timeshare's board here. I just picked up one week at Foxrun that way, so there's probably someone who would take it if you listed it properly (follow the sticky). At the very least, getting current would give you a while to see if someone will take it. Of course, you might have to also pay closing (the person who I got mine from did). It was compelling as an II trader, so perhaps someone else would take it.

OTOH, just ignoring everything at this point will eventually have it forclosed and you don't have to spend anything, but you will get letters and maybe phone calls.

 

[bnoble]

I'm 99% sure they did not.

I think you have two choices.

One: pay the back fees and list it as a bargain giveaway. Realistically, you could probably get a few dollars for it, but that will take longer and you don't want this to drag into another year's worth of fees.

Two: just ignore it. Throw away the collections notices and let it go into foreclosure. As mentioned above, the risk of a credit ding is slight, and at this point how much more money will you borrow in your lifetime?

 

[rickandcindy23]

It costs $26 to file a deed with Rutherford County. $200 transfer fee by Capital Vacations, which is a ripoff.

Cindi, I have a deed in my Word docs that is already typed. You would just fill in the blanks with your name and the new owners' names. I would alsocall Rutherford County and see if the recording fee went up. It was still $26 two years ago. If you can get out of it for $226, or thereabouts, it would be a wise move to give it away. I have no idea what late fees they are charging you.

 

[cindi]

I'm 99% sure they did not.

I think you have two choices.

One: pay the back fees and list it as a bargain giveaway. Realistically, you could probably get a few dollars for it, but that will take longer and you don't want this to drag into another year's worth of fees.

Two: just ignore it. Throw away the collections notices and let it go into foreclosure. As mentioned above, the risk of a credit ding is slight, and at this point how much more money will you borrow in your lifetime?

Exactly right. I just can’t see throwing away good money after bad. I sincerely hope they foreclose on it. My fear is they don’t and keep adding on more MF every year.

 

[cindi]

It costs $26 to file a deed with Rutherford County. $200 transfer fee by Capital Vacations, which is a ripoff.

Cindi, I have a deed in my Word docs that is already typed. You would just fill in the blanks with your name and the new owners' names. I would alsocall Rutherford County and see if the recording fee went up. It was still $26 two years ago. If you can get out of it for $226, or thereabouts, it would be a wise move to give it away. I have no idea what late fees they are charging you.

There are extra charges plus interest. The collection letter said about $1700 owed! I don’t want to pay that and then give it away. I think we may have to just call it a lost cause and ignore collections.

 

[montygz]

There are extra charges plus interest. The collection letter said about $1700 owed! I don’t want to pay that and then give it away. I think we may have to just call it a lost cause and ignore collections.

Anything in collections is negotiable. They may settle for $170.

I'm not saying that you should start negotiating with them, but the cost to get rid of them could be less than the threat.

 

[jp10558]

Anything in collections is negotiable. They may settle for $170.

I'm not saying that you should start negotiating with them, but the cost to get rid of them could be less than the threat.

This is generally a bad idea in the US unless you're resolved to pay them whatever value you can get them to agree with. Otherwise, acknowledging the debt to collections restarts any clock for it going away / falling off a credit report if it even shows up there.

 

[rickandcindy23]

This is generally a bad idea in the US unless you're resolved to pay them whatever value you can get them to agree with. Otherwise, acknowledging the debt to collections restarts any clock for it going away / falling off a credit report if it even shows up there.

This is true.

Don't talk to Foxrun, Capital Vacations, or collections. Ignore and let it foreclose.

 

[bnoble]

My fear is they don’t and keep adding on more MF every year

It doesn't matter. You aren't going to pay it. Whatever they want to do is their business.