Will my grandkids be obligated to complete my timeshare agreement?

[swift]

I've looked into exchanges, but found that to make it work you need to be flexible either with travel dates or location. Unfortunately my wife and I don't have all that much flexibility.

Have you looked into Direct Exchange? http://www.tugbbs.com/forums/showthread.php?t=80715 Most people find that with timeshares if you are willing to do some advance planning, 6mos or more, out you can usually find something.

 

[DeniseM]

I've looked into exchanges, but found that to make it work you need to be flexible either with travel dates or location. Unfortunately my wife and I don't have all that much flexibility.

There are many of us here who don't have flexibility - I'm a teacher and I can only travel during school holidays. I think if you took the time to learn about exchanging, you could make it work for you. Since you are currently getting no value out of your timeshare at all, it would certainly be worth your time to at least learn how timesharing works. What I've found over time on this boards is that most of the people who say they can't plan in advance, really mean they don't want to plan in advance, or they aren't organized enough to plan in advance. Maybe you really can't, but here's what I'd do:

Find out what exchange company your resort is affiliated with and join it.

Sit down with your wife and a calendar and choose a vacation date at least 6 mos. out, or even better a year out. Or maybe select several different possible weeks when you could take time off.

Join TUG and use the regional TUG reviews to research all the timeshares in your area.

Deposit your week with the exchange company.

Put in an ongoing request for every acceptable timeshare within driving distance of your home for the acceptable weeks.

Go online and see what's available on the exchange company website on a regular basis. Also check out the Sightings board on TUG where this info. is posted.

With our economy in the shape it's in, more TS's are being deposited than ever, so this is a great time to get into exchanging.

Or, you can just keep mailing off those maintenance fee checks for nothing!

Good luck!

 

[Keitht]

My use of the term "calloused" seems to have struck a nerve with several people, so I feel obligated to say that the comment was prompted by the scores of stories I've read about deceptive sales practices in this industry. In my situation, the case can be made that I should have asked more questions when my in-laws offered the timeshare (I trusted people who have been very honest and generous with my wife and I in the past -- if trusting them is my worst sin, I guess I'm doing OK). But for the people who are invited to seemingly innocuous presentations, then subjected to high-pressure sales pitches spiced with the occassional egregious lie (it's an investment that appreciates in value, resale market's never been stronger) and conned into five-fgure purchases with annual maintenance fees running into the thousands -- yeah, I find the treatment of those people calloused, indeed.

I suspect the reaction to your use of the term "Callous" was in part due to the fact that the place had cost you nothing in the first place, but you seemed to feel hard done by that you couldn't just dump it when you decided you didn't want it. Nobody has suggested that your in-laws passed the unit on to you in anything but good faith.
I think many, if not most, people here would agree with you about the sales tactics used by many companies.
The bottom line however is that as with any other asset left in the estate it will need to be disposed of in order to finalise the estate. If you haven't already done so I would suggest contacting the resort to find out if they will take it back. Provide them with the full story of how it came into your ownership. You never know - you might strike lucky.

 

[ace2000]

There is absolutely no doubt that the resorts play 'hardball' when it comes to collecting maintenance fees. Who can blame them? That's their job.

However, if a timeshare becomes worthless and cannot be sold, I would do everything I could to protect my children from having to make a continuous payment of those fees after I passed on.

And I'm willing to bet everyone on here would do the same thing. Anyone disagree? I wouldn't hesitate to help someone else do the same.

Thanks to all that gave realistic advice on this matter...

 

[ace2000]

I have posted the timeshare for sale on this and a few other online locations over the past few years, and haven't received a response. I've also contacted charities about donating the timeshare, and been told they're not accepting any timeshares, not matter the location or week. Haven't exactly given up on selling or renting the week, but the glut of $1 timeshares on the market doesn't inspire confidence. I do believe in trying to make the best of the situation, though, and that's what I'm looking to do.

Humu,

Have you tried to offer any bonus with the purchase? Such as paying all closing costs and/or offering a free year of maintenance fees. Unfortunately, that's the level that a LOT of timeshare weeks are at right now. Even summer RED weeks! And the trend keeps getting worse...

That's still better than continuing to pay maintenance fees for nothing in return.

Good luck with your situation.

 

[RMitchell]

Wow - negative equity. You have to pay someone to get rid of it. Do the sales people still talk of a timeshare being an investment?

 

[roadtriper]

I've looked into exchanges, but found that to make it work you need to be flexible either with travel dates or location. Unfortunately my wife and I don't have all that much flexibility.

Wow! your kids ARE going to get stuck with this burden! You have yourself convinced that you can't sell it, you can't rent it and you can't exchange it because the awful timeshare industry has you in their sights, the economy sucks ,and your life's not flexible enough to plan a vacation with your family!

If a football team takes the field convinced they are going to loose the game, guess what the outcome is... 100% of the time they will loose the game!

If they take the field convinced they are going to win the game, guess what the outcome is... it's a 50/50 crapshoot unless the other team rolls over.

50/50 is the best odds life is going to give you. the deciding factor is YOU.

I appologize for being so Sarcastic, BUT...

 

[biskits]

Rent

Timeshare forums like TUG and others have classified sections
where you can offer your ts for rent for or close to what you pay for maintainance fees plus guest certificate fee if required. If resort and deeded week you own is desirable, you should be able to cover your costs each year until you decide to use it. TUG also has exchange classifieds where you can exchange use of your unit for one closer to where you live or want to visit without going thru an exchange company. PM me if you wish additional info on above. Good luck!!!!
Paul

 

[Mel]

As others have asked - what resort, what unit size, what week do you own?

You Inlaws gave this unit to you ten years ago, and one would assume they were doing so to be kind, not to saddle you with a worthless week. To me, that indicates that maybe they knew how to use their ownership, and you never bothered to ask them to show you the ropes.

Unless it's a studio unit in a run-down resort, I find it hard to believe that you can't exchange a week in St Martin for anything worthwhile. What are your expectations? Are you looking only for summer and holiday weeks? (They are higher demand because everybody wants them). Are you looking for a 3BR unit because you want to take the kids? If you have 2 or 3 (or even 4) kids, you can fit in a 2 BR timeshare easily. It will still be bigger than 2 hotel rooms, and you'll have kitchen facilities.

To get a better exchange, you need to commit to exchanging and start looking for what you want a year ahead of time. No, you can't call in mid-January and expect to trade into a top location during your kid's spring break. Those weeks are already taken.

You say you have tried to exchange, but where have you done this? If you've only tried direct exchanges through TUG or other places, that's not going to work - direct exchange requires more flexibility, because you have to accept a week from someone who wants YOUR week. However, when you use and exchange company, you don't worry about who will use your week - the exchange company in effect creates a chain of many owners using each other's weeks. But you do need to request early, and don't expect them to have what you want right away - but if that can find what you want if you give them time.

As for that flexibility, it is sometimes a good thing. You can't use the timeshare like you would a vacation in a hotel - you don't call up and simply reserve your room. If you can pick a window of 2 or 3 weeks when you can vacation, call and find out what is available. Pick something in driving distance, that you might not have done if you were reserving a hotel. You might find yourself surprised. The money's already spent, so for the cost of an exchange fee, and gas to get you there, you'll get a week away with the kids. Maybe you'll find a resort you really enjoy, or maybe you just get some quality time with the kids.

Your Inlaws gave you the timeshare for a reason, but probably didn't realize you wouldn't know what to do with it. They probably already understand the benefits of using it. Perhaps you should ask them to help you. Yes, it means admitting to them that you've never used their gift. But they can probably "hold you hands" through the process the first couple of times until you understand how to best use what you own.

 

[abc31]

Right now there are homes no one will take on either. So its not just timeshares.

I am experiencing this right now. We inherited my mother- in- laws's house a year and a half ago, just before everything really crashed. We have had it on the market for over a year. We have lowered and lowered the asking price, but every deal we have had has fallen through, because people just can't get mortgages. The house had a mortgage on it & with the taxes, it is costing us $1,900 a month plus utilities, ect. My mother-in-law would never in a million years have guessed what a burden this would have turned into.

We moved into our own house 4 years ago, right when houses were at their peak. It has since lost $100,000 in equity, so we can't sell that either. What a mess we are in!

 

[bogey21]

Your estate cannot be closed out until that transfer is complete.....but don't assume it will suddenly disappear upon your death. Doesn't happen.

So they can't close out my estate. Big deal. I gave everything of value away long ago. My estate consists of no assets except a car which is not worth what is owed on it. So don't close out my estate. Who cares?

Opps, I forget the race horses. One of them is worth some money. I think I will give it to my ex-wife tomorrow!

George

 

[vab]

My wife and i have the same problem, we have not used our timeshare for 5 years. My question is what will they do if you quit paying the fee's. Oh, by the way our resort is 7 mile beach on grand cayman

 

[beachlimey]

First... Welcome to TUG!
"This Industry" as you refer to it. Thrives on Ignorance!
So far, you have paid 10 years MF and not used your timeshare, and seemed resolved to just keep paying with your main concern being that your children don't assume the burden when you die! ??? that's one aproach, but probably not the right aproach

You have found the website where the answers are! Join TUG, search the archives, ask lot's of questions, and learn how to best use, rent, exchange or sell the timeshare. you can't get the 10 years back, but you sure can maximize the next 10! look on the bright side... there are folks who Paid $30,000 for a timeshare and paid 10 years of maint fees and never used their timeshare! it's Sad, but true. YOU are $30K ahead of those folks.

I would love to spend a week on St. Maarten sometime! already have a Caribbean trip planned for 09. but I would be a potential renter someday in the future! You control the future of your timeshare, not the "Industry"
RT

I have the same history as Humu, had the time share for years but unable to use it, used the traded points mostly. Great Marriot resort on Hilton Head but maintenance fees making me consider selling if poss. Hope to pick up renting strategies to cover until sale!

 

[timeos2]

Timing is bad

I have the same history as Humu, had the time share for years but unable to use it, used the traded points mostly. Great Marriot resort on Hilton Head but maintenance fees making me consider selling if poss. Hope to pick up renting strategies to cover until sale!

Not only has the resale market, never a strong one, virtually bottomed out but the vacation rental market has also tanked. People worried about their next paycheck and retirement funds aren't out planning vacations no matter how cheap. Bad time to be looking to sell or rent.

 

[bogey21]

Wow - negative equity. You have to pay someone to get rid of it.

I had a race horse the other day that I wanted out of. Couldn't sell it; couldn't give it away. Finally, I gave someone $500 to take it off my hands. It saved me a bunch of money as I was no longer responsible for $3,000 monthly training fees.

George

 

[bnoble]

I paid the neighborhood salvage guy $265 today to haul away a bunch of stuff. Some of it I probably could have sold on ebay, and the rest I probably could have disposed of myself at the dump. I might have netted $200 rather than spent $265. But, that would have taken me hours and hours to do, and would be a pain in the rear.

I was happy to have him take it away---even though I know he's eventually going to sell some of it himself at his monthly "garage sale." It worked for me, it worked for him, everybody's happy.

 

[oregonguy]

not the same

When you buy real estate - even a 1/52 slice - and commit to the rules of a condo/timeshare/HOA i is up to the buyer to properly turn it over when they are done with it. The fact that a timeshare isn't as easy as a home would be to dispose of doesn't make them any different. Right now there are homes no one will take on either. So its not just timeshares.

There is NO comparison between a timeshare and a real estate property. The homes nobody will take would sell if the price was lower - you can get out of property if you reduce your price enough. With some timeshares, you literally can not even give them away.

 

[Charlie D.]

This thread is very interesting and since it could be applicable to me has become VERY interesting. Our Fairfield purchase and sale agreement has the following under item 12, binding effect. "This agreement is binding upon the parties hereto and their heirs, legal representatives, successors and assigns."

Mom and dad have an RV pad in Branson and I am the executor. They pay an annual upkeep/maintenance fee on it. They haven't used it for years and I know none of us boys (men now) would want to use it nor even own it. I am the executor. My guess is that mom and dad's assets (should they untimely pass together) are not even going to cover the funeral costs much less any debts they owe. If that RV pad has the same language as our Fairfield timeshare there is going to be a big problem because none of us are planning on taking ownership of it nor paying the annual fees!! I need to do some more research before I actually start crossing that bridge.

I don't know if credit card debt has that same magic language in it or not. Once again, we're not planning on paying their credit card debt either nor any car loan over and above what the car will sell for. They can come reposses the car for all I care. To my current knowledge all those debts would be estate debt and if the estate doesn't have enough assets to pay them - such is life.

Charlie D.

 

[oregonguy]

I am experiencing this right now. We inherited my mother- in- laws's house a year and a half ago, just before everything really crashed. We have had it on the market for over a year. We have lowered and lowered the asking price, but every deal we have had has fallen through, because people just can't get mortgages. The house had a mortgage on it & with the taxes, it is costing us $1,900 a month plus utilities, ect. My mother-in-law would never in a million years have guessed what a burden this would have turned into.

You really expect anyone to believe that you inherited her mortgage? I could believe you if you were trying to sell the house for the estate and you were an executor - but you can't inherit a house with a mortgage in someone else's name. You would have no legal responsibility (unless you were on the mortgage already, which is something you might be failing to disclose - and in that case, it would have already been your house)

 

[Jbart74]

I am experiencing this right now. We inherited my mother- in- laws's house a year and a half ago, just before everything really crashed. We have had it on the market for over a year. We have lowered and lowered the asking price, but every deal we have had has fallen through, because people just can't get mortgages. The house had a mortgage on it & with the taxes, it is costing us $1,900 a month plus utilities, ect. My mother-in-law would never in a million years have guessed what a burden this would have turned into.

You really expect anyone to believe that you inherited her mortgage? I could believe you if you were trying to sell the house for the estate and you were an executor - but you can't inherit a house with a mortgage in someone else's name. You would have no legal responsibility (unless you were on the mortgage already, which is something you might be failing to disclose - and in that case, it would have already been your house)

If the poster's name is on the deed of the house, as I am familiar with, he or she can INDEED inherit the mortgage. I believe the poster. My name is not on the mortgage, but you can be sure the bank would come after me if my mother died tomorrow.

 

[beachlimey]

Giving away your timeshare

On the topic of paying someone to take your timeshare I was contacted by a company who offer to do just that. Although they say they don't charge an up front fee, depending on how much your annual maintenance fees are they will buy it for bulk commercial purchasers if you pay them from $3000 to $5000 to cover closing and legal costs. They claim that from the moment you pay this it is put in escrow and you are immediately relieved of the property while they go ahead and handle the legal transaction. They put on a fancy webinar promotion.
This company was calledTimeshare Relief Inc.
Anyone heard of anyone doing business with them?

 

[timeos2]

Here we go again

On the topic of paying someone to take your timeshare I was contacted by a company who offer to do just that. Although they say they don't charge an up front fee, depending on how much your annual maintenance fees are they will buy it for bulk commercial purchasers if you pay them from $3000 to $5000 to cover closing and legal costs. They claim that from the moment you pay this it is put in escrow and you are immediately relieved of the property while they go ahead and handle the legal transaction. They put on a fancy webinar promotion.
This company was calledTimeshare Relief Inc.
Anyone heard of anyone doing business with them?

That is the company that help trigger the term Post Card Companies. It is the general belief on every timeshare board I've frequented - too many - that these types of operations are not a good value. There is zero guarantee they will actually remove your name(s) from the deed, no guarantee your $3500+ has actually "relieved" you of the obligation and they tend to use disposal methods that lead to $1 sales on eBay - which you could do yourself and save $3500+ - which lowers resale value for all timeshares. It is the ultimate in upfront fees and I would not recommend it to anyone. You have to decide for yourself if its a value to you and if you trust them.

 

[AwayWeGo]

Something About This Bad Dream Seems Familiar.

On the topic of paying someone to take your timeshare I was contacted by a company who offer to do just that.

This company was calledTimeshare Relief Inc.

Click here for a hypothetical scenario illustrating what can happen to folks who get that desperate.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​

 

[oregonguy]

If the poster's name is on the deed of the house, as I am familiar with, he or she can INDEED inherit the mortgage. I believe the poster. My name is not on the mortgage, but you can be sure the bank would come after me if my mother died tomorrow.

If you are on title of the house and the person who has the mortgage can't pay, the house will be foreclosed on so in that case, you would lose the house - but you aren't obligated to pay a loan that you didn't sign for. It doesn't mean you keep the house either though.

Also, if you are already on title, then it is a different story because you already own the place. The children would have to be on title of the timeshare for it to be anything close to a similar situation.

 

[timeos2]

When you buy real estate - even a 1/52 slice - and commit to the rules of a condo/timeshare/HOA i is up to the buyer to properly turn it over when they are done with it. The fact that a timeshare isn't as easy as a home would be to dispose of doesn't make them any different. Right now there are homes no one will take on either. So its not just timeshares.

There is NO comparison between a timeshare and a real estate property. The homes nobody will take would sell if the price was lower - you can get out of property if you reduce your price enough. With some timeshares, you literally can not even give them away.

No comparison in price but the obligation you sign on for IS the same. In most cases there is deed on file with the local registrar just as there is for a home. The rights and obligations are the same. The value does impact those but does impact the owners ability to sell and the desirability of the deeded ownership to a buyer. But none of that change what you paid to own and the legal obligations you agreed to. Until someone else agrees to take it over you or your estate if you're gone are responsible.