Report Abuse

Thanks Jeff for the informative update. To all reading this post, my strategy has been to remain true to my contractual obligations as an owner and to have confidence in our legal system. A settlement will be better for all parties caught up in this situation. Some owners say they have stopped paying maintenance fees and haven't seen their FICA scores affected yet. The AG's sales moritorium probably halted all legal actions to enforce contractual obligations on either side (owners or developer) while giving TMC time to clean up prior lax (or shady??) business practices. TMC has a high resort rating (Gold Crown) and I have definitely seen more professional, business-like management practices the past two years. There is better accounting of fees paid, and the annual shareholders meetings look like they are shaping up more along the lines of other shareholder meetings that I have attended (or proxied) with other corporations that I've been involved with. All these legal tensions are occurring at a time when the timeshare industry is finally being taken to task for its all-around unfair business practices. I just exited my ownership in a Wyndham resort by using their newly launched Ovation program. Wyndham took back ownership at no cost to me; albeit, no "buy back" either, but at least they are doing all the legal paperwork to absolve me of my ownership obligations. With another timeshare, I've paid considerable money for a third party to handle the legalities. And note: not advertise but actually handle all the legal paperwork that is involved when one buys an interest in real estate. TMC is my 3rd and final timeshare ownership. (It was the 2nd of 3 that I bought between 2003 & 2012). I cannot do anything but continue to pay (while my money lasts) or rent the reservation and re-coop some of my costs. However TMC is resolved, I have come to understand it will set a precedent for other timeshare developers and owners to be more wise in entering this type commerce. It's been a lesson in buyer-beware in spades. I only hope sellers get the message too.