Original Message:
Re: Re: Re: Re: Re: Re: My timeshare is paid in full, but I just don't want it anymore (by KC):
andrewc424 wrote:Are you suggesting that if we just stop paying the maintenance fees, and ignore the harassment of the 3rd party agency, that they will eventually forclose on the property which means they'll eventually retake ownership of it from us? And that they could, in theory, but don't, in practice, bother dealing with credit agencies? What's the cost of such a forclosure process to us? I assume we don't actually have to appear in court someplace, etc?
I cannot and will not offer you anything remotely resembling legal advice or opinion. Any given resort anywhere can choose to adopt its' own individual practices and policies --- within the bounds of applicable law. There are few, if any, "one size fits all" answers that are universally true or accurate regarding foreclosure practices. I know nothing at all about your particular resort or Nevada and / or California laws. I will, however, offer the following general observations.
Foreclosure would not likely ever require any court appearances (or out of pocket costs) on your part *if* you are not challenging or disputing the foreclosure proceedings.
Whether or not your particular resort would report a foreclosure to credit agencies, no one here can possibly know or claim to know. Understand clearly that the resort most certainly can do so, but historically, more often than not resorts simply don't bother when there is is no loan default involved. I'm sure that you would like to have much more certainty on that issue, but no one here can presume to know the policies or practices of your particular resort (practices which, by the way, can always be changed by the resort HOA / BOD). Whatever the resort is doing now regarding reporting foreclosures to credit agencies may not be what they do in the future regarding foreclosures. It's a roll of the dice.
You could look into giving the ownership away in the Bargain Deals section of the Timeshare Users Group if your fees are up to date; with 108,000+ members, you might get lucky and find someone there willing to take over the ownership. Whatever you do, please NEVER pay a penny to ANY so-called "exit / relief / escape/ rescue" entity. The only thing such parasites can or will ever accomplish is to gladly separate you from your money and the only "exit" will be the prompt and permanent "exit" of money from your bank account --- while still leaving you as the lawful owner of record until foreclosure ultimately occurs later, at which point the HOA recovers legal ownership of that interval.