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Re: Fairfield Problem (by stanleyf5):

jayjay wrote:

adahiscout wrote:

Do some elderly owners WILL a timeshare back to the developers to clear the debt from their estate? MD

I sincerely doubt that a resort would take a willed timeshare back. If resorts took deedbacks they would be swamped with unwanted weeks with no maintenance fee income from those weeks (re: the millons of timeshares for sale on the resale market).

A possible method would be to set up a corporation with yourself as the sole share holder. Transfer the timeshare properties to the corporation for stock. Purchase new stock each month to pay the maintenance fees. If the timeshare becomes worthless, have the corporation become bankrupt. The timeshare developer can only look to the properties for the monies owed by the corporation. Major corporations usually have over a hundred corporation in their corporate umbrella to minimize losses due to unforseen circumstances. After Katrina, Entergy declared bankruptcy, and the parent company loaned it $200 million dollars, the parent company was then first in line to collect its money after the bankruptcy. If it works for the huge companies, it should work for the little guy. You need an attorney to do it correctly. If you are bleeding dollars, the cost to set up the corporation may be worth it. Stan.