Original Message:
Re: Current info on walking away from a timeshare (by Lance C.):
stevenm286 wrote:I own a foreign corporation domiciled in the Cook Islands which banks in Singapore. I'm considering deeding the timeshare to the corporation and when the resort wants its fees the corp just tells them to go fish. Anybody ever heard of this strategy?
Yes, I've heard of this "strategy". There are representatives of companies like these coming on these boards often "bragging" that they do this. Many of these companies don't even need to hide overseas. They operate right here in the USA.
As for the consequences? Well, if this company is "successful" in defaulting and, thus, relinquishing ownership, the other owners at that resort are then stuck with absorbing the delinquent owner's maintenance fees.
Also, please remember that some resorts are well aware of this and are actually going after the owners who scheme with these LLCs and invalidating the "sale" of these units. Do your due diligence before dealing with any company that operates like this.