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Original Message:
Resort Bailout.com (by Lance C.):
ericg88 wrote:Has anyone used this company to transfer ownership of their timeshare?
From all reports, it appears this company is what is commonly referred to in timeshare circles as a Viking Ship operation. Basically, what the company does is have you pay it about $1000 to take over ownership. Then this company or its principal(s) transfers ownership into a shell corporation. It stops paying the maintenance fees and lets the company go bankrupt which, in turn, leads to foreclosure on the unit.
The resort would then have no choice but to repossess the unit. It might sound all good and dandy to the original owner seeing that he no longer owns the unit. But keep in mind these points:
1) The cost of foreclosure and the unpaid maintenance fees have to be picked up by the other owners at the resort.
2) The ARDA is pushing Florida legislature to pass a law that would hold original owners liable and guilty for knowingly "selling" their units to such an operation.
3) It appears that some resorts in California are launching lawsuits against such companies.
If you're determined and desperate to get rid of your timeshare, I would recommend advertising it for a $1 sale here on RedWeek, Bidshares, Craigslist, and My resort Network. Also, Timeshare Users Group (aka "TUG"; tugbbs.com) has a Bargain Deals section where, for free, you can advertise that you want to give your timeshare away to a willing taker. Just follow the directions at the top of that page.