Can no longer afford high maintenance fee.

What happens if I cease making payments on a maintenance fee? I can no longer afford mine. Do I need to declare bankruptcy? What will happen to my credit evaluations? Is there anything I should do?

jamesm907 wrote:

What happens if I cease making payments on a maintenance fee? I can no longer afford mine. Do I need to declare bankruptcy? What will happen to my credit evaluations? Is there anything I should do?

I'm not sure how this debt is handled in bankruptcy court, but IMO, I wouldn't declare bankruptcy just to avoid paying the MF. In this case you would have to file Chapter 7 to erase the debt, and that may have more disastrous effects.

Have you tried asking the resort to take back the deed in lieu of forclosure? Not many resorts will do this, but eventually the resort will probably get back the deed via the collection process anyway.

If your resort has any type of demand, you should be able to sell for $1 or give it away through eBay or any of the other sites.

RedWeek has a "bargain basement" area for resales ( I don't know if the fee to advertise is cheaper) I suggest you also join the TUG forum (tugbbs.com where they also have a bargain basement and a thread for bargain deals.

Good Luck

The resort will definitely go after you for nonpayment of maintenance fees and in many cases court costs and late fees will be added and accumulate yearly.

Maintenance fees are the bread and butter of any resort and if everyone decided to quit paying the resort would self-destruct. I would suggest to try selling it as Mike above suggested, but if you don't want a ding on your credit score then you don't want to just stop paying your resort fees.

I have the same problem. This is certainly the worst thing I have ever gotten into.

I gave mine away....I posted it under free items on Craigslist. I only paid a couple hundred dollars resale. However...It was a Gold Crown resort in Orlando. Beautiful resort...M&T were to high.

mindyn8 wrote:

I have the same problem. This is certainly the worst thing I have ever gotten into.

The one thing many owners seem to forget in hard times are why they bought the timeshare in the first place!

If as I have stated many times you buy where you would enjoy going on vacation every year and exchange/rent the second options you did good.

For anyone saying they don't want to pay their maintenance fee's any longer they should sit back and think this out before jumping off the timeshare wagon. As things get better and they will people will be taking vacations and spending money for a over priced stay in some hotel. A timeshare owner only having to pay maintenance fee each year is small in most cases to what you would spend to rent for seven days. This had to be part of anyone's thinking while buying the timeshare to understand this was a bargan.

Many owners just want to and I hate the term "DUMP" walk away and few years from now many will regret not having their timeshare.

We own two units and paid $884.00 this year for one unit and will pay this amount or more for 2010 use for both units as one is even years only and it would cost us much more to go on vacation and rent a hotel just to sleep in for seven nights.

PHILL12

phill12 wrote:

A timeshare owner only having to pay maintenance fee each year is small in most cases to what you would spend to rent for seven days. This had to be part of anyone's thinking while buying the timeshare to understand this was a bargan.

We own two units and paid $884.00 this year for one unit and will pay this amount or more for 2010 use for both units as one is even years only and it would cost us much more to go on vacation and rent a hotel just to sleep in for seven nights.

PHILL12

With my two other units (VA and RCI Points) my total MF for the three is around $1300. For this, I can take 3-4 weeks vacation a year.

Phil, Enjoy your vacation during the 4th, I'll be doing some camping next week in VA.

Thanks Mike!

We always have nice time in Lake Tahoe for July 4th week.

PHIL

My timeshare is with Polo Towers in Las Vegas. I paid $16,000 for a floating date. I bought the timeshare in March of 2003. At the time the contract the maintenance fee $462. In January of 2014 my maintenance fee was $892. During this time my salary has gone up 2% per year. I called staff at the Polo Towers to about the increase of the maintenance fee. I was told that there are a lot of delinquent mortgage loans so responsible owner have to make up for the loss of revenue. I was also told that salaries of the housekeeping staff continue to increase. (The housekeeping still makes minimum wage). During my week I do not receive any housekeeping. If I want it I have to pay an additional $35 per day. Then there is the story that reserve funds are needed to renovate and remodel. The last time I was there (2 years ago) the resort looked out of date and old. All of the reasons don't justify the Astronomical increase in maintenance fees. I don't believe any of this. The Polo Towers Salesforce is still selling weeks. I wonder what they are charging the new owners. We the responsible ones are getting poorer while the fat cats live in luxury.

THE POLO TOWERS in Las Vegas is located on the famous STRIP. The property must be worth many million dollars. If the executive board gets the maintenance fee over $1,000 per year for a 7-day vacation it may not be worth my while to continue as an owner. Today on Expedia the rate per night is $156. $156 x 7 = $1,092. Considering the fact that I paid $16K for the timeshare + $892 maintenance fee+ $200/year for my Interval International membership (to be able to trade my week at another resort) + $185 to secure the resort trade, I believe that I was completely taken advantage of. Can you see these Travel Kings continue to rack the responsible over the coals. The Diamond Resorts Chief Executive Officer Stephen Cloobeck knows the math is not right. Owners are being used as his personal ATM. I am very upset about this. Polo Towers is a part of Diamond Resorts (they own 200 properties in 28 countries). As a member of Polo Towers I can't trade my week in Las Vegas to another timeshare under the same umbrella with out trading in my deed to their points program for another $7K. This is another company taking advantage of hard working Americans. Diamond Resorts International laugh at us all the way to the bank. By the they are not accredited by The Better Business Bureau.

If you want out of your contract then contact the Polo Towers and ask to talk to someone that handles " deed backs " . If they agree you just sign over your deed back to them for a minimal fee and you no longer have to pay the maintenance fees and assessments. If they don't work with you try listing your property on this site and or other sites for a nominal fee. Las Vegas is a popular destination and there should be plenty of people looking to purchase your property if it is priced right. Having a floating date is more desirable to most people than points.

I own a one bedroom at the Jockey Club right next to Bellagio. My management company keeps my maintenance fees down and the property well maintained . It's not as fancy as the Polo Towers but I love the location a go there often. I just booked two weeks for this October with just a phone call and received the confirmation via email in minutes. I use the Jockey Club just for Las Vegas so there is no problem looking for an exchange. I recommend that anyone who is considering purchasing a timeshare to buy one where they intend to go over and over again and enjoy that destination. I wouldn't sell my timeshare for anything. I got more than my monies worth since I purchased it over twenty years ago.

You might also consider using your week there. It's a great location on the strip and there is so much to do there. I never get bored in Las Vegas . There's always something new or old to do there. It's a great value even at $ 892. for a luxury room on the Las Vegas strip.