NEED TO RETURN TIMESHARE

thelmab17 wrote:

I would like to get rid of my timeshare at Hiawatha Manor, and I told them I would give it to them, with a quit claim and they would not accept it. It is paid off with no loan. I dont want to pay the $350.00 meintenence. My finances are very low and I just cannot afford that, with all medical bills. So, you are saying that I can let them foreclose and it would damage my credit. Is that all they can do? I realize that damageing my credit is bad, but I would think, with all the problems with Timeshares, that the creditors would overlook that. Am I wrong in my thinking?

I can help you with this but I can't promote a company that I know will take your timeshare off your hands and remove you from title and all obligations. All the other posters are correct when they say that the unit must be paid in full and all maintenance fees up to date.. . Please advise if I can help you with any information. Thanks

debbies455 wrote:

I can help you with this but I can't promote a company that I know will take your timeshare off your hands and remove you from title and all obligations. All the other posters are correct when they say that the unit must be paid in full and all maintenance fees up to date.. . Please advise if I can help you with any information. Thanks

Just how much is your fee?

Each resort will charge their own fees for transfer so that depends on the what you own.. I have a list of fees, so I could tell you if I knew what you owned. Legals and fees will run around 499-699$. We can usually clear you for $1099-1499 which INCLUDES transfer costs but some of the resorts are charging outrageous fees..Spinnaker for eg. is $1500 just to discharge..so you would be looking at closer to around the 2k or slightly over, sorry. I always will quote an exact figure when know the resort. Resort fees can change at any time so best to call your resort to confirm, as I always double check prior to taking the client.. I also include a one year membership to my vacation club where you have access to all the timeshare resort inventory 365 days per year with no exchange fees. It's a great product. I too many years ago sat at a presentation and purchased TS. I have used it for several years but outgrew it and my children did not have the means to take it on if any thing should happen to me. I know how hard it is to sell it.. statistics show that only 1% will sell, and yes some people get lucky but what about the rest of us.. I now travel through the club. Thanks for the inquiry and let me know if I can assist. Process takes 60- 90 days from time I have your signed agreement. The person with the hiawatha unit would be $800.00. Deb

debbies455 wrote:

Each resort will charge their own fees for transfer so that depends on the what you own.. I have a list of fees, so I could tell you if I knew what you owned. Legals and fees will run around 499-699$. We can usually clear you for $1099-1499 which INCLUDES transfer costs but some of the resorts are charging outrageous fees..Spinnaker for eg. is $1500 just to discharge..so you would be looking at closer to around the 2k or slightly over, sorry. I always will quote an exact figure when know the resort. Resort fees can change at any time so best to call your resort to confirm, as I always double check prior to taking the client.. I also include a one year membership to my vacation club where you have access to all the timeshare resort inventory 365 days per year with no exchange fees. It's a great product. I too many years ago sat at a presentation and purchased TS. I have used it for several years but outgrew it and my children did not have the means to take it on if any thing should happen to me. I know how hard it is to sell it.. statistics show that only 1% will sell, and yes some people get lucky but what about the rest of us.. I now travel through the club. Thanks for the inquiry and let me know if I can assist. Process takes 60- 90 days from time I have your signed agreement. The person with the hiawatha unit would be $800.00. Deb

What I meant was how do you make money doing this? Surely you don't do it for free.

so sorry.. JayJay -after transaction and legals, I make about $199.00 per transaction.. I make a little on the vacation club when I sell it individually also..(many companies charge thousands for a lesser product, mine is $499.00). I have had many people say they would love to be a member of the club but they were locked into timeshare.. this lead me to search and after a year I partnered with a company that will service my clients. I don't make millions. I don't think you have to take people to the cleaners in order to make a living. A slow and steady growing business makes me happy and I don't have to look over my shoulders because no-one is chasing me! :)

There are many legal options to returning timeshares. Consult with an experienced attorney and ask about what legal rights you have.

mitchells34 wrote:

There are many legal options to returning timeshares.

On the contrary, there are VERY few legal "options to returning timehares". More specifically, there is exactly ONE, which is the resort voluntarily accepting a "deed in lieu of foreclosure."

NO resort is EVER obligated to accept such a (so-called) "deedback". Not many will do so, in fact, and any resort which WILL accept a deed in lieu of foreclosure will first require that all fees are fully paid up and current, and that the "grantor" pays the closing costs for the new deed back to the resort.

mitchells34 wrote:

There are many legal options to returning timeshares. Consult with an experienced attorney and ask about what legal rights you have.

If you have signed a legal contract to buy a timeshare then there are no legal options to get the resort to take the timeshare back UNLESS they take deedbacks, which those resorts that take deedbacks are few and far between.

That's like saying if you sign a legal contract to buy a car, a house, a boat etc. that you have a legal right to return that contract stamped null and void .... it ain't gonna happen .... a signed contract is a signed contract, period, legally.

I agree totally with Ken's comment that "there are VERY few legal options to returning timehares". Having say that, I have found in life that most issues are negotiable including the terms of legally binding contracts. A "deed in lieu of foreclosure" is actually a negotiated restructuring of the terms of a contract. The Timeshare (owners association) is not required to take the deed back but often they do so because it is less costly than a foreclosure. Legally binding contracts are frequently restructured.

There are adverse legal consequences to just walking away from a legally binding contract but it never hurts to talk to your creditor. I represented an excavation contractor in Colorado who was doing very well until September 15, 2008 when credit dried up nation wide. He renegotiated all of his "legally binding" contracts and worked out mutually beneficial settlements thus avoiding bankruptcy. It never hurts to talk.

Jayjay says a legally binding contract can never be voided. I suggest she visit a Bankruptcy Court and she will see debtor after debtor being discharged from the terms of contracts including those for the purchase of boats, cars, and yes homes. Certainly those contracts can be reaffirmed by mutual agreement between creditor and debtor (e.g., the debtor reaffirms his obligation to pay the debt on his truck and the creditor agrees but this is an entirely new contract with new terms and obligations) but if the creditor refuses to reaffirm the contract is voided.

Lastly, I suggest those who have an interest in this topic read the latest issue of "Timesharing Today" where on page 30 one will find an article titled "One Person's Advice About Getting Rid of a Timeshare You No Longer Want" written by Earl Glenwright. He admits to not being an attorney and warns that his advice is "not legal advice". Most Bar Associations would disagree with that comment but never the less the article makes for interesting reading. I would suggest that anyone consult their attorney prior to following any of his advice especially the one about issuing a Quick Claim Deed to the owners associations thereby putting the ball in their court. I think that is advising fraudulent conduct but some of his other points may be of interest to you. It is the Jul/Aug issue of "Timesharing Today".

carvana wrote:

Lastly, I suggest those who have an interest in this topic read the latest issue of "Timesharing Today" where on page 30 one will find an article titled "One Person's Advice About Getting Rid of a Timeshare You No Longer Want" written by Earl Glenwright. He admits to not being an attorney and warns that his advice is "not legal advice". Most Bar Associations would disagree with that comment but never the less the article makes for interesting reading. I would suggest that anyone consult their attorney prior to following any of his advice especially the one about issuing a Quick Claim Deed to the owners associations thereby putting the ball in their court. I think that is advising fraudulent conduct but some of his other points may be of interest to you. It is the Jul/Aug issue of "Timesharing Today".

I read that article too and can't believe Timesharing Today actually published that article!

Step #2: Stop paying maintenance fees?! That subject has been discussed ad nauseum about the legal ramifications one could suffer by doing so.

carvana wrote:

Jayjay says a legally binding contract can never be voided. I suggest she visit a Bankruptcy Court and she will see debtor after debtor being discharged from the terms of contracts including those for the purchase of boats, cars, and yes homes. Certainly those contracts can be reaffirmed by mutual agreement between creditor and debtor (e.g., the debtor reaffirms his obligation to pay the debt on his truck and the creditor agrees but this is an entirely new contract with new terms and obligations) but if the creditor refuses to reaffirm the contract is voided.

It goes without saying that after one files for bankruptcy and is successful that legally binding contracts 'can' be null and void, depending on what kind of bankrutcy is filed, however there was no mention of the word 'bankruptcy' in the OP's post .... the OP merely said they couldn't afford it anymore. If everybody that wanted to get out from under their timeshare obligations, for whatever reason, there would be very few resorts still standing as there are literally millions of timeshare owners that want that albatross and it's obligations to just disappear.

There are no easy solutions to ridding oneself of a timeshare unless they can find someone to take it for free.

lancec13 wrote:

I read that article too and can't believe Timesharing Today actually published that article!

Step #2: Stop paying maintenance fees?! That subject has been discussed ad nauseum about the legal ramifications one could suffer by doing so.

I can't seem to find the article you're referring to by Earl Glenwright ... the only article I saw by that author in Timesharing Today was something having to do with Donitas Exchange Program and getting the exchange he wanted.

Lance, could you please sumarize what Mr. Glenwright wrote concerning getting rid of a timeshare and Timesharing Today published.

It is in the July/Aug 2011 issue, pages 30&31.

In case you don't have access to the article entitled "One Person's ... want", his 5 basic suggestions were:

1) Advertise for sale.

2) Stop paying maintenance fees.

3) Do not provide for inheritance in your will (that one went over my head).

4) Negotiate a termination with your Association.

5) File a Quit Claim Deed.

lancec13 wrote:

It is in the July/Aug 2011 issue, pages 30&31.

In case you don't have access to the article entitled "One Person's ... want", his 5 basic suggestions were:

1) Advertise for sale.

2) Stop paying maintenance fees.

3) Do not provide for inheritance in your will (that one went over my head).

4) Negotiate a termination with your Association.

5) File a Quit Claim Deed.

lancec13 wrote:

It is in the July/Aug 2011 issue, pages 30&31.

In case you don't have access to the article entitled "One Person's ... want", his 5 basic suggestions were:

1) Advertise for sale.

2) Stop paying maintenance fees.

3) Do not provide for inheritance in your will (that one went over my head).

4) Negotiate a termination with your Association.

5) File a Quit Claim Deed.

It's mindboggling that Timesharing Today would print such a letter ... to tell people to stop paying their maintenance fees is downright wrong .... there WILL be repercussions if an owner does stop paying that can affect an owner's your credit score among other negative repercussions.

And you can't just file a quit claim deed if the resort doesn't want to take it back .... this is the worst advice I've ever seen concerning timeshare ownership and Timesharing Today (of which I used to be a member) should be ashamed of printing it.

Jay Jay is absolutely right! Worst advice ever. Please don't base any decisions on this article. Many people think timeshare owners can simply turn the timeshare back or walk away from the contract without repercussions. Wrong! A timeshare is treated the same as regular real estate. Foreclosure- There goes your credit for the what seven years?, and you'll find it difficult, or impossible, to finance a car, get a loan or even buy a home. If it sells at auction it off it rarely fetches the amount needed to pay what is outstanding- including late fees, Your timeshare company can still sue you for the balance owed. Seek legal counsel and review your options before you decide this course of action. Deb

Jayjay wrote: "It's mindboggling that Timesharing Today would print such a letter"

Actually it was not a letter to the editor but rather an article selected for publication by Timesharing Today and that is actually more egregious than merely publishing a letter to the editor.

The writer indicated the article was directed to "senior senior timeshare" owners suggesting maybe someone in their eighties but this does not mitigate the fact that he promotes illegal activity in proposing the filing of a quick claim deed in the public deed records purporting to transfer the timeshare to the owners association without their knowledge or consent. The filing of the deed without the knowledge or consent of the owners association is civil fraud at best and probably criminal fraud in most states.

Lance highlights the advice given and says number 3 goes over his head. That point proposed that the timeshare owner not make a bequest of the timeshare in his/her will. Failing to mention the timeshare in the will does not mean it is not part of his/her estate. The asset not specifically identified in the will drops into what is called the residue of the estate. Most wills provide (or at least should) for the disposition of the residue of the estate. Heirs of the residue have the right to timely disclaim the inheritance. That is, they don't have to accept the inheritance. Failure of all heirs to the timeshare to disclaim means that someone will individually or jointly own the timeshare. The executor/administrator is obligated to pay only the fees due at the time of death and for which claims are timely filed by creditors. In the real world the owners associations are usually not aware of the death of an owner unless they subscribe to an expensive service that continually scans all probate filings nationally and informs them of the death so they rarely file a timely claim. Failure to file the claim means the owners association has absorb the loss. In addition the majority of estates in the United States are not probated (varies from state to state) and the owners association rarely is aware of the death in time to file a claim. The owners association can timely force the opening of an administration if aware of the death but this is rarely done because of the expense/recovery ratio.

Despite what you may have read elsewhere on Redweek or TUG the estate can be closed after all timely filed claims have been paid and the assets distributed. It is not in the public interest to require the administration to remain open into perpetuity waiting for someone to step forward to claim ownership of the timeshare and pay the past due fees. There are legal deadlines to meet and timeshare associations are not exempt from these requirements.

I get this feeling that TST magazine is going to be getting a number of angry letters from readers for publishing an article that encourages owners, who want to dump their timeshare, to stop paying maintenance fees.

lancec13 wrote:

I get this feeling that TST magazine is going to be getting a number of angry letters from readers for publishing an article that encourages owners, who want to dump their timeshare, to stop paying maintenance fees.

Also, counties depend on taxes from timeshare owners, so it not only affects resorts but counties as well.

#4 - Negotiate a termination with your Association ...

#4 is totally unrealistic .... like all one has to do is negotiate owner termination with the HOA. That's like saying you sign a contract to buy a car and when you get tired of making the payments you simply negotiate with the car dealership to terminate your ownership and they take the car back, it's not gonna happen .... there is a legally binding contract in place.