Pleeeese someone help

I purchased a Timeshare back in 2001. The unit is completely paid for, but things took a bad turn in my life and after going through a divrorce (married 27yrs), a subsequent ch-13, and on top of that Ameriquest foreclosed on my home of 10yrs , I am no longer in a position to keep the place. I owe back maintainence fees to the HOA which continue to accrue penalties and interest. I love the place but at this stage in my life I am willing to give it away to someone who has ever thought about owning a timeshare. Any other ideas, suggestions or feedback. Let me know. Thanks-Leo

leod14 wrote:

I purchased a Timeshare back in 2001. The unit is completely paid for, but things took a bad turn in my life and after going through a divrorce (married 27yrs), a subsequent ch-13, and on top of that Ameriquest foreclosed on my home of 10yrs , I am no longer in a position to keep the place. I owe back maintainence fees to the HOA which continue to accrue penalties and interest. I love the place but at this stage in my life I am willing to give it away to someone who has ever thought about owning a timeshare. Any other ideas, suggestions or feedback. Let me know. Thanks-Leo

mike1536 wrote:

leod14 wrote:

I purchased a Timeshare back in 2001. The unit is completely paid for, but things took a bad turn in my life and after going through a divrorce (married 27yrs), a subsequent ch-13, and on top of that Ameriquest foreclosed on my home of 10yrs , I am no longer in a position to keep the place. I owe back maintainence fees to the HOA which continue to accrue penalties and interest. I love the place but at this stage in my life I am willing to give it away to someone who has ever thought about owning a timeshare. Any other ideas, suggestions or feedback. Let me know. Thanks-Leo

============== I'm not a lawyer, but doesn't chapter 13 allow the homeowner to prevent forclosure of the primary residence? Unfortunately you will have a difficult time even giving away your TS if you owe back maintenance fees. Does CH-13 allow you to restructure debt to be able to get up-to-date on the MFs? Have you tried offering the unit back to the resort? They may be willing to take it and resell it to someone who can pay the fees. Good Luck

Doesn't chapter 13 release you from all your debts or is that chapter 7? If not, in your case I would just let the resort foreclose on it. I don't usually give this type of advice, but in extreme cases such as yours when you've explained your situation (chapter 13 bankruptcy) to the resort, your timeshare is completely paid for and you offered it back to the resort free of charge, I don't see that you have any choice but to let it go into foreclosure. However, you have to remember that resorts have heard it ALL (excuses for nonpayment of maintenance fees) so perhaps if you sent them some proof of your situation (divorce/bankruptcy) they would reconsider.

Also, depending on the resort, location and it's popularity (supply and demand) perhaps you could sell it for what you owe in maintenance fees or give it away with the understanding that the buyer would have to pay the back maintenance fees.

Resales typically sell for 1/4 to 1/3 of what was paid the developer, so be aware of that fact, unless you own at a very high end resort (Marriott, Westin, Four Seasons, Hyatt, Disney etc).

Whatever you do, do not let an UPFRONT FEE RESALE COMPANY talk you into signing up with them. They're scams as has been evidenced all over these forums and other timeshare forums on the internet.

jayjay wrote:

Doesn't chapter 13 release you from all your debts or is that chapter 7? If not, in your case I would just let the resort foreclose on it. I don't usually give this type of advice, but in extreme cases such as yours when you've explained your situation (chapter 13 bankruptcy) to the resort, your timeshare is completely paid for and you offered it back to the resort free of charge, I don't see that you have any choice but to let it go into foreclosure. However, you have to remember that resorts have heard it ALL (excuses for nonpayment of maintenance fees) so perhaps if you sent them some proof of your situation (divorce/bankruptcy) they would reconsider.

Also, depending on the resort, location and it's popularity (supply and demand) perhaps you could sell it for what you owe in maintenance fees or give it away with the understanding that the buyer would have to pay the back maintenance fees.

Resales typically sell for 1/4 to 1/3 of what was paid the developer, so be aware of that fact, unless you own at a very high end resort (Marriott, Westin, Four Seasons, Hyatt, Disney etc).

Whatever you do, do not let an UPFRONT FEE RESALE COMPANY talk you into signing up with them. They're scams as has been evidenced all over these forums and other timeshare forums on the internet.

Thanks: I sent the resort confirmation of my financial situation some time ago. Also its not the resort that I owe the money to, as I stated the time share is paid for- its the homeownwers association that collect the fees for taxes upkeep and so forth that want the back fees. I am currently running (2) seperate adds on 2 diffrent websites to try sell the property for whats owed on the fees. I've gotten some response but no one seems to want it. Its 2 miles from Disney World in Orlando and you would think someone with kids would love a 2-bedroom lock-out. Leo

leod14 wrote:

Thanks: I sent the resort confirmation of my financial situation some time ago. Also its not the resort that I owe the money to, as I stated the time share is paid for- its the homeownwers association that collect the fees for taxes upkeep and so forth that want the back fees. I am currently running (2) seperate adds on 2 diffrent websites to try sell the property for whats owed on the fees. I've gotten some response but no one seems to want it. Its 2 miles from Disney World in Orlando and you would think someone with kids would love a 2-bedroom lock-out. Leo

Olrando, and surrounding areas, is overly saturated with timeshare resorts and there are literally thousands of timeshares units for sale, not so speak of thousands of rentals of timeshares, hotels, home and apartments there.

The fact you own a lockout is a positive as it's considered two different units under one ownerhip and it can traded as two different units if you so wish.

The only thing I can suggest is to keep it listed at what you owe the HOA and if you get any responses, then try to make some kind of deal even if you have to pay some of the back maintenance fees or offer to pay for closing.

chapter 13 does allow the homeowner to prevent forclosure of the primary residence. making a deal with HOA is the best and simplest option available with you. so all the best Vik -------- government debt consolidation

leod14 wrote:

I purchased a Timeshare back in 2001. The unit is completely paid for, but things took a bad turn in my life and after going through a divrorce (married 27yrs), a subsequent ch-13, and on top of that Ameriquest foreclosed on my home of 10yrs , I am no longer in a position to keep the place. I owe back maintainence fees to the HOA which continue to accrue penalties and interest. I love the place but at this stage in my life I am willing to give it away to someone who has ever thought about owning a timeshare. Any other ideas, suggestions or feedback. Let me know. Thanks-Leo

Review your Chapter 13 documents. If you listed the timeshare in your Chapter 13 filing, it is the court that determines what your obligation is when you come out of the bankruptcy. If the court has not made a decision and you are still in the bankruptcy process, file a request for a hearing with the court to adjudicate your responisbility to the timeshare management company. Most likely you have no responsibility if you have not been ordered to make payments to the timesare company management , and the timeshare company will face penalties if they continue to harass you about the obligations which a Bankruptcy Court has dismissed. Consult an attorney to be certain of your rights. Stan

Just let them forclose. One of two things will happen, your credit will be ruined which it already is, or the HOA wont pay the taxes and the county will auction the unit for back taxes.