TRYING TO GET OUT OF MEXICO TIMESHARE

I BOUGHT A TIMESHARE IN CANCUN SEVERAL YEARS AGO. I TRIED TO SELL IT FOR ALMOST NOTHING BUT NO ONE WANTS TO BUY IT. IT IS ALL READY PAID FREE AND CLEAR BUT I HAVE TO PAY $750 EVERY ODD YEAR. WHAT HAPPENS IF I DECIDE NOT TO PAY THE ASSOCIATION DUES. I'VE ALL READY TOLD THE RESORT I NO LONGER WANT THE TIMESHARE BUT THEY SAID THEY WILL TURN ME OVER TO A COLLECTIONS AGENCY IF I DON'T PAY THE DUES. IS THAT TRUE? WILL NOT PAYING MY DUES HURT MY FUTURE CREDIT SCORES?

davidm655 wrote:

I BOUGHT A TIMESHARE IN CANCUN SEVERAL YEARS AGO. I TRIED TO SELL IT FOR ALMOST NOTHING BUT NO ONE WANTS TO BUY IT. IT IS ALL READY PAID FREE AND CLEAR BUT I HAVE TO PAY $750 EVERY ODD YEAR. WHAT HAPPENS IF I DECIDE NOT TO PAY THE ASSOCIATION DUES. I'VE ALL READY TOLD THE RESORT I NO LONGER WANT THE TIMESHARE BUT THEY SAID THEY WILL TURN ME OVER TO A COLLECTIONS AGENCY IF I DON'T PAY THE DUES. IS THAT TRUE? WILL NOT PAYING MY DUES HURT MY FUTURE CREDIT SCORES?

Your unit will go into foreclosure and the collection agency will hound you for payment and all this will negatively affect your credit rating. When you signed on that dotted line to buy that timeshare, you also signed to abide by the rules concerning maintenance fees .... a contract is a contract and contracts are legally binding.

My advice is to suck it up and either use or trade your timeshare getting some benefit from it instead of throwing money away by paying maintenance fees and not using your ownership.

THANK YOU FOR THE RESPONSE.

im planning of getting a resort in mexico... any advise?

wardd9 wrote:

im planning of getting a resort in mexico... any advise?

You can virtually always RENT timeshare weeks in Mexico for about the same (maybe even less) money than you would be legally obligated to pay EACH AND EVERY YEAR if you became an actual owner (...or, more accurately for Mexican timeshares, a participant in a RTU contract). Accordingly, to me it makes absolutely no sense whatsoever to BUY a Mexican timeshare, even if you get it for pennies or even for FREE. Just my personal opinion.

You can also try donating your timeshare to a charity.

massp wrote:

You can also try donating your timeshare to a charity.

No disrespect intended, but the odds of any charity accepting a Mexican RTU contract as a "donation" are precisely ZERO. Even in the best of times, which these certainly are not, this particular (essentially worthless) timeshare "product" would be rejected immediately as an attempted "donation". It would not really be a "donation" at all anyhow. More accurately stated, it would just be an attempt to pass a financial burden and liability on to someone else --- and no charitable organization wants any part of accepting someone else's financial burden or liability. Why would they?

wardd9 wrote:

im planning of getting a resort in mexico... any advise?

I would rent instead of buying any timeshare at this time.

I bought 15 yrs ago and own two units in Puerto Vallarta. Paid cash (BIG cash) I can no longer afford the fees and I have zip for credit, so I am just going to let them go. If they turn me over to collections, at this point they can get in line! I originally bought because an Annuity was included. I made a change and they snuck taking away the annuity and now tell me I never had an annuity! I lost the paper work somewhere in the 10+ moves I have had to make. What credit i have is gone so I guess I don't care...

DON"T

Tips to Cancel a timeshare: 1. Read the timeshare laws for vacation ownership where your timeshare is located. If it was purchased in Mexico, then, it is ruled by the Mexican civil law. 2. If you can´t cancel your timeshare, determine a realistic price for it. Don´t take advise from timeshare resale companies as they will "sweet the coffee" and make unrealistic expectations trying to get money upfront from you to sell it. 3. Place ads on timeshare sites. There are many and the most important are TUG, My Resort Network RedWeek and EBay. 4. Respond all inquiries as soon as possible. 5. Don´t kill the deal; negotiate. If you get a low baller, make a counter offer. Think of the future maintenance fees you will be saving. 6. Hire a closing company to do the transfer.

If someone or a company cold calls you claiming to have a buyer with thons of cash ready to hand over it to you, be careful. These companies will usually ask you to pay for fees in advance and later on you will discover that this buyer never existed. These companies make their money from people trying desperately cancel a timeshare.

kelseyf9 wrote:

If someone or a company cold calls you claiming to have a buyer with thons of cash ready to hand over it to you, be careful. These companies will usually ask you to pay for fees in advance and later on you will discover that this buyer never existed. These companies make their money from people trying desperately cancel a timeshare.

Don't just be careful .... all of these types of companies are scams .... they have no buyer, period. All they want is that upfront fee and then you're history to them.

A Quit Claim Deed may be the only way. You give your timeshare to a person, you have a lawyer draw the papers, this means you surrender your interest to them and they then assume all the yearly fees. Is Mexico different? Get a lawyer familiar with the laws in Mexico. Check out the people/companies that buy Timeshares

scally wrote:

A Quit Claim Deed may be the only way. You give your timeshare to a person, you have a lawyer draw the papers, this means you surrender your interest to them and they then assume all the yearly fees. Is Mexico different? Get a lawyer familiar with the laws in Mexico. Check out the people/companies that buy Timeshares

You can only do this if someone is willing to take the timeshare .... you can't force it on someone ..... I don't know of any companies that buy timeshares unless they're a PCC and then they charge huge fees like $3500 .... if they don't sell it then it's still in your name and you still owe the yearly fees.

I think that's what I said, how would you force it on someone? If you have a good timeshare, and there are some in Mexico, some company will take it and rent it till it's sold, they are getting it for free. All they need to get is the maintenance until it's sold. I stayed at some really nice places there. A bad timeshare is a persons nightmare.

scally wrote:

I think that's what I said, how would you force it on someone? If you have a good timeshare, and there are some in Mexico, some company will take it and rent it till it's sold, they are getting it for free. All they need to get is the maintenance until it's sold. I stayed at some really nice places there. A bad timeshare is a persons nightmare.

You said, "some company will take it and rent it til it's sold" ..... do you realize how many timeshare resorts and units there are in MX? It's not a given that all MX timeshares can be rented by any entity, much less a company that says they guarantee they can rent it .... this is how scams start.

You were evidently looking for a particular resort rental and timeframe, which some company may have provided but I can guarantee you that ALL the rentals in their inventory were not rented.

I do agree with you that renting a timeshare in MX in this economy is more preferrable than buying, BUT you can't put all rental entities in one category.

Well it has now been over several years since I have made any payments on my Westin Cancun timeshare and there has not been any negative consequences to me not paying my every other year hoa dues. Not sure if the Westin turned me over to a collections agency but my credit score has not gone down since not paying my dues. I tell you one thing, I'm thankful that I don't have to pay that $750 every other year now. Best decision I have ever made concerning timeshares, to stop making those hoa dues payments on that aweful Mexican Westin Timeshare!

Your experience reflects exactly the same as our Westgate group has seen. ie Absolutely NO effect on credit reports or any other negative outcome whatsoever when ceasing to pay either the HOA fees or their crazy loan rates - we have at least 5 years of history to back this up.

davidm655 wrote:

Well it has now been over several years since I have made any payments on my Westin Cancun timeshare and there has not been any negative consequences to me not paying my every other year hoa dues. Not sure if the Westin turned me over to a collections agency but my credit score has not gone down since not paying my dues. I tell you one thing, I'm thankful that I don't have to pay that $750 every other year now. Best decision I have ever made concerning timeshares, to stop making those hoa dues payments on that aweful Mexican Westin Timeshare!

Your experience reflects exactly the same as our Westgate group has seen. ie Absolutely NO effect on credit reports or any other negative outcome whatsoever when ceasing to pay either the HOA fees or their crazy loan rates - we have at least 5 years of history to back this up.

davidm655 wrote:

All I can say is, "you're very lucky", especially with a loan involved.

Why did Reweek get rid of the Wish list. does anyone know