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Give away timeshare to charity
oq2 wrote:carlynb wrote:Company I dealt with is HMS(Home Mortgage Services). I checked with the BBB and they were ok. Also called reference my contact gave me. His name is Shon Holloway. Phone # is 687-608-5613. They do charge a fee.(500.00) My transfer is just in the starting process. Good luck.I am just starting the process with HMS. Does anyone have recent experience dealing with this company? Thanks!
If they charge an upfront fee then they're a scam.
R P.
carlynb wrote:I recently within the last month successfully transfered my timeshare using the services of HSM. It is out of my name and I am no longer the owner. I have it in writing from the resort.
I would point out two highly relevant (but entirely missing) pieces of important information here:
1. According to a prior post by the OP (carlynb), this was a Mexican timeshare. Accordingly, this means that there was no actual ownership involved here in the first place --- just a "right to use" a facility for a specified time duration, with no actual "ownership" of anything at all. Such a Mexican RTU currently has little or no market value, particularly in view of all the drug cartel related crime which is so widespread, out of control, and well publicized in Mexico these days.
2. The "sucessful HMS transfer" claim above does not specify (...or even remotely mention, for that matter) the actual out of pocket COST of "successfully" utilzing these alleged "transfer services". It's relevant and very important to know just how much it COST the OP to successfully "unload" something which was of little or no monetary / market value in the first place...
KC
Last edited by ken1193 on Dec 09, 2009 11:03 AM
pedro0390841 wrote:More accurately and correctly stated, those (relatively few) resorts which accept deedbacks generally require the "donor owner" to pay the associated closing costs (which is distinctly different from the "resort transfer fee", a fee which many resorts don't charge in ANY ownership change in the first place).Keep in mind, somtimes you can deed back the timeshare to the resort. Most will require you to pay the resort transfer fee which varies.
In a "deedback", the resort HOA is going to become the new owner, and they generally require closing costs in order to cover preparation of a new deed and recording thereof, so that they can then have it available for resale by said HOA (or, in some instances, by an on-site resale agent). The "resort transfer fee" (...if any) does not actually enter the picture at all in such situations.
Celebrity is one entity which might consider accepting a deedback *IF* the facility, unit and week are "desirable". Celebrity routinely rents out "house owned" weeks at various Celebrity facilities. If a "house owned" week would consistently command more in rent money than the associated maintenance fee collected from an owner of that same week, it's a business decision clearly in their own best interest. For a "weak week" however, not so much...
KC
Last edited by ken1193 on Dec 15, 2009 10:44 AM
It was. Timeshare is not in our name anymore. Don't think we will realize much of a deduction,though. You might check on that. Our unit hasn't sold yet, even though the price was VERY low. We could not deduct anything for this year, but at least we were not responsible for the 2010 maintenance fees. Good luck!
Carlyn B.
I most definitely am not a shill for HMS. I got references from them and no one had a bad word to say about them. They charge a fee to do all the paperwork and handle the transfer.I do not think that is out of line. They also assume the liability for next year's maintenance if the unit is not sold, which in our case happens to be what happened. It is not easy for these companies to unload some of the timeshares in these times, particularly in Mexico.
Carlyn B.
carlynb wrote:I most definitely am not a shill for HMS. I got references from them and no one had a bad word to say about them. They charge a fee to do all the paperwork and handle the transfer.I do not think that is out of line. They also assume the liability for next year's maintenance if the unit is not sold, which in our case happens to be what happened. It is not easy for these companies to unload some of the timeshares in these times, particularly in Mexico.
Let me ask you this .... why would any company take a worthless timeshare with all it's encumbrances (maintenance fees/possible special assessments) that go on forever .... timeshares are selling for pennies on the dollars as is evidenced on Ebay .... many timeshares can't even be given away .... so, I again ask what HMS's business model is in this worthless timeshare market.
R P.
tiffanys121 wrote:I am getting ready to start the process of donating to HMS. Could you please give me some info Thanks
Donating your property to a charity is risky. They usually charge a large upfront fee. There are cheaper ways to give away your property.
Also be aware that some scam companies are now posing as charities and scamming people.
Finally, do not fall for any spiel about how you can make a radical tax deduction for such donations. There was a post some weeks ago about how one donor got audited by the IRS for claiming such a deduction.
Lance C.
jayjay wrote:If they ask for any type of upfront fee (processing fee, closing fee, title search etc.) then you can kiss that money goodbye.
Closing costs must ALWAYS be paid by the donor, REGARDLESS of the particular charity involved. Other fees may be waived if the charity feels that the "donated" timeshare has any market value (...most don't, in these times), but closing costs are ALWAYS the donor's responsibility. NO charity is willing to "eat" closing costs, nor has it ever been otherwise (even in better economic times).
KC
tiffanys121 wrote:You can't easily sell something that has no current market value, but sometimes (not always) you can give it away for free.Hi you had said that there were cheaper ways to get rid of your timeshare. Just wondering what they were? Thanks!
As one specific example, Timeshare User Group (TUG) members (see http://www.tug2.net --- $15 per year membership required) can post (at NO additional charge) cheap or free timeshares in their "Bargain Deals" forum. That said, weeks at low demand locations or during off seasons, or those with unusually high annual maintenance fees, often can't even be given away for free...
KC
Last edited by ken1193 on Jan 02, 2011 07:43 AM
The timeshare at Los Cabos Golf Resort was successfully transferred out of our name and we do not have to pay the maintenance fees anymore. We never were able to get a deduction, because HMS never resold it- We are just happy not to have it in our name anymore. The deduction would have been nice, but we just wanted out. This was over a year ago-At the time we paid 500.00 to HMS for the transfer costs, including closing costs, etc. Hope this helps.
Carlyn B.