Getting rid of a time share.

so relative to walking away, i believe the downside other than the inconvenience of collection calls, is loosing the property through foreclosure (which was the goal) and a negative credit report hit. i don't think the timeshare association can collect on back owed fees, generally. does anyone see an issue with transfering the property to a small llc to distance the liability (a smart idea if you are exchanging anyway), and minimizing the credit report impact if you then can't afford to pay maintenance and have to default? uncollectable debt really isn't debt, per se.

We had a timeshare for 20 years and was very happy with it. We used it 2 time a year and rented several weeks a year. Last year when we received our maintenance fees, they had doubled (totaling over $3,000.per year) We went to a presentation about getting rid of your timeshare. The company was Apex Professionals. After a presentation on timeshares that scared us to death as to how much more we were going to have to pay, we ended up giving them $5,490. to get our timeshare out of our name. they informed us that we could take a loss on our income tax, which we cannot. I feel they are a total ripoff. I think that these companies are returning the timeshares back to the timeshare companies and they are reselling them and ripping more people off. I really wish that something could be done about the timeshare companies and companies like Apex Professionals

As to the reply as to where maintenance fees are so high. I have what you call points and I have $35,000 points. My maintenance fees increased last year and were over $3,000.

I like this idea. How much does it cost to set up an LLC?

Okay, not to get morbid here, but what if the owner dies? Can you simply inform the company that the owner is deceased?

lewism20 wrote:

Okay, not to get morbid here, but what if the owner dies? Can you simply inform the company that the owner is deceased?

They can easily verify that. They probably would do so in the process of posting a debt lien to your estate. Even if you do die, depending on your state laws, the lien might have to be satisfied before the estate can be settled.

lewism20 wrote:

I like this idea. How much does it cost to set up an LLC?

I love it, but there are some possible obstacles. If you're transferring title from yourself to any third party including an LLC and still owe on the TS, you'd probably have to satisfy the lien held by the mortgagee. Depending on your state laws, you might even have to satisfy current/past debt for MFs.

If you own it outright, you'd want a lawyer to read all the terms of the original sale and ownership and membership to see whether the TS company anticipated this with some boilerplate provisions that would prevent you from escaping responsibility, and whether such prohibitions would hold up in court.

And there's always the possibility that the TS company could allege in court that this was a fraudulent transfer, intended to escape debt responsibility. (Duh!) Yeah, corporations legally do that all the time, but you'd have to know your state laws - including ones crafted by TS lobbyists to their advantage - to know whether you are at risk for that.

orvillem5 wrote:

lewism20 wrote:

Okay, not to get morbid here, but what if the owner dies? Can you simply inform the company that the owner is deceased?

They can easily verify that. They probably would do so in the process of posting a debt lien to your estate. Even if you do die, depending on your state laws, the lien might have to be satisfied before the estate can be settled.

Orviille is indeed correct that the deceased's timeshare fees will be the responsibility of the estate until the timeshare is sold or changes ownership.

jeffa35 wrote:

redbird wrote:

How does one get rid of a timeshare that we no longer use and can't sell for just one maintainace fee or less. We just attended a presentation with a company called Timeshare Relief Inc. Has anyone had any experiance with that Co. They wanted $3500 for one week and $4200 for two weeks to end all obligations to the timeshare that we own. Than they said that we could write off all the loss from purchase price and the amount they charged to get rid of the timeshare aginst capital gaines and never have to pay another maintaince fee again. Our timeshare is now going to charge an extra assessment plus maintaince to the total of just under $1,000 per week on a timeshare that we could not sell for $500. Also it is available for extra weeks on RCI for under $400. Need Ideas

where do you own at and what weeks? It would seem like someone is taking you to the cleaners. Surely you can sell this year for the price of at least your closing cost and maintaince fee. I am also tying to sell a week at Marriott Barony Beach Club hilton head Island. I will keep a watchful eye on what info you get posted debbie

We went to a presentation with a company called Apex Professionals. We ended up paying $5,490. to get rid of our Timeshares. It wasn't that we didn't use and enjoy them, but they doubled our maintenance fees last year, which scared us very much. Then, this company continued with the scare to tell us what could happen and we ended up paying this much money to get rid of them. I don't know what the answer is, but feel that timeshares have turned into being a real rip off and so are these companies that get rid of them for you. I truly feel that companies like Apex is acquiring these timeshares and turning them back to the Timeshare companies and then they are reselling them to take advantage of another individual like me. Mary

marym175 wrote:

We went to a presentation with a company called Apex Professionals. We ended up paying $5,490. to get rid of our Timeshares. .......... I truly feel that companies like Apex is acquiring these timeshares and turning them back to the Timeshare companies and then they are reselling them to take advantage of another individual like me.

Apex Professionals is reportedly the reincarnation of We Collect Timeshares, LLC, formerly of Washington State, with Jonathan Gibbs and wife Christine Gibbs as the reported principals.

These various so-called "PostCard Companies" make all of their money from desperate sellers. They don't actually undertake much (...if any) any effort to "turn them back to the timeshare companies". Instead, they just dump the acquired timeshare on eBay through a reseller arrangement, who takes whatever they can get for it ---pennies, if necessary (plus closing costs, of course). After all, they just made $5,490 already --- directly from YOU. They don't care one bit how much it sells for next, just as long as it promptly goes into someone else's name before the next years' maintenance fee bill come along....

In the case where someone passes, if the timeshare is deeded. The estate cannot close till all is solved or closed. It could be willed...past on to next of kin.

Does anyone know anything about ResortVP or Vacation Property Trader? They say they can get my money back from other timeshare companies that I have lost $ with and they want to charge over $1300 for marketing my timeshare. I was contacted from them getting my information from this site. Would appreciate some feedback.

susieh25 wrote:

Does anyone know anything about ResortVP or Vacation Property Trader? They say they can get my money back from other timeshare companies that I have lost $ with and they want to charge over $1300 for marketing my timeshare. I was contacted from them getting my information from this site. Would appreciate some feedback.

I have NEVER heard of EITHER entity in my 27+ years of timeshare ownership and extensive experience in the timeshare world.

I suggest asking yourself: once ANY "upfront fee" entity has your money, what on earth do you somehow believe would be their motivation to do anything more for you? After all, they ALREADY have all the money they will ever get from you once you pay them "upfront".

If you've already been burned before, you'd be well advised to absorb (and not just repeat) that expensive lesson. If you decide to fall for the "pitch" anyhow, please don't later claim to be a "victim", as you will instead be just another willing VOLUNTEER...

ken1193 wrote:

susieh25 wrote:

Does anyone know anything about ResortVP or Vacation Property Trader? They say they can get my money back from other timeshare companies that I have lost $ with and they want to charge over $1300 for marketing my timeshare. I was contacted from them getting my information from this site. Would appreciate some feedback.

I have NEVER heard of EITHER entity in my 27+ years of timeshare ownership and extensive experience in the timeshare world.

I suggest asking yourself: once ANY "upfront fee" entity has your money, what on earth do you somehow believe would be their motivation to do anything more for you? After all, they ALREADY have all the money they will ever get from you once you pay them "upfront".

If you've already been burned before, you'd be well advised to absorb (and not just repeat) that expensive lesson. If you decide to fall for the "pitch" anyhow, please don't later claim to be a "victim", as you will instead be just another willing VOLUNTEER...

As an HOA Board member we have had people walk away from there Unit. We rent them out, and the unit funds (Rent)pay for the unit till it sells. Also you can rent it out, that should break even with Fees. If it is points, take a vacation...

We used Timeshare Relief. I know it sounds and IS expensive, but it did work - it's gone and no longer a worry!

What is MNOP?

Tony,

What does one do where the decedent dies intestate and there is no probate because the decedent's property (except the timeshare) passes outside probate via joint tenancy with right of survivorship, inter vivos trusts, life estates, and various nominee arrangements? If the maintenance fees are current at the date of death, can the timeshare management force the opening of an administration of the estate and if so where is the venue and who pays the legal fees?

What if the intestate heirs do not want the timeshare for a multitute of reasons including high maintenance fees and either all heirs disclaim the timeshare or simply ignore the matter.

To further complicate matters, what if there is an unprobated will and the legatee of the timeshare takes no action to probate the will. What happens if the timeshare management is unaware of the decedent's death and is not notified by a member of the family and the statutary period for opening a probate or administration passes without any probate activity?

What if there is no fraudulent intent motivating the actions of any of the heirs at law or legatees?

With no disrespect intended, Tony, one does not rely on legal advise posted on this site for answers to these questions but rather contacts a board certified estate planning/probate attorney for answers.

The above comments were written while enjoying our Marriott timeshare at Park City during the Sundance Film Festival along with skiing at Deer Valley. I have sold timeshares with no difficulty and I suggest the key to "getting rid of a timeshare" is to buy at the right place during the prime season. Trying to save money upfront by buying in an off season at a poorly managed resort will ultimately lead to ownership of a timeshare you cannot give away.

..... and, you 'people' are permitted to VOTE.... too yet????? PHEW....!!