We Collect Timeshares, LLC

jayjay states in relevant part: >>The resorts where you own would probably take deedbacks << ==============================================

I'm sure that they would, but I wasn't referring to any resorts where I own nor, for that matter, about any resorts located anywhere remotely near that geographic area. Deedbacks would not be offered to an HOA in SW FL by any owner with even half a brain, no matter how unhappy or broke he / she might be, since (as you correctly note) such weeks can be (and routinely are) easily and promptly sold. Accordingly, there would never be a need for an owner to even consider trying to "give" a week back to an HOA in that particular geographic area.

I'm well aware that most resorts don't take "deedbacks" and I certainly wasn't in any way suggesting otherwise in my post. I was merely pointing out that I personally know of a few resorts that CHOOSE to do so, and apparently somehow make that choice work, by the exact process which I previously described above. I formerly owned weeks at two out of the three facilities to which I refer. One is a (currently unrated) modest resort located in Daytona Beach Shores, FL. Another is a small (and equally modest) facility located in Vermont. A third facility I know of that takes "deedbacks" is one where I never owned (but have stayed at), located in New Hampshire.

In each one of these three specific instances that I personally know about, located in three different states, the resort is not large; under 30 units total in each case, I believe. Whether their small size (and manageable number of units / weeks) has any influence on the HOA's willingness and ability to accept and deal with processing deedbacks, I do not claim to know. I DO know, however, that each of them DOES accept deedbacks under the specific conditions which I cited previously. Apparently, they somehow make it work --- or they presumably wouldn't just keep on doing it.

I'm merely reporting an observation based on personal, first hand knowledge. I'm not advocating a cause or promoting any agenda in reporting the direct observation.

ken1193 wrote:

One is a (currently unrated) modest resort located in Daytona Beach Shores, FL. .

Small world, we also formerly owned at Daytona Beach Shores at Atlantic Terrace. Our unit was beach front and we had a 100 ft. wrap around balcony. We sold it for what we paid for it when we moved to the mountains.

We immensly enjoyed Daytona Beach Shores and watching all the traffic (drive-on) on the beach. We also enoyed eating at Sunset Pier Restaurant which was halfway out on the fishing pier and just a short walk away.

jayjay Re: >> Small world, we also formerly owned at Daytona Beach Shores....<< ============================================= I never once even set foot on the premises of the place where I owned there, so I don't know the area at all.

Some years ago, I bought a DBS week from a friend who was having financial troubles. I paid him a bit more than it was really worth and figured that I could at least use it for "exchanging". (This was back when a VERY different RCI was really an exchange company and not yet engaged in the direct rental of its members' deposits). It traded o.k. I subsequently sold it for about half of the $3k I had paid, but since I felt I had helped out a friend in need I chose to just regard the "loss" as a "karma wash" and move on...

ken1193 wrote:

I subsequently sold it for about half of the $3k I had paid, but since I felt I had helped out a friend in need I chose to just regard the "loss" as a "karma wash" and move on...

Good for you .... I also believe in karma (what goes around comes around, you reap what you sow, action/reaction etc etc etc). You did a good deed by helping your friend out.

Sorry to get off topic :o)!

judyp87 wrote:

Has anyone dealt with We Collect Timeshares, LLC? We attended one of their meetings and are interested in selling our timeshare but really do not want to pay to be rid of it. And even if we do pay, are we really free of the obligaton?

This afternoon I attended a meeting with a similiar company called "Out 0f Timeshare, Inc." Their fee is less. However, I still don't know if they will really transfer my name out of the deed, after I pay them the money upfront. I have to sigh all the contracts, but none of them had to sign anything. I am afraid that a few years later, I still will get a bill from the resort, because they did not take my name out of the deed. What could I do to them when that happens?

I tried to donate my week. No one takes it because it is a Jan week. It is not easy to just give it away, and I am stuck with the high maintainance fee.

Did anyone actually get out of their timeshare by paying these companies? someone told me that I could still be stuck with the bills because they may not follow through what they promised.

fk13 wrote:

This afternoon I attended a meeting with a similiar company called "Out 0f Timeshare, Inc." Their fee is less. However, I still don't know if they will really transfer my name out of the deed, after I pay them the money upfront. I have to sigh all the contracts, but none of them had to sign anything. I am afraid that a few years later, I still will get a bill from the resort, because they did not take my name out of the deed. What could I do to them when that happens?

I tried to donate my week. No one takes it because it is a Jan week. It is not easy to just give it away, and I am stuck with the high maintainance fee.

Did anyone actually get out of their timeshare by paying these companies? someone told me that I could still be stuck with the bills because they may not follow through what they promised.

What you need to do is continually phone the resort to find out if the deed has been changed out of your name. It may take a few weeks for this to occur.

Yes, people have actually gotten out of timeshare ownership by dealing with those types of companies, but they pay a high price to do so, however the owners are then totally free from their timeshare responsibilities.

It's people like you that turn to those companies when they have tried every way possible to get rid of their timeshare including trying to sell it, trying to give it to charity and trying to give it away with no success. You have come to the end of your rope with ever rising maintenance fees to be paid every year in the future unless you rid yourself of that albatross.

In a case like yours, I do see a need for those types of companies, although I don't condone how much they charge, but they are then responsible for all future maintenance fees and possible special assessments of the week they took off your hands.

Bottom line is to make sure the deed is out of your name, but give it a few weeks.

I just recently used Timeshare Freedom (I believe owned by We Collect Timeshares, LLC) to get rid of an unwanted timeshare. Although they took somewhat longer than anticipated (5 months) and I had to keep on top of them to get it completed, it is done. The county recorder's office where my timeshare is has an on-line system so that I could easily check to make sure that the deed had actually been recorded in their name. They did not however pay my maintenance fees or property taxes by their due dates, although they did reimburse these costs after the sale was complete. If you use this company, be sure to follow all the instructions "to the letter" and read every word of the contract because if something is not turned in on time they have it written into the contract that they can rescind the offer. We actually paid our fee with a credit card less than 60 days from the due date of our maintenance fees so that if they did not pay them as promised, then we could at least cancel the payment for "Breach of Contract". I also did not enjoy having to pay someone to take my timeshare, but nothing else had worked and it was not the type of burden I wanted my children to inherit. Good luck.

I "sold" my timeshare to We Collect Timeshares in September 2006. Although they have paid the maintenance fees as promised, I was not able to deduct the loss on my income taxes as they said I could. The income tax deduction was what made it worthwhile to me. (I do not see other comments about this aspect of their sales pitch in this thread.) Otherwise, I would have given it away or sold it cheap, even though it may have taken some time. We gave away more weeks to family than we personally used, and that was better than paying money to these people. I have tried calling the number on my paperwork and on their website, but neither is accurate. I have now e-mailed the company this morning. The tax "advice" is not part of the signed paperwork, but it was a significant part of the sales pitch. I suspect they are no more licensed tax advisers than they are real estate agents (see Cease and Desist order above). I hope this helps others to avoid the trap we fell into.

michaelb780 wrote:

...I was not able to deduct the loss on my income taxes as they said I could. The income tax deduction was what made it worthwhile to me.

According to the accountant who did my taxes, you are correct. You cannot deduct the loss on a timeshare or other property owned only for personal use. I wish I knew that then. As for a timeshare that is rented, I have no idea as that did not apply to me.

We have sold a number of timeshares through Redweek and Tug. It worked out well. I had one in Kissimmee that I could not sell. I donated it--turned the deed over to Make a Wish Foundation. We were able to get a nice tax deduction for a property that I would never use again.

ilene13 wrote:

I donated it--turned the deed over to Make a Wish Foundation. We were able to get a nice tax deduction for a property that I would never use again.