My timeshare is paid in full, but I just don't want it anymore

Thank you for your reply, Lance C. To update: I called my resort & asked if they had a buy back, give back or deed back program & was told they do not. I told them I could not continue paying the maintenance fees & that (just as you suggested) it would be beneficial for all parties involved to take it back, saying it would eliminate wasted time & money with collections and then foreclosure to just take it back. I even offered to pay next year's maintenance fee - due in January '22. Told them they could then rent it out, (they have a rental program) but they said they were sorry and they couldn't do anything for me because they don't have that type of a program - the take back program. So have a question for you or anyone else knowledgeable & has gone thru foreclosure which I assume this will come to - Question is: Will I have to sign any papers if & when it forecloses? Is there anything I would have to sign, like - signing over the deed to them or anything else? It took a lot of courage on my part to even make that phone call yesterday but I'm glad I did. Any information on what to expect in the future regarding signing anything would be greatly appreciated again. Thank you in advance.

JoAnn, this topic has been mentioned and discussed on Tug. (www.tug2.com) more than once. Florida is an anti-deficiency state regarding timeshares. You can read the section on foreclosures by looking up the Florida Statutes under the "Buying, Selling and Renting" topic. Basically, the resort has to spend money filing foreclosure papers and pursuing you. But, the most they can do to you is take back the timeshare and report you to the credit bureaus. They cannot sue you for any money. You could see a drop in your credit score, but that is all. Some resorts report - some don't. The resort probably doesn't want to let you do a "deed in lieu of foreclosure" because that would set a precedent that they don't want to start. They are hoping that you just comply and start paying again. Your best bet is to ignore them and not object to any foreclosure proceedings. When the collection efforts fail, they may offer you a deed in lieu of foreclosure, which they should have offered when you called.

The state section of law to review is 721.855. You can find it on Tug in the Florida statutes.

johni116 wrote:

JoAnn, this topic has been mentioned and discussed on Tug. (www.tug2.com) more than once. Florida is an anti-deficiency state regarding timeshares. You can read the section on foreclosures by looking up the Florida Statutes under the "Buying, Selling and Renting" topic. Basically, the resort has to spend money filing foreclosure papers and pursuing you. But, the most they can do to you is take back the timeshare and report you to the credit bureaus. They cannot sue you for any money. You could see a drop in your credit score, but that is all. Some resorts report - some don't. The resort probably doesn't want to let you do a "deed in lieu of foreclosure" because that would set a precedent that they don't want to start. They are hoping that you just comply and start paying again. Your best bet is to ignore them and not object to any foreclosure proceedings. When the collection efforts fail, they may offer you a deed in lieu of foreclosure, which they should have offered when you called.

The state section of law to review is 721.855. You can find it on Tug in the Florida statutes.

Thank you, John I. for the info. I haven't accessed Redweek or Tugs in many years as I & my husband just recently decided we can't continue to pay the maintenance fees, so not very familiar with these sites. I will try to find it on Tug & read up on it. Thanks again. Just to clarify - a "deed in lieu of foreclosure" is what I would want them to offer me? And then I assume we would sign the deed (?) over to them? Just wondering about what docs we will have to deal with & of course, what costs are involved to us in foreclosing.

I have Hilton. I stopped paying and they garnished my wages. Had to hire a firm to get me out of the timeshare and debt. Inowed money on the loan though

joannp127 wrote:

Just to clarify - a "deed in lieu of foreclosure" is what I would want them to offer me? And then I assume we would sign the deed (?) over to them? Just wondering about what docs we will have to deal with & of course, what costs are involved to us in foreclosing.

Many resorts will not accept "deedbacks" under any circumstances, but you will not know your particular resort's policy or practices until and unless you ask the right people. Do NOT rely upon on any input or commentary from desk clerks answering the phone at your resort, as such resort employees have no authority to make any such decisions (and no legal standing to even address or discuss the matter at all, quite frankly). I suggest that you make your "deedback" request in writing, sent directly to your resort HOA President. If you make it very clear in your correspondence that you are not going to pay any more maintenance fees and that the HOA can either accept a deedback or go right ahead and foreclose right now, their decision might fall in your favor. Make their two (and only two) choices crystal clear.

You won't need any documents beyond a copy of your deed. If you don't have a copy, one can be easily retrieved from County records. If your resort agrees to accept the "deedback", they will provide you with a quit claim deed to sign your ownership over to the HOA. Policies differ among resorts regarding costs. Some charge a few hundred dollars to cover the time and expense involved in preparing (and then recording) a new deed with the HOA becoming the new "grantee". Some HOA's require payment of the equivalent of a year's worth of maintenance fees (two years, in some cases) as a condition of accepting a "deedback". Any and all such policy and practice details can be provided only and directly by the individual resort HOA itself (once again, NOT by resort employees just answering the resort's phone. Good luck.

P.S. The above information assumes and applies to timeshare ownership at a "independent" (non-chain) resort. If the ownership is instead within a "chain" (Wyndham, Westgate, etc), "deedbacks" are generally a matter of standardized policy (and cost) for any ownership within their "system". The Wyndham "deedback" program does not have any costs at all (although they will not just take back any and all ownerships; they are selective). Wastegate, on the other hand, reportedly charges $1,800 currently --- for the "privilege" of taking back a timeshare that the greedy b#st@*ds sold at a grossly inflated price in the first place. Isn't that so very kind of them?

To: KC - Thank you for the information & suggestion of requesting a deedback in writing. Our TS is not a chain so hopefully they'll take my offer to avoid the time & expenses of collectors and foreclosure proceedings. I'll be discussing this with my husband. He's still quite apprehensive about how they will handle it and what they'll do to us.

I have 2 paid in full Timeshares deeded properties. Both with Somerpointe Resorts.

Tahiti Las Vegas NV

Club De Soieil Las Vegas NV

I called Somerpointe and was told they will not do deedbacks. When we bought they made it a point to tell us we will have a deed on the property and it will go up in value like our home. This was a real estate investment they said. Boy did we fall for it.

We are retired and need to get rid of maintenance fees.

I put it for sale for $1 on Buy A Timeshare but no takers. Does anyone have info on working with Somerpointe? Contact info or any advice.

Las Vegas is booming right now . You might have some success selling them on the open market . Be creative and advertise in local papers . Someone might be interested in vacationing in Las Vegas . I just got back from Las Vegas Wednesday night and it's really buzzing there right now . I couldn't even get a full week at my timeshare due to the pandemic so I rented a couple of days at another timeshare to complete my week .

dianneg89 wrote:

I have 2 paid in full Timeshares deeded properties. Both with Somerpointe Resorts.

Tahiti Las Vegas NV

Club De Soieil Las Vegas NV

I called Somerpointe and was told they will not do deedbacks. When we bought they made it a point to tell us we will have a deed on the property and it will go up in value like our home. This was a real estate investment they said. Boy did we fall for it.

We are retired and need to get rid of maintenance fees.

I put it for sale for $1 on Buy A Timeshare but no takers. Does anyone have info on working with Somerpointe? Contact info or any advice.

I don't know anything about your particular resorts, or Somerpointe, or about Las Vegas or its' timeshare resale market. However, I do know that no timeshare anywhere on Planet Earth ever actually increases in market value, so those sales weasels were just outright and knowingly lying to you to make the sale. I sincerely hope that there is a special place in Hell reserved for all such greedy and deceitful parasites.

That said, I will merely note that if you should ultimately decide to try to just give your timeshares away for free, the Timeshare Users Group site has a "Bargain Deals" forum where you can post such timeshare offerings. With such broad exposure (there are currently 108,000+ registered members on TUG), you might find someone willing to take over your particular ownerships. Just a thought, for whatever it's worth, as you examine and pursue other avenues and options to rid yourself of these ownerships in a lawful, efficient, permanent and inexpensive manner.

Stay far away from ANY AND ALL obscenely expensive (and utterly useless) "exit / relief / escape / rescue" thieves!

Good luck.

Jane has a "right to use" in Mexico, fully paid off. No foreclosure. The contract has no exit clause, and only states if you default on MF they will take it back in 2 years. The Raintree company in Huston says you can only resell it yourself or donate, which is a joke. It seems to be a longshot for them to ding a credit score for 7 years when the original "RTU" has been paid off for years, MF up to date and the property never used. Jane was asking Steve P for an update on what ultimately happened to him when he stopped paying the MF, and I am also interested in hearing back from him. Steve P, if you are still out there please let us know!

brianl119 wrote:

janeb492 wrote:

Specifically want to know if anyone has just quit paying the annual maintenance fees and how long it took for creditors to quit hounding.

I don’t think they call anymore since it’s easy to block the number. They’ll send a couple letters and then just hit your credit, which will then be with you for 7 years as a negative. It could drop your score 100-150 points.

JaneB….I have new information I am wondering if anyone has heard of this: I asked if my membership at Raintree Resorts, Club Regina was a deeded property or a RTU. This is what they showed me: Contract lasts until 2046. PERPETUAL Per contract, after reaching the aforementioned date, there’s one of two scenarios. Either the trust ends and the member will get a portion or the value of the property or the trust (obligation) continues another 50 years. Annual usage Access to RCI for life for free Can accelerate up to 1 time per yesr. Term of the contract is reduced one year per acceleration. Can borrow the points allotment from the next year at the current maintenance fee price. Next year will pay the difference of maintenance fee. Special assessments apply Access to all RVC properties and internal exchanges.

So, is the above a deed? Or RTU? They mention a Trust.

Still I would like to quit paying my MF and thought my Raintree vacation club property was a RTU. Can tell me more about the above “Perputual” contract?

It is not possible to examine and / or assess the "perpetual" reference without seeing the full context and language of the document that you cite. That fact aside however, you can rest assured that you do NOT have a deeded ownership. You have a "right to use" (RTU) contract, which is essentially a "membership", in which you own absolutely nothing --- hence, no deed. I don't see how your (or any) contract could legitimately contain contradictory terms of a expiration date of 2046 and yet also be "perpetual". It cannot be both, so that particular "time contradiction" makes no sense.

There is no scenario in which you would ever see any money here. Rather than wade through the muck of all of the Raintree mumbo jumbo regarding "acceleration", a "Trust", RCI membership, an option to "borrow" points, etc., if you want to stop paying, just do so and walk away and don't look back. Ultimately, there is little or nothing that RVC can or will ever do to you for choosing to make that decision, beyond no longer allowing you to utilize the RTU (...so what?).

I am trying to give them away. I will try TUG next as you suggested.

Thank you!

@KC Suggesting that nothing will be done is unlikely. These companies will report you to a collection agency and if no payments are subsequently made, a negative report will be placed on your credit, resulting in a 100-150 point hit.

brianl119 wrote:

Suggesting that nothing will be done is unlikely. These companies will report you to a collection agency and if no payments are subsequently made, a negative report will be placed on your credit, resulting in a 100-150 point hit.

No offense intended, but you are largely mistaken. You may be unaware of, overlooking (or just conveniently ignoring) the fact that there is a clear and distinct difference between defaulting on a loan vs. someone merely stopping paying their maintenance fees on a fully paid off ownership (or RTU contract) that has no associated unpaid loan balance.

When a loan default is involved, the potential consequences that you describe above are indeed possible, even likely. However, with no loan default involved, ONLY unpaid maintenance fees, there is little likelihood of any consequences beyond foreclosure (in deeded ownerships) or the mere termination of any further "right to use" (in RTU contracts).

This is not a personal opinion. It is instead the observations of decades-long and very consistent developer behavior, both here in the U.S. and / or in Mexico.

Same here. Deeded unit, fully paid off. We’re too old to travel and our resort does not have a deed-back program. We’ve considered walking away, because there is no sense paying annual maintenance fees when we can’t use the unit. Also looking at simply deeding the unit back to resort through quitclaim deed. What can they do? If we don’t own it anymore, it doesn’t seem it could affect our credit rating.

susanc1615 wrote:

Also looking at simply deeding the unit back to resort through quitclaim deed. What can they do? If we don’t own it anymore, it doesn’t seem it could affect our credit rating.

Bad plan. ACCEPTANCE is a basic legal requirement for a deed (any deed) to be valid. You cannot just unilaterally "quitclaim" the ownership to any unwilling "grantee" (the resort, or anyone else) without their consent (ACCEPTANCE). Simply stated, any such deed would just be void and you would still own the timeshare in the eyes of the law.

What can they do? The resort would not actually have to "do" anything at all. Since any such invalid deed would be legally meaningless, they would simply ignore your legally invalid action and you would still remain the owners in the eyes of resort --- and in the eyes of the law.

You can give it away to someone else who is willing to take over the ownership, or you can just walk away, but any attempt to "deed back" to an unwilling "grantee" (whether it's the resort or a random name out of the phone book) would be legally meaningless and a complete a waste of time and effort. You would still remain the lawful owners of record.

@KC I assure you that any company can send your “file” to a collection agency, loan or not, for lack of payment. And once in collections, the collection agency will do what they feel is necessary to collect on the debt, with the majority of their actions being a negative record to all 3 bureaus, and a 100-150 point loss.

brianl119 wrote:

@KC I assure you that any company can send your “file” to a collection agency, loan or not, for lack of payment. And once in collections, the collection agency will do what they feel is necessary to collect on the debt, with the majority of their actions being a negative record to all 3 bureaus, and a 100-150 point loss.

With all due respect, you seem to be missing an important point regarding the significant difference between what a timeshare resort (or timeshare company, if it's a "chain") CAN do vs. their ACTUAL PRACTICES after non-payment of maintenance fees, as has been consistently observed and reported over the past several decades.

I do not disagree or dispute that any timeshare entity can create a negative credit report issue for unpaid maintenance fees alone, even with no unpaid loan balance being involved. We certainly agree on that point. I am simply observing that, historically, most generally do NOT bother to do anything (beyond foreclosure) when NO loan default is involved. If you happen to know of specific examples to the contrary, participants here (including me) would certainly like to learn about them.

@KC this is super helpful. We own a deeded every-other-year studio summer at Tahoe (Red WolfLodge) that we do not use, it doesn't appear to rent, and the II trade in value isn't meaningful enough to be worth the II dues. We haven't used it in ages. I've called and they won't accept it back. Looking around, they've been listed by others for 0$ and not 'sold'. We've long since paid off the mortgage - would just like to be done with the annual maintenance fees.

I understand what you're saying re: quit-claims or other approaches. There's no way to FORCE them to take it back. I left the dues unpaid for some time and they referred to a 3rd party agency who convinced me to pay the back maintenance fees. So, we're now current again. <sigh>

Are you suggesting that if we just stop paying the maintenance fees, and ignore the harassment of the 3rd party agency, that they will eventually forclose on the property which means they'll eventually retake ownership of it from us? And that they could, in theory, but don't, in practice, bother dealing with credit agencies? What's the cost of such a forclosure process to us? I assume we don't actually have to appear in court someplace, etc?