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

andrewc424 wrote:

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?

I cannot and will not offer you anything remotely resembling legal advice or opinion. Any given resort anywhere can choose to adopt its' own individual practices and policies --- within the bounds of applicable law. There are few, if any, "one size fits all" answers that are universally true or accurate regarding foreclosure practices. I know nothing at all about your particular resort or Nevada and / or California laws. I will, however, offer the following general observations.

Foreclosure would not likely ever require any court appearances (or out of pocket costs) on your part *if* you are not challenging or disputing the foreclosure proceedings.

Whether or not your particular resort would report a foreclosure to credit agencies, no one here can possibly know or claim to know. Understand clearly that the resort most certainly can do so, but historically, more often than not resorts simply don't bother when there is is no loan default involved. I'm sure that you would like to have much more certainty on that issue, but no one here can presume to know the policies or practices of your particular resort (practices which, by the way, can always be changed by the resort HOA / BOD). Whatever the resort is doing now regarding reporting foreclosures to credit agencies may not be what they do in the future regarding foreclosures. It's a roll of the dice.

You could look into giving the ownership away in the Bargain Deals section of the Timeshare Users Group if your fees are up to date; with 108,000+ members, you might get lucky and find someone there willing to take over the ownership. Whatever you do, please NEVER pay a penny to ANY so-called "exit / relief / escape/ rescue" entity. The only thing such parasites can or will ever accomplish is to gladly separate you from your money and the only "exit" will be the prompt and permanent "exit" of money from your bank account --- while still leaving you as the lawful owner of record until foreclosure ultimately occurs later, at which point the HOA recovers legal ownership of that interval.

My timeshare is Palm Beach Shores Resort in West Palm Beach, FL. It is part of Vacation Village Resorts. It is completely paid in full, and up to date on maintenance fees/taxes. We really don't use it anymore, but force ourselves to use it so that we don't lose all of our money/points. What are my options to get out of it?

So with me being a points owner with Wyndham owned from day one not in default on maintenance fees etc. I’m able to sell my timeshare or transfer the deed over to another person without hassle? Explain Ovation Program?

hakimm2 wrote:

Explain Ovation Program?

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 ... 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.

First as many others on this thread have advised, DO NOT pay some company to relieve you of your timeshare. Reportedly the cost is in the $5-6,000 range. Horrible. Second, don't spend money on classified newspaper ads. Very expensive and -- hey! -- who reads newspaper classifieds anymore?

Advertise on Craigslist. List them on eBay. And run redweek.com and also MyResortNetwork.com ads. Maybe even T.U.G. (Timeshare Users Group).

In the meantime, investigate renting your timeshares to pick up a few bucks to pay for the redweek and myresortnetwork ads. And maybe even a bottle of good scotch! ;-)

jasons97 wrote:

My timeshare is Palm Beach Shores Resort in West Palm Beach, FL. What are my options to get out of it?

First ask whether or not the resort will take it back. Second DO NOT under any circumstances pay a company to "get you out of your timeshare." Even Dave Ramsey promotes one of these outfits. He's BADLY informed!

Instead, advertise your timeshare For Sale on Craigslist, eBay, Redweek, and MyResortNetwork. Read other people's ads for ideas on how to move yours. You may have to "sell" it for a dollar. Or not. You may have to pay all closing costs. Or not. You may even have to give the buyer a whole year's maintenance. Or not. Just read the ads other people have placed, and tiptoe into the process. Also have in mind a closing company. We've used Chicago Title Timeshare in Carlsbad CA several times. They can handle anything in any state. Reliable. Look 'em up on line.

Someone contacted me at age 81, with stage 5 kidney failure, about Tahiti Village Soleil Management. He has not paid maintenance fees since 2018. Soleil said they don't take back under any circumstances, so according to this owner of a fixed week who converted to points, nothing happens if you don't pay maintenance fees. He said it has been a year since he heard from them.

A scam called Consumer Law Protection told him that in the third year they will put a lien on your house. I recently read that some of the principals involved with Square One Exit company were found guilty of child pornography and will see some jail time. There are some serious criminals in the exit industry. https://www.bbb.org/article/news-releases/22723-consumers-tell-bbb-they-lost-thousands-of-dollars-to-timeshare-exit-company-square-one-development-group-inc

This is their direct number to the Ovation program. 855-312-9041 If what you say is correct, you are a candidate for their exit program. If you still have a deed, that would be even better. We used it in 2018 and actually ended up with netting about $1600 going through one of the real estate companies they own. More important, there are no upfront fees, except closing costs, like any real estate transaction would have. But man, call them direct for straight answers.

What does this translate into as points? We own Tahiti Las Vegas and I am looking to add

Hi all, I am in a similar position. I am retired and divorced My ex wants to stop paying MF on our timeshare at Pono Kai in Hawaii. It is a deeded property with no deed back or buy back program. We have paid off the loan x 30 yrs ago. I am willing to give it away I am aware of the suggested sites. My ex does not want to assist . I read in the contract that HOA/ Management Company will attempt to get payment, add delinquent fees, and eventually send it to a collection agency . Not sure if the agency will attempt foreclosure. This may be a long process because the HOA has just set a side so much for legal fees each year in the budget. We both have good credit. I really liked using the time share over the years. I feel terrible about abandoning my commiment.

I purchased a resale timeshare back in 2010 while in Vegas from a Timeshare Liquidator company. The timeshare is actually in the Poconos. I have a right to use that expires in 2060. It’s completely paid off and I plan on calling Exploria who has bought the prior timeshare company to see if I can get out of this as I’m tired of paying the maintenance fees for something I don’t use. Does anyone foresee issues with them letting me out? If they don’t, per reading the other posts, I might be ok just walking away if this is a right to use and not a deed, correct? I’m just concerned like most for my credit. Thanks

lynnek92 wrote:

Hi all, I am in a similar position. I am retired and divorced My ex wants to stop paying MF on our timeshare at Pono Kai in Hawaii. It is a deeded property with no deed back or buy back program. We have paid off the loan x 30 yrs ago. I am willing to give it away I am aware of the suggested sites. My ex does not want to assist . I read in the contract that HOA/ Management Company will attempt to get payment, add delinquent fees, and eventually send it to a collection agency . Not sure if the agency will attempt foreclosure. This may be a long process because the HOA has just set a side so much for legal fees each year in the budget. We both have good credit. I really liked using the time share over the years. I feel terrible about abandoning my commiment.

brianl119 wrote:

If it goes to collection, there is no foreclosure, just a negative mark on your credit that lasts for 7 years.

It is NOT necessarily true that a negative credit report will ever get created. In fact, far more often than not, no such negative credit report ever occurs at all, whether it’s a deeded ownership or a RTU contract. Historically, most chains and / or resorts seem content to simply pocket whatever money they have already collected from that customer over the years and just move on. Could they initiate a negative credit report? Yes, absolutely. But do they actually bother? No, not usually. This is not a personal opinion; it instead reflects the collective, first hand observations of many people who have shared their experiences over the past decade or so. There is no "one size fits all" answer that accurately portrays the practices of all developers and resorts. Furthermore, resort collection practices can change at their whim; what was in place last month or last year may well not be what is practiced next month --- or at any time thereafter.

Whether an account "goes to collections" has NO bearing on whether a negative credit report subsequently occurs. Many timeshare entities utilize "third party" collection agencies, which receive a percentage of whatever amount they can somehow cajole or intimidate someone into paying. Even if that collected figure ends up being zero, that still does not necessarily mean that a negative credit report will ever subsequently occur. Simply stated, it's a roll of the dice.

ken1193 wrote:

It is NOT necessarily true that a negative credit report will ever get created. In fact, far more often than not, no such negative credit report ever occurs at all, whether it’s a deeded ownership or a RTU contract. Historically, most chains and / or resorts seem content to simply pocket whatever money they have collected from that customer over the years and just move on. Could they initiate a negative credit report? Yes, absolutely. But do they actually bother? No, not usually.

Why don’t we let @lynnek92 stop payments and report back what happens.

I am speaking from real, collection based experience when we tried to stop payments years ago. Unfortunately there is no central database of which companies will or will not send you to collections.

Fwiw, a fellow on Timeshare Users Group (not me) has been collecting information and creating a database over the past year or so regarding the occurrence of negative credit reports after foreclosure for non-payment of maintenance fees and / or timeshare loan default. The information is based solely upon the direct, first hand input of people who have personally been in one (or both) of those two situations and have voluntarily shared their results. Sample size is not huge, but is growing. At the very least, the collected results are certainly more informative than isolated single experiences or unsupported speculations.

Limited data currently reflect that at least 71% of timeshare loan defaults result in a negative credit report; I would actually have bet on a much higher percentage if I was a gambler. The associated "drops" in credit score have been reported elsewhere as being within a range of 75 points (minimum drop reported) to 150 points (maximum drop reported).

The limited data further reflect that only 18% of foreclosures that occur for ONLY non-payment of maintenance fees (i.e., with NO loan default involved) result in a negative credit report. I would actually have bet on a percentage even lower than that if I was a gambling man — but I am not.

These percentages may not accurately reflect the whole picture, since all of the information originates solely from people who have voluntarily shared their personal experience for his data collection effort. Nonetheless, the reported data certainly at least seem to support the long-held belief that IF there is no loan default involved, ONLY unpaid maintenance fees, most resorts do NOT follow through with negative credit reporting after collection efforts and foreclosure.

Can you share that link?

brianl119 wrote:

Can you share that link?

https://tugbbs.com/forums/threads/2020-timeshare-default-credit-report-collection-tracking.304138/

But again, as KC said above, this probably does not accurately reflect the whole picture as many who have defaulted either on loans/mortgages or maintenance fees have not reported their results in this link.

Hi I also own an Exploria Resort timeshare. I was inquiring directly through their legal department a year ago about a deed back. They stopped contacting me after I tried to complete the transaction. I spoke with a member of the legal department today and was informed that they suspended this program and since I had no paperwork or emails current that my only recourse will be to gift the timeshare or sell on my own. Rita Greco

Rita I was told to contact Farrel in Exploria's title department. I did on behalf of Dorothy, age 90. She had fallen and broke her jaw in three places. Farrel said she would need to talk to Dorothy. Dorothy had called them before several times. They always told her to find a buyer. When I called Dorothy she said Farrel said would not take her week back because she talked to me. I called Farrel spitting mad. I'm a volunteer and have never earned a penny responding to readers and often contact a resort on behalf of impaired owners. Farrel hung up on me. Twenty minutes later Dorothy called, "Exploria is going to take back my timeshare!" Sometimes it takes brute force. There are resorts that are morally and fiscally responsible. Exploria is not one of them. Few who knew when they bought their timeshare, that they could be held financial hostage would have bought. Our timeshare in the Ozarks took ours back just because we moved to Florida and didn't want to vacation in the Ozarks anymore. They didn't even charge us. Dorothy: https://tarda.org/f/irresponsible-timeshare-exits

I am in the same or similar boat. I own a deeded timeshare with Vacation Village at Parkway in Florida. The mortgage is paid off and only maintenance fees are due every other year at this point. That being said, it is deeded in my name and another party that I have no contact with any longer. How do I go about getting my name off of the deed, or how do I, at least, get out of this? I know Vacation Village does not buy back, I already asked. I have almost perfect credit and have worked hard to get it that way. The other party does not care about their credit and has many judgments against them already. I just want out and to not have my credit trashed at the same time.