Dumping your Timeshare

I'm new to this site and forum, so please excuse me if I should post this inquiry somewhere else . . .

I have a relative who is sinking in debt, but has still maintained (for now) an excellent credit rating. He owns his timeshare outright (paid cash on original sale). He can no longer afford all the annual fees. I've seen that "Resale Companies" are predominantly scams. I've also seen conflicting info on "Donation Companies", including large fees for even the "legit" Donation Companies.

Can anyone give any insight or input on the idea of my friend selling his timeshare for $1.00 to an older relative, with the assistance of a paralegal, and then possibly letting that older relative take the hit on their credit report if they end up not paying the fees? The older relative already has poor credit, and no attachable assets; she's a senior citizen on Social Security.

It would seem much simpler if my friend could simply hand the Timeshare over to the resort and sign it over, but I have found no instances of that ever happening in my research so far. Please feel welcome to be honest with me, as my friend and I are pretty clueless about all of this.

brianr364 wrote:

It would seem much simpler if my friend could simply hand the Timeshare over to the resort and sign it over, but I have found no instances of that ever happening in my research so far. Please feel welcome to be honest with me, as my friend and I are pretty clueless about all of this.

Try asking the resort if it will take the unit back. Explain the situation. Some resorts will and some won't. It doesn't hurt to ask. Also, if the answer today is No, try again in a month's or two's time.

FWIW, if your relative decides to sell to the older relative, no money has to change hands. He can "sell" it for free but there are closing costs involved and most resorts will charge a transfer fee.

How much is the Resorts typical "Transfer Fee"??

ermela wrote:

How much is the Resorts typical "Transfer Fee"??

In FL, I believe the law allows a maximum $100 transfer fee. Some resort companies might charge additional. Wyndham has a totally unreasonable $299 transfer fee.

Some resorts, in an effort to combat deliberate default transfers (aka"Viking Ship") will ususally ask either the seller or buyer to pony up some sort of a bond of around one or two years' maintenance fees.

Also bear in mind that these are in addition to whatever a closing company may charge for its services.

I just checked with my resort, Port O' Call through Reba Management and it's $1,500.00!!!

It is and it is ridiculous but $1000 of the $1500 goes toward the new buyers next MF's. Even so $500 straight to Reba for updating files is wrong. They claim it is to cut down on defaults but in reality it makes timeshares that may have had a value of $500 or so now cost $1000 to give it to someone. I wouldn't be surprised if 2-3 years down the line the defaults are even higher as some my take the ts only to use the prepaid portion and then never pay anything else.

I'm looking for some information to get rid of my timeshare in Costa Rica. I purchase it at Occidental Grand Papagayo, they claimed they cancel the membership but wont give me back my money. How can I go about getting back my money, who can I contact to file a complaint for the fraud third party involved in the purchase of this timeshare. I only have their words and emails stating they cancelled my membership /contract. I think I need something legal in my hand, do I need a contract or something stating they cancelled my membership/contract?

deleted by jayjay

deleted by jayjay

dorothyl68 wrote:

I'm looking for some information to get rid of my timeshare in Costa Rica. I purchase it at Occidental Grand Papagayo, they claimed they cancel the membership but wont give me back my money. How can I go about getting back my money, who can I contact to file a complaint for the fraud third party involved in the purchase of this timeshare. I only have their words and emails stating they cancelled my membership /contract. I think I need something legal in my hand, do I need a contract or something stating they cancelled my membership/contract?

Was there a rescission period listed in your contract. Did you rescind within that timeframe? You say they cancelled your membership/contract. Was there any paperwork involved in this cancellation from them or was it merely a verbal cancellation? The article below may be of interest to you (copy and paste url):

http://www.amcostarica.com/052404.htm

Sometimes you can just deed a timeshare back to the timeshare company. However, if they won't cooperate, you need a lawyer who knows how to deal with timeshare companies. That's what i finally had to do after being told I had to go on a "waiting list" to deed back my timeshare. My lawyer got it off my hands in a month.

what was the charge from your lawyer to do this?

what was the fee from your lawyer to give the timeshare back?

The fee was less than this year's maintenance fee. I said to her," Get me out of this timeshare."

She said, "What will your next maintenance fee be?"

I told her and insisted her fee be less than what I was about to pay in the maintenance fee.

Now I am out and already ahead, because I paid my lawyer less than the maintenance fee. And next year and the following years, I will be way ahead.

So let me see if I've got your story straight. You tried calling the resort where you owned and asked if they would take the deed back. In not as few words, they said "No".

You paid this attorney an upfront fee to do the same. He did and not only did the resort now say "Yes", they threw in some money to boot. Is that about right?

That's correct. The timeshare was not cooperative. When my lawyer dealt with them, they cooperated immediately and the timeshare is now out of my hands.

johnb2353 wrote:

That's correct. The timeshare was not cooperative. When my lawyer dealt with them, they cooperated immediately and the timeshare is now out of my hands.

One more time .... there's no lawyer on earth that can get you out of a legally binding and signed contract unless FRAUD was involved in the written contract.

one more time! I and many others are no longer owners at The Manhattan Club. I no longer pay a maintenance fee. What more evidence does one need? I received a check for a deed transfer fee.

johnb2353 wrote:

one more time! I and many others are no longer owners at The Manhattan Club. I no longer pay a maintenance fee. What more evidence does one need? I received a check for a deed transfer fee.

One more time .... no attorney can get anyone out of a legally binding contract, period, unless fraud was involved or unless the resort takes it back.

You stated that you owned at the Manhattan Club in NYC and that you could never reserve time there .... the Manhattan Club is very popular (although fees are very high) and if they took it back it was because they could turn around and resale it easily. All resorts are not the Manhattan Club, but you state that across the board that your socalled attorney can get anyone out of their timeshare contract .... that's an out and out lie.

jayjay-- I have not lied here. I resent that statement, as does my attorney, who has gotten many people out of The Manhattan Club, and similarly fraudulent timeshares. This is NOT a clean industry by any means.