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Time share cancellation and deed return question-PLEASE HELP
Hello,
Would appreciate some input here on what i should do. We are CANADIANS and I have owned the deed to our timeshare in Florida for approx 10yrs. It is FULLY PAID OFF and have made yearly payments when it comes to maintenance fees on time as well as contributing to renovation funds throughout the 10 yrs. We owe no money to them.
We have come to a point in our lives where we are retired and unfortunately are not able to afford the maintenance fees anymore. We want out. No, we are not going to try to sell the place or rent it out.
The resort at first told me that i couldn't get out, then they changed their story and told me that i would have to pay the maintenance fees coming up in Jan 2017th and they would take the deed back after i sent them the signed transferred deed form.
My question is: Do i really need to pay them the $1000 January fees in order to get out? I feel they are trying to get the last bit of money out of me before they take the deed back. Money is real tight, we just can't afford to pay that. What is the worst thing that can happened if don 't pay the fees and send them the signed form to take the deed back without paying? Will my credit score be damaged since i am Canadian?
Can they come after me legally? Nowhere on my contract that i can see says anything regarding getting out other than on the first 10 days of signing the contract.
Thank you in advance
Bruno P.
brunop9 wrote:The resort at first told me that i couldn't get out, then they changed their story and told me that i would have to pay the maintenance fees coming up in Jan 2017th and they would take the deed back after i sent them the signed transferred deed form.My question is: Do i really need to pay them the $1000 January fees in order to get out? I feel they are trying to get the last bit of money out of me before they take the deed back. Money is real tight, we just can't afford to pay that. What is the worst thing that can happened if don 't pay the fees and send them the signed form to take the deed back without paying?
Believe it or not, resorts asking owners to pay the next maintenance fee (and perhaps closing costs) in order to take the units back is quite popular in the timeshare industry nowadays. If you do go that route, at least you won't be dealing with a third party and you know it will be legally and finally transferred out of your name. You might notice in some ads where people are trying to give their units away that are similar to yours, are offering to pay closing costs and the next maintenance fee as an incentive for a new "buyer" to take it.
You can risk foreclosure if you like with the risk of the resort coming after you for unpaid maintenance fees. I'm not too sure what the ramifications would be for you living outside the USA, but that's a risk you will have to take. You also have to ask yourself What is my clean credit score worth to me? Are you planning on taking out a big loan in the near future?
As a side point here, since you appear quite reluctant to pay the $1000 to safely and legally give back your timeshare, it goes without saying that you should not pay any law firm or other company thousands of dollars who claim they can legally "cancel" your timeshare. Right now, what the resort is offering you appears to be the cheapest and most efficient option.
Lance C.
I agree 100% with lance. 1,000.00 is cheap, most TS require that you are current for any transactions. For a one time price, not dealing with a third party, sounds pretty good. The only option would be to try and sell it yourself, which in all probability would cost more, not to mention dragging it out.
William P.
I agree with Lance and William. The cost of one years maintenance fees is a very reasonable expense for getting rid of your lifetime obligation by dealing directly with the resort. It's risk free and final. I can't tell you how many stories we have read in the forums about people losing thousands of dollars to scam companies promising to get people out of their contracts.
Consider it the cost of peace of mind. Why risk the possibility of future legal fees if the resort decides to take you to court. I got rid of two timeshares in 2011 through deed backs dealing directly with the resorts and I have no regrets. My money market account has grown significantly over the years after getting rid of the burden of the timeshares. Think about the long run not just the immediate expense.
Trust Lance, William and myself it's a bargain for the peace of mine you will get.
Don P.
Another vote in support of the above being the way to go. Keep in mind that no resort is ever obligated to accept "deedbacks" AT ALL, so be grateful for the opportunity for a clean and lawful exit, even if you have to pay a year's maintenance fee to do so. It is entirely reasonable and appropriate for a resort to request at least a year's advance maintenance fee before accepting a "deedback".
After all, once a HOA takes back a deeded week, NO ONE is paying any fees on that week until such time as it gets resold to someone else --- and that ain't gonna happen overnight. Too many HOA-owned weeks on the books, on which NO maintenance fees are being paid to support the place can put a huge strain on resort finances. Maybe that's not an issue for deep pockets corporations like DRI, Wyndham, etc. but it is indeed a a very real and significant consideration for small, non "chain" independent resorts that want to keep the place running for the other remaining owners.
In short, sign the quit claim deed , write the check, say goodbye --- and be thankful for the opportunity to exit easily and cleanly and lawfully. Just my own personal opinion.
KC
Last edited by ken1193 on Jan 12, 2017 01:47 PM
NEVER pay anyone money upfront that claims they can get you out of your timeshare. Anyone can create a website and use a mail drop box for an address. Don't waste your time going to that website they may be phishing for your credit card information or they can hack your computer if you go there. Beware of being steered to a website. That's one of the SCAMS going around in the forums.
Don P.
LTRBA was started and incorporated in 6/14/10, BBB file opened 10/22/2013 They have an A+ rating, but after 7 yrs. in business they have -0- complaints, -0- reviews. That always seems pretty fishy to me. In researching Judith Kozlowski, the name showing as "president of LTRBA", turns out she is Re-max in Orlando/ SW Florida. Primarily in TS rent or selling of TS's. In conclusion of BBB, and association with Re-max, sounds like she is a realtor. You would do just as much good selling it yourself and keeping 7-10% commission for yourself. Just remember as stated by Don and others, NEVER PAY ANYONE UP FRONT. Good luck......
William P.
rollandel3 wrote:My TS will not take it back. Are there any success stories of getting out of one's TS with RedWeek or with the site www.ltrba.com? Other suggestions?
RedWeek is merely a listing site where owners can list their units for sale or rent. You can "[get] out of [your] TS with RedWeek" by listing it for sale (or giveaway) and hope that someone will buy (or take) it from you. If someone does buy it from you, then like many others who have listed on RedWeek, you will have had a success story "getting out of [your] TS with RedWeek".
As for ltrba.com, it's a site with licensed real estate brokers. They are a full-service sale service that appropriately take their commission out of the proceeds of the sale and don't ask for any upfront fees. Keep in mind, however, that their commission is minimum $1000 or 15% (maybe even 20%), whichever is greater. And most units are not worth that much so, as was said in the previous post, you're probably better off trying to sell or give it away yourself.
The other thing you mentioned is that the resort won't take it back. Whom did you contact about that? You should contact the Homeowners' Association and not some desk clerk. Mention that you will be getting rid of your unit one way or another so it would be in the resort's best interests to take your unit back. The HOA might require that you pay closing costs and maybe even the next maintenance fee but it will work out cheaper than using a "cancel your timeshare" law firm.
Lance C.
