I sold my timeshare!

[mstoyanov]

OK, so what happens with an owners that do everything that you suggest and still can not sell their weeks?
I am asking since there are quite a bit of weeks that I see from both Cove at Yarmouth and Cypress Pointe dumped on EBay by PCCs.
And why you do not make efforts to recapture the fees that these owners paid to PCCs? Wouldn't that be in the best financial interest of the remaining owners in these resorts? And if someone is not willing to spend the time and effort of your suggestions why not offer him as a service (expensive) to do the same as PCCs for the same $3k? Who can be more legitimate at providing such service than the HOA?

Every owner that contacts one of my resorts where I own/serve as a BOD Member gets PLENTY of legal options when they feel they no longer want or can no longer afford their ownership.

• Post your week for sale for FREE on the resort web site. We get an incredible amount of sales from that as the people looking are after an ownership at that resort &, if priced right, are easily sold. The average time on the site for those that follow aggressive pricing is under 3 months.
• Post your resale offer on TUG or any of the many Timesgare related web sites. Responses there are also usually good -mprovided you are aggressive and reasonable in your pricing.
• Post your ownership on eBay or other general purpose sites. Very good response there but low prices in most cases.
• Contact friends, relatives, neighbors - especially those nthat have been to the resort - they may be very interested in gettin an inexpensive resale from a trusted source.

There are more but you get the idea. The one thing I cannot figure out is the often found reluctance of owners to list their sale price LOW to get a quick sale. Then this same group - who refuse to "give away my timeshare" have actually turned around and PAID $3K or more to "give away the timeshare". What kind of sense does that make? A free give away would be far cheaper & less risky yet they don't do that & CHOOSE instead to take a risky, costly "pay to lay" sale that may not even be legitimate. I cannot figure people out sometimes.

As for value it is not to "protect the illusion" that these weeks are valuable but rather to protect the paying owners which is the number 1 charge accepting a Board position encompasses. As to the idea that BOD's "pull a Marriott" (referring to the recent, outrageous post about the Board at a foreign resort) its because itmis so uncommon and totally against the rules that it makes news! The vast majority of HOA's - even those nwith Developer ties - try to be a above board & honest. When they aren't there are plenty of checks & balances in place in the system to catch them & correct the situation. It is one no owner should have to deal with and keeping an eye on the Board, voting & participating in the process is your best way to make sure things are on the up & up. Using one isolated case to justify sticking your resort/fellow owners with your mistake in judgement is hardly a good plan.

Bottom line - DO NOT DEAL WITH PCC's. They hurt you, your resort and all owners by their actions. Do not be part of the scam - use the many tools available to legally deal with your situation. You'll be happier, safer and everyone comes out ahead when tings are handled correctly.

 

[timeos2]

OK, so what happens with an owners that do everything that you suggest and still can not sell their weeks?
I am asking since there are quite a bit of weeks that I see from both Cove at Yarmouth and Cypress Pointe dumped on EBay by PCCs.
And why you do not make efforts to recapture the fees that these owners paid to PCCs? Wouldn't that be in the best financial interest of the remaining owners in these resorts? And if someone is not willing to spend the time and effort of your suggestions why not offer him as a service (expensive) to do the same as PCCs for the same $3k? Who can be more legitimate at providing such service than the HOA?

If they price it right there has never been a resale week that didn't have a willing buyer. I admit I'm stumped by why those that REFUSE to cut their price to make a sale will then turn around and PAY thousands to have a PCC take it from them It speaks to the FUD so effectively used by the PCC's that it occurs.

Why not accept it back? Because the Associations are not in the sales business. We (at the Cove) have recently added the ability for owners to list their time with the on site sales group for a commission. Far oess than the $3K but sales don't occur overnight and fees must be current. So ultimately the owner has the aces to the exact same outlets the Association has with the same limitations. Why should the paying owners -many older and now on fixed incomes - pick up the slack for those that just want out? We cannot do the same offer at Cypress as the developer does not wish to handle resales & we cannot force them to do so. We do offer every other option we can that isn't a free or even charged deed back to the resort. As we collect 98% of all fees due in 2009 the extremely small number of delinquents show that the system works as implemented.

A case can be made for both sides but there is no contest when it comes down to who has to pay. The majority of owners living up to their obligations and agreements or those that want a quick/easy way out of a choice they freely made. Group one wins hand down. At our recent Annual meeting the options were presented to the hundreds of owner present and the current, no free (or paid) returns won the day. The majority of owners have made that very clear.

As for recovering fees paid to the PCC's we can't do that - we aren't the customers, the owners are - BUT we can, and are, taking every step possible to invalidate fraudulent transfers made to purposely default. There are good signs that the State & legal communities recognize the problem and are ready to correct it. Some owners that took that route may be in for very unpleasant surprises especially when they try to get those thousands back from the scammers. Lots of luck on that!

 

[mstoyanov]

What you probably do not realize is that even if they drop the price to $1 there still is no guarantee that anyone will take it. What PCCs offer (and their biggest pitch) is that they do offer GUARANTEE to get rid of your timeshare. And when I said to try to recapture the fee paid I didn't meant to go after the existing agreements since you have no legal leg to stand on but to offer similar competing service to the PCCs.
Suggest all things that you currently do but offer a solution for $3k that GUARANTEE removal of liability for the lazy or impatient. This way people that have patience will do all of the things that you suggested but lazy or impatient will buy your service for $3k.
Existing owners lose nothing by this service - these weeks would have to be foreclosed anyway from non paying LLC at the association expense in the future and instead association will collect these $3k.
Attempts to invalidate sale in which owners acted in a good faith (and proving the opposite in court will be a steep challenge) will be difficult and waste even more association money.
So this is a fiscally responsible move that can not only remove negative feeling of being "stuck for ever" but also bring a cold hard cash in association budget. Also if people openly know that there is a fixed price for exit they will be much less inclined to bail due to scare of being stuck forever in something that they do not want or can not afford.

If they price it right there has never been a resale week that didn't have a willing buyer. I admit I'm stumped by why those that REFUSE to cut their price to make a sale will then turn around and PAY thousands to have a PCC take it from them It speaks to the FUD so effectively used by the PCC's that it occurs.

Why not accept it back? Because the Associations are not in the sales business. We (at the Cove) have recently added the ability for owners to list their time with the on site sales group for a commission. Far oess than the $3K but sales don't occur overnight and fees must be current. So ultimately the owner has the aces to the exact same outlets the Association has with the same limitations. Why should the paying owners -many older and now on fixed incomes - pick up the slack for those that just want out? We cannot do the same offer at Cypress as the developer does not wish to handle resales & we cannot force them to do so. We do offer every other option we can that isn't a free or even charged deed back to the resort. As we collect 98% of all fees due in 2009 the extremely small number of delinquents show that the system works as implemented.

A case can be made for both sides but there is no contest when it comes down to who has to pay. The majority of owners living up to their obligations and agreements or those that want a quick/easy way out of a choice they freely made. Group one wins hand down. At our recent Annual meeting the options were presented to the hundreds of owner present and the current, no free (or paid) returns won the day. The majority of owners have made that very clear.

As for recovering fees paid to the PCC's we can't do that - we aren't the customers, the owners are - BUT we can, and are, taking every step possible to invalidate fraudulent transfers made to purposely default. There are good signs that the State & legal communities recognize the problem and are ready to correct it. Some owners that took that route may be in for very unpleasant surprises especially when they try to get those thousands back from the scammers. Lots of luck on that!

 

[equitax]

Post Card Companies

Completely off topic but who do you think got all that personal data from Epsilon? They figured out a way to cut there postage!
:hysterical: :hysterical:

Postcard company - A timeshare related company that sends out postcards promising to take your timeshare off your hands. When you attend a meeting with them, you find out they want $2,000 or more to do so.

 

[equitax]

Really?

They may be at arm's length under the law, but it takes a long time for them to actually be unrelated (i.e. when developer no longer has control of the board). Take MVCI and the units now being deposited in the MVC trust - where does this empower owners, if anything this will revert control over time to the developer. Points owners have NIL voting rights at any resort

The developer is the one who breathes that first breath of life into the HOA and does a pretty good job of covering its own A55 in the process. Take standard clauses in MVCI set up condos that "exempt" an entity exercising rights as mortgagee from paying back taxes and MF, pretty convenient when the developer is the mortgagee for so many of the units. Because of the way many of the associations were set up, they have absolutely no/no power but to live with the restricted "rights" that are part of the condo dox. :annoyed:

I, would not deal with a PCC to get rid of my unit, but my circumstances are different. For starters I paid cash for my timeshare, I have SAVINGS, which many TS owners don't, and I actually spent more time looking into what it would cost me to get rid of if I was fed up (assuming that proceeds of sale would be zero). I knew full well when buying the unit that the "obligation to pay MF and taxes" is the reason why these properties are deeded to begin with - no questioning that.

I pay plenty of people plenty of money to do things that I can do myself or do for free, but I choose not to - Not because I don't care about money, but because somethings I just don't want to deal with.

If I were the one calling the shots on the board of my resort, you would be assured of one thing. #1 Accounts not paid on due date would have liens registered the next day. #2 Usage would be restricted as soon as possible. #3 Collection would be harsh and quick - and go after liquid assets first rather than ending up with the unit back.

Whether or not you would agree with my "style" it is effective. Strong arm the debtor - Seizure before judgement whatever, and it does work.

As you should be aware of by now the DEVELOPER and the resort are two unrelated entities.

Yes, a foreclosure is a bad report to have on your credit. NO a foreclosure for HOA fees unpaid is NOT a negative at the level of a mortgage or home foreclosure. A fee foreclosure is a relatively minor infraction which, on an otherwise good report, will have little or no impact. Saying it is a drastic , life altering (as in a bankruptcy) is giving false information and again the type of fear instilled by the very PCC's we're discussing.

Every owner at every timeshare should be fairly represented by their Board members, the Association exists solely to operate & maintain the resort to the best standards possible and every owner needs to be treated equally and fairly.

The PCC's aren't helping owners but only themselves at the cost of owners - both those that pay them AND the owners of the affected resorts that have to cover the fees for those defaulted weeks.

Use the laws to handle an unwanted timeshare in an ethical and legal fashion and all is well. Use the questionable tactics of a PCC at great expense and you may find a far greater problem than you started with when all done.

DO NOT DEAL WITH PCC's. NEVER.

 

[timeos2]

A real answer not a "protect my rear" plan

The real problem with the PCC's (besides the outrageous cost) is the idea that it is an "answer" to the problems with timeshares. IF they really have a way to handle what is called the unsellables then it is a great service and may even be worth what they ask as some here say.

But they have no unique or new answer(s). They are simply doing what any owner can - basically giving every week they can away OR just letting it go into default eventually forcing the other owners of the resort to eat the problem. Again any owner can do that. So where is the "value add" for the PCC's. The only one is the chance that they manage to remove the owner a t least one level from being held responsible for the debt due. The only value is the all too typical "me first" attitude that our world seems to have embraced - no matter that they are hurting fellow owners and the resort(s) they agreed to buy.

If the PCC's really had an answer to the issue I'd be the first to support them. But they are merely taking peoples money for themselves and all too often stiffing the resorts & the hundreds or thousands of other owners. That is no answer - that is a problem!

I'm open to even one example of a PCC that actually has a solution for the "unsellables" besides abandonment. Just one. I seriously doubt anyone can come up with one. Lets see what we get.

 

[Ridewithme38]

The real problem with the PCC's (besides the outrageous cost) is the idea that it is an "answer" to the problems with timeshares. IF they really have a way to handle what is called the unsellables then it is a great service and may even be worth what they ask as some here say.

But they have no unique or new answer(s). They are simply doing what any owner can - basically giving every week they can away OR just letting it go into default eventually forcing the other owners of the resort to eat the problem. Again any owner can do that. So where is the "value add" for the PCC's. The only one is the chance that they manage to remove the owner a t least one level from being held responsible for the debt due. The only value is the all too typical "me first" attitude that our world seems to have embraced - no matter that they are hurting fellow owners and the resort(s) they agreed to buy.

If the PCC's really had an answer to the issue I'd be the first to support them. But they are merely taking peoples money for themselves and all too often stiffing the resorts & the hundreds or thousands of other owners. That is no answer - that is a problem!

I'm open to even one example of a PCC that actually has a solution for the "unsellables" besides abandonment. Just one. I seriously doubt anyone can come up with one. Lets see what we get.

I have no idea how to setup an ebay account with thousands of positive feedback AND a beautiful template that draws the eyes...Let alone the know how to do all the Closing and escrow services myself...Even beyond that...for the ones that CAN'T be sold anywhere....I'm one of the few that WOULD be able to setup an LLC and official looking articles of incorporation....But i wouldn't want the (Limited)Liability behind that company to be on my shoulders....These are just the BASIC things a PCC can do that i or the average american CAN'T do

So to you...Whats the difference between me signing my TS over to a PCC and them trying to sell it, then just abandoning it....VS me just stopping paying for it and going into foreclosure...Either way the other owners are eating the costs

I think its silly that you still don't get how serious of solution this really is...Let me try going a different way..You'll probably be able to understand better if i frame it from the companies(BOD/HOA's) point of view

How much does a Foreclosure cost a the Company(BOD/HOA)?
How long do those procedures usually take?

You see if i deed it over to a PCC and they immediately dump it into a LLC thats immediately gets dissolved....That takes days...and doesn't cost your company(BOD/HOA) anything

 

[AwayWeGo]

You Typed A Mouthful.

#1 Accounts not paid on due date would have liens registered the next day. #2 Usage would be restricted as soon as possible. #3 Collection would be harsh and quick - and go after liquid assets first rather than ending up with the unit back.

Whether or not you would agree with my "style" it is effective. Strong arm the debtor - Seizure before judgement whatever, and it does work.

That is the right style & I agree with it.

The #1 priority for timeshare associations is prompt collections -- everything, on time, from everybody, with swift & aggressive action against all nonpayers (deadbeats & hardship cases alike). Swift aggressive action means early reminders, instant overdue notices, lockouts, bill collectors, lawyers, & court summonses leading ultimately to foreclosure if the cases are not resolved before that. No nonsense. No folderol. Anything else is unfair to the responsible owners who reliably pay on time.

An essential ingredient of that is complete & accurate & up to date ownership & billing records, with no slop in the system -- which is easier said than done. That is, difficult as it may be to keep the records accurate & up to date, that's lots easier than getting'm that way after the ownership lists have been let go & the billing records have gone out of date.

Every dollar collected must return value to the regular, walking-around timeshare owners. Non-payers must be dealt with fast & their cases resolved promptly so that owners' timeshare fees are not increased because of other people's unpaid bills.

It's simple -- not easy, but simple.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​

 

[timeos2]

Again - show an ANSWER not a scam and I'm behind them all the way

How much does a Foreclosure cost a the Company(BOD/HOA)?
How long do those procedures usually take?

You see if i deed it over to a PCC and they immediately dump it into a LLC thats immediately gets dissolved....That takes days...and doesn't cost your company(BOD/HOA) anything

It is all too clear that the supporters of the PCC "answer" have no clue as to how an HOA operates, who benefits and what the responsibilities of both the HOA and the owners really are. It keeps coming down to "abandon" if needed and that IS the problem!

The PCC's offer no answer, the speed or lack of has nothing to do with it - it is the ultimate outcome that counts. If the HOA ends up taking the week back -however that occurs - it is a problem for that HOA and every owner. Unless the PCC's have an answer OTHER than eventual abandonment they aren't helping they are hurting by giving the illusion of an answer that does not exist. Therefore they are scamming the users and the more people know it the better off the timeshare community will be.

I agree that the HOA's NEED to find answers for poor times but the PCC's are not it. Not even close. In fact it is making a bad situation far worse.

 

[MALC9990]

That is the right style & I agree with it.

The #1 priority for timeshare associations is prompt collections -- everything, on time, from everybody, with swift & aggressive action against all nonpayers (deadbeats & hardship cases alike). Swift aggressive action means early reminders, instant overdue notices, lockouts, bill collectors, lawyers, & court summonses leading ultimately to foreclosure if the cases are not resolved before that. No nonsense. No folderol. Anything else is unfair to the responsible owners who reliably pay on time.

An essential ingredient of that is complete & accurate & up to date ownership & billing records, with no slop in the system -- which is easier said than done. That is, difficult as it may be to keep the records accurate & up to date, that's lots easier than getting'm that way after the ownership lists have been let go & the billing records have gone out of date.

Every dollar collected must return value to the regular, walking-around timeshare owners. Non-payers must be dealt with fast & their cases resolved promptly so that owners' timeshare fees are not increased because of other people's unpaid bills.

It's simple -- not easy, but simple.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​

I've been reading this and other threads on similar subjects and finally I now know why I am glad I own my Marriott weeks at RTU resorts.

If I fail to pay my MFs then the first thing that happens is that I get slapped with a late payment surcharge. Then I am advised that ongoing failure to pay MFs means that I may not reserve or use my weeks until I pay up. Failure to pay next year results in the same process but then the week is Revoked.

This means it is no longer owned by me. Returned to MVCI and they put it back into the inventory for sale at developer prices. MVCI now own it again and pay the MFs and when sold a new owner picks up the ongoing MFs. Thus MVCI have sold the week twice and the MFs are paid up.

No recourse to lawyers or courts - simple effective process. The Advisory Board need not worry about the MFs not being paid since MVCI seem to have it in hand.

As an owner who budgets for and pays his MFs on time - this keeps me very happy. Revoked weeks go back into developer sales.

 

[jnrgault]

RichardJFCG

OK, here's one for you all to give me some comment on.
I have recently been contacted by two companies offering to take my Westgate Town Center week off my hands completely for a fee ranging from $2900 to $3900. There goes my idea of getting something, anything, for the property. The last offer, from Group Wise, Inc., claims to have a BB rating of A+ and says they have been in business for 15 years. Sounds good. But is this the only way to dispose of my obligation to pay maint fees forever

 

[Ridewithme38]

OK, here's one for you all to give me some comment on.
I have recently been contacted by two companies offering to take my Westgate Town Center week off my hands completely for a fee ranging from $2900 to $3900. There goes my idea of getting something, anything, for the property. The last offer, from Group Wise, Inc., claims to have a BB rating of A+ and says they have been in business for 15 years. Sounds good. But is this the only way to dispose of my obligation to pay maint fees forever

TRY TO SELL, RENT or GIVE AWAY YOUR WEEK!! If that doesn't work CONTACT YOU BOD/HOA and talk to them! If they won't take it without giving you a MAJOR credit hit

Yes, that is the ONLY way to get rid of it

 

[rickandcindy23]

OK, here's one for you all to give me some comment on.
I have recently been contacted by two companies offering to take my Westgate Town Center week off my hands completely for a fee ranging from $2900 to $3900. There goes my idea of getting something, anything, for the property. The last offer, from Group Wise, Inc., claims to have a BB rating of A+ and says they have been in business for 15 years. Sounds good. But is this the only way to dispose of my obligation to pay maint fees forever

Try giving it away here, under Buying, Selling, Renting > Bargain Deals. I gave away three that way.

 

[AwayWeGo]

Super-Easy Exit Strategy.

If I fail to pay my MFs then the first thing that happens is that I get slapped with a late payment surcharge. Then I am advised that ongoing failure to pay MFs means that I may not reserve or use my weeks until I pay up. Failure to pay next year results in the same process but then the week is Revoked.

This means it is no longer owned by me. Returned to MVCI and they put it back into the inventory for sale at developer prices. MVCI now own it again and pay the MFs and when sold a new owner picks up the ongoing MFs. Thus MVCI have sold the week twice and the MFs are paid up.

No recourse to lawyers or courts - simple effective process. The Advisory Board need not worry about the MFs not being paid since MVCI seem to have it in hand.

As an owner who budgets for and pays his MFs on time - this keeps me very happy. Revoked weeks go back into developer sales.

If that's really the way it works, then it sounds like the easiest & most hassle-free exit strategy in all of timesharing.

When you get tired of it & don't want it any more, you simply quit paying your fees & -- POOF ! -- it's gone.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​

 

[theo]

I have recently been contacted by two companies offering to take my Westgate Town Center week off my hands completely for a fee ranging from $2900 to $3900. There goes my idea of getting something, anything, for the property. The last offer, from Group Wise, Inc., claims to have a BB rating of A+ and says they have been in business for 15 years. Sounds good. But is this the only way to dispose of my obligation to pay maint fees forever

You have already learned that what you own has no actual market value.

Your post should probably be a post / topic/ thread of its' own (not just an inquiry inserted into this thread), but some brief advice follows anyhow regarding this (or any other) PCC, to read before you actually start doing some homework of your own:

Are you maybe paying this money just to sign a Power of Attorney for some obscure entity to try to sell your timeshare? If so, and they subsequently fail to do so, take a wild guess who will still own that timeshare several years down the road after they stop paying annual maintenance fees with your money? (...assuming that they ever bother to pay any such fees at all, that is).
Hint: The answer stares back at you when you stand in front of the mirror...

 

[Ridewithme38]

You have already learned that what you own has no actual market value.

Your post should probably be a post / topic/ thread of its' own (not just an inquiry inserted into this thread), but some brief advice follows anyhow regarding this (or any other) PCC, to read before you actually start doing some homework of your own:

Are you maybe paying this money just to sign a Power of Attorney for some obscure entity to try to sell your timeshare? If so, and they subsequently fail to do so, take a wild guess who will still own that timeshare several years down the road after they stop paying annual maintenance fees with your money? (...assuming that they ever bother to pay any such fees at all, that is).
Hint: The answer stares back at you when you stand in front of the mirror...

Good point! MAKE SURE YOU SIGN THE DEED OVER TO THEM, GET A COPY AND DOUBLE AND TRIPLE CHECK BOTH WITH YOUR RESORT, YOUR BOD/HOA AND the county registry(Right thats where you check?)

Don't pay a DIME unless you know that has/will happen

 

[timeos2]

OK, here's one for you all to give me some comment on.
I have recently been contacted by two companies offering to take my Westgate Town Center week off my hands completely for a fee ranging from $2900 to $3900. There goes my idea of getting something, anything, for the property. The last offer, from Group Wise, Inc., claims to have a BB rating of A+ and says they have been in business for 15 years. Sounds good. But is this the only way to dispose of my obligation to pay maint fees forever

Have you tried offering it for $1? To prepay some fees for the new buyer? You can do a lot to make it attractive while still spending less than $2900 or more.

We had our Wastegate for sale for over 4 years at ever lower asking price. When we finally got a taker it was basically a give away but so what? We paid very little at the time (resale), got 15 years of use out of it & broke even (no out of pocket) on resale. No complaints, no PCC needed and very few pluses about any Wastegate yet there was a willing taker when the price was right.

Just because the scam PCC operators want you to think many intervals are worthless believing them is even worse than trusting a timeshare sales presentation. They use the same exact tactics but in reverse. Use them at your own peril and extremely high cost.

 

[timeos2]

TRY TO SELL, RENT or GIVE AWAY YOUR WEEK!! If that doesn't work CONTACT YOU BOD/HOA and talk to them! If they won't take it without giving you a MAJOR credit hit

Yes, that is the ONLY way to get rid of it

No, a PCC is not the only way and in fact is a terrible choice. Since this is Wastegate if you refuse to pay they will soon contact you and ask you to deed it back. That is their MO. They will NOT make that offer until you are delinquent on fees. That too is their MO.

Play their game, go delinquent on fees and a fe months later you will have it deeded back, out of your hair & no cost/risk of a scam PCC involved.

Good luck!

 

[timeos2]

Good point! MAKE SURE YOU SIGN THE DEED OVER TO THEM, GET A COPY AND DOUBLE AND TRIPLE CHECK BOTH WITH YOUR RESORT, YOUR BOD/HOA AND the county registry(Right thats where you check?)

Don't pay a DIME unless you know that has/will happen

If you DO choose to try a PCC then this is very good advice. Pay not one cent until they prove they have transferred the title as mentioned.

Since most (all?) PCC's will not do that - they demand money upfront as that is all they really plan on doing, depositing the cash for themselves) - the chances are you will not end up using a PCC. That's a good thing.

PLEASE heed the quoted advice above. Not one cent until it is legally transferred.

 

[ampaholic]

I don't agree. When I get my maintenance fee bill and there are several hundred dollars clearly listed for "delinquent" maintenance fees - it's definitely NOT my maintenance fee.

Frankly, I resent being called "selfish," and name calling is a violation of the TUG rule of courtesy - so I'm done here.

Denise

I read it that he was stating his opinion that certain POV tended to be more self interested than "other" interested.

I think he was trying to make a point about what he percieves - not accuse you of stubbornly sticking to a particular POV (IMHO).

Please don't quit TUG - we love you, you give the conversation a uniquely "Denise" flavor that we need.

 

[Ridewithme38]

No, a PCC is not the only way and in fact is a terrible choice. Since this is Wastegate if you refuse to pay they will soon contact you and ask you to deed it back. That is their MO. They will NOT make that offer until you are delinquent on fees. That too is their MO.

Play their game, go delinquent on fees and a fe months later you will have it deeded back, out of your hair & no cost/risk of a scam PCC involved.

Good luck!

This is why i mentioned contacting his BOD/HOA.....If going a few months late won't affect his credit negatively...its Defiantly a better choice then a PCC

But i'm never sure about Timeos advice...I think he might think that if everyone else credit gets smashed it makes his better by comparision...it fits his recommendations well

(This is really just meant as playful sarcastic banter, because of the back and forth between me and John, John if this offends you, i'm sorry and i'll remove it)

 

[timeos2]

This is why i mentioned contacting his BOD/HOA.....If going a few months late won't affect his credit negatively...its Defiantly a better choice then a PCC

But i'm never sure about Timeos advice...I think he might think that if everyone else credit gets smashed it makes his better by comparision...it fits his recommendations well

(This is really just meant as playful sarcastic banter, because of the back and forth between me and John, John if this offends you, i'm sorry and i'll remove it)

Not a problem - I too enjoy the give & take!

I will say that the level of credit hurt you feel would apply to having late payments and even an eventual foreclosure for past due fees are way overblown. This isn't a home mortgage or tens of thousands of dollars in fees- it is a relatively small amount (probably $3K or less) and "in dispute". The chances of any long term credit damage is really very small. And, in many cases, the resort will end up simply taking it back once they are convinced (as shown by those past due fees) that you will not be paying. They too realize that it is longer and more costly to foreclose vs accepting a deed back. They often ask for the fees (again, probably less than the PCC charge would be) but some don't even do that. They are happy just to get the week back free and clear and then they cannot report it as a foreclosure as it isn't one.

The pattern I described for Wastegate is very similar at a number of resorts. And yes that is exactly how they do it. Call them when you plan to default ("I cannot pay anymore") and they don't want to hear it or offer any options. Go one or maybe two years delinquent & suddenly they are willing to "take the ownership in lieu of all future fees. You realize you will no longer be able to vacation here?" Like we'd care at that point.

I hope some of all this helps owners/resorts whoever see the options and make better choices for themselves rather than thinking there is only one way out or one way to increase the value of a timeshare.

 

[lisae]

OK, here's one for you all to give me some comment on.
I have recently been contacted by two companies offering to take my Westgate Town Center week off my hands completely for a fee ranging from $2900 to $3900. There goes my idea of getting something, anything, for the property. The last offer, from Group Wise, Inc., claims to have a BB rating of A+ and says they have been in business for 15 years. Sounds good. But is this the only way to dispose of my obligation to pay maint fees forever

I know for a fact this PCC uses POA's only and does not transfer the ownership until they sell (if they sell it) As I stated many many posts ago, my brokers and I actually deed the TS to a person (not some bogus make believe company) record it and submit it to the resort so they can transfer the ownership..The owner's fee for services (small compared to the PCC's) is held in escrow until this is complete..done, easy, simple.

 

[Cmore]

...Suggest all things that you currently do but offer a solution for $3k that GUARANTEE removal of liability for the lazy or impatient. This way people that have patience will do all of the things that you suggested but lazy or impatient will buy your service for $3k.
Existing owners lose nothing by this service - these weeks would have to be foreclosed anyway from non paying LLC at the association expense in the future and instead association will collect these $3k.
Attempts to invalidate sale in which owners acted in a good faith (and proving the opposite in court will be a steep challenge) will be difficult and waste even more association money.
So this is a fiscally responsible move that can not only remove negative feeling of being "stuck for ever" but also bring a cold hard cash in association budget. Also if people openly know that there is a fixed price for exit they will be much less inclined to bail due to scare of being stuck forever in something that they do not want or can not afford.

I have been reading this thread, and no one has really commented on the point raised above. This is not supporting the PCC's, which I agree are not a good way to go. However, the idea that the HOA could get paid sizable dollars for taking inventory back, that they will otherwise pay to recieve thru foreclosure has merit in my mind. After all principle only gets you so far, then you have to deal with reality.

It's not a pretty picture for resorts that truly do have "worthless" timeframes that have been sold. MALC's RTU solution is also very clean and easy and addresses the issue. As items that have no value, ought not to be sold in the first place, they should be accounted for as bonus time, rentals, etc and managed accordingly.

 

[expressmart]

are you sure not a cheater
?