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Is repossession for MF a reasonable way out?

Firepath

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I'm not sure this is the right place to post this. I tried over in the DRI forum and got no response, but am hoping to get some insight here. I'm trying to help my Dad and not get stuck with a mess when he is gone. He is past due on MF for his Monarch/DRI because he thought it would go away if he just stopped paying. I had planned to try for the deed back that DRI apparently sometimes does but was waiting for him to get his MF current. In the meantime he has received a Suspension and Right to Repossess Notice. He has the money to pay the fees but just has no use for it anymore. I don't think it has any value or that anyone would want it. What is the worst that could happen if he just lets them repossess (is it a viable option)? I don't think he's worried about his credit at this point in his life.
 

TUGBrian

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seems like you have a good grasp of the options available.

personally if he has the ability to make the MF current and then deed it back to DRI, that would be the suggested route.
 

nazclk

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if he is not worried about his credit, save the money and just let them repo it.
 

VacationForever

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I am in Brian's camp. By paying off the MF and a deed back to DRI makes it clean. No need to dodge debt collectors and nuisance calls which may last a year or longer.
 

Passepartout

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Paying off the delinquent MFs then taking advantage of DRI's deedback program is the 'cleaner' way to accomplish this. But depending on just HOW delinquent he is, and how much he doesn't care about his credit, offering the deed in lieu of foreclosure, then letting them foreclose (that amounts to repossession) is an option.

As to 'dad' leaving a mess after he's gone- No one HAS to accept a worthless 'asset' after he passes. The executor, or attorney handling his probate can write the TS board and basically tell them no heir wants it and that it's theirs.

Jim
 

dominidude

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I'm trying to help my Dad and not get stuck with a mess when he is gone. He is past due on MF for his Monarch/DRI because he thought it would go away if he just stopped paying. What is the worst that could happen if he just lets them repossess (is it a viable option)? I don't think he's worried about his credit at this point in his life.

You wont be stuck with a mess when your dad is gone, no matter what happens.
Your dad is right, the Monarch/DRI will go away because he stopped paying. However, the process is relatively lengthy. First DRI will attempt to get their money, for a year or two or five. Eventually, DRI will repossess the timeshare, and only at that time will the amount owed to DRI stop increasing. Then DRI will probably sell the debt to a debt collector, who will probably continue trying to collect for the next 5 to 10 years.

If DRI or the debt collector wants to, they might try to get a court order ordering your dad to pay, the goal being to attach liens to property, and possibly to your dad's estate. This is rare, but if it happens, your dad (or you if you dad has passed) will need to talk to an attorney. My understanding that this kind of debt is easy to fight off in court, as long as a proper argument is put forth. That is also the reason timeshare companies or debt collectors rarely take this route.

If you feel that your dad may not have that long anyway, then it's pretty clear that not paying the MFs may be the best path forward.

Your dad's problems will remain his problems, and will not pass on to you, unless you agree to take on those problems.

However, given the timelines involved, the certain continued harassment by debt collectors, and the potential for having to hire an attorney, it might be better to just pay the MFs and deed back the timeshare.
 
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Firepath

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Thanks everyone. I fully intended to help him with the deed back process but I have seen that DRI often doesn't accept Monarch contracts (which his is). I'm just afraid if he pays the dues now, then they refuse to take it back through the deed back, we'll be back to square one.
 

Tia

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No expert by miles but if you could get DRI to put into writing that they'd wipe the slate clean if fees are brought up to date and they'd also take it back then maybe worth paying the $. But if they won't put it in writing the terms that are acceptable then you would be back to square 1 as you say.:shrug:

Thanks everyone. I fully intended to help him with the deed back process but I have seen that DRI often doesn't accept Monarch contracts (which his is). I'm just afraid if he pays the dues now, then they refuse to take it back through the deed back, we'll be back to square one.
 

HolidayLover

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if he is not worried about his credit, save the money and just let them repo it.

Exactly what he said.

If anyone here suggested that your ailing father pay past due maintenance fees and then HOPE that DRI accepted the property as a deedback - is either lazy or paid by the resort. It doesnt make sense.... the timeshare is already halfway in the trashcan... dont pull it back out by making it current.

I'm sure your dad got value from it over the years, and we all know Diamond got value out of your father.... Let this one wither on the vine.
 

janner66

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I tried to use the deed back service on my timeshare in Grandview Las Vegas and was asked to pay current fees owed plus I think it was another $750. It may be worth finding out whether the deed back is free or comes at a cost before making your decision.
 

theo

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I tried to use the deed back service on my timeshare in Grandview Las Vegas and was asked to pay current fees owed plus I think it was another $750. It may be worth finding out whether the deed back is free or comes at a cost before making your decision.

Virtually any and every resort accepting deedbacks will first require that maintenance fees be fully paid up to date. From there forward is where policies differ. Some resorts will also require pre-payment of a year's (or two, sometimes even three) worth of future maintenance fees to be paid. I can see and agree with one year; two years pushes the envelope a bit and three years' worth is (IMnsHO) just an unreasonable expectation.
 
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