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Resorts accepting deedbacks

kattim

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Mayan Palace says they'll take a unit back

I am assisting a friend of mine with his Mayan Palace timeshare. He is elderly, ill and doesn't want his EOY (even) master suite anymore. I rented it on his behalf this year but will try and return it to Grupo Vidante in 2016. I called and spoke to someone about his options and they said it could be done - no fees, nada. I'll believe it when I see it but I do know Grupo Vidante (if thats their current name) is desperately trying to get all MP owners to upgrade as they no longer wish to support the MP brand. I'll let you all know what happens in a year or so and the 2016 MF is due and I try returning it. :eek:
 

Larry M

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Yes, small fee

Do you typically have to pay a fee to deedback?

See the thread where everyone advised me that I should pay the $150 for "attorney fees" to get off the hook at Wyndham Fairfield Bay.

Indeed, that and a letter were all that were requested. I was current in maintenance fees.

Larry M
 

Larry M

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Success after five phone calls to different locations

As one who successfully completed deed backs at 4 different Resorts I can second the above. In only one case was I successful with my first phone call. The others required many, many phone calls.

George

I had an annual fixed week at Wyndham Fairfield Bay that I couldn't use. When they cancelled the FAX exchange program in 2009, I tried to sell it for a while, then tried to give it away for a year. Finally it occurred to me to see if I could simply give it back. The complete saga is documented here.

In short, I called one Wyndham number where I was told to call another, and another.... I didn't realize it at the time, but the fifth call was not to Wyndham, but to the Fairfield Bay Association. When I explained why I wanted out (Wyndham failure to provide the promised exchange privilege), their answer was straightforward, "Explain your reasons in a letter. You must be current on fees and you must pay $150 in attorney fees."

The letter I wrote is posted in the thread referenced above, if that would be of help to someone else.

By the way, I was picking up my home office yesterday and ran across the 2009 letter from Wyndham in which they cancelled their exchange program. I can provide it if someone wants to cite it.

Larry M
 

SueDonJ

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Marriott has been actively buying back certain Weeks for the last few years (notably, at prices that can be higher than what's available on the external resale market.) There are no guarantees that any certain Weeks will be taken or that they'll take back today what they took back yesterday, but it's certainly worth a try.

Here's the related TUG thread: Marriott is BUYING BACK TIMESHARES [2012 / Ongoing]

And here's the MVC Resales Operations "Sell Weeks" page (link may require log-in to your my-vacationclub.com account) if you want to get info for your Weeks.

It's not quite a simple "deedback" program but it's something.
 

SWowner

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I haven't found a taker yet for Harborside - a couple of inquiries but nothing solid. I also own a yearly - fully paid in Orlando and every other year in Scottsdale and Cancun. I still owe on the Scottsdale and Cancun. Even though we've enjoyed our timeshare vacations, due to financial reasons, I would like to get out of timeshare ownership. I do realized that getting rid of them is not an easy venture. I feel as though I'm stuck with them.
 

LannyPC

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Most resorts with which I'm personally familiar make that decision on a case by case basis, depending on a number of factors and variables.

This is something that I've sort of been wondering about and that's been passively discussed in these forums. What are some of these factors that should be considered?

I know demand for a certain interval would likely play a part. For example, a resort in Hawaii or Arizona might be more willing to take back a winter interval than a summer interval because summer in those places are usually in less demand. But let's say that two owners in a resort with similar unit sizes and the same week want to deed back their intervals but the HOA can only take one. What would be the "factors and variables"? And would it be fair to say "Yes" to one owner but "No" to the other if both are paid up on their MFs?
 

Rent_Share

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Primarily would be the number of non performing weeks in HOA inventory by season. They have to assume that it will stay or can be converted to a performing (maintenance fee paying) interval.

Determining the difference between two types of debtors

  • can't pay(do not have the cash flow, and do not care about the consequences) - Upon validation it is less costly to get an orderly transfer of the tittle, than spending funds for an adversarial procedure that will not generate cash to gain possession to resell
  • won't pay (want out, but in the event of a foreclosure) would be able to pay the delinquency and cost of collection, those should be offered an opportunity to prepay maintenance fees for the period required to find a new volunteer for the maintenance fees.
Thirdly, the possibility of an active rental inventory

I like the concept of accumulation 52 floating weeks and converting to a wholly owned condo
 

tsbill24

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Summer Bay Building 104 Termination - Deed Back

My maintenance fees were returned in May this year as a result of the building termination. However, since there was a balance due on the timeshare, Summer Bay continues to call and call and call. I am now aware of the deed in lieu (DIL) of foreclosure and wonder how I would go about completing the DIL.
 

theo

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I'm confused...

My maintenance fees were returned in May this year as a result of the building termination. However, since there was a balance due on the timeshare, Summer Bay continues to call and call and call. I am now aware of the deed in lieu (DIL) of foreclosure and wonder how I would go about completing the DIL.

With any valid deed, there must be willing and voluntary "acceptance" by the grantee. Are you saying above that the resort at issue has already overtly and clearly agreed to accept your deed in lieu of foreclosure? If so, they will surely walk you through the relatively simple and straightforward process. If not, please understand clearly that "deedback" is not an option to just independently and unilaterally exercise on your own without the grantee's prior knowledge and agreement ("acceptance").

If the resort has overtly agreed to accept your deed in lieu of foreclosure (a.k.a., a "deedback"), then I'm confused as to how you have a deed recorded in your name, free and clear with no liens or other attachments, if there was a loan associated with (and a balance still outstanding on) the original timeshare purchase. :confused::shrug::confused:
If there is still a lender associated with the underlying deed from a loan on the purchase (...which may or not be the case, depending on whether you obtained a personal unsecured loan on your own, or signed onto a developer-financed arrangement), you may very well first need to satisfy (or otherwise manage to get discharged) that loan obligation before you can have the deed in your name, free and clear, to gain the legal standing to be able to act at all on that ownership in the first place. If it was a personal loan, without any developer involvement, please understand clearly that the loan balance does not just magically "go away" or somehow otherwise just disappear because you succeeded in attaining a "deedback". T'ain't so.

That being said, if your situation involves a "Summer Bay Sinkhole" building, you might consider seeking some independent legal advice --- particularly if you are being pestered by collections people. I for one would certainly be very reluctant (...and that's certainly a serious understatement :rolleyes: ) to even consider paying off an outstanding note associated with a sinkhole properly no longer standing intact and not likely to ever again be habitable.

I hope that some of the above better informs and / or otherwise helps you in some manner. Good luck with whatever course of action you ultimately choose to pursue.
 
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lucillec

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timeshare deed returns

I have given back two timeshares ... both mortgage free. One we received 1500 for..and the other was taken back at 0 cost. Two different resort properties. We consider ourselves very fortunate as we had them over 20 years.
 

TUGBrian

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udpating this, kudos to Stonebridge Village who I was just informed agreed to take back an interval from a TUGGER who had passed beyond the age in which they could comfortably travel/vacation any longer.

While they did have to pay 2 years worth of maintenance fees, I am always pleased when a resort gives owners another alternative to being ripped off!
 

bogey21

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You were very fortunate to have achieved this success George --- and at such very low cost to boot, particularly since the economy (and the timeshare market) weakened considerably and perceptibly in and since early 2008.

One of the things that helped make me successful in the business world was anticipating trends. It served me well back when I sold my 4 Marriott Weeks at a small profit and served me well here. Inertia is your enemy.

George
 

LannyPC

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While they did have to pay 2 years worth of maintenance fees, I am always pleased when a resort gives owners another alternative to being ripped off!

Exactly! Paying two years' MFs almost always works out cheaper than paying a PCC, charity, transfer company, law firm, or even some Viking ship operations to supposedly cancel a timeshare. Not to mention that sometimes owners pay these types of operations thousands of dollars and do not get what they were promised.
 

gremp30

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Deed Back

How can you deed back when deed is not even in our name. It is in the name of the trust? What ties us to perpetual payment of maintenance fees when their recourse is to cancel our membership to the club and lien the property. Which I have already been told that I do not own any part of.

I am so confused. Bought 8,000 point back in 11/2000 for $10,000. we have used as much as we could. Deed came back with cover letter stating here is your warranty deed. Never really looked at it till they said it wasn't a deed with our name on it it was just a Deed for resort interest. Things are tight now and this is something I just can't keep paying for. I always thought of it as an investment but now to be told I own nothing. Just want out.
 

Bwolf

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Cape Winds

Cape Winds has this policy:

Institute a program to allow the Trust to take back intervals as the circumstances warrant from owners who want to sell their weeks, provided the owner is not delinquent in the payment of maintenance fees and pays two years of prepaid maintenance fees (based on current fees) to afford management a window of time to find a new bona fide owner without the other members of the Trust bearing the carrying costs for said intervals;
 

Rent_Share

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There are no guarantees that any certain Weeks will be taken or that they'll take back today what they took back yesterday, but it's certainly worth a try..


IMHO this summarises the entire thread
 

TUGBrian

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bumping this, just recieved a note from a member that Summer Bay resorts has implemented a deedback program, however sadly they appear to be charging $2200 dollars to take back an interval.
 

tschwa2

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Is that a blanket fee regardless of the interval? In the past,SummerBay/Exploria based the charge on your unit. Some week they would take back for as little as $300 and the $2000 charge was more for the off season weeks and there were some in between.
 

TUGBrian

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im sure as with most resorts, there are certain weeks that have more value than others....but this seems to be the going rate for a regular/mud week.
 

csxjohn

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I just received my bill for my unit at Summer Bay Orlando and it contained a warning about timeshare exit firms. At the end of the warning they say "If you are talking to one of these companies or are thinking of doing so please contact us at...."

I wrote to them telling them I get all kinds of mail and phone call and what should I do. They wrote back asking me to contact their Inventory Surrender Program. Telling me it may take 20 to 30 days to review what I own.

I've been trying to give this away for a few years so seeing this notice gives me a little hope. But I'm not willing to spend $2,000 with them to do this when I know it will be resold for tens of thousands of dollars. It is a 3br 3ba lockoff that floats 1-51 so should have some value to them. I'll just stop paying if it comes to spending $2,000.

I will let you know what they tell me when they do tell me something.
 

TUGBrian

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that is a welcome change! please let us know how it goes!
 
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