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Stop Paying MF's by Deeding your Timeshare and Paying Fee?

mdrew925

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We have recently received a lot of postcards by companies that claim that they can help TS owners stop paying maintenance fees for their timeshares. We attended one meeting and found out that the offer was to have us deed our timeshare to them (without any payment from them), and then pay them a fee to take ownership of our timeshare. In our case, the fee was $4,450; or, as they present it, the equivalent of a few years of maintenance fees "for the privilege of never having to pay it again." Mind you, this is on top of the timeshare that we were supposed to transfer to them. I was stupefied why someone would even consider this. But, they claim that since 1995, they have "helped" over 25,000 owners stop paying maintenance fees. The TS has to be fully paid and the maintenance fees current through 2010. Their marketing ploy to help an owner end payments of the maintenance fees can be enticing. I can even understand if an owner gives up his timeshare for no payment. But, paying a fee to transfer ownership of a fully-paid timeshare boggles the mind. I think this is ludicrous. Has anyone else been approached the same way?
 

DeniseM

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Yep - this is one of the scams that we hear about several times a day here on TUG.

Please consider giving it away to a private individual who can use it, before you spend a cent with a company like this.

Why?
-You can give it away yourself for nearly no cost.
-You can control the transfer process to make sure it is truly transferred out of your name.
-You won't have to deal with companies that may or may not be Legit.
-You can transfer it to a private individual who will be happy to have it for their own use.
-You will have the satisfaction of knowing that you ended your ownership legally and ethically.

There are two places on TUG where you can give away your TS's for free (no charge for the Ads.) There are other cheap and free sites on the internet, as well.

TUG Marketplace - the only cost is your TUG membership - $15 (List it for $1 and it will automatically go in the Bargain Basement Ads.)

Bargain Deals - Totally FREE! - just write a simple post with all the pertinent info. In your post, include the following info.:
-resort name
-unit size
-season owned
-maintenance fee
-current reservations​

To make it more attractive I would:

1) Pay 2010 (and possibly 2011) maintenance fees and don't ask for reimbursement.

2) Pay for the title transfer (you can get a simple professional transfer for about $100) I've used this licensed document Prep. company and the owner is a Tugger. - Note, this is my personal recommendation, not as a representative of TUG.

3) Reserve a popular holiday week in 2010 or 2011 for the new owner​

Good luck!
 

Dave M

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$4400??? on top of a timeshare?? who would do such a deal?
You would be amazed at how many timeshare owners are desperate to get out of the continuing obligation to pay MFs for an unused timeshare. If they can't (or don't know how) to sell it or give it away, they often fall prey to the type of "offer" described by mdrew925.
 

CaperBev

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Yes, I too have been approached for such a deal and have also found site online that offer to buy back. It is only upon investigating further you realize they too want your dollars.
Seems everyone and their dog wants the dollars of TS owners. It is enough we have to pay exhortant MF and can't rid ourselves of our unwanted TS, for even a fraction of any payment. Are many of you feeling the way I am...oh!!! what a sucker? Why did I buy in the first place!! Could kick my own behind many times over!!!
What are we to do..we are forced to try to keep paying these fees because if we don't, then our credit rating is affected and that is something I never want to happen.
If anyone has any good, viable and trustworth suggestions, would love to hear from you.
Thank you...and do enjoy your timeshares, even if like myself and my husband, we are unable to use them because of my husband medical problems.
Thanking you in advance for any help or guidance you can give me.
Even trying to find a reputable company to rent, seems to be a problem as well.
And since I reside in Canada, my problems are so much worse since I don't know where to try to find any trustworthy lawyers to assist in anything.
 

am1

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There are a lot of scams in timeshares but why is paying a fee to get rid of an obligation a scam? It is not the cheapest way to unload a timeshare but if one feels paying the fee to rid themselves of the annual dues then they should do that.
 

DeniseM

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There are a lot of scams in timeshares but why is paying a fee to get rid of an obligation a scam? It is not the cheapest way to unload a timeshare but if one feels paying the fee to rid themselves of the annual dues then they should do that.

I don't think that most of these people know they have other options. Many resorts can be given away to private individuals for far less money. See my post, above.
 

isisdave

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There are a lot of scams in timeshares but why is paying a fee to get rid of an obligation a scam? It is not the cheapest way to unload a timeshare but if one feels paying the fee to rid themselves of the annual dues then they should do that.

Dear am1,

Because you don't get rid of the obligation. That's the scam, but no one has spelled it out in this thread. They take your money, but they don't record a deed or transfer ownership. You still own the timeshare, and owe the fees every year.
 

AwayWeGo

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[triennial - points]
Timeshare Hornswoggles & Bamboozles Waiting To Ensnare The Unwary.

Because you don't get rid of the obligation. That's the scam, but no one has spelled it out in this thread. They take your money, but they don't record a deed or transfer ownership. You still own the timeshare, and owe the fees every year.
Click here for an illustrative hypothetical nightmare scenario of timeshare hornswoggles & bamboozles -- which may not be all that hypothetical after all.

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

Kona Lovers

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Click here for an illustrative hypothetical nightmare scenario of timeshare hornswoggles & bamboozles -- which may not be all that hypothetical after all.

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

Alan,

That is truly one of your classics!
 

itisme

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This is the source of the eBay bargains

We have recently received a lot of postcards by companies that claim that they can help TS owners stop paying maintenance fees for their timeshares. We attended one meeting and found out that the offer was to have us deed our timeshare to them (without any payment from them), and then pay them a fee to take ownership of our timeshare. In our case, the fee was $4,450; or, as they present it, the equivalent of a few years of maintenance fees "for the privilege of never having to pay it again."


This is how the $1 inventory gets to eBay. They already got $3,500 to $4,500 from the owner who wants to get rid of the Timeshare. They then dump it on eBay for $1 to get rid of it.
 

am1

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In the OP's senario the post card company would deed the timeshare in their name. I agree if they do not do this than it is a scam but if do get the deed in their name then it may not be the best choice but it is not a scam.
 

timeos2

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In the OP's senario the post card company would deed the timeshare in their name. I agree if they do not do this than it is a scam but if do get the deed in their name then it may not be the best choice but it is not a scam.

Most (all?) of the PCC's do NOT take title into their name, which would remove the obligations of the current owner for future fees, but get a POA (Power of Attorney) to have permission to sell the timeshare IF they (or some third party) can find a taker. Often that is done by an ad on eBay for $1. If it doesn't work these shysters seem to have no qualms about walking away with the thousands in their pocket and the timeshare still in the original owners name.

As it gets harder to find buyers for timeshare ownerships at any price - even a dollar - this scenario may be the end result of the process more and more often.
 

Carolinian

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I have seen too many people that these slimy postcard companies dupe to pay them big bucks, who had prime weeks they could have sold and had money in their pockets instead. I have also seen them dupe people who owned at resorts that would have taken a deedback with no money involved into paying big bucks to the PCC instead, and then the PCC does the free deedback to the resort. I have heard that frequently they also misrepresent whether one can get tax writeoffs for the loss (they can't).

PCC's are scams that the consumer protection offices should target to put out of business.



There are a lot of scams in timeshares but why is paying a fee to get rid of an obligation a scam? It is not the cheapest way to unload a timeshare but if one feels paying the fee to rid themselves of the annual dues then they should do that.
 

Carolinian

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Most (all?) of the PCC's do NOT take title into their name, which would remove the obligations of the current owner for future fees, but get a POA (Power of Attorney) to have permission to sell the timeshare IF they (or some third party) can find a taker. Often that is done by an ad on eBay for $1. If it doesn't work these shysters seem to have no qualms about walking away with the thousands in their pocket and the timeshare still in the original owners name.

As it gets harder to find buyers for timeshare ownerships at any price - even a dollar - this scenario may be the end result of the process more and more often.

And, at least in North Carolina, most of the ''deeds'' that they do record are not valid in the first place to transfer title, and the resort can just ignore them and still bill the punter who has paid the big bucks for the m/f anyway.
 

imraju

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Does anyone know, what happens if I just stop paying for the MF's

I have 1 TS on which I am paying about a $1000 on MF every year and it keeps increasing and this year charming me another $300 for renovation fees on top of $1000 in MF's. I know from all the post I read, it will be very difficult to get rid of it. But what happens if I just stop paying the MF's.
 

timeos2

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Credit hit

I have 1 TS on which I am paying about a $1000 on MF every year and it keeps increasing and this year charming me another $300 for renovation fees on top of $1000 in MF's. I know from all the post I read, it will be very difficult to get rid of it. But what happens if I just stop paying the MF's.

Like any other obligation you committed to (home mortgage, car payment, taxes, credit cards, etc) the failure to pay your fees due can be reported to the credit agencies. And eventually the unit will be foreclosed on for non-payment - yet another credit report hit (although the "loss" of the timeshare may not bother you as you want out anyway). The most likely consequence is a hit or two on your credit report. How bad that will be is anyone's guess.
 

Carolinian

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Like any other obligation you committed to (home mortgage, car payment, taxes, credit cards, etc) the failure to pay your fees due can be reported to the credit agencies. And eventually the unit will be foreclosed on for non-payment - yet another credit report hit (although the "loss" of the timeshare may not bother you as you want out anyway). The most likely consequence is a hit or two on your credit report. How bad that will be is anyone's guess.

From what I have read about credit scoring the foreclosure would be a major credit hit.
 

AwayWeGo

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Tried Calling Up The Resort To See If They'll Take It Back ?

But what happens if I just stop paying the MF's.
Click here for a clue.

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

tombo

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Denise waht is the actual e-mail address of the $100 timeshare transfer company you recommend? I clicked on your link and couldn't find it.

Thanks,

Tom
 

imraju

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From what I have read about credit scoring the foreclosure would be a major credit hit.

Thanks for all the information. Now the question is, I live in Arizona and one of my aunts who is suffering of terminal cancer is willing to take my timeshare. What is the procedure to transfer the timeshare in her name. :)
 

theo

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Not necessarily...

... you don't get rid of the obligation. That's the scam, but no one has spelled it out in this thread. They take your money, but they don't record a deed or transfer ownership. You still own the timeshare, and owe the fees every year.

This statement is true and accurate in many, perhaps even most --- but certainly not all --- PCC practices, in which only a Power of Attorney (not a newly prepared and recorded deed) is executed. While I have no particular use or regard for any PCC, some do indeed record a new deed in their own name (Donate for a Cause, as one specific example, and at least one other whose name I cannot recall).

In any case, it's still a fool's errand to pay anyone thousands of dollars to part with a timeshare ownership. It would be easier and much less expensive to simply offer "..you can have my timeshare for free, I'll pay all of the closing costs, and I'll throw in two crisp new one hundred dollar bills to boot". :shrug:
 

theo

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One suggestion...

Thanks for all the information. Now the question is, I live in Arizona and one of my aunts who is suffering of terminal cancer is willing to take my timeshare. What is the procedure to transfer the timeshare in her name. :)

There is an individual right here on TUG who can handle that matter for you for a minimal cost (around $100 or so, if I recall correctly). You can send a PM directly to ttt and inquire of the details.

Disclaimer: I don't know ttt, I have never used ttt ---and I am not on commission for ttt referrals.....yet. ;)
 

DeniseM

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Thanks for all the information. Now the question is, I live in Arizona and one of my aunts who is suffering of terminal cancer is willing to take my timeshare. What is the procedure to transfer the timeshare in her name. :)

This is not a solution. Deeding this property to your aunt will not end the problem. Once she dies, her estate will be responsible for the timeshare - ownership doesn't end because someone dies. Then it will become the executer of her estate's probelm.

A better solution is to give it to someone who actually wants it. More info. - How can I give my timeshare away on TUG.
 
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rickandcindy23

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When someone states the risk to your credit, when you choose to stop your maintenance fees, they aren't being judgmental at all. On another thread, someone said TUG members will chastize you for not paying fees. That's not the case. We are warning people that this COULD happen to you. It's up to you to determine if it's worth the risk.

I know several resorts that do not destroy your credit and will just foreclose without much pain in that process. So you might be safe in just stopping the maintenance fee payments. But it's the risk that worries most people.

It's not hard to give away a good timeshare, but the older timeshares, low season, pretty hard to find a new owner. I am serious in suggesting this: post your timeshare on bulletin boards at grocery stores, restaurants, city rec centers, YMCA, churches, etc. I have found owners for two of my timeshares that way, and I actually sold one for what I paid (on ebay). I gave one away for $800 less than I paid on ebay.

The PCC's don't take just any timeshare, either. There is a full list they will not accept. I find it quite obvious that using a PCC is not a good idea, if you can do it yourself anyway. But it isn't a scam, when you work with the "good" companies, who have been doing it for a long time and remain reputable. But they operate by many different names...same people.

It is a shameful business model, because their speech even made me want to get rid of my beloved timeshares:rofl: (never-ending fees, constant special assessments, inability to exchange as promised, your kids will curse you for leaving it to them after you are gone, etc).

And that's all I will say about that.
 
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