Exit Attorneys are they legit

[Saintsfanfl]

I wonder if there is a business opportunity in here. Lots of us could do this ourselves but MANY people pay to have someone try to get them out. What if there was a service that one would give their timeshare details to and then they get a price to get out. Fixed price and you are out. The price would vary based on property but if you agree then you’re done.

That is exactly what the legitimate rescue companies do. You pay a fee based on what you own and they turn around and eBay it to the highest bidder. Some of them even transfer it to themselves first so you are free and clear no matter when it sells.

 

[Saintsfanfl]

Thats what they claim to be able to do.. cancel the contract.

The point of hiring someone like Mike Finn would be to negotiate a deedback and forgive the loan... call it a deed in lieu of foreclosure

The problem though is that it is obviously not guaranteed. As you said they will not work for free so you are at risk that they will be successful. Or is there a chance that you pay nothing if they cannot get you out? I know MTS claims this but those are contracts without liened deeded property.

 

[LannyPC]

Some of them even transfer it to themselves first so you are free and clear no matter when it sells.

The problem with that is that some of them pull the Viking Ship move which could (depending on various factors) come back to bite the original owner in the backside.

 

[LannyPC]

I recently checked into the transfer of my timeshare and the resort wanted $1300 in fees. That was $1300 for just the exchange only, they did not perform the closing. Add the fact that most people are clueless on the exchange process, and the fact that many are having to throw in a year of maintenance fees as incentive, is it any wonder that people are just letting these things go into foreclosure on a massive level?

I know this is off topic but I was thinking the same thing. Often when people come on here asking how to get rid of their TS, the general suggestion is to list it in the Bargain Deals section while offering to pay closing cost and the next MF. Or it would be to ask the resort to take it back even though the resort might charge (Wyndham's Ovation program comes to mind).

With all that, I understand why some would just let it go into foreclosure. It would cost nothing (other than collection calls and possible credit score dings) to foreclose but (as in ace2000's case) $1300 for a clean transfer. I'm not recommending letting these go into foreclosure, I'm just echoing ace2000's point that I can see why people would do so.

 

[Saintsfanfl]

People who let it go to foreclosure are not using or paying for the timeshare. 99% of the time there is a mortgage. These people have no option to give away the timeshare even with incentive. The most they can hope for is deed in lieu but the vast majority in this situation do not have the motivation to call so they let it go through inaction.

 

[ace2000]

People who let it go to foreclosure are not using or paying for the timeshare. 99% of the time there is a mortgage. These people have no option to give away the timeshare even with incentive. The most they can hope for is deed in lieu but the vast majority in this situation do not have the motivation to call so they let it go through inaction.

Only my opinion, but I think this statement is way off base. Do you have any facts to back up this assumption, or were you just speculating?

 

[Saintsfanfl]

Only my opinion, but I think this statement is way off base. Do you have any facts to back up this assumption, or were you just speculating?

99% of foreclosed timeshares. Speculating but isn't it obvious? Obviously with a house it is 99.99%. If a timeshare is being foreclosed the vast majority of the time it still has a mortgage. Do you think there are more than 1 in 100 foreclosed that were fully paid for before the owner stopped paying the annual fees? My number could be off but it could be too low rather than too high.

A very small % of timeshares are bought without a mortgage and that is a fact. A timeshare with a mortgage is far more likely to end up foreclosed than a timeshare paid in full.

 

[ace2000]

Do you think there are more than 1 in 100 that are fully paid before the owner stops paying the annual fees?

Yes, IMO, I feel the amount of owners defaulting with no mortgage is well above 1%. Especially in regards to resorts and weeks that are less than desirable and hard to get rid of.

Even though we know the timeshare transfer process is easy to do on our own, many are just not going to take that big first step of trying. Think about all the owners who don't even know that TUG exists.

 

[Egret1986]

Yes, IMO, I feel the amount of owners defaulting with no mortgage is well above 1%. Especially in regards to resorts and weeks that are less than desirable and hard to get rid of.

Even though we know the timeshare transfer process is easy to do on our own, many are just not going to take that big first step of trying. Think about all the owners who don't even know that TUG exists.

I fully agree that it is well above 1%. Folks want out of their timeshare obligations for many reasons and they don't know what to do. Knowledge is Power. TUG timeshare owners are only a very small percentage of the timeshare owners out there. These owners don't know where to turn, perhaps they've been burned by timeshare exit companies, circumstances in their lives make it impossible to pay the ongoing maintenance fees and perhaps special assessments, they are older and can no longer travel, and the reasons go on and on.

All my legacy resorts, where the developers left a long time ago, have defaults in the 20%+ range. The resorts have to do something about these non-paying owners and many resort to foreclosure. It's doubtful there are mortgages on any of these timeshares.

 

[md8287]

We want out of our Sheraton Vistana Cascades odd/even year timeshare. It was purchased in mid 90's. Heard an ad on exit attorney Solomon Cross in Winter Park FL that they would be able to get us out of the contract as they deal directly with Sheraton. First thing is of course they want an upfront fee and from reading other forums is an absolute NO! Second they said it would take 3-12 months with a cost of about $3500.00. Are these attorneys legit? Can we get out of the contract or should we continue to try to find SOMEONE who would like this timeshare? Seems most young people are just not interested. Any help would be appreciated

Back to the OP. mfred, I think the take on this by most of us is to email or call your owners' association and see if they will take it back and/or join Tug and place an ad for giving it away, with you probably paying the closing costs (+/- $500 from someone like LT Transfers). Hopefully you will get a bite before you have to pay maintenance fees.

 

[Saintsfanfl]

Not sure what the Vistana transfer fees are but LT Transfers is not even $200 all in for the closing costs.

 

[theo]

Hopefully you will get a bite before you have to pay maintenance fees.

Hope springs eternal, but 'tis the season for maintenance fee bill issuance now. Accordingly, OP might also have to agree to pay that imminent maintenance fee bill in order to find a willing recipient. After all, at this date even a speedy closing would not be fully completed before a 2018 fees bill would likely be delinquent if unpaid. As Saintsfanfl has astutely noted previously, paying "nothing out of pocket" is a very big psychological draw to potential recipients.

Even *if* the HOA will consider a "deedback", maintenance fee bills will still have to be fully paid up to date.

Dunno the resort-imposed transfer fee involved here, but as also already noted LT Transfers closing costs fee would be just under $200.
Even with paying maintenance fees for a 2018 week that OP will not utilize, it's a much smarter approach than paying any upfront fee "exit" parasite operation to ultimately accomplish absolutely nothing --- for a higher cost.

 

[bogey21]

Folks want out of their timeshare obligations for many reasons and they don't know what to do. Knowledge is Power....These owners don't know where to turn......

This is so true. A couple of years ago I would attend Exit Company presentations in my area just to see what they were selling and how people were reacting to it. Number One their pitch was big time misleading and Number Two probably 75 % of attendees were buying into it and writing checks. These were people who didn't have a clue but wanted out at any cost.

george

 

[chapjim]

Yes, IMO, I feel the amount of owners defaulting with no mortgage is well above 1%. Especially in regards to resorts and weeks that are less than desirable and hard to get rid of. <snip>

I expect the distribution is bi-modal. A number of people want out shortly after purchase and will still have payments due on the loan. Then, there's probably a period of time where people pretty much enjoy their purchase. Loans have been paid off and it's just maintenance fees. Then, as people age, income decreases and travel becomes more difficult. Usage goes down and maintenance fees become more burdensome.

People who default early in the timeline will most likely have outstanding loans. People who default late in the timeline almost certainly will not have outstanding loans.

Of course, the desire to get out early only applies to developer purchases. The desire to get out late (or later) could apply to most everyone.

 

[Asl18940]

For what it's worth, I've just been through the process with two timeshares. I had gotten ill and as a result my law practice dried up. I was not able to make the maintenance payments, and there were outstanding mortgages. You can represent yourself in these matters, but I used Mike Finn. I paid for the service, but it was very little burden. I know to do it myself would have taken hours and hours, and while I may have saved the fees, I think Mike's team has contacts with various companies that help expedite the exit.

 

[LannyPC]

I think Mike's team has contacts with various companies that help expedite the exit.

Well I'm glad it worked out for you albeit for a lot more money than if you handled it yourself. But I fail to grasp what kind of companies can "expedite the exit".

Are you saying that if an owner who wants out contacts the resort's HOA to negotiate a deedback, it will take a lot longer than using some of these "contacts with various companies". Is the HOA going to say "Well, Owner, if you want out, you're gonna have to wait. But if we are contacted by certain people, we will speed this up."?

 

[theo]

Well I'm glad it worked out for you albeit for a lot more money than if you handled it yourself. But I fail to grasp what kind of companies can "expedite the exit".

Are you saying that if an owner who wants out contacts the resort's HOA to negotiate a deedback, it will take a lot longer than using some of these "contacts with various companies". Is the HOA going to say "Well, Owner, if you want out, you're gonna have to wait. But if we are contacted by certain people, we will speed this up."?

I have "no dog in this fight (not that it's a fight at all), but I have met Mike Finn. I also know that ARDA dislikes (and to some extent, fears) him. He has seen the "man behind the curtain".

With that in mind, I respectfully submit that you might be misnterpreting the content (and intent) of post #40 above. My own read would instead simply be a belief that when a developer learns that Michael Finn specifically, who knows the timeshare industry inside and out (and who dislikes developer practices), contacts them representing a client, that developer's attention is promptly obtained and that developer likely immediately assumes a "negotiating" frame of mind.

This is a distinctly different scenario from that of a fully paid up owner contacting his HOA to request a deedback. Clearly, no one needs (or benefits from) legal representation in that scenario, but I respectfully submit that is not at all the situation portrayed in the post you've questioned above. That's comparing apples to oranges and the two are quite simply not the same.

Just sayin'...

 

[krj9999]

Can't tell you how many commercials I've seen on cable tv of late from the "timeshare exit team" but it's quite a lot. Anyone else having the same experience?

 

[theo]

Can't tell you how many commercials I've seen on cable tv of late from the "timeshare exit team" but it's quite a lot. Anyone else having the same experience?

I don't watch a lot of television, but I often hear "TET" advertising on the radio while I'm driving.
Haven't ever listened to the entire ad though --- I don't want their b*ll$h!t stinking up my vehicle.

 

[Natalie247]

Hope springs eternal, but 'tis the season for maintenance fee bill issuance now. Accordingly, OP might also have to agree to pay that imminent maintenance fee bill in order to find a willing recipient. After all, at this date even a speedy closing would not be fully completed before a 2018 fees bill would likely be delinquent if unpaid. As Saintsfanfl has astutely noted previously, paying "nothing out of pocket" is a very big psychological draw to potential recipients.

Even *if* the HOA will consider a "deedback", maintenance fee bills will still have to be fully paid up to date.

Dunno the resort-imposed transfer fee involved here, but as also already noted LT Transfers closing costs fee would be just under $200.
Even with paying maintenance fees for a 2018 week that OP will not utilize, it's a much smarter approach than paying any upfront fee "exit" parasite operation to ultimately accomplish absolutely nothing --- for a higher cost.

I'm opting to default and just seeking help/clarification here for when communicating with the resort so I know where I stand. The maintenance bill will need to be paid even if there is a possible deedback? Do you know if that is also true of a foreclosure? Thanks for any help.

 

[Bunk]

The point of hiring someone like Mike Finn would be to negotiate a deedback and forgive the loan.

Keep in mind that the IRS treats forgiveness of debt as income.

 

[Natalie247]

Keep in mind that the IRS treats forgiveness of debt as income.

Thanks! I did not know that!

 

[theo]

I'm opting to default and just seeking help/clarification here for when communicating with the resort so I know where I stand. The maintenance bill will need to be paid even if there is a possible deedback? Do you know if that is also true of a foreclosure? Thanks for any help.

A resort will require that maintenance fees be fully paid up to date on a "clean" timeshare ownership (one which has no associated unpaid loan) before they will even consider acceptance of a "deedback". In some instances, the HOA may even require payment of an additional year (or even two) of the current maintenance fee amount, as a condition of their agreeing to accept a "deedback". No resort is ever actually under any obligation to accept "deedbacks" at all.

Foreclosure is an entirely different animal. Foreclosure is the "reclaiming" of ownership title by the HOA (via legal process, either judicial or non-judicial foreclosure), for non-payment over some period of time; that "period of time" varies widely.

Defaulting on a loan is a separate matter; the loan "note" may not even be held by the resort at all, but held by some other third party lender. Defaulting on any loan will almost certainly have negative credit report consequences.

None of this is likely welcome information, but I hope that it nonetheless helps to clarify rather than confuse.

 

[JohnPaul]

Meanwhile....back at Timeshare Exit Team. They are indeed doing a LOT of advertising. So they are making money somewhere.

Has anyone definitively determined their business model? Is it the typical pay me upfront and I'll get you out of your timeshare or something else?

 

[theo]

Meanwhile....back at Timeshare Exit Team. They are indeed doing a LOT of advertising. So they are making money somewhere.

Has anyone definitively determined their business model? Is it the typical pay me upfront and I'll get you out of your timeshare or something else?

Definitively? Not to my knowledge. However, snippets gleaned from the Net indicate that:

Also a.k.a. Reid Hein & Associates, LLC. Based in Lynnwood, WA. In business for 5 years now. Upfront fee operation.
Customer reviews / complaints indicate "average" cost around $5,000. One dissatisfied customer reported (just a few days ago, in her negative BBB review) having now paid about $7,500 since September of 2016, further indicating that a successful "exit" has not occurred --- 16 months later. Big surprise.

Other reviewing dissatisfied "customers" complain that TSET has later come back to them for more money to "complete" their alleged exit after receiving the initial hefty upfront payment. No indication that "exit" was "completed".

Sadly, another individual reported paying TSET for an "exit" from DRI. Sadly? DRI was taking deedbacks directly for a mere $250. Under DRI's new "Transitions" deedback program, I don't think they even charge that $250 anymore.

It would be very illuminating if a real, identifiable (i.e., non-shill) person stepped forward to overtly report verifiable details of "success" after using this (or any other, for that matter) upfront fee "exit / relief / escape / rescue" operation.
Keeping my ears open, but so far I consistently hear only crickets.