Pay Mayan's 5 Year Special Assessment or Deed Back to Developer

[icydog]

My friends own two Mayan weeks and they are ~ 80 years old . They don’t pay if they don’t use their weeks.

This year is their 5th year which means they must pay a special assessment of $1000.

I told them to check with Mayan and see:

1 Is the rate $1000 for each week or per contract for both weeks? She called the Mayan and they say the fee is for both weeks in the master contract

2 The MP says if they walk away from their contract they’ll get a dunning letter— then developer will take the contract back.. is this true? She called and checked this too. According to MP her credit rating will not be impacted in the least.

3 My friend thinks she got her first MP week for free in trade for her January Hilton Head Timeshare many years ago. I said that seems crazy. So I asked her to find out what they paid for each week. Do you think MP can provide that information? When asked this question she was told she has $20K in equity. Does that mean in resale value or that she paid $20K to buy both weeks

4 I’ve told them they can rent a one bedroom for less than their Maintenance Fees and/or the Special Assessment. Does that make sense?

I hate to see them throw good money at the Mayans when they could rent for less money. For instance if they go this year they’ll need to pay their maintenance fees plus this special assessment. That’s some serious cash.

It just doesn't make any sense to me. She is talking about how they can use their weeks for another 5 years if they pay this money. I asked her if she would still want to go to Mexico from NJ when she is 85? I know I would not want to do that.

Thanks for your help with this.

I edited my first post to add the bolded copper text

 

[T-Dot-Traveller]

My friends own two Mayan weeks and they are ~ 80 years old . They don’t pay if they don’t use their weeks.

4 I’ve told them they can rent a one bedroom for less than their Maintenance Fees and/or the Special Assessment. Does that make sense? ***

t

***This has always been unlikely between Mid Jan and Easter / snowbird season .
.
<also with the exchanger resort fees Vidanta- Mayan has added - perhaps - less likely in this peak time .>


( I am guessing ) - based on the $ 1000 reno fee ( 2nd MF / due every 5 years ) it sounds like they may own a 2 bedroom Mayan Palace
and bought between 2006 and 2010 ( or upgraded then to get the "no go /no pay" - MF on use only) and have one week ( called a registered week) with 6 month ARP ,
where you can book any Feb. week Aug 1 **

I think the second week is the Vacation Fare bonus week - which has 6-month ARP ( except for snowbird season) and has always been pay on use only
If you were to use this VF (bonus) week from Sept- Mid Dec (low / shoulder season ) - it may be possible to (instead)rent for about the MF

If it is a 2 bedroom - they are lock-offs & can be split into a 2 week stay
using it as a one bedroom for one week and a studio / hotel room for the 2nd week . A $ 1000 for 2 weeks away from winter in New Jersey is not a bad cost


** - best / high value use : is to book Presidents Week by calling the prior August 1 .

*********
Your friend can get Vidanta Member Services to email them a PDF of their contract - which may help .

PS - this contract can transfer to immediate family { ie (adult) children } for free and the recipient gets the "no go /no pay addendum
and the VF week . These items do not transfer in resales .

Per your (# 2 ) - yes this is an exit strategy and is likely to work as described .
Vidanta wants the registered week back .These are RTU contracts so there is no deed .
They could likely get subsequent email correspondence from Vidanta Member Services,
confirming that there is no further obligation or ownership should they decide to pursue this .

 

[pittle]

T-dot is correct. If I were 80 and had not gone in several years, I would just tell them that I was not going to pay the Renovation Fee and they could have it back. The resorts are getting so large that it is more difficult to get around.

The Equity is only for use when upgrading. They supposedly subtract your "equity" from the cost of the new unit and you pay the difference. That is awesome if you were able to buy one for $2500 on the resale market, but so mush. The MP week will sell for about $1 because thee transfer fees will be about the cost of 10 MF.

 

[icydog]

Well my friend paid the $1000 even though I advised her not to do that. Now she is out $1000 for a resort they may never use.

If they use it MP once in the five years she paid for, her maintenance fees will be $200 (the amortized per year amount) plus the regular maintenance fees she pays for using her week-- which I think is around $800 for a one bedroom. That seems so crazy. She could have used the money to pay for new toilets her home needs but she doesn't think like that. Her home maintenance is secondary to vacations. I usually take them with me on my Marriott vacations and they pay for some of the food. They really don't have this money to waste but they did it. What frustrates me is that she never listens to me

 

[Tia]

I'm sad for your friends.

I have told friends about TUG and they just don't listen. Luckily my 85 yo relative was going to add on to his timeshare weeks in STT about ~5 years ago, I told him 'NO just rent'. Great vacation STT but ... Luckily he did not buy another week as they only went one more time before my aunt developed a major medical problem, so they will never go again sadly. And now with the damage to the USVI last year dt hurricanes x2, that resort is closed and not going to be open for a long time yet looks like.

Well my friend paid the $1000 even though I advised her not to do that. Now she is out $1000 for a resort they may never use.

If they use it MP once in the five years she paid for, her maintenance fees will be $200 (the amortized per year amount) plus the regular maintenance fees she pays for using her week-- which I think is around $800 for a one bedroom. That seems so crazy. She could have used the money to pay for new toilets her home needs but she doesn't think like that. Her home maintenance is secondary to vacations. I usually take them with me on my Marriott vacations and they pay for some of the food. They really don't have this money to waste but they did it. What frustrates me is that she never listens to me

 

[icydog]

You’re so right. Had she rented the one or two times she wanted to go she would have come out ahead. I’m really getting tired of her not listening to me about anything. It’s like “if I say it, she’ll ignore it”. It’s not just timeshares, it’s everything. She’s a dear friend but I’ve been backing off from her because of this. It’s just so frustrating!
(Or as my grandson used to say....it’s so frus-ter-a-ting)