Time-Shares/RCI Christmas Mountain TS
My parents have a 3 week TS . they paid for them up front years ago. They are at the point on fixed income and too old to use them. They've been scammed several times by those promising to sell them and I believe when they first bought them. They are now being told, if they pay about $3K,
they will take it off their hands. Now they have a $3K assessment on top of that over the next 3 years! They've told me they don't want to burden us with them when they're gone. I told em, I'm not paying a dime to these crooks!
They're already out at least $9K in buying it. Some investment.
If they stop paying the Maintenance fees, will they be foreclosed. Or will they put a lien on their estate. Also, are they liable for 3 years of assessment?
I told them at their age, why worry about their credit score, if that is the only set back.
I'm just trying to help get them out of this without them losing their shirts. They are my folks but they're too old not to be wearing a shirt.
Don't worry about dealing with the timeshare if your parents don't get it out of their name. You do not have to accept any asset or liability from their estate if you do not want. Your parents may be able to donate their timeshare through donateforacause.org. If they stop paying the resort will eventually foreclose. The time frame for foreclosure depends on the resort. They may attack their credit, they may not. The resort would put a lien on the timeshare, not their estate.
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QUESTION: That's The kicker.
If they've already paid off the timeshare, and they put a lien on the timeshare, what are they liable for if they don't pay anymore fees. The resort can have the timeshare free. They just want out.
I've heard of them trying these "donate" places and "tug" and all that. they say, we can't give this away.
If it were that easy everyone would be doing it and the TS scam would collapse.
Thanks again, John
Putting a lien on the property starts the process to the resort getting the property back. They are only liable for the maintenance fees and property taxes. Eventually the resort will either take the unit back through foreclosure, or in better instances a deed in lieu of foreclosure.