Question please help.
my parents bought a timeshare 16 years ago in Ontario - they are now retired and would like to get rid of the deed. we tried to sell it on ebay - didn't work and they have no one to transfer it to. they spoke to a friend that stopped paying maintenance fees and the collections agency stopped bothering him after 2 years. I assume the creditor is waiting for the individual to die and pursue the estate. RCI told my mom that they will pursue the descendants if they do not pay the fees. they have not paid their maintenance fees this year and the late fees are piling up. I contacted a company to try and donate the deed. is there anything else I can do. my parents own a house so I assume declaring bankruptcy is out of the question. so if you can help it would be much appreciated. thanks very much.
Thank you for the questions. To answer you question about creditors pursuing the descendants; There is no obligation for the descendants to take over the ownership liability. I would suggest contacting the resort and letting them know that your parents are no longer interested in owning at the resort, do not plan on paying the fees, and would prefer to give it back. They are not interested in listing it for sale because they have been scammed before by listing companies that offer no service. True, the collections agents will attempt to collect the maintenance fees but will eventually cease once the resort has foreclosed on the property.
I can answer any questions regarding the timeshare industry, developer sales, resales, vacation clubs, donation, liquidation, listing, for sale by owner, RCI, II, SFX exchange. Anything related to timeshares or campground memberships or fractional vacation real estate
I have been in the industry for 7 years. I started selling timeshare for a developer in South Dakota. I then transitioned into the escrow side of the resale market and I am currently the VP of Sales and Marketing at Resort Closings, Inc. Resort Closings Inc is the largest timeshare escrow service in North America. It provides full service timeshare transfer as well as sales.
Education/Credentials High School Diploma. 3 years of Higher Education.