Does anyone have experience stopping payment on ResortCom Timeshare, specifically the Veilla Del Palmar Resort?
A reader of our site posed the following question about foreclosing on ResortCom timeshare:
My husband and I purchased a time share several years ago and are still paying on the outrageous balance plus maintenance fees.
We have recently found ourselves in a finacial hardship and can no longer make the monthly payments and/or maintenance fees.
I have contacted the TS company several times asking for ways I can relenquish the TS, each time they tell me I cannot.
I’m concerned about wage garnishments if I cannot pay them. They are quite unwilling to work with me on this. My stress level concerning this is increasing daily. Any ideas??
A contributor to our site graciously has offered to share their experience with stopping annual timeshare payments for a resort in Florida. Please note – the timeshare is paid in full with maintenance fees reoccurring each year.
Be sure to check back as they update the story during the process – I’m anxious to see how it turns out!
Stopping Timeshare Payment in Florida:
I bought a timeshare at the Surfsider in Pompano Beach, FL back in 2001. I paid it off the first year. I have decided to stop paying my maintenance fees this year.
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The following post was submitted by a couple detailing their experience as Westgate timeshare owners, and why they decided to stop paying their Westgate timeshare.
In 2005, we purchased a Timeshare from Westgate Resort in good faith. We were a young married couple with two toddlers. We were told that we would never regret the purchase and that we had a “lifetime of amazing vacations” ahead of us. The only thing that has remained constant and true is the fact that WE HAVE REGRETTED EVERY MINUTE OF OUR PURCHASE.
Between 2007 and 2010, we paid two different companies over $2,000 who each claimed that they guarantee to sell our timeshare. Neither ever did. In 2010, we contacted Westgate and notified them that we would NO LONGER be cheated out of our hard earned money and would NOT continue to pay them. They did not care that we had paid thousands of dollars to them already (100% on time) or that we had spent over $2000 to companies to sell our timeshare. The only thing they cared about was getting their money. They even acknowledged that purchasing a timeshare may not have been the most “honest” purchase but that we were never “forced” to do so.
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Florida contains one-quarter of all of the timeshares in the US. Because of the high concentration of timeshare resorts in FL, the legislature felt it necessary to pass a bill to help timeshare owners struggling with timeshare debt. In response to challenges being faced by Home Owners Associations and lenders due to a high number of owners being unable to afford their payments, the Trustee Foreclosure Bill was created. The Trustee Foreclosure Bill will reduce the time and cost for timeshare owners paying late and struggling financially because of maintenance fees. This bill was created with the aim of preventing a large amounts of timeshares from going into delinquency and going under.
The new Florida timeshare foreclosure law modification will shorten the amount of time needed to process a foreclosure from 18 months to a mere 90 days. It is hoped that this change in foreclosure time will help to quickly remove and replace owners who can no longer afford their payments. The HOAs will also now be able to react more quickly to present delinquent owners with their various options – including full foreclosures and deeds in lieu of foreclosure.
If you have exhausted all of your other options for getting rid of your timeshare including selling on the web, auctions sites like eBay and Craigslist, donation to charity, and giving it away, a timeshare foreclosure may be your only option. The time share foreclosure process is somewhat similar to a home foreclosure, in that eventually the property will eventually be returned to the lender and sold at a sheriff’s auction to the highest bidder. Being armed with information, and knowing how this process can affect you and your future purchasing/lending power is a key part of a successful foreclosure. This post will help to prepare you for what may lie ahead, and provide information regarding credit score changes you may experience as a result of a timeshare foreclosure.
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