Original Message:
Deedbacks redux... (by KC):
jillk231 wrote:I have a timeshare at Grand Seas in Daytona Beach, currently owned by Exploria Resorts. I have had it for sale for 10 years for low prices, no offers. It has been under construction because of hurricane damage since October 2017, so there is little possibility that it will sell while closed. I contacted Exploria, they have an "Inventory Surrender Program" that will charge $2200 to take back my timeshare. They will also wait until they have need for it - I requested a call last summer - nothing yet. You mention $950 as the highest deedback program you have heard of - any ideas for me?
Westgate (slimy though they may be) is likely not actually the highest "deedback" charge in the U.S., merely the highest I personally know of. Some independent resort HOA's (with no "chain" affiliation) reportedly demand the monetary equivalent of 2-3 years maintenance fees in order to accept a deed back. In Mexico, there are several entities that charge several thousand dollars (although those are really "contract terminations", not "deedbacks", since you don't actually "own" anything in Mexico and there is no deed --- just a "right to use" contract).
I cannot advise you and I know nothing about "Exploria". I'll just state that if I found myself in the situation you describe, I personally would likely choose to just walk away and pay not another cent. Under no circumstances would I choose to pay money (neither maintenance fees nor a $2,200 "exit extortion" charge) to get out of a resort that isn't even open and has been closed for two years now. Are you even confident that they will ever successfully open again in the future?
You have a difficult situation and personal decision that you need to make on your own and / or with input from legal counsel. Good luck.