TRYING TO GET OUT OF MEXICO TIMESHARE

kelleyw52 wrote:

im planning of getting a resort in mexico

Whatever for? Haven't you been paying attention? Just about all of the posts to this topic are about trying to GET OUT of a Mexican Timeshare. If you want to go on vacation to Mexico there are a thousand resorts you can choose from. Just avoid the timeshare pitch and enjoy yourself. Don't make a decision you'll surely regret for years to come. Yes, I'm speaking from experience.

Don't do it. You are better off renting in a resort.

What size unit do you own and what are your fees?

I possible. You can deduct the entire amount when you file your income tax.

Au li

Impossible. But…you can deduct the entire amount when you file your income tax. Auli

The vague (and yet still completely wrong) "input" quoted below clearly needs substantial correction. Specifically, any tax deduction for the disposition or donation of a timeshare is very specifically limited to the actual fair market value of that particular timeshare, regardless of the amount previously paid for it. Many timeshares actually have no value at all for their "fair market value" in the open marketplace, so in such instances the allowable "deduction" per IRS rules is exactly that same amount --- ZERO.

aulia2 wrote:

I possible. You can deduct the entire amount when you file your income tax.

Au li

And Donate For a Cause got in trouble for accepting timeshares allowing an income tax deduction for timeshares worth nothing.

https://www.abajournal.com/news/article/lawyer_agrees_to_injunction_in_alleged_timeshare_donation_tax_scheme

https://theabramsfirm.com/the-cold-hard-truth-about-donating-a-timeshare/

irenep59 wrote:

And Donate For a Cause got in trouble for accepting timeshares allowing an income tax deduction for timeshares worth nothing.

I realize that I might be splitting hairs here but, from my understanding, DFC did not get in trouble for allowing a deduction. DFC does not have the power to allow deductions, only the IRS does. DFC got in trouble for issuing formal appraisals to donors --- appraisals with unrealistic, inflated values as well as advertising and touting that donors could get significant tax deductions for "donating" low-value timeshares.

lancec13 wrote:

I realize that I might be splitting hairs here but, from my understanding, DFC did not get in trouble for allowing a deduction. DFC does not have the power to allow deductions, only the IRS does. DFC got in trouble for issuing formal appraisals to donors --- appraisals with unrealistic, inflated values as well as advertising and touting that donors could get significant tax deductions for "donating" low-value timeshares.

You are absolutely correct. In addition, if memory serves, the (unqualified, non-credentialed) person who issued the bogus appraisals for DFAC was a relative (wife maybe?...I can't quite recall) of one of the DFAC principals. In any event, I believe that DFAC was ultimately forced to "close up shop" --- and good riddance to them.

It's pretty much the same thing. They advised if I remember an average of $8,500 for timeshares which were really worth next to nothing.

Bluegreen has a legal point laundering program known in the industry as a "clean and press." You donate to a charity of their choosing but the charity does not pay maintenance fees. One of the charities was founded by the co-founder of RCI. These articles are from 2019 so I would need to check if the program is still viable.

Diane Smith Bluegreen’s Odd Donate to a Charity Program July 10, 2019 https://insidetimeshare.com/fridays-letter-from-america-58/ More on Bluegreen’s Donate to a Charity Program https://insidetimeshare.com/the-tuesday-slot-38/

Hi is anyone got TS in Mexico. Just got signed and they put me to apply thru Barclays credit card with RCI which I only see negative review. And they will take my first monthly payment in October And gave them my debit card. Info for payment If I call my bank to report as lost . Can they still take my money . They put so much pressure to buy now I regret buying that call “vacational “. Got a balance of 12k for 5 yrs but something about 15 yrs is that mean I will still been paying after the 5 yrs? Any feedback is will have any effect on my credit report or collection. And is they resortcom. Who will be taking the money. Thank you

If I understand your post correctly, you signed a contract in Mexico in June. You could have cancelled the contract within 7 days of signing the contract, but it is now too late to rescind (cancel) that contract. However, there is still a way for you to immediately stop making ANY payments. I am not offering you legal advice and I am not making any suggestions ------ I am only pointing out a course of action which is available to you if YOU CHOOSE to pursue it.

You can direct Barclays to cancel your credit card application immediately. If the credit card has already been issued, you can still tell them to cancel it immediately (you will probably have to cancel in writing, if the card has already been issued). You can also direct your bank to immediately cancel your debit card and issue you a new one with an entirely different account number (a much better idea than just making up a phony story about it being "lost"). If nothing else, these actions will stop the entity in Mexico from being able to take any money from you either by credit card charge or by debiting your bank account. If you do these things, you should then write a letter to the resort in Mexico, clearly informing them that you do not intend to make any further payments and you do not intend to access their property at any time. That letter means absolutely nothing from a legal standpoint, but it still makes clear your personal resolve not to pay another penny. Since this is essentially a brand new contract, they might not even bother to pursue payment or seek to damage your credit by reporting a loan default, but that is not really possible to predict in advance.

There isn't really a way to know in advance the name of the entity that will be billing you, but what does it matter? If the entity in Mexico has already succeeded in taking money out of your account, you are certainly not going to get any of that money back --- it's gone and will not be returned. PROFECO will not hep you, since you are already long past the rescission (cancellation) date. What you CAN do, however, is to simply CLOSE any and all of the doors allowing the entity in Mexico any further opportunity to either charge your credit card OR take money out of your bank account via your debit card . The decision and choice and action is entirely yours to initiate --- and the sooner, the better.

Good luck, whatever you decide to do.

Wayne Robinson is a former timeshare executive and contract reviewer who worked at many resorts in Mexico and the Caribbean. He knows all of them. According to Wayne, those who sell timeshares in Mexico do not work for the resort so the contract is not valid. Below is a link to an interview with him. He is also a former Navy journalist. You can reach out to him through this YouTube forum plus connect with him on LinkedIn. He does not charge anything but hopes you buy his book, Everything About Timeshares, Before, During and After the Sale. I edited the book and wrote the Foreword. You can file a complaint with Profeco, but they focus on the rescission period time frame. Wayne responds at 11 minutes. https://www.youtube.com/watch?v=qmlJPF9Pcvo

@KC THANK YOU FOR THE ADVISE

Thanks you I will look into hope I can find a solution to this

hi Laurie what happen with our timeshare did you walkaway and if ever resort.com report to the credit report and thinking just walk away my first payment start in September ..please let me know

lauriev73 wrote:

Omg I’m actually going through the same Issues with a Mexican timeshare but administrated by resort.com international. Main office also located in Vegas. I too was pushed to drink champagne they got me Drunk and tricked to signing. I went on a trip to mexico with two other people who were my friends at the time....I’m not the primary account holder though, and I have no clue We are no longer friends so I have no clue. I have paid so much already on this BS. I called today and told them my concerns as I’ve also been affected by Covid-19 and lost my job. They said all I had to do was pay the maintenance fee On the account and have the other members sign a name removal letter then get it notarized and mail it back. I’m in the process of doing this now. I have a consult with a lawyer tomorrow to make sure I’m doing things right.

Unfortunately, we purchased a timeshare in Cabo San Lucas, Mexico over 20 years ago and paid it in full (after they served us several margaritas, of course). We do not use it but are paying the yearly maintenance fees. So, we called the resort office to let them know what would happen if we surrendered our time share and they told us that they would offer some sort of deed-back or surrender program but we need to send them $1000. We will proceed to do this with a contract...

tanyad109 wrote:

Unfortunately, we purchased a timeshare in Cabo San Lucas, Mexico over 20 years ago and paid it in full (after they served us several margaritas, of course). We do not use it but are paying the yearly maintenance fees. So, we called the resort office to let them know what would happen if we surrendered our time share and they told us that they would offer some sort of deed-back or surrender program but we need to send them $1000. We will proceed to do this with a contract...

It is certainly your prerogative to unnecessarily send $1,000 off to Mexico, but I respectfully submit that you could (and should) instead choose to send them absolutely nothing. Just stop paying the fees and let your RTU "membership" lapse (with RTU contracts, there is no "deed", since you don't actually own anything). It's your decision and your choice, but you would still achieve getting yourself "out" without sending even another penny off to Mexico.

Notice how everyone suggests NOT sending any money? That's good advice. Personally I could never get the weeks I wanted. Ever. I contacted my attorney. He drew up some documents, the gist of it being I will NOT be paying any more maintenance fees, period. He sent this to them on his firm's letterhead. They called back within a week. They were so sorry, hmm, that I wasn't pleased with the resort. I was, it was just the management I had a problem with. They sent some PDF forms, signed them and sent them back. That's in 2011. Not a peep from them in over 10 years. Again, if I were you, I would not be sending any more money. That's just throwing good money after bad. Plus, don't fear them. That's what they rely on.

tanyad109 wrote:

...they told us that they would offer some sort of deed-back or surrender program but we need to send them $1000. We will proceed to do this with a contract...

As others have told you above, you don't really need to send them $1000. You can just stop paying and they will terminate your contract. The only advantages that sending them $1000 will get you is:

1) No harassing collection calls or letters;

2) A possible (and I emphasize "possible") protection of your credit score and history;

3) The process done faster;

4) For some people, a clear conscience knowing they are not stiffing someone to whom they owe money.

If none of these are important to you, then just don't send any money and save yourself the $1000.