Maintenance fee's question...

[VA_Traveller Senior Member Find all posts View Profile Close VA_Traveller]

Close friends of mine, who has been on a couple of trips with my wife and I to BG properties booked 4 nights in Myrtle Beach next month. Given what he paid, he and his wife are now considering buying some BG points on the secondary market. One question they asked, that I didn't quite know the answer to was if they bought a deed outright, and in a couple years decided it was not for them and simply stopped paying the MF's, would BG put that on their credit report.

I couldn't say yes or no, and now I am curious.

[buzglyd Senior Member Find all posts View Profile Close buzglyd]

The collection agency they use will.

Buying something and then refusing to pay because it's not for you is never a good idea if you're concerned about your credit rating.

[BoardGirl Senior Member Find all posts View Profile Close BoardGirl]

Of course their credit will be impacted. Not paying an obligation will do that.

[GrayFal Silver Contributor and supermoderator Find all posts View Profile Close GrayFal]

Of course their credit will be impacted. Not paying an obligation will do that.

'Double' of course ...

This applies to any timeshare, whether points or week ownership and any other real estate transaction.

[wigginswade Junior Member Find all posts View Profile Close wigginswade]

yes,
they lock an unpaid account so the owner cant use it. If you have multiple accounts and one is unpaid then they lock ALL accounts. Then if they contact bluegreen the owner are offered a 3 month pay schedule on the amount owed broken into 3rds (while your account remains locked and reservations locked as well). If that doesn't work it goes to their collection agency, the owners credit gets drug through the dirt and late fees and collection fees are added on to the amount owed. You cant give it away or sell it while you owe money, It won't transfer ownership while there is money owed. Bluegreen does everything they can to Not take the deed from you, they want the money not the deed, and its not in their best interest to let you off the hook. It can get UGLY.

Don't buy anything unless you can comfortably pay mntnce fees on it. AND I suggest buying the cheapest resale you can find so IF you have to give it away to someone for free to get rid of it then you don't loose too much money.

Since the economy changed and jobs are harder to find, People are giving their deeds away all the time to get out from under the mntnce fees. Some are selling for a few dollars on ebay while others are being transferred to other owners for free. ($250) transfer fee.

If you pay little to nothing for it and you eventually havre to give it away then no big loss. If you buy from the developer and pay 20-30 thousand dollars for it then BIG loss.

BG does not break mntnce fees into monthly payments but there is a way to pay it monthly making ownership more convenient if not affordable. I do it and have showed others how. Email me if you are interested and I'll private mail you a link to the information.

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