HELP! Unable to pay MF - what to do??

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

My husband and I purchased 8000 bi-annual points from Bluegreen nearly 5 years ago. It's all paid for, but now we are feeling the economic pinch like everyone else and are unable to afford the MF ($477 + $129 Club Dues). We've had it listed with Pinnacle for nearly a year with no money coming back to us with the sale - and it hasn't even had a nibble. Now, we are past due on the MF and I'm at a loss as to what to do. I realize that our credit will be destroyed if we do nothing, but right now it's looking like our only option. And of course, the lovely people at Bluegreen were no help. Does someone have any advice for me?
Thanks!!

[ace2000 Senior Member Find all posts View Profile Close ace2000]

This question has come up frequently lately. You're faced with two options - rent it out (and at least come up with some of the amount) or take the credit hit... Hope things work out for you and I wish you the best.

Try Craigs List as an option for renting it out... at least it's free.

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

I'm new to BG but have read a lot of threads on the web page. I thought i read somewhere that you might be able to use your points to pay for the MF. Not 100 pecent but maybe someone can answer this that reads your post. Try renting out because thats a nice vacation for someone. 8000 points for $500-600 could be a good deal for someone. Good luck

[vacation_family99 Senior Member Find all posts View Profile Close vacation_family99]

Talk with BocaBum Jim on this forum. He has been helping others sell (read between the lines ... giveaway) their biannual points.

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

If an owner is past due on maint fees, they have no usage, which means, no renting out. It's unfortunate that you didn't find us before it got to this point.

It will be difficult to find a buyer that will pay for usage they cannot receive but maybe the saved points are still there and salvageable??

[ace2000 Senior Member Find all posts View Profile Close ace2000]

If an owner is past due on maint fees, they have no usage, which means, no renting out. It's unfortunate that you didn't find us before it got to this point.

It will be difficult to find a buyer that will pay for usage they cannot receive but maybe the saved points are still there and salvageable??

It's possible to be past due on your fees, find a renter, and THEN pay your fees from the proceeds, and THEN book your unit. Not sure what you're saying here...

[Beaglemom3 Senior Member Find all posts View Profile Close Beaglemom3]

All good ideas.

Try renting it out aggressively Craigslist (as mentioned), Redweek, here, tug, Timesharing today, local newspaper.

Best,
B.

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

We've had it listed with Pinnacle for nearly a year with no money coming back to us with the sale - and it hasn't even had a nibble.

It's a buyer's market - if you *have* to get rid of it, odds are good you'll need to essentially give it away (have the buyer pay the fees, is all). Or at least that's my guess, since I've seen biannual points go for cost a number of times the past few months. Not a good situation for someone sinking under their yearly fees.

Seconding the recommendation for Boca Bum. We've worked with him and I think he's honest and upfront about what he can do and what he can't. He may not be able to get you any money for the points, but he should be able to help you get out from under the fees.

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

HELP! Unable to pay MF - what to do??

Just curious - if we take the credit hit - how bad will it be - will it totally destroy it? I'm really struggling with what to do as we don't have $500 laying around to bring things up to date.

And - if we could pay our MF this year and then try to sell/give it away - who do we use to do all the transfer stuff because I don't have a clue how to do any of that. Do people really have luck renting??

How do I contact Boca Bum? I really need help here. Thanks!!

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

If it gets down to it BG can foreclose on the property. It's considered real estate so they can foreclose. You credit would take a foreclosure hit which is pretty severe on credit.

Based on what I've read on these boards there are some that do pretty well renting their timeshares. I guess you could rent the points, or make a reservation and rent the unit that is reserved. Either way I would think a renter would not be comfortable if they heard the maint fees were late.

You can use the PM function on the board to contact bocabum. But he might see this thread and reply.

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

And - if we could pay our MF this year and then try to sell/give it away - who do we use to do all the transfer stuff because I don't have a clue how to do any of that.

Boca Bum (Jim) will do all that for you, or you can contact another Realtor to guide you through the process. I guess there are pages on the Internet that give you a breakdown on everything you need to do and an idea where to send the papers and whatnot, but I would prefer to involve someone who knows the business myself. I know that Jim can expedite the process with Bluegreen so it goes much faster than just sending the paperwork to the right guys.

If you know someone who is willing to buy your points, you can also pull Jim in after the sale is set up - he'll make sure you dot all the i's and cross the t's, and won't charge anyone thousands (or even a thousand) of dollars to do it. That's how we bought ours - found someone selling their points for $5 and cost, contacted Jim and he did the rest. As buyers, we paid the various fees, which were less than a thousand (for unauthorized points). The sellers got nothing out of it except five bucks and freedom from the fees, but apparently they were happy to be rid of it. (They hadn't used it much.)

Do people really have luck renting??

Most of the people I know who're successful renting have built up a bit of a client base over the years through friends and references - although they do have ads on the Internet, they rented first to friends and friends of friends. Some people do just fine with the occasional Internet ad, but frankly that's a matter of luck, although knowing the market can change your odds (i.e., picking the right week, unit, and resort helps - you need one that'll be popular, but if everyone else wanting to rent is offering the same weekend your odds of renting it will go down). Boca Bum also has a rental business.

How do I contact Boca Bum?

As motomem said, use the PM function. Either look through the alphabetical list of users, or click on a thread he's started or posted last to and you can click on his name to PM him.

Good luck!

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

My husband and I purchased 8000 bi-annual points from Bluegreen nearly 5 years ago. It's all paid for, but now we are feeling the economic pinch like everyone else and are unable to afford the MF ($477 + $129 Club Dues). We've had it listed with Pinnacle for nearly a year with no money coming back to us with the sale - and it hasn't even had a nibble. Now, we are past due on the MF and I'm at a loss as to what to do. I realize that our credit will be destroyed if we do nothing, but right now it's looking like our only option. And of course, the lovely people at Bluegreen were no help. Does someone have any advice for me?
Thanks!!

Can you tell us where you own? Perhaps someone here may be willing to take it off your hands.

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

Just a thought on how to get some cash.

Look around your house. Old toys and Christmas DVD's are selling pretty good on ebay right now because of the holidays.

I just sold my daughters winter wardrobe from last year and got about $300.

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

And - if we could pay our MF this year and then try to sell/give it away - who do we use to do all the transfer stuff because I don't have a clue how to do any of that.

The paperwork for transferring ownership is very easy with the BG Vacation Club. Since you don't actually have a deed, the transfer does not involve filing papers with the County Register of Deeds. Just tell BG's Resort Title that you want to sell unit such and such (describe what you own) and they will send you and the buyer copies which have to be signed and notarized and returned to Resort Title. The process, however, is slow and it might be worth it to you to work with Jim (BocaBum) to expedite matters. His fees are small. And has been pointed out, he is great to work with and can be trusted.

Whatever anyone does, do not give any business an upfront fee to sell your ownership. They will take your money but do very little to sell it. A small token ($25 or $50) of good faith money is OK.

Charles