Primo Management Group | 7200 Lake Ellenor Drive, Suite 201 and 202 Orlando, FL 32809 | (407) 627-1179

Free Consultation Click to Call

Timeshare HOAs: What You Need to Know

Timeshare HOAs what you need to know

September 21, 2018 – by Primo Management Group

Timeshare HOAs what you need to know

Find out what you need to know about who really controls timeshare resorts: timeshare HOAs.

Most timeshare resorts are governed by timeshare HOAs, or Homeowners Associations. If you have a deeded or fixed week timeshare, you probably have an HOA and that HOA is making decisions that directly affect you all the time. Here’s what you need to know about timeshare HOAs.

What is a Timeshare HOA?

An HOA is an organization that governs properties such as condominiums, subdivisions, and other types of communities such as timeshares. You may be familiar with an HOA or condo association at your primary residence. HOAs for timeshares function much the same way.

What do Timeshare HOAs do?

Timeshare HOAs do a wide variety of things. We’ll go over the most common activities, although the specifics of your HOA may vary. First, they write, maintain, and enforce the rules of the community. These rules are typically called covenants, conditions and restrictions (CC&Rs) or bylaws. Obtain and read a copy of these rules at least once before you buy your timeshare. HOAs also set fees and manage finances. If you own a timeshare, you know all about maintenance fees. Your HOA determines what your annual fees are, levies special assessments, collects these fees, and pays for the running of the resort out of these fees. Additionally, your HOA handles any disputes between owners.

Do I have to join my HOA?

Yes. You will automatically become a member of your HOA at closing and you will be required to pay dues and fees on time.

Who runs my HOA?

Timeshare HOAs typically have a Board of Directors (BOD). BOD composition is unique to each HOA. However, usually, boards include a combination of appointed and elected members. Timeshare owners (that’s you!) choose elected members while appointed members are appointed by the resort developer. Before you select a timeshare, find out what percentage of board members are appointed by the developer. If it’s more than 50%, then the developer can control the HOAs decisions. A more balanced composition gives owners more power and is more likely to look out for your interests.

Can I Go to Board Meetings?

Usually yes, meetings are open to members. However, unlike HOA meetings for your primary residence, you probably don’t live close enough to go to your timeshare meetings unless they align with your week. This is a key difference between timeshare HOAs and other types of HOAs work. Most timeshare owners don’t participate in their HOA except to pay their annual maintenance fees. But you can and should review the minutes of those meetings. In fact, before you buy your timeshare, consider asking for and reading minutes from a past meeting to get a sense of how the HOA functions and if it’s a good fit for you.

What if I break the HOA rules?

You are responsible for knowing and following the bylaws or CC&Rs for your HOA. If you break the rules, the HOA will enforce them with an appropriate action. The HOA will levy penalties and ask you to make any necessary repairs or amends. However, the HOA also protects owners by making sure everyone follows the rules, which makes for a much better vacation experience for everyone (maybe the only positive thing about owning a timeshare)?

If the rule you break is not paying your maintenance fees, then the HOA will seek to collect those fees from you. And if you don’t pay within a reasonable time, they may pursue foreclosure. If you’re falling behind on fees to your HOA, you may want to consider exiting your timeshare. At Primo Management Group, we deal with HOAs all the time to help people exit timeshares. Contact us for a free consultation today to see what we can do for you.

(Image Source: Pixabay)

Sources:

Timeshare Users Group

Investopedia

Lawyers.com

Tags:

Get A Free Consultation

Relieve Yourself of the Unwanted Timeshare Burden

Your information is 100% secure and encrypted. We will never sell or share your information with anyone.

Frequently Asked Questions ?

How does PMG get me out of my timeshare contract?

PMG is not a resale, transfer, or donation company. We are consumer advocates—we help to negotiate the release of your timeshare contract obligation. We do not buy, sell, or rent your timeshare. Simply put, we help you to get out of your timeshare contract forever.

How long does the process usually take?

Usually less than 12 months, but it all depends on your situation. If your timeshare is free and clear with no mortgage, then the process may only take 3-9 months.

Speak to your advisor about the time, and what delays the resorts have put into place to prevent timeshare owners from departing their ownership. If you have a mortgage or past due maintenance fee, the process takes more time.

How much is my timeshare worth?

This is probably going to hurt, but whether you paid $5,000 or $50,000 for your timeshare, the IRS values all timeshares as worthless investments. In addition, that timeshare would have negative value due to the annual maintenance fee bill which compounds year after year. That is until PMG helps you cancel your timeshare.

Can I use your service if I still have a balance owed on my mortgage?

Yes. Whether you bought your timeshare 20 days ago or 20 years ago, PMG has a solution for you and is here to help.

Will my name be off the timeshare?

Yes! Permanently! GUARANTEED!

In addition to getting me out of my timeshare, can you recover the money I’ve already spent on mortgage payments and maintenance fees?

While we are able to recover money in rare cases, beware of any timeshare cancellation company that entices you with the promise of fund recovery. The truth is, timeshares are loath to give back the money they’ve already taken.

Are your consumer advocates really “consumer advocates”, or is that just a fancy word for salesperson?

Because most of our clients have had their trust betrayed by timeshare salespeople, we understand how some consumers can become a bit jaded. When you call us for a consultation, that’s exactly what you get, a consultation. At PMG, our job is not to sell you; our job is to help you get out of your timeshare. Which is why we have numerous 5-star reviews and an “A” (excellent) rating from the BCA.

Why should I choose PMG to get me out of my timeshare?

We pride ourselves on providing our customers with the best customer service in the industry. When you contact our company, you speak to a live person, not an automated system or voicemail. We go above and beyond for our customers by helping you to protect your credit and even repair your credit if needed. We offer a 100% money back guarantee, and we can provide documented proof of our success in helping customers just like you.

What happens after I sign up with you? Will I be apprised of your progress?

At PMG, we pride ourselves on our hands-on, boutique-style customer service, so every new client is assigned a case manager whose job is to keep you in the loop throughout the entire cancellation process. Your case manager is always just a phone call away.

How much is your fee?

Not all timeshare experiences are created equal. Some are more complicated than others, and every situation is different. That’s why our trained timeshare elimination consultants will ask you a series of questions designed to determine exactly what needs to be done to terminate your timeshare, how long it will take, and how they can best advocate for you. We will always seek the most cost-effective route for you.

What if I still have more questions?

Canceling a timeshare contract is not a cookie cutter process. With each situation being unique, once you complete the form below an experienced consumer advocate will call you today to discuss your options.