I think, therefore I transfer.

Thursday, December 24, 2009

A Smart Look at the Ways to Purchase a Timeshare

Timeshares can be bought in many ways. The route in which you buy your unit can affect your chances to save some money. Savings is very important these days and perhaps you usually hear stories of many owners who try to get out from their timeshare contracts due to the difficulties of coping up with the fees involved. Meanwhile, timeshares can be bought through a free timeshare vacation presentation, from timeshare resellers or brokers, and through timeshares by owner. In this article, we will discuss each one of these to get a smart outlook in each of these options.

First, you have the free timeshare vacation presentation. Usually, you get a free three or four day weekend at the timeshare resort where you are given a chance to tour its facilities. Then, this is followed by a salesperson making aggressive moves to get you to sign a contract.

Another method is purchasing a timeshare from a reseller or broker. Their role is to bring buyers and sellers together as well as taking care of all the necessary paperwork required for both parties. But this comes with fees that will be added to the asking price when.

Then, buying timeshares by owner can be the best way to save money on a timeshare purchase. With the resale market already flooded, most owners priced their units very low. This can save thousands of dollars than any other method.

Owning a timeshare can be costly due to its increasing annual fees. That’s why many owners want to get rid of their timeshares while some even hire a timeshare transfer company such as the Transfer Smart. But as vacation is already a part of the lives of many people and timeshare ownership is one way of the great ways to achieve it, one should consider carefully those ways mentioned above when he/she plans to buy a timeshare.

Wednesday, December 23, 2009

Transfer Smart News: Bluegreen Communities Provides Offers to Convert Timeshares into Land

Timeshare offers sounds fantastic. But many owners are disappointed with the number of disadvantages that they realized later. Thus, many of these owners want to get out of their timeshares. But here’s a news that may provide a better opportunity for frustrated timeshare owners instead of getting rid of their timeshares.

The Bluegreen Communities, the nation’s premier developer of master-planned communities, has created a unique offer that several timeshare owners may not be able to resist. At this time that the value of timeshares is at an all-time low, timeshare owners can convert their timeshare vacation equity into land. Meanwhile, the Bluegreen Communities created a website called Timeshare for Land to help explain this unique opportunity being given to timeshare owners.

Primarily, this offer benefits those timeshare owners who are not getting the most from their timeshares. Due to the rising timeshare costs, many timeshare owners have tried to sell their timeshare or opt in other ways just to get rid of it. The Timeshare for Land can be a perfect opportunity to trade timeshare equity into actual real estate and land by using the equity from your vacation ownership towards the purchase of some of the most attractive land available.

The disadvantages of owing a timeshare especially at this economic climate made several owners want to get rid of such property. Some owners are very eager to get rid of it that they even hire a timeshare transfer company such as the Transfer Smart. But the recent offer of Bluegreen Communities is a great opportunity for these owners to convert their timeshares into a better investment such as real estate and land instead of selling it at a very low price or just plainly get rid of it.

Tuesday, December 22, 2009

How to Deal Smartly with Aggressive Timeshare Salesmen in Bali, Indonesia

The timeshare industry is known for the aggressive salespeople who will do everything just to make potential consumers sign the contract. But since economy is down since 2007, many are not interested in owning a timeshare anymore while the current owners are also trying to get out of their timeshare contracts. So what you expect from the timeshare companies and timeshare salesmen is a much aggressive tactics up to the point of being unethical. Such sales tactics also threatens the Bali's tourism sector.

The timeshare spotters at Bali's airport look for sign boards from travel agencies and hotels bearing the guest's name and their hotel's identity. Such information is later used by the timeshare operators to telephone the subject hotels and establish contact with guests.

However, when visiting Bali, here are some practical measures to deal with timeshare operators if ever they interfere your holiday vacation.

First, keep your hotel name a matter of private information when you stay in a hotel. If you receive unwanted phone calls, try to contact the hotel's management and ask them to screen your incoming calls. Meanwhile, if a timeshare representative approaches you and becoming bothersome, you can ask their company to cease and desist in their bothersome behaviour. Moreover, if you are confronted by timeshare salesperson who just won't go away, snap a picture with your camera or your hand phone and tell the salesperson of your intent to make a formal complaint.

At these times, there are several owners who are trying to get rid of their timeshares while some even hire a timeshare transfer company such as the Transfer Smart. While the number of these owners is increasing, the timeshare salespeople are also becoming more unethical just to make a deal. On the other hand, to avoid being a victim of the rudeness of timeshare salesmen when visiting Bali, try to consider those points mentioned above.

Monday, December 21, 2009

A Smart Glimpse on the Disney Vacation Club as an Alternative to Timeshare

As many owners have testified, buying a timeshare often involves a large upfront fee. In addition to that, the owner will have to pay the annual maintenance fee, property taxes, management fees or upgrade costs. Because of these fees which usually increase over time, many owners want to get out of their timeshares. On the other hand, those who vacation regularly find new alternatives and the latest of which is one in which someone can buy a membership to a resort.

A resort membership is typically a one-time investment by paying the membership fee only once and you can enjoy the benefits of the resort lifelong. With this, there are typically no annual maintenance fees or taxes. However, be warned that resort memberships can be pricey.

One of the most popular resorts these days is the Disney Vacation Club. But before buying a membership from this resort, you should understand how the program works to avoid misunderstandings and disappointments.

The Disney Vacation Club is a vacation ownership program where you are allowed to buy a designated number of points that you can trade in each year for vacation accommodations at your designated home resort. Meanwhile, points are the currency of the Disney Vacation Club. You must buy a minimum of 160 points and each year, you are awarded the initial number of points you bought with the program. These points can then be trade in for vacation time. Your home resort on the other hand, is the resort where you buy your membership.

As owning a timeshare is becoming too costly at these economic times, many owners are trying to get rid of their timeshares. Some of them even hire a timeshare transfer company such as the Transfer Smart just to get rid of such property. However, a great alternative for timesharing is the resort club membership and the Disney Vacation Club is one of the most popular of these resorts.

Friday, December 18, 2009

Transfer Smart News: Condo Owners in Biloxi Convert their Units into Timeshares

As the economic meltdown broke out in the late 2007, almost all industries were affected by this severely. One of these industries is the accommodation industry which includes hotels, motels, timeshares and other lodging services. In the timeshare industry alone, many owners try to get out of their timeshares due to its increasing costs and the corresponding sales also are very low. But as the aftermath of the crisis continue to affect everyone else, some people manage to innovate some things in order to withstand this condition. In Biloxi, a city in Harrison County, Mississippi, as the current condo sales and rentals are so slow, the owners at The Villas at Ocean Club are considering timesharing as a way to keep their units and make up for the loss of their investment.

On the other hand, the Biloxi Planning Commission agreed for the proposal to change the use of the beach front tower from condominiums to timeshare units. According to Attorney Michael Cavanaugh, there won’t be any structural changes to the building and those property owners who want to stay in the building don’t have to join the plan to partner with Interval International to market and manage the units. He also added that the condo market has tanked in this area and may not be coming back anytime in the foreseeable future.

As one of the owners testified, converting to timeshare would almost double the value of their condo units and the timeshare company would pay for some of the maintenance and repairs at the property. However, the conversion of the said condo units to timeshares might be a good innovation for the condo owners in Biloxi but potential timeshare owners must also be warned of the financial responsibilities of timesharing. As a matter of fact, many owners nowadays are trying to get rid of their timeshares while some even hire a timeshare transfer company such as the Transfer Smart just to get rid of such property.

Thursday, December 17, 2009

Be Smart, Be Aware of Timeshare Sales Laws

A timeshare purchase is not an ordinary purchase that you can just take for granted. It involves a considerable amount of money and also of financial responsibility. Once you realized you have a mistake in your decision to purchase, it is not that easy to get out from your timeshare contract. So, take a careful planning and gather enough information about timeshare if you intend to own one. Meanwhile, some of the aspects that you have to be aware of when you own a timeshare are the laws regarding timeshare sale.

First, be informed that almost all states in US have a rule of rescission. This is the time period in which the buyer can change his mind and cancel the sales contract without forfeiting any money.

Also, some states like Florida have timeshare laws that may give a deed purchaser some overall insight into the types of laws that surround sale of timeshare property. To be sure, check with the particular state regulating agencies where the timeshare property is located for more complete information.

Another law to be aware of is the Interstate Land Sales Full Disclosure Act. This act was designed to protect consumers from fraud and abuse in the sale or lease of land.

Be smart if you plan to buy a timeshare and be aware of those points mentioned above. Do not be like those other timeshare owners who are now trying to get rid of their timeshares because of unplanned and uninformed purchase. Some of these owners even hire a timeshare transfer company such as the Transfer Smart. Moreover, it is also advised to not sign a contract with a timeshare reseller until you have all of the written contract details in hand to review ahead of time and preferably with an attorney.

Wednesday, December 16, 2009

Transfer Smart News: Nomadic Travellers Opt for Destination Clubs than Timeshares

Before, timeshare ownership was regarded by many as the ultimate way for a great vacation. However, as several who are trying to get out of their timeshares testified, there are a number of disadvantages with this kind of vacationing. But seeing the vacation business as a multi-billion dollar industry, there are always new alternatives and concepts coming out. One of these latest concepts is the destinations club memberships.

According to the travel industry experts, there’s an estimate of 6,500 people that belong to destinations clubs. With an initial fee ranging from $70,000 to 450,000, annual dues and a minimal charge per night, the destination club members can already access to homes dotted around the world for a limited numbers of days each year. In contrast to timeshares in which investors buy set times at a resort each year, destination clubs are similar to country club membership.

According to Rich Keith, co-CEO of Ultimate Escapes, the first publicly owned and publicly traded destination club, destination club membership is a nomadic traveller’s product. The number one driver for these offers is its ability to have a sense of wanderlust and be nomadic. Keith also believes that even in the U.S. and Canada, the expansion potential is enormous and the current members represent only a tiny fraction of the potential market.

Today, there are thousands of owners who are trying to get rid of their timeshares. Some of them even hire a timeshare transfer company such as the Transfer Smart just to get rid of it. On the other hand, destination club membership is well-received by a lot of consumers as a great alternative to timeshares. However, some critics warn that destination clubs are not without risk and the industry is self-regulated. There have also been bankruptcies and law suits filed against clubs.

Tuesday, December 15, 2009

Transfer Smart News: Awareness on Timesharing Still Growing

Primarily, the concept of timesharing was born due to its ability to cut vacation costs and make it affordable for the average consumers. However, this is not the case today. Many owners nowadays are having difficulties coping up with those annual fees and thus, want to get out of their timeshare contracts. Upon weighing this type of vacationing, there are a number of advantages and disadvantages that you can possibly cite. But what is clear today is that timesharing have become a trend and is gaining popularity for many people. As a matter of fact, a new survey has found that awareness of the different forms of timesharing continues to grow among Americans despite the difficult economic conditions.

The Ypartnership 2009 National Leisure Travel Monitor, who conducted the poll have found out that nine out of 10 travellers are now familiar with the concept of timesharing. According to Peter C. Yesawich, chairman of Ypartnership, the study's results reaffirm the inherent appeal of vacation ownership as both a desirable alternative to conventional lodging and a terrific value relative to its cost. The survey also revealed that the American travellers continue to view timesharing as a desirable alternative to conventional vacation accommodations such as traditional hotels and resorts while 15% reported owning vacation time.

Since the economic downturn broke out in the late of 1997, the timeshare industry is reaping a negative image from most consumers. The recent crisis also made most owners want to get rid of their timeshares due to increasing fees. Some of these owners even hire a timeshare transfer company such as the Transfer Smart just to get rid of such property. But despite these, timesharing is still viewed by many as a great to vacation. And given preferable economic conditions, many consumers would still opt for this form of vacationing.

Monday, December 14, 2009

Pondering Smartly the Negative Effects of the Changes in Timeshare Industry

Currently, almost everyone is already warned or aware of the disadvantages of owning a timeshare. Seeing cases of owners who are trying to get out from their timeshares is enough for a warning for most consumers. However, as the timeshare industry is considered very dynamic, there are changes every now and then. What’s frustrating is that these changes made things very difficult for timeshare owners.

Today, many timeshare owners have been frustrated with the results of their timeshare ownership. A lot has already changed in the industry since the day of their purchase. If before, timeshares sound like an investment today it is not the case at all as such property is very hard it is to sell contrary to what their salesperson had told them before.

Another big change in this industry is the availability of travel through other means. With the advent of the internet, a lot have changed in the travel industry. It was said that one had to be a timeshare owner to be able to stay at a timeshare resort. Today, that is no longer true. Alternatives for this includes renting, vacation club membership or even through trial vacations.

One important change to consider when buying a timeshare that can be discouraging to any consumer is the maintenance fees. Owners are billed every year for their yearly dues. These fees generally increase tremendously every year. These ever-increasing bills continue to rise for most resorts until the owners pay beyond its worth.

Nowadays, many owners want to get rid of their timeshares. Some of these owners even hire a timeshare transfer company such as the Transfer Smart just to get rid of such property. By citing the changes in the timeshare industry, it might help inform the owners or potential owners about the possible effects of these in their ownership.

Friday, December 11, 2009

Rating a Timeshare Resort Smartly

Timeshares can be a significant purchase for many people. In many cases, a timeshare resort can exceed your expectations. On the other hand, they may fall short of standards that made the owners want to get out from their timeshare contracts. By rating a timeshare resort smartly, you can inform the other prospective buyers which resorts to go for, and which must be avoided.

You may begin by making a list of what you expect from your timeshare based on the materials you have read. By clearly defining your expectations, it will help rate this timeshare later. If something pops into your head as you visit your timeshare, scratch it down in your list. Then, review your list. As you drive home, consult your family and friends who were on the trip and determine what met their expectations, what impressed them and what disappointed them. Lastly, you can use your notes to rate your timeshare resort. Your rating can be a scale of one to five stars or a scale of one to 10.

Each timeshare have each its pros and cons. But as what it appears these days, the disadvantages outnumber the advantages in owning a timeshare especially in this down economy. As a result, many owners want to get rid of their timeshares. Some even hire a timeshare transfer company such as the Transfer Smart just to get rid of such property. But by rating your timeshare, you can warn and inform other potential owners that might be your friends, family members or anyone that you encounter along the way regarding the ups and downs of your timeshare resort. In this way, you can help them optimize if ever they’ll buy a unit in the same timeshare resort as yours.

Thursday, December 10, 2009

Transfer Smart News: Increasing Foreclosures in Texas Includes Mostly Timeshares

Currently in US, the state of Texas ranked 24th in the nation in foreclosures. This is up slightly by more than 2 percent from October, when the state ranked 28th. Locally, there are 10 home and 15 vacant lot foreclosures which were reported for November in Comal County. This also includes timeshares as evident by those owners who fail to pay and thus want to get out of their timeshares. In the said county, there are 47 foreclosures on timeshares.

The above-mentioned figures are higher than it was a month ago and it is nowhere near the highs recorded this summer. Meanwhile, Nevada, Florida and California have the highest foreclosure rates for the country. Of these, Nevada leads the nation, with one in every 119 housing units receiving a foreclosure filing.

On the other hand, according to RealtyTrac, Inc., the states of California, Florida, Illinois and Michigan accounted for more than 50 percent of the national total. In the case of Comal County, the increase in overall activity was caused by the high number of timeshare foreclosures. As Curtis Koehler of the Comal Appraisal District said, the numbers are high every month and they have people come to their office every month because of timeshares.

One of the most common questions about timeshares is what will happen if you stop paying the maintenance fee? This is usually asked by owners who are having difficulty keeping up with their timeshares. The consequence of that is timeshare companies will foreclose on your timeshare and this will wind up on your credit report. That’s why many owners want to get rid of their timeshares properly by hiring a credible timeshare transfer company such as the Transfer Smart. In this way, they can legally exit from their timeshares without hurting their credit reports.

Wednesday, December 9, 2009

Transfer Smart News: Marriott Says Timeshare Sales 2009 will be Slightly Better

The recent economic meltdown had a drastic effect on every business including the timeshare industry. This did not only make several owners want to get out of their timeshare units but also make most consumers to resist in owning such property. But as most countries are on their way to economic recovery, there is still a light at the end of the tunnel for the timeshare industry.

The said recovery is evident as Marriott International, Inc., a worldwide operator and franchisor of a broad portfolio of hotels and related lodging facilities said that it expects to add approximately 38,000 rooms to its worldwide lodging system in 2009 thereby raising its guidance of 33,000 gross room additions for 2009 provided in its third quarter earnings.

The company also said that the systemwide revenue per available room (REVPAR) outside North America for the fourth quarter of 2009 should decline 14 to 16 percent. On October 8, the company have provided guidance of a 16 to 18 percent REVPAR decline for the fourth quarter of 2009 year-over-year for comparable systemwide hotels outside North America on a constant dollar basis. Also, a 13 to 16 percent REVPAR decline for comparable systemwide hotels in North America.

For its timeshare business, Marriott expects the contract sales of timeshare intervals in the fourth quarter of 2009 to be slightly better than the guidance of $185 million to $190 million the company provided on October 8. On the other hand, the successful completion of a note sale securitization during the current fourth quarter, with $37 million gain should enable Marriott's timeshare segment to outperform its expectations.

Currently, despite the number of owners who are trying to get rid of their timeshares while some even hire a timeshare transfer company such as the Transfer Smart, there are already signs that shows that the timeshare industry is on its way to recovery.

Tuesday, December 8, 2009

Transfer Smart News: Chinese Travellers Warned of Timeshare Frauds

Nowadays, timeshare scams did not only gain the attention of people from top vacationing countries like US and UK but also to the other parts of the world. In China, Beijing citizens looking to travel abroad during this holiday season are being warned by local government to be cautious of timeshare vacation offers. Although timeshares become unattractive due to scams and many owners try to get out of their timeshare contracts, there are still many potential consumers including the Chinese citizens who will be interested in this form of vacation package.

According to Liu Dazhong, head of the consumer rights protection department of the administration, consumers might be cheated by lucrative promotions like 'traveling around the world' or 'buying timeshare services as an investment.' He added that sometimes timeshare companies boast that consumers can purchase the rights to use a hotel resort for 20 years, but then disappear with the cash. Liu stressed out he wants to slow the growing number of consumers being cheated by scams with elderly people emerging as the largest target group.

As part of the administration's month-long campaign to warn consumers about timeshare scams that was launched last weekend, as many as 260 notice boards were set up in busy shopping malls like SOHO Shangdu and The Place.

The concept of timesharing was quickly adopted by developers worldwide. While many were lured into this form of vacationing, many owners are also having difficulties with their timeshares due to its number of disadvantages. As a result, these owners want to get rid of their timeshares while some even hire a timeshare transfer company such as the Transfer Smart. Unlike the timeshare industry in countries like US which is now mature, the Chinese market continues to lack regulation and its consumers must be warned to fall trap into these frauds.

Monday, December 7, 2009

Smart Timeshare Professional Criticizes the Industry for Inadequate Information to Owners

Timeshare ownership is considered a major decision that needs careful evaluation before its purchase. Recently, a 20-year industry professional Dr. Peter J. Shield PhD, ARP criticized the timeshare industry for not adequately educating their owners on the benefits and the liability associated with the purchase of their products. As we can see these days, there are numerous owners who have difficulties paying with their timeshares due to inadequate information with its advantages and disadvantages as well. As much as these owners want to get out of their timeshares, they can’t do so as they have already fallen into the so-called timeshare trap.

In his new book "Timeshare....you bought What?" Dr. Shield explains the many options available to an owner who may wish to sell or rent their unused membership. Those planning or involved in a career in the industry will also get a better understanding of the product they are selling from Peter’s 20 years experience in the industry.

Currently, rescission rates are at an all time high not only due to the economy but also to the fact that many timeshare owners are left without assistance and guidance on meeting their obligations. In addition, timeshare ownership is not economically viable for families with limited resources or family commitments.

Nowadays, many current owners are not fully aware of their decisions in owning a timeshare. As there are a number of liabilities involve in timeshare ownership, in most cases, these owners may find difficulties later on. Take note that there are thousands of owners who are trying to get rid of their timeshares while some even hire a timeshare transfer company such as the Transfer Smart just to get rid of such property. So, if you plan to own a timeshare, do your own part to research the necessary facts about it.

Sunday, December 6, 2009

Transfer Smart News: Starwood Announces Timeshare Deals

Despite the forecast that the coming months will still be stiffed for the timeshare industry and there’s an increasing number of owners who are trying to get out of their timeshare contracts, some companies continue to invest in such business. One of these companies is the Starwood Vacation Ownership VOI Mortgage Corp. which has announced that it is coming to market with $166 million in vacation ownership interest loan-backed notes Series 2009-B.

According to a presale report, the Standard & Poors assigned the bonds which are due in 2028 with a preliminary A rating. The SVO helped its case by overcollateralizing by 17 percent. The deal is scheduled to close this week and the bonds are expected to be one class and fixed-rate.

On the other hand, according to S&P’s presale filing, the preliminary rating assigned to SVO 2009-B VOI Mortgage Corp.'s vacation ownership interest loan-backed notes series 2009-B reflects their view of the credit enhancement available in the form of overcollateralization, a reserve account, and excess spread. Moreover, SVO operates vacation resorts and is a wholly owned subsidiary of Starwood Hotel & Resorts Worldwide, Inc.

Timeshare sales can be a very lucrative business. Despite of the several current owners who are getting rid of their timeshares while some even hire a timeshare transfer company such as the Transfer Smart, timeshares draw in a great deal of income because they essentially sell the same structure to several people with the price dependent on how much time each buyer will occupy the premises and whether it is during peak season.

Thursday, December 3, 2009

Selling a Timeshare Smartly by Knowing Its Legal Grounds

Due to the disadvantages of timeshare ownership and the recent economic meltdown, many owners want to get out of their timeshares. While selling it is still the number option to get rid of it, there are the legal matters that you have to be aware of in doing so.

First, know that deeded and leased properties are the two most common types of timeshares. If the property is deeded, it is owned by the purchaser and never expires. It can be sold, transferred or even given away as a gift. The signed deed is recorded with the county where the timeshare is situated. A leased property on the other hand, gives the purchaser a set period of time to use the timeshare. With this, the developer or owner of the timeshare resort is actually the owner of the deed.

There are various kinds of deeds you can use to sell a timeshare. A seller can get a deed form in an office supply store or through the local clerk of courts. A quitclaim deed is the most convenient and is usually used when transferring the deed to relatives. Such deed is recorded by local officials when signed by each party. When not dealing with relatives or timeshare resorts, a warranty deed may be used. This kind of deed guarantees that the buyer has a clear title to the property and that the seller has the right to sell the property.

While there are some owners who hire a timeshare transfer company such as the Transfer Smart just to get rid of their timeshares, many of them opt to sell it first before considering other options. On other hand, when selling a timeshare, you must know the legal grounds of it to have a precise and successful deal.

Wednesday, December 2, 2009

Transfer Smart News: Non-Profit Organization Setup a Helpline That Assists the Timeshare Consumers

TATOC, a non-profit organization, was formed in 1989 as a networking company for appointed members of timeshare committees. Currently, it has 70 resort members that represent over 250,000 timeshare owners across Europe and is sponsored by some of Europe’s leading timeshare companies. One of the main objectives of this organization is to help the owners especially those who are having issues with their units and those who want to get out of their timeshare contracts.

One of the organization’s latest projects is the free Consumer Helpline, which operates from Manchester, UK. The said Helpline takes over 600 calls and 80 emails a month from consumers seeking timeshare assistance. Moreover, it is supported by a software solution which provides statistics and reports that aid company marketing and promotions.

According to Harry Taylor, CEO of TATOC, the organization is growing all the time and the Helpline is proving to be a great success. As the organization was looking for software that was flexible to handle every element of their operation, they decided to have the Merlin Software which comes with a full accountancy package so they will be able to run everything on one system rather than using multiple programmes.

Today, most owners have various concerns regarding timeshare ownership up to the point of wanting to get rid of such property. Some owners even hire a timeshare transfer company such as the Transfer Smart just to get rid of it. TATOC’s latest effort would be a great benefit for timeshare consumers by giving assistance to them.

Tuesday, December 1, 2009

Transfer Smart News: Timeshare Dealer Files for Bankruptcy for the Second Time

The global economic crisis is a ghastly event for each and every business in every country throughout the world. In the timeshare industry, this did not only results to low sales but also made the timeshares unattractive to most consumers. On the other hand, the current owners also are trying to get out of their timeshare contracts. The timeshare companies in their pursuit to survive during this chaotic time are doing numerous cost reducing and other restructuring measures. But for those who are unlucky to withstand this economic climate cannot escape the final blow to file for bankruptcy.

One such vacation timeshare company in Redington Shores filed for bankruptcy six years after it originally filed for Chapter 11 reorganization. Starco Ventures Inc., which lists its directors as Calypso Vacations Ltd. of Freeport, Grand Bahama, filed for Chapter 11 reorganization with the U.S. Bankruptcy Court’s Middle District of Florida last Nov. 25. It claims assets and liabilities of up to $66 million.

According to the court documents, Starco’s top unsecured creditor is GEM Capital Ltd. and Resort Capital Ltd. of Freeport for $65 million. GEM Capital held the mortgages on the timeshares operated by Starco, and as part of a 2003 bankruptcy proceeding by Starco, it was set to take title on units Starco owed money on. Under the agreement, Starco can continue selling timeshare weeks but would receive only 50% of the net sale price. The other half goes to GEM and its assigned owners.

While a number of vacationers refuse to own a timeshare and opt for other alternatives, the current owners on the other hand are trying to get rid of their timeshares. Some even hire a timeshare transfer company such as the Transfer Smart just to get rid of it. These results to low sales for most timeshare companies and unfortunately some did not make it and consequently filed for bankruptcy.


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