Recreational Property Nightmare

[ThomasR]

We invested in a recreational property in Indiana. When we purchased it we were told that the assessment fees would be covered by rent fees obtained from visitors thru the year. We have yet to see any rental fees applied and are unable to pay the fee. We have tried to sell the property back but get no response from the organization. The fees meanwhile have amassed to over $5,000. Is there anyway we can rid our selves of this property? We are willing to sell at a loss or at this point give it away. We are now considering not paying the taxes so that the state will take it. What can we do?

 

[HomeGuru]

We invested in a recreational property in Indiana. When we purchased it we were told that the assessment fees would be covered by rent fees obtained from visitors thru the year. We have yet to see any rental fees applied and are unable to pay the fee. We have tried to sell the property back but get no response from the organization. The fees meanwhile have amassed to over $5,000. Is there anyway we can rid our selves of this property? We are willing to sell at a loss or at this point give it away. We are now considering not paying the taxes so that the state will take it. What can we do?

**A: please specify exactly what type of property this is ie. time share, condo, senior housing etc. Also, who sold you the property ie. developer, real estate agent, etc. and if the person or firm had a real estate brokers or sales license in Indiana.

 

[ThomasR]

The property is a lot in Lake Holiday Jellystone Park Camp-Resort. We purchased it in 1983 from the developer. We own the property outright.

 

[HomeGuru]

Is there sightings of Yogi Bear there or is it only at the Jellystone National Park.

 

[ThomasR]

At my last visit he was seen in inanimate form along with his pals...Yogi Bear is the theme of the camp.