Before TTR was launched, I attended a Timeshare Board Members Association Conference. One of the sessions was a discussion on what could be done to meet the challenges that the legacy timeshare resorts faced regarding the impact of the Unburdening Companies. I had intended to quietly listen to the other attendees and not mention TTR. The web site was still in the last stages of review by ARDA so I felt discussing it in that forum was premature.
As I listened, I heard several of the common misconceptions regarding this activity. There was quite a bit of confusion about the difference between the Unburdening Companies and the shell LLC’s that they used to dump timeshare intervals into. Although there was a general awareness of the problem, it was clear to me that because of the extensive research Grant Wolf Inc. had already done; I was one the most informed people in the room. I was chomping at the bit to share the true extent of the impact that the Unburdening Companies had on the sustainability of the resorts.
I found myself biting my tongue and chomping at the bit. Chomping at the bit won out. Although I was totally unprepared to make a speech, I began to describe the features of TTR. The energy in the room immediately picked up and I suddenly found myself facing a barrage of questions. I was most surprised by the strong interest of the principals of a collection company who were one of the sponsors of the conference.
They told the group that they waste a lot of time trying to collect from the Asset-Less Entities and individuals given to them by their customers. They also acknowledged that the Unburdening Companies had stopped conveying interests to shell LLCs and fictitious trusts, and had begun conveying to random individuals who were for a fee willing to ruin their (already poor) credit rating. Although they were capable of performing commercial skip tracing searches, being able to access TTR’s interpreted and cross-referenced information was of great appeal to them.
So, although the primary purpose of searching TTR’s database is to identify potential fraudulent transfers before they happen, thereby saving foreclosure costs later, searching names that are delinquent can also save you wasting your collection time on noncollectable accounts. If a delinquent name on your roster is searched and we find no record, you can order a report. We’ll tell you if that name has characteristics of being classified as Asset-Less. However, if we find no such aspects, we will still provide you with updated skip tracing services that will facilitate your collection efforts.
By the way, if you are involved in the management of a resort and you haven’t looked at the TBMA you probably should.