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Timeshare Mortgage & Maintenance Fee Cancellation
Every month, you get a bill from your timeshare company asking for a mortgage or maintenance fee payment. You may have noticed these fees have increased over the years without knowing. If this sounds like your situation, we’re here to provide you with a few options so you can exit your timeshare.
Timeshare mortgage and maintenance fees increase based on your timeshare contract. If you were unaware, the maintenance fees can double or triple in the 10-year time frame. Some timeshare contracts have maintenance fees that can increase to 25% yearly, which should be avoided at all costs.
Is your Timeshare an Asset?
Many people want to get rid of their timeshares because they have been misled for a variety of reasons:
- During the presentation, your timeshare sales representative may have misled you by stating your timeshare purchase will be beneficial or increase in value. If this sounds like your situation, you have a valid case.
- Most of the time, the salesperson violates timeshare laws and regulations by their statements, which is your way out. If you feel that you were told multiple lies to sign the contract or the salesperson used emotional tactics claiming you are family, you have a legal ground to get out of your money pit of a timeshare.
- When you purchase a timeshare, your mortgage is financed either through the resort where your timeshare is located or a third-party company that works for the resort.
- Our team first recommends contacting your resort to see if they have an option for you to exit your timeshare legally. If you are a lucky owner and own with either Marriott, Hilton, Wyndham or Westgate, you have exit options if you meet the requirements.
Head over to our other article on how to legally get rid of a timeshare to understand your choices. If you are like most timeshare owners and do not own a timeshare company that will take your timeshare back, rest assured you have options.
Resale Market for Timeshares
- The first option, as we mentioned before, is a resale market. Some desirable timeshares, such as one in Aruba or Disneyland, can be sold on the resale market.
- Many owners must be aware that their timeshare may be worth some value. To quickly see if your timeshare is worth any monetary amount, head over to ebay.com and type in the name of your timeshare or just search for “Timeshares.” If you like what you see from the results, we suggest heading over to websites that require $0 up-front in fees to place your timeshare on the resale market.
- There are numerous timeshare scams, and we always recommend you don’t pay a single penny up-front. You don’t want to risk spending thousands up-front and never hearing back from your resale company.
Exit your Timeshare
Did you know that 86% of timeshare owners felt misled and intimidated during their timeshare presentation?
- If you felt this happened to you, we suggest you speak to timeshare exit companies. Maintenance fees are yearly fees assessed to owners for their timeshare property.
- Many owners are likely told their costs will never increase or stay at a fixed rate; that is incorrect.
- Timeshare contracts have a clause stating that the maintenance fee can increase by up to 25% yearly. If your timeshare is located in a relatively high natural disaster state, you, as the owner, will be responsible for paying for the repairs.
- Your timeshare doesn’t sound like an asset. Timeshare Mortgage loans are usually on a ridiculously high-interest rate.
- Our team has heard of cases where owners have had mortgages with 15-30%! That is highway robbery.
Timeshare exit companies are created for owners seeking to exit their contracts. Exit companies have options to exit your contract based on misrepresentations.
Our blog post states the common misrepresentations a timeshare owner can face during a presentation. If any of these misrepresentations apply to your situation, we suggest you fill out the form on the right for a free consultation or contact us through Live Chat.
Timeshare scams have increased 10x in the last few months, preying on financially burdened owners. Our team recommends working with exit companies that offer escrow, so you pay $0 upfront fees to protect yourself from scams.
Avoid Timeshare Scams
Avoiding timeshare scams to safeguard your funds and peace of mind is important. Here are some quick suggestions to assist you in avoiding timeshare scams:
- Look up the timeshare company’s reviews, ratings, and complaints online.
- If there are multiple unfavourable reviews or cautions, proceed with caution.
- Check if the firm is authorised to sell timeshares in your state. Inquire about their state registration.
- Be wary of firms who promise to resell your timeshare quickly and for a high price.
- Selling timeshares may be difficult, and scammers frequently prey on desperate sellers.
- Examine all contractual terms and conditions thoroughly.
- Learn about cancellation policies, maintenance costs, and ownership information.
- Confirm the length of the contract’s rescission (cooling-off) period.
- During this time, you may cancel the transaction without penalty.
- Legitimate businesses will not demand upfront payments to sell, rent, or cancel the timeshare.
- Avoid paying money before getting cancellation services.
- If a corporation claims to have attorneys on board, examine their qualifications and see if they specialise in timeshare law.
- Be wary of unwanted phone calls promoting timeshare services.
- Scammers sometimes employ high-pressure methods to force you to make a transaction.
- Do not hesitate to inquire about the company’s services, costs, and success rate.
- Legitimate businesses should give straightforward and honest responses.
- Trust your intuition if anything feels wrong or too good to be true.
- Make decisions slowly and seek guidance from reliable sources.
- If you suspect a fraud, report it to consumer safety organisations, the Better Business Bureau, or your state’s attorney general’s office.
Remember that thorough investigation and patience are your best means of preventing timeshare fraud. Before making any judgments, take your time to ask questions and seek guidance from reliable sources.
Summary
Timeshare exiting can seem like a hassle, but it’s a relatively easy and common practice. To legally exit your timeshare mortgage and maintenance fees, we suggest doing extensive research on every company or read our reviews. The cost associated with exit companies can vary drastically, and that is why we recommend you reach out to our team. There are a few things we do talk about on our website that go in detail to protect you from scams. Contact us through Live Chat or fill out the free form on the right so you can receive free information on your options to exit your timeshare contract. Exit your timeshare mortgage and maintenance fees.
Free Informational Consultation
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Timeshare Exit Companies
- Sapphire Timeshare Cancellation Review
- Timeshare Specialists Review
- Resolution Timeshare Cancellation Review
- Timeshare Exit Team Review
- Resort Advisory Group Review
- Resort Release Review
- Timeshare Compliance Review
- Wesley Financial Group Review
- Primo Management Group Review
- Resort Exit Team Review
- Lonestar Transfer Review
- Newton Group Transfers Review
- Nationwide Settlement Solutions Review
- No More Fees LLC Review
- Centerstone Group Review
- American Settlement Solutions Review
- US Consumer Attorneys Review
- Go Away Timeshare Review
- Timeshare Freedom Group Review
- Helping Timeshare Owners Review
- Vacation Ownership Consultants Review
- Timeshare Cure Review
- Resort Relief Review
- EZ Exit Now Review
- Advocate Financial Services Review
- Timeshare Termination Team Review
- Oasis Exit Solutions Review
- Donate For A Cause Review
- Resort Legal Team Review
- Omni Ellis Review
- Finn Law Group Review
- Timeshare Adventures Review
- Timeshares Only Review
- Timeshare Answers Review
- Seaside Consultants Group Review
- Gallagher Law Firm Review
- Redemption & Release Review
- Linx Legal Review
- Timeshare Legal Review
- Fastest Exit Review
- Genius Exit Review
- Client Protection Group Review
- Abrams Law Firm Review
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