Timeshares Can Hurt Your Credit

Timeshares were once a very appealing asset for a lot of individuals but timeshares have now become a financial burden. As yearly maintenance fees have increased every year, timeshares are turning into a nightmare for many. During the purchase of your timeshare, your social security was likely used to secure a loan or to open the timeshare under your name, you are solely responsible for making those payments unless you sell or cancel your timeshare contract. If you fail to make your payments, the timeshare developer can report you to the credit reporting agency with derogatory marks to your credit.

”A timeshare foreclosure will not ruin your credit score forever, but it could have a significant impact on your ability to obtain another mortgage for up to seven years. You might also face future loan denials or high-interest rates if you apply for other forms of credit, like a car loan or a credit card. Lenders don’t like to give loans to people who haven’t paid off their debts in the past. Consequently, a timeshare foreclosure might result in a higher rate of interest than the prevailing market rates or could result in you being denied credit in some circumstances. In some cases, if your credit is bad enough, a credit card company might cut your credit line or close your existing account”. Read the full article on timeshare foreclosure.

How To Stop a Timeshare Foreclosure

There are many things you can do to protect yourself from a timeshare foreclosure. If you feel that your timeshare is becoming a burden and it will eventually be in foreclosure, contact a reputable timeshare exit company. It is important you protect your credit because if you let the timeshare go to foreclosure, your credit score will be affected for many years. When you are looking for a reputable timeshare exit company, look for a company that offers a payment plan. Companies such as Timeshare Compliance and Wesley Financial Group offer a 100% money-back guarantee or an escrow payment option. It is ideal that you protect yourself from timeshare scams and work with a company that puts their clients first. Make sure you do your research and confirm that the company has a good standing with the Better Business Bureau, and MyTimeshareexitreviews.com

Read over our website and fill out the form on the right or contact us through Live Chat for a free timeshare exit consultation. Our team will help connect you with a timeshare exit company that has a $0 up-front cost until your timeshare contract is canceled. There are hundreds of timeshare scams every year, protect yourself from becoming another victim.