Timeshares Can Hurt Your Credit
Timeshares were once an 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 owners. During the purchase of your timeshare, your personal information was used to secure a loan 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. Timeshares are similar to real estate when it comes to liability, and they are worthless in this current market. If you are sold a timeshare based on the misconception that you own real estate, we suggest you initiate a Live Chat with our team to know your legal right to exit the contract.
“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 timeshare exit company. You must protect your credit because if you let the timeshare go to foreclosure, your credit score will be affected for over ten years. When you are looking for a reputable timeshare exit company, look for a company that offers an escrow option. Companies such as Timeshare Compliance and Wesley Financial Group offer a 100% money-back guarantee or a no up-front fee escrow 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 MyTER.
Read over our website and fill out the form on the right or contact us through Live Chat for a free informational consultation. Our team will help connect you with a timeshare exit company that has no up-front fees until your timeshare contract is canceled.