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Any type of debt can be terrible for anyone, and timeshare debt is certainly not an exception.
During the last few years, the economy has been rough, and maintaining a timeshare might not be as easy as it seemed when you first purchased it, especially with all the fees and payments that have to be made every year.
As an option to finance the debt and the vacation property itself, some timeshare owners recur to get a timeshare mortgage.
Learn more about timeshare mortgages and how to cancel a timeshare mortgage.
Timeshare Mortgage
Let’s start with the basics. A mortgage is a loan to finance the purchase of a home or any other type of real estate, that is secured by the property and the land underneath it.
Like with any other loan, an interest will be charged on the amount you borrow.
With a timeshare, that is not often the case. Being that timeshare ownership, despite how much it costs, does not have any real financial value, and the resale market is almost nonexistent, timeshare companies secure the mortgage with the owners’ credit and sometimes with their personal assets.
When a timeshare owner does not pay his timeshare mortgage, the resort forecloses the property, which can seriously damage the owner’s credit report. In fact, a timeshare foreclosure can drop a property's value by over 160 points.
Nevertheless, before your timeshare unit gets foreclosed on, it will be very likely that your timeshare fees are not up-to-date.
It is very important to take into consideration that the damage to your credit score will make it harder for you to get any additional loans or credit, and you might also find it hard to get a job.
Cancel Timeshare Mortgage
These Are 4 Easy Steps to Cancel a Timeshare mortgage:
- Review and read your timeshare contract carefully, including the fine print. In most cases, the resort has a cancellation period, which depends on the country where you bought your timeshare.
- Find a good timeshare lawyer, and discuss the possibility of filing a suit against the developer. If you purchased your timeshare under deceitful sales practices, or were misled about the costs, you have a case to take legal action.
Keep in mind that this process can be extremely long, and often unsuccessful. Be sure that you have all your paperwork in order to use it as evidence.
- Look for other similar timeshares that are for sale. There are many websites on the internet with timeshare sales and resales. Although many of them might not be a good option for your sale, they will give you an idea of how much you should ask for your timeshare.
- Last but not least, list your timeshare unit on numerous websites, with eBay being the most popular one. Once you find a buyer, you can cancel your timeshare mortgage and get out of your vacation property as well.
Heads-up:
There are many timeshare mortgage companies that claim to get you out of debt, but after you pay a large upfront fee, any company that asks for an upfront payment to get you out of your timeshare is a scam.
There are Better Options to Get Out of your Timeshare
Unfortunately, canceling a timeshare mortgage is not the best option to get rid of an unwanted timeshare, since the process is long and most times unsuccessful, and even if you try to sell it and pass along the debt to somebody else, it is very unlikely that you will find someone who is willing to take care of your timeshare, not to say almost impossible.
Timeshare Cancellation is the best way to get out of a timeshare properly. Once your timeshare is properly canceled, there won’t be any further financial obligations attached to the resort, on timeshare mortgage, no maintenance fees, nothing.
At Mexican Timeshare Solutions, we assist timeshare purchasers who feel they were scammed. We offer a free consultation on your timeshare matter, and we do not make any charges until your contract is appropriately canceled.
Contact MTS today and relieve yourself of your timeshare and get the financial freedom we’re all looking for.
To receive more information about timeshare mortgages and how to cancel your timeshare, send a WhatsApp to +52 333 239 6589, fill in the form in the contact section, or call us at +1 714 277 3662.
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Timeshare is a tricky thing ,if you dont pay the timeshare maintenance fees at time you take the risk to affect your credit score, for own experience dont get involved with a timeshare membership , also morgage is not a good deal , dont get caught and quit as soon as possible .
Me resulta sumamente complicado cancelar mi tiempo compartido , en vd no quiero otra cosa mas que cancelarlo , las personas encargadas del hotel me dicen que lo piense bien , que no cualquiera tiene un tiempo compartido con ellos, mil formas tratan de convencerme, el gran problema es que la deuda sigue creciendo cuando ni siquiera lo estoy usando , en este caso no se que hacer, un hno vendra a asesorarme , tengan mucho cuidado con todo lo relacionado a tiempos compartidos, es un fraude totalmente .
Has anyone bought recently from Grand Miramar in Puerto Vallarta and had them do what they said they would?
i've been scammed!!! i dont know what to do now, i've tried to cancel, but it seems to be impossible! please help me
I’ve always thought they were lousy investments without knowing all the facts.
I guess you have to do your research to avoid the scumbags.
yes i totally agree, the best thing is to find a timeshare lawyer, it's so difficult to get through this alone
i have problems with my timeshare now, i cant afford it.. i want to cancel, is there any option for me?
Timeshares are a huge liability. All they do is take your money. Most people do not even use their timeshare every year and still pays the maintenance fees. I think it would be better to not buy the timeshare and just go on a good vacation.
Never pay any up-front fees to sell your timeshare. Period. No matter what they promise or say the money is for. Your money will be gone, and your timeshare won't be sold.
My instinct is also that they cultivate the reputation as moral-less assholes who will hound you to the ends of the earth so that anyone who actually does their homework will be put off and stay the fuck away, while credulous fools who buy their horseshit and don't do any checking will be more likely to show up.
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