The Word: The Truth About Maintenance Fees
September 1st, 2017
Timeshares offer you an alternative to the traditional vacations, it’s true. A timeshare is basically a vacation property with a shared ownership and a management company taking care of the construction and the charges. This encourages the buyers to spend some quality time at the property. However, owning a timeshare is not actually the same as owning a vacation property.
Timeshare resorts have one priority around which their business revolves: maximum profit. This priority for profits is often the reason and the cause behind why timeshare resorts create a never ending contract.
There are numerous, documented cases where timeshare resorts will not take their timeshare properties back, paid off or not. In fact, by making you sign their contract they are locking you into that property through a deed. This is a specific document that will travel through your family for generations unless it is permanently terminated.
You will be obligated to pay yearly maintenance fees for life and thereafter through your family. If you hold a magnifying glass over the industry, you can see why it’s best to stand clear.
What happens if you don’t pay your deed fees?
Timeshare Owners late on fees have reported receiving harassing phone calls for collections.
- Aggressive Collections Efforts
- You will be receiving harassing phone calls at home and work
- You will be handed threatening letters
- Credit Bureau Reporting
- Your Credit Score will be lowered
- Your Timeshare Property will be foreclosed
- Your uncollected bad debt will be reported
- Liens (the legal right to hold collateral) will be placed on your other assets
- There will be garnishments of your wages
Resort Release has spent the last 5 years extensively researching the timeshare industry. Their BBB A+ Rated team of experts offer a solution, simple and transparent: timeshare cancellation.
COO, Resort Release