Any type of debt can be terrible for anyone, and a timeshare debt is certainly not an exception. During the last 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 mortgage and how to cancel 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, which 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 cost, does not have any real financial value, and the resale market is almost non-existent,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, and this can seriously damage the owner’s credit report. In fact, a timeshare foreclose can drop by over 160 points.
Nevertheless, before your timeshare unit gets foreclosed on, it will be very likely that yourtimeshare fees are not up to date. It is very important to take into consideration that the damage on your credit score will make for you harder to get any additional loan or credit, and you might also find it hard to get a job.
Cancel timeshare mortgage
These are 4 easy steps to cancel timeshare mortgage:
- Review and read your timeshare contract carefully, including the fine print. Is 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 to file a suit against the developer. If you purchased your timeshare under deceitful sales practices, or you were misled about the costs, you have a case to take legal action. Keep in mind that this process can be extremely long, and many times unsuccessful. Be sure that you have all your paperwork in order to use it as evidence.
- Look for other similar timeshares as yours that are for sale. There are many websites on 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 on how much you should ask for your timeshare.
- Last but not least, list your timeshare unit on numerous websites, being eBay the most popular one. Once you find a buyer, you can cancel timeshare mortgage and get out of your vacation property as well.
Heads-up:
There are many cancel timeshare mortgage companies that claim to get you out of your 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, to cancel 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 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 cancelled, there won’t be any further financial obligations attached to the resort, no timeshare mortgage, no maintenance fees, no 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 cancelled. Contact MTS today and relief yourself from your timeshare; get the financial freedom we’re all looking for.
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