Timeshare News – Resort Managers Forced to Crack Down on Timeshare Foreclosure Proceedings

Dec. 9 – It isn’t uncommon this time of year for there to be a rise in timeshare delinquencies, but it appears the once lax approach many resort developers and managers have taken on this issue is becoming more rigid, which affects nearly everyone who owns in any given property, including other owners.

Even though timeshares only cost a fraction of what a normal vacation property would, they are subject to the same laws as a property that costs significantly more. Each year, timeshare bill owners for the cost of the property upkeep in the form of an annual maintenance fees, which on average ranges between $300 and $800. If an owner falls on hard times and can no longer pay these fees, the property can be foreclosed on. For many years a resort could simply take possession of the property to give the owner an opportunity to become current on past due bills. Another option was that they simply resold the property without forcing expensive foreclosure proceedings on the delinquent owner.

However, in recent months much new legislation has made this more difficult to do. Now, many mangers and developers are being forced to begin lengthy and costly foreclosure proceedings on delinquent properties. A timeshare foreclosure costs around $1,000 and is paid for by the other owners of the property as well as the foreclosure going on the delinquent owners credit report. This means everyone pays, and even a $3,000 timeshare foreclosure affects credit the same as a $500,000 vacation home would.

Many managers and developers feel there must be a better way to handle these types of issues, but with new laws regarding timeshare being drafted all the time, it can be difficult to keep up with and change.

The easiest way to avoid timeshare foreclosure is by getting rid of your timeshare before it becomes an issue. Seeking professional advice if you are facing timeshare foreclosure can not only save your credit, but avoid a problem before it gets out of hand for many other people as well.

Timeshare News – Timeshare Payment Delinquencies Rise in Third Quarter

Dec. 1, 2011 – Today the latest timeshare information from the ABS index from Fitch Ratings showed that timeshare delinquencies on mortgage payments has gone up for the third quarter of this year, and industry experts don’t seem to be too shocked. With the current economic climate and the holidays fast approaching, making timeshare payments a low priority on the financial lists of many owners.

However, while this doesn’t appear to surprise anyone, especially since it reflects what industry experts have come to consider a “normal trend” this time of year, the fact that people are either unable or unwilling to make timeshare payments is a disturbing one.

Many people don’t realize when they purchase a timeshare that, even though they do not own the property in its entirety, it is still a piece of real estate and is subject to the same laws and regulations. If you fail to make the mortgage payments on your house, it will be foreclosed on. If you fail to pay your mortgage or maintenance fees on your timeshare, you can also potentially face a foreclosure and all the damaging affects if can have on your credit.

Any industry expert will recommend, no matter what, that you do not stop paying your timeshare mortgage or maintenance fees. The damage this can do to your credit is the same as if your house was under foreclosure, potentially dropping your credit as much as 300 points.

If you have found yourself unable to pay your timeshare mortgage, it is important you seek professional assistance, like those offered here at TimeshareSecrets.com, in order to avoid timeshare foreclosure by selling your timeshare or coming to an agreement with your developer to forgive delinquencies.

Timeshare Foreclosure Laws – Are You at Risk of Timeshare Foreclosure?

As people reevaluate their family budgets and cut the fat to save money for more important things, timeshares are often the first to go. However, many owners don’t realize that timeshares are subject to foreclosure laws, just like other pieces of property, and that in order to avoid the havoc this can wreak on your credit you must take the property steps to get rid of your timeshare if you no longer want it.

One of the biggest misconceptions that people have about timeshares is that they are not actual pieces of property. Timeshare law views these units as owned pieces of property, even though you only own a portion of it. When people no longer use or can no longer afford their timeshare, many simply quit making payments on the property. Even if you have paid off your timeshare mortgage, if you fail to pay the maintenance fees you can be subject to timeshare foreclosure law and all the consequences that come with it, including a foreclosure on your credit report which can cost you as much as 300 points!

If you are unaware of timeshare foreclosure laws and feel you may be as risk of foreclosure on your property, there is still hope. Many developers don’t want to deal with the hassle of listing a timeshare as a foreclosure and will work with you to get caught up on your payments. Even if you no longer want or can afford to keep your property, staying out of timeshare foreclosure is an absolute must, as you cannot sell a foreclosed timeshare.

In order to help you stay out of timeshare foreclosure and help you sell your property as quickly as possible, we have gathered the most reputable and experienced timeshare attorneys and timeshare resale specialists in the industry to help you. These timeshare law experts are well versed in timeshare foreclosure law and can help you avoid this costly process. They have built strong relationships with timeshare developers and can keep you from doing serious damage to your credit. The companies we recommend can also help you sell your timeshare fast – in as little as 24 hours in some cases – to keep you out of foreclosure and get rid of your timeshare for good.

Each timeshare company we recommend maintains an A+ rating with the Better Business Bureau and never charge upfront fees for their services. With years of experience working with timeshare developers and owners, the timeshare attorneys and specialists we offer have a proven track record of helping owners just like you become aware of timeshare foreclosure laws and selling even the most difficult timeshares. And if they can’t help you, they will refer you to someone who can. Where else will you find a better offer than that?

Timeshare Foreclosure Consequences

Timeshare foreclosure is something that many owners don’t consider when they purchase a timeshare, but it is a very real possibility for many unprepared owners and timeshare foreclosure consequences can be devastating for a family.

Even though you don’t own the entire property and only have use of it for a specific time each year, timeshares are considered a piece of real estate and are subject to the same rules and laws, including foreclosure. This is why keeping up with maintenance fees and other costs are important, even if your timeshare is paid off, because failing to do so can result in the developer filing against your property and the pit falls that come with it.

Much like the foreclosure of a home, timeshare foreclosure consequences include:

Poor Credit Rating

Like any foreclosure, it will have a significant impact on your credit score. A timeshare foreclosure can drop your credit rating as much as 300 points and will remain on your report for 7 years! This can make it extremely difficult for you to finance important purchases like cars and homes and can cause credit companies to decline or cancel your accounts, all over a timeshare.

Money Out of Pocket

Foreclosures can be expensive, especially if you try to fight it. Attorney fees and the time lost trying to resolve the issue, even if you don’t actually want to keep your timeshare, cost you more than just money in many cases.

Family Distress

If you thought owning a timeshare you don’t want or can’t afford was a burden, imagine the stress of foreclosure! The stress involved in either undergoing or trying to avoid this process can take a terrible toll on your family, especially if you got many years of use out of your property.

Timeshare foreclosure doesn’t have to happen to you. If you can no longer afford or no longer want to keep your timeshare it is important to keep paying your fees the best you can and look into ways to get rid of your timeshare before it is too late!

The timeshare professionals recommended here at TimeshareSecrets.com are here to help you avoid timeshare foreclosure consequences and save you peace of mind. Whether you need to sell your timeshare, donate it, or give it back to your developer as quickly as possible, let us help. The companies we recommend never charge upfront fees for their services and can really help you get out of your timeshare fast, and if they can’t will help you find someone who can.

Our timeshare specialists will evaluate your situation on an individual basis to provide you with the company that can best serve your unique timeshare needs. Don’t fall victim to timeshare foreclosure! Contact us today!

Timeshare Foreclosure: What Does This Mean for You and How Can You Avoid It?

A timeshare can see like a great deal. For only a few thousand dollars, you can provide your family a vacation property in an exciting location that you can essentially use every year for the rest of your lives in an affordable manner, so how do so many timeshare owners find themselves in timeshare foreclosure?

Despite how affordable a timeshare may seem at the time, many timeshare owners do not realize the financial burden that these properties can pose due to mounting maintenance fees, exchange fees, special property assessments, interest, and much more. All these fees have the potential to add up to thousands of dollars a year, which many owners do not have the luxury to be able to afford in tough economic times, and many people stop paying them to focus on more important matters.

Just like with a house, timeshare foreclosure is a real possibility for some people. They are considered real estate, and even you have paid off your timeshare mortgage, failing to pay annual fees can result in a foreclosure on your property.

So how can you and your family avoid timeshare foreclosure? Just like with a foreclosure on a home, the process is lengthy and stressful, can potentially drop your credit score by 300 points, and remains on your report for 7 years. Because the process is such a pain, many developers may try to work with your to avoid foreclosure by trying to renegotiate the terms of your contract or forgiving past missed payments if you agree to pay them on time from now on. If you want to keep using your timeshare, make sure you get these new terms in writing before you agree to anything,

However, if you are like the many timeshare owners out there who no longer want, need, or can afford their timeshare, getting rid of it is your only option. This is easier said than done, since timeshares are a commodity that few are interested in taking off your hands. This is where professional help comes in, and many owners seek the assistance of timeshare resale companies to help them sell their timeshare. Unfortunately, few of these companies can provide any real assistance to helping your avoid timeshare foreclosure, and end up costing you more money in the long run.

Here at TimeshareSecrets.com, we think this is a crime. You should be able to sell your timeshare quickly and without as little hassle and money out of pocket as possible. That’s why we have gathered the most reputable, successful, and trustworthy companies in the industry to help you get rid of your timeshare quickly in order to help you avoid timeshare foreclosure. Our companies work with a variety of resorts to help negotiate the terms of your contract cancellation as efficiently as possible, all without charging upfront fees. And if the can’t help you get rid of your timeshare, they will steer you in the direction of someone who can.

There’s no need to put your credit and the well being of your family on the line for a timeshare property, and we can help you today.