During the timeshare sales presentation, you’re dazzled with visions of amazing luxury vacations and a lifetime of memories that your family will cherish. In most cases, you were probably told that timeshares make these vacations extremely affordable. Once you sign the contract, you discover the true cost of your purchase.
Each year, your maintenance fees get more expensive, turning what may have initially been an affordable way to vacation into a something that no longer fits into your budget. In addition, your monthly timeshare mortgage payment provides a constant reminder of the financial burden you’re shouldering. Instead of saving a little money each month for the vacation of your choice, you’re forced to pay a mortgage on a property you may not even be able to use.
If you’ve reached the point where this scenario is no longer working for you, you’re not alone. Countless others just like you have determined that their timeshare has become a burden. While there are options to get out of your timeshare, the process is complex. In addition, the presence of a timeshare mortgage makes the situation even more complicated.
In most situations, timeshare mortgages are structured as ten-year loans. To make matters worse, the interest rate of these loans is usually extremely high – roughly 14-18%. In comparison, the average interest rate for a home mortgage ranges from 2-8%. When you factor the significant amount of interest onto the value of your timeshare mortgage, you end up paying a lot more than you were led to believe during the initial sales pitch.
You can use our timeshare mortgage calculator to get a clear understanding of how much you’ll actually pay over the life of the loan.
While your monthly timeshare mortgage payments may represent a significant financial burden, simply refusing to pay isn’t a smart approach. This will trigger a variety of consequences, including:
On first glance, selling your timeshare might seem like the easiest way to get out of the mortgage associated with the property. Unfortunately, this is rarely a viable solution. The ugly secret that timeshare property management groups don’t like to disclose is that timeshares have no resale value.
There simply isn’t any demand for used timeshares, and the market is flooded with properties from people just like you who want to gain freedom from their costly timeshare obligations. As a result, many timeshares sell for $1.00 or less. In this situation, you’ll be free of the financial costs associated with annual maintenance fees and special assessments, but you’ll still owe the balance on your timeshare mortgage.
Fortunately, there are ways to get out of a timeshare contract if you still have a mortgage on the property, and Timeshare Termination Team can help. It’s important to understand that safely and permanently getting out of a timeshare mortgage requires a legal strategy developed by attorneys who specialize in this area of law.
The first step is to review your timeshare contract to determine whether the sales person misrepresented facts or failed to disclose important information that impacted your decision to purchase the timeshare. If you’ve been the victim of unfair or deceptive practices, it can provide significant leverage when seeking to cancel your timeshare contract.
Some situations that may indicate the use of deceptive practices include:
Even if the timeshare company wasn’t guilty of one of these deceptive practices, you still have legal options. Our expert advisors will review the terms of your timeshare contract and mortgage in order to develop a customized exit strategy that permanently frees you from this financial burden.
You don’t have to be saddled with the financial burdens of a timeshare mortgage any longer. Please contact us today to find out how Timeshare Termination Team can help you gain the freedom you desire.
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