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Cancel Timeshare Mortgage

Cancel Timeshare Mortgage
03 Dec 2013
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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.

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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 your timeshare 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

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.

Information to Share

If you liked this article, please help us to share this information to more people in order to avoid more timeshare scams victims, how? 

Are you also wondering how to cancel timeshare mortgage? To know more about timeshare cancellation visit:

How to rescind a timeshare contract?

Leave your comment below and share this post on Twitter and Facebook to prevent others from becoming victims of timeshare fraud. 

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11 Comments
  • sierraMarzo 26, 2014, 11:15 am

    I really like the idea of a timeshare, but it never seems to work out how you expect. I purchased one that i assumed i would use quite a bit, but me and my family rarely if ever use it. It is absolutely a waste of money for me. But i did learn a good lesson out of it.

  • LouisMarzo 10, 2014, 8:53 am

    i need help, i want to cancel, i have 3 years trying to.. but they always says that it's a very difficult thing

  • PatriciaFebruary 11, 2014, 2:33 am

    pues muchas veces ni eso ayuda mucho, yo crei que estaba bien preparada contra todo esto y es hora que no he podido deshacerme de nada!!! me urge!!!

  • c bennettJanuary 23, 2014, 11:16 am

    We have a timeshare that the mortgage has been paid but the maintenance fees are out of control. When we got the timeshare we were not told of how much the maintenace fees would be. I have been making payments and even $300 this January to catch up. We are bad, we had not paid since we got the place, because we have had pitfall after pitfall and even lost our home. So, this was the last thing we thought about paying. I know it's our fault they now they have gotten ridiculous. They have fee on top of fee on top of fee which has pretty much doubled what we owe. Now they have not said a word since we got it, until now. Now, they have given us 3 weeks to pay $5600 which we don't have. So, all the payments I have made only went to fees. Any suggestions on how to compromise or get this resolved. We don't want to lose our place and they are not allowing us to use it, but they are letting others use our time each year.

  • AaronJanuary 21, 2014, 10:04 am

    find a lawyer and let him work, that's what you have to do! believe me!

  • LizethDecember 23, 2013, 9:27 am

    ojalá ésto realmente funcionara, pero la verdad tengo años intentando cancelar y no he tenido éxito, podrían ayudarme?

  • OscarDecember 15, 2013, 9:03 pm

    por lo general son juicios que duran años, y accede mejor una conciliacion, porque al momento en que nos regresamos a nuestro lugar de origen, ese tiempo compartido ya paso a manos de otra persona!! que estafa!!

  • OscarDecember 15, 2013, 9:03 pm

    por lo general son juicios que duran años, y accede mejor una conciliacion, porque al momento en que nos regresamos a nuestro lugar de origen, ese tiempo compartido ya paso a manos de otra persona!! que estafa!!

  • AngelaDecember 9, 2013, 12:59 pm

    In my very early 20′s i fell into the timeshare craphole and bought two at two different places. Westgate was the worst, after spending thousands for the most horrible vacation ever. i tried to sell ( couldn’t) i begged for them to take it back and after lots of time and a very mean bully, who threatened me, to deal with they finally took it. I still can’t believe i wasted all that money….. :(

  • AngelaDecember 9, 2013, 12:59 pm

    In my very early 20′s i fell into the timeshare craphole and bought two at two different places. Westgate was the worst, after spending thousands for the most horrible vacation ever. i tried to sell ( couldn’t) i begged for them to take it back and after lots of time and a very mean bully, who threatened me, to deal with they finally took it. I still can’t believe i wasted all that money….. :(

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