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Timeshare scams increase in bad economy

Timeshare scams increase in bad economy
23 Jul 2012
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"Sir, I see you have a timeshare, want to sell it?"

More people are getting these calls from companies offer to unload their unwanted properties. People are getting ripped off by timeshare sales that never take place and owners are swindled for thousands of dollars every day , say local, state and federal officials.

A common story

Martha and Ron Reagan are among the victims. The couple flew to Cancun for their wedding anniversary and spend $18,000.00 for a two-bedroom, one week timeshare 10 years ago. They have used it once.

Last winter, Ron was laid off from his semi-retired job, he started looking on the internet for ways to sell their timeshare and recover at least part of their purchase. Reagan figured he could easily get $20,000 since he called the resort and was told that two-bedroom units were being sold for nearly $40,000. This money would help them pay for their mortgage until he was able to find another job.

After searching online, They got a call from Premium Resale's and Rentals in Florida. Within days, a company representative called them expressing they had found a buyer for their timeshare but needed $5,000 to pay for "title search, processing and handle ling fees",

Reagan sent a wire transfer to a bank in Mexico immediately. "I bought it all, never doubt they would send me the money afterwards" Recalls the 65 year-old maintenance worker.

"He had the right answer for every skeptical question I asked"

As soon as the transfer went through, another company representative called asking them for more money for more expenses. Reagan refused. Their salesman stopped answering calls or emails. voice mail was full and website soon was down.

"We were scammed" Said Martha, who said they have found other people´s story very similar to theirs online. On top of their loss, they still have an obligation to pay $950 in annual maintenance fees.

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Timeshare fraud is increasing

Timeshare fraud has been around since the timeshare idea was created, but they increase during poor economy. When times are difficult, timeshare owners are stuck with properties they can´t travel to or even afford. Desperate to recoup some money to pay for bills, they can easily become victims to scams artists pretending to be their timeshare salvation who will take upfront fees -as much as five number figures in some cases- but fail to fulfill their promise.

Possible solutions

You might receive a call from someone claiming they have immediate buyers or that your timeshare is hot in the market or that a corporation is interested in your timeshare. If you receive a call, act carefully.

The biggest warning signal is when they want you to send them money upfront.

With this economy, the resale of timeshares -even for a penny- seems unlikely to happen.

An option you might want to try is calling the resort and see if they will take it back. Historically, this is not an option for most resorts are being affected with the difficult economic times and a way to financially "breath" is by the maintenance fees they bill you every year -even if you do not use the timeshare-.

Best timeshare solution

timeshare solutions

Probably the most viable option is to cancel your timeshare and check if any money can be recovered. Even there, there are companies who will -that might be linked to resell scams- that will claim to have experience and knowledge in the in and outs of the industry to help you recover your deposit.

Most companies will ask you for a upfront fee; this is a red flag. Even if they offer a money back guarantee, avoid paying them anything unless they deliver their promised results.

Mexican Timeshare Solutions is one of the few companies -we don´t know of any other- that works under a contingency basis. You only pay for our services once your contract has been cancelled and any financial obligations with the timeshare developer are dismiss.

Contact today Mexican Timeshare Solutions for a free consultation of your timeshare situation and learn how we can help you get from under the burden of owning a timeshare.

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19 Comments
  • Sandra LawsonJuly 14, 2014, 12:41 pm

    Royal Elite timeshare sales associates are willing to tell you basically anything that you want to hear just to get you to sign, you should be able to ask as many questions as you have, you should be able to sleep on the decision you are about to make, specially is we are talking thousands of dollars, you should be able to review the hotel and the contract, if the contract is not giving to you to read it and review it THEN DO NOT SIGN, it means that everything you have being hearing during the presentation is a total and utter lie

  • pumpkinmedicJuly 11, 2014, 2:25 pm

    And people wonder why time-shares are a scam....

  • pumpkinmedicJuly 11, 2014, 2:25 pm

    And people wonder why time-shares are a scam....

  • dianes351May 30, 2014, 3:44 pm

    We own with the Mayan Palace and recently upgraded to The Bliss. We were given a coy of a letter from Resort Rentals Mexico and we were told we just had to call this company and tell them we wanted them to rent it out and they would send us the money for the week. I called the company and they said we had to pay $299 up front and then they would list it and let us know when they rented it. Was this the company you wre with?

  • youngandthriftyMay 7, 2014, 3:04 pm

    I think Time shares would be good for people who are already retired and living on a nice pension :) I would feel too “forced” to use the time share all the time because of all the money I put into it.

    I guess it’s the same as having a cottage.

    I would rather use that money, have variety, and travel to different places.

  • No Debt PlanMarzo 24, 2014, 2:19 pm

    Timeshares are a terrible, terrible idea. My in-laws are in one of those “point” programs. What they don’t tell you is the points depreciate (or the number of points needed inflates) each year. So where you could get a nice 1 week vacation now you can only get a decent two night stay.
    I’m not sure if they have found a way to get out of it, either. The contracts are ridiculous and essentially say you must stay with us forever or pay an enormous cancellation fee.

  • walterjaxMarzo 24, 2014, 9:07 am

    they got scammed when they first signed the contract. live and learn i suppose.

  • LoverdeJanuary 21, 2014, 4:17 pm

    The truth is that timeshares are even worse than a crappy investment since they really aren't an investment at all. Nobody in their right mind invests in a depreciating asset and expects to sell it for a gain years later.

  • 88hanmanOctober 6, 2013, 5:26 pm

    Timeshares cost so much because there are all that freebies given to people to come for presentation and seller's commission. They give u gift to attend but very persistent. But, people buy them because they get suckered in, or really have a need (like me with large family, it is cheaper using timeshare than multiple hotel rooms). It takes some long planning and know how to use the timeshare. It took me three years to start enjoy my purchase. If you can not plan ur vacation 3-6 months out and don't take much vacation, timeshare is really a waste of time and money, and great headache as the article points out.

  • 88hanmanOctober 6, 2013, 5:26 pm

    Timeshares cost so much because there are all that freebies given to people to come for presentation and seller's commission. They give u gift to attend but very persistent. But, people buy them because they get suckered in, or really have a need (like me with large family, it is cheaper using timeshare than multiple hotel rooms). It takes some long planning and know how to use the timeshare. It took me three years to start enjoy my purchase. If you can not plan ur vacation 3-6 months out and don't take much vacation, timeshare is really a waste of time and money, and great headache as the article points out.

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