Cancel Timeshare Mortgage: The Right Way

Timeshare General | 03 Dec 2013 | 24 comments

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Any type of debt can be terrible for anyone, and timeshare debt is certainly not an exception. During the last few 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 mortgages and how to cancel a 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, that 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 costs, does not have any real financial value, and the resale market is almost nonexistent, 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, which can seriously damage the owner’s credit report. In fact, a timeshare foreclosure can drop a property's value 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 to your credit score will make it harder for you to get any additional loans or credit, and you might also find it hard to get a job.

Cancel Timeshare Mortgage

These Are 4 Easy Steps to Cancel a Timeshare mortgage:

Review and read your timeshare contract carefully, including the fine print. In 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 of filing a suit against the developer. If you purchased your timeshare under deceitful sales practices, or were misled about the costs, you have a case to take legal action. Keep in mind that this process can be extremely long, and often unsuccessful. Be sure that you have all your paperwork in order to use it as evidence.

Look for other similar timeshares that are for sale. There are many websites on the 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 of how much you should ask for your timeshare.

Last but not least, list your timeshare unit on numerous websites, with eBay being the most popular one. Once you find a buyer, you can cancel your timeshare mortgage and get out of your vacation property as well.

Heads-up:

There are many timeshare mortgage companies that claim to get you out of 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, canceling a 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 will 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 canceled, there won’t be any further financial obligations attached to the resort, on timeshare mortgage, no maintenance fees, 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 canceled. Contact MTS today and relieve yourself of your timeshare and get the financial freedom we’re all looking for.

To receive more information about timeshare mortgages and how to cancel your timeshare, send a WhatsApp to +52 1 333 239 6589, fill in the form in the contact section, or call us at +1 714 277 3662.

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