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Timeshare scams increase in bad economy

Timeshare scams increase in bad economy
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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.

Timeshare Scams... 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 scams are 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-.

Timeshare scams?Best 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.

Information to Share

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  • Share this link http://www.timesharescam.com/blog/91-timeshare-scam-bad-economy/ on your favorite blogs and forums

 

To know more about timeshare scams go to:

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28 Comments
  • J Vicente MunozOctober 26, 2018, 11:16 am

    Las empresas Incor Brokers y Preferred Title LLC, me han contactado para intermediar en la venta de un paquete de tiempo compartido, ustedes tienen referencia de estas empresas??

  • Juan G.January 9, 2017, 6:15 pm

    Estoy en un caso en el que las empresas involucradas se llaman: "PROYECCION TURISTICAS DE LA COSTA, S.A. DE C.V", "Global Title Service" y "My Holiday Home". Me quieren comprar un tiempo compartido pero precisamente, me piden primero pagar lo correspondiente a 6 semanas de cuotas de mantenimiento.....alguien sabe si estas empresas con reales o son ficticias?

  • Francisco de Borja.May 9, 2016, 11:07 am

    Esto de los tiempos compartidos ha sido toda la vida, mis papas fueron estafados por pueblo bonito , prometiendoles miles de cosas que los beneficiarian , cosa que no fue asi , duraron con el 8 años y no podian usarlo, el resort no te da la facilidad de hacerlo, te cierran las puertas y lo peor de todo es que si no pagas te meten a buro de credito , piensenlo muy bien antes de adquirir un tiempo compartido con ellos.

  • Sandra KarinaAugust 30, 2015, 11:12 pm

    Hola a todos , de antemano grcias por este blog , me he estado pasando de articulo en articulo y de verdad que son muchas las personas que han sido estafadas por los resorts de tiempos compartidos, en mi caso tmb soy una de ellos, es una lastima que se sigan dando este tipo de casos, solo perjudica el crecimiento economico de la sociedad con estafas como estas, no recomiendo a nadie adquirir un tiempo compartido porfavor,

  • NancyAugust 26, 2015, 4:04 pm

    I am ashamed to even admit how badly my hubby and I were scammed and disgusted that there isn't more protection for consumers and conviction and prison time for these heartless crooks.
    We own a one week timeshare with Mayan palace in mexico. Hard times changed our lives as Alzheimer's disease took over my hubby's life with me as his caregiver. Travel became a nightmare, especially at the airports and customs .
    In January 2013 I received a call from john a realities from investment choices claiming to have a big corp wanting to buy up timeshares in Mx to use as perks for clients. So began the financially draining heartbreaking scam with sending $$ through our chase bank to a rep , Michelle Martin from apex Title co in N Y . This group had a logical answer to every question I asked. The $$ was wire transferred to a bank in Mx city . Some $38000 gone to scam artists .
    Filed many complaints to no carolina and New York . No one would help us. How can these telemarketers get away with all this? Our bank gave out no red flags, I trust no one any more . Let our answering machine and caller iD pick up all calls. They are tricky though and our gov lets these crooked outfits us unknown nu , out of area. , caller unknown etc to illegally call people , with no accountability.
    Worse part is we still own the #%€* timeshare. And would have to pay resort fee to give it back to them. Ugh

  • Steve JacksonAugust 8, 2015, 11:35 pm

    We just got scammed in Cabo San Lucas. This company in the Pedregal area of Cabo ( the Beverly Hills of Cabo) offered to buy our timeshare. Their name was Grand Elegance. They told us that for an upfront fee for escrow and taxes, they would buy our timeshare. As soon as they got the money from our credit card, we never heard from them again and could never contact them. Be aware.

  • ajzwayJuly 29, 2015, 10:50 am

    These companies are able to talk their way into making people believe that they are legitimate. They have offices to answer phones, but are crafty enough to not accept certain types of mail, like from credit card companies. They currently have a website, but it is only to show other company travel deals.

  • PhilipOctober 20, 2014, 8:03 am

    I've never wanted to boy a timeshare because I've heard about them and the scams. I'm not saying all the timeshares are frauds, but the most are. I think I've been intelligent and I can enjoy my vacations wherever I want.

  • mjbgonzalgoAugust 12, 2014, 11:26 am

    I am a victim of this timeshare too and I have been paying every month for more than 3 years now. This time, I wanted to cancel my membership because of the bad experiences that I have with this company, and for charginng me unathorized amounts. I am so desperate to really get out from this trap. This Sunset Lagoon company is worst. I also read numrous complaints about this timeshare scam which made me want to stop my membership asap.

  • 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

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