• August
    05
    2020
  • 3 min read

Is Foreclosure An Option For Timeshare Owners?

timeshare foreclosure

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There are thousands of timeshare owners around the country. Some people own one unit while others own several, either as an investment or so that they can enjoy different travel destinations throughout the year. For these people the question doesn’t come down to how many timeshares you own, it comes down to what your options are is the costs have become too much to handle. The United States and most of the world has been hit hard in 2020 with the coronavirus pandemic. It’s lead to thousands of people struggling to pay their bills. While there is some relief and regulations that protect you from getting pushed out of your home during these times, the same doesn’t exist for resorts. 

If you have to pay a monthly mortgage for your timeshare it could create some frustration as you look for ways to cover your personal bills. Vacation spots are the last thing on your mind as you have to make sure that your bills for your home and necessities are covered first. This leads a lot of people to the question, can they foreclose on your timeshare? It honestly is not only a fair question but something you probably wouldn’t mind right now. Having that cost removed from your money expenses would provide much relief and financial flexibility right now. 

Here’s the part that you probably won’t love, timeshare companies have no interest in letting you foreclose. Why? Because their goal is to keep you hooked and paying for as long as possible. Further, the only reason these resorts would want you out is if they could easily rent out the space to someone else for more money. Since no one is renting these resorts right now these companies are more focused on you paying your mortgage than ever before. If you actually are experiencing a battle with these companies and want to not only end it but also get out of your contract for good, you should give a timeshare cancellation advocate a call and learn what your options are. 

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