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Timeshare Foreclosure Consequences

How To Get Out Of A Timeshare

May 15, 2019 – by Primo Management Group

How To Get Out Of A Timeshare

What are the risks of timeshare foreclosure?

Timeshare foreclosure has serious consequences for consumers. Here’s what can happen as a result of a foreclosure.

What Is Timeshare Foreclosure?

Timeshare foreclosure happens when a timeshare owner fails to make payments on their timeshare. It can also happen if you fail to pay your maintenance fees or special assessments. Your lender or the resort will take legal steps to take back your timeshare. Foreclosure has serious implications for your credit and beyond.

Credit Score Damage

When foreclosures are reported to the major credit bureaus, they become part of your credit history. They will stay on your credit report for 7 years. And typically, foreclosures have a substantial impact on your credit score. Each bureau weighs foreclosures differently. And the other unique features of your credit history make it impossible to say exactly how much your score will drop. But it’s certain that it will fall, often by around 100 points, according to FICO. It may take as much as 7-10 years for your score to fully recover from the impact of foreclosure.

Inability to Get Future Credit

Foreclosures can make it difficult to impossible for you to get future credit. The low score caused by your foreclosure is one of the top considerations your lender will use in deciding to extend credit to you. Plus, lenders will be more wary of foreclosures than of other factors. For example, if your low score were caused by multiple inquiries, a lender might overlook that. But when you have clearly failed to pay your debts, lenders will see you as a big risk. It’s much harder to overlook a foreclosure.

Difficulty Renting and Apartment or Gaining Employment

Poor credit history can also cause other problems for you. Landlords and prospective employers will often require your credit report before renting to you or hiring you. They may see a foreclosure on your report as a sign of irresponsibility or a bad risk.

Deficiency Judgements

Foreclosure may also put you at risk for a deficiency judgement in some states. Deficiency judgments happen when the lender is unable to recoup the amount of your debt through the sale of the property. For example, if you owned $10,000 on your timeshare but your lender was only able to resell it for $7,500, then you could face a deficiency judgment of $2,500. However, not all states allow for this. And not all lenders will seek a deficiency judgment.

Avoiding Forclosure

Clearly, the consequences of timeshare foreclosure are serious. So it makes sense to avoid it. The best way to avoid foreclosure is not to buy a timeshare at all! However, if it’s too late for that, you can choose timeshare cancellation and avoid foreclosure. The timeshare exit process can be complicated, but we can help. We specialize in assisting consumers to get out of the unwanted timeshare contracts. Contact us today to see how we can help you get out now.

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Relieve Yourself of the Unwanted Timeshare Burden

Your information is 100% secure and encrypted. We will never sell or share your information with anyone.

Frequently Asked Questions ?

How does PMG get me out of my timeshare contract?

PMG is not a resale, transfer, or donation company. We are consumer advocates—we help to negotiate the release of your timeshare contract obligation. We do not buy, sell, or rent your timeshare. Simply put, we help you to get out of your timeshare contract forever.

How long does the process usually take?

Usually less than 12 months, but it all depends on your situation. Let us help you. Speak to your advisor about the time, and what delays the resorts have put into place to prevent timeshare owners from departing their ownership. If you have a mortgage or past due maintenance fee, the process takes more time.

How much is my timeshare worth?

This is probably going to hurt, but whether you paid $5,000 or $50,000 for your timeshare, the IRS values all timeshares as worthless investments. In addition, that timeshare would have negative value due to the annual maintenance fee bill which compounds year after year. That is until PMG helps you cancel your timeshare.

Can I use your service if I still have a balance owed on my mortgage?

Yes. Whether you bought your timeshare 20 days ago or 20 years ago, PMG has a solution for you and is here to help.

Will my name be off the timeshare?

Yes! Permanently! GUARANTEED!

In addition to getting me out of my timeshare, can you recover the money I’ve already spent on mortgage payments and maintenance fees?

While we are able to recover money in rare cases, beware of any timeshare cancellation company that entices you with the promise of fund recovery. The truth is, the resorts are loath to give back the money they’ve already taken for timeshares.

Are your consumer advocates really “consumer advocates”, or is that just a fancy word for salesperson?

Because most of our clients have had their trust betrayed by timeshare salespeople, we understand how some consumers can become a bit jaded. When you call us for a consultation, that’s exactly what you get, a consultation. At PMG, our job is not to sell you; our job is to help you get out of your timeshare. Which is why we have numerous 5-star reviews and an “A” (excellent) rating from the BCA.

Why should I choose PMG to get me out of my timeshare?

We go above and beyond for our customers by helping to protect you, and have the best success rate in the industry, rated 5-stars by clients. We pride ourselves on providing our customers with the best customer service in the industry. When you contact our company, you speak to a live person, not an automated system or voicemail. We offer a 100% money back guarantee, and we can provide documented proof of our success in helping customers just like you.

What happens after I sign up with you? Will I be apprised of your progress?

At PMG, we pride ourselves on our hands-on, boutique-style customer service, so every new client will work with our expert, experienced team whose job is to keep you in the loop throughout the entire cancellation process. We are always just a phone call away.

How much is your fee?

Not all timeshare experiences are created equal. Some are more complicated than others, and every situation is different. That’s why our trained timeshare elimination consultants will ask you a series of questions designed to determine exactly what needs to be done to terminate your timeshare, how long it will take, and how they can best advocate for you. We will always seek the most cost-effective route for you.

What if I still have more questions?

Canceling a timeshare contract is not a cookie cutter process. With each situation being unique, once you complete the form below an experienced consumer advocate will call you today to discuss your options.