The troubles of timeshare foreclosure are an unfortunate burden for countless people around the world. Many of them start out happy with their timeshare purchase only to realize that once all of the fees start stacking up – it wasn’t the affordable dream vacation spot they had imagined. Worse than that, they may find that the cost of their timeshare is eating into their budget at an unsustainable rate. When the costs pile too high, they are forced to foreclose on their timeshare, damaging their credit and making life more difficult. Fortunately, timeshare cancel services can help.
The Process
The foreclosure process begins when a timeshare owner misses multiple payments. The timeshare management company will then send out notices demanding the payments. If left unpaid, they may file for foreclosure. Unfortunately, ‘missed payments’ also involve maintenance fees, special assessment fees, and other hidden costs. No matter how unfair the costs are, they can not be ignored. Unless timeshare cancel services help you out, there aren’t many options other than paying up.
Types of Timeshares
The foreclosure process is different depending on the type of timeshare in question. There are deeded and right-to-use timeshares. Deeded timeshares offer a percentage of ownership over a deeded property to each timeshare owner. The timeshare owner will have a deed and contractual rules on how often it can be used. Right-to-use timeshares don’t actually grant ownership over the timeshare. Instead, people have a right to use the property for a specific amount of time per year for a certain amount of years. Deeded timeshares go through the foreclosure process after missed payments while right-to-use timeshares can only be repossessed. Neither situation is ideal, but foreclosure is much worse.
Judicial Vs Non-Judicial Foreclosure
Depending on the state, timeshare foreclosure can play out in two ways. The first is judicial foreclosure. This is when a formal court proceeding is required to remove property rights and the person who missed their timeshare payments will have a foreclosure judgment on their permanent legal records. Non-judicial foreclosure is an out-of-court process but it still must strictly follow legal guidelines. This is when the notice of foreclosure is sent to the counter or public land records office but no one has to actually go to court. This few-month process is shorter than judicial foreclosure, which takes up to a year to complete. The timeshare property is then put up for auction. Fortunately, both forms of foreclosure can be avoided by hiring timeshare cancel services.
Ruined Credit
The worst, longest-lasting result of timeshare foreclosure is the damage it does to a credit score. Whenever you need to apply for a loan or get a new credit card, the bank or credit card company will look into your financial history and credit score to determine eligibility. Foreclosure on average reduces your credit score from 100 to 150 points but can be even higher. Lenders are wary to offer services to people with a rough credit history. Bad credit scores can even make it harder to find a new job or rent a home, as landlords and employers often look at credit scores. Timeshare cancel services can help you get out of a contract before foreclosure occurs.
Timeshare Cancel Services
At Timeshare Legal, our timeshare cancel services offer a way out. For qualified candidates, we can completely cancel your timeshare and any outstanding financial obligations owed directly to the timeshare developer.
If you still enjoy your timeshare but upgrades have gotten you in over your head, we also offer partial cancellation services. We will reduce your ownership to a more manageable level where you will still be able to travel within your budget. As one of the most respected and trustworthy timeshare cancellation companies, we are committed to helping our clients find the best possible solution for their timeshare issues.
The lifespan of timeshare ownership often has a certain trajectory of disappointment. You are sold a dream of an inexpensive vacation getaway that’s there when you need it and taken care of when you don’t. The timeshare salesperson will buff up their sales pitch by floating the idea that you can eventually sell or rent out your timeshare. Once the maintenance fees, blackout dates and other shortcomings of the timeshare become apparent, owners will start looking for a way to free themselves of the burden. Unfortunately, selling and renting a timeshare is not as easy as you might hope and you should probably cancel your timeshare instead.
