The timeshare industry depends greatly on the availability of credit in order for potential buyers to sign timeshare vacation package contracts. Without free-flowing credit, timeshare sales fall. To make up the gap in revenue, current timeshare owners are being asked to flip the bill. Relief is certainly not in sight.
In many cases, owners sign contracts that allow their home resorts to charge them special assessment fees when warranted. The size of the fees are determined by the resorts and can be rather arbitrary. Some owners are unaware of these policies.
Reports of $500 to $3,000 special assessment fees being doled out have recently surfaced. These outrageous amounts are hitting owner pocketbooks at the same time personal incomes are stagnant or falling, and as retirement funds drop like rocks thrown into a pond. The financial blow has opened some eyes as to the fragility and milk-them-for-everything mentality of the timeshare industry.
You would think that the millions in upfront cost and annual maintenance fees would be able to keep afloat all timeshare resorts. Unfortunately, many corporations leverage what they have to build more timeshare units in different locales. This strategy works well in good economic times but tragically multiplies the draining effect when credit is scarce and when revenue decreases.
So, what if owners decide not to pay the special assessments (or maintenance fees)? Many timeshare contracts allow default judgments that impose severe monetary penalties and court fees on top of the original fees owed. Continued non-payment results in liens placed on real property like the timeshare owner's home or garnished wages.
What can timeshare owners do to fight back? There is not much relief if they plan to keep their timeshares. The number of owners that try to resell or rent their timeshares spikes up tremendously during economic crisis. Many charities will not accept timeshare deeds as donations knowing the accompanying liabilities. - 16955
In many cases, owners sign contracts that allow their home resorts to charge them special assessment fees when warranted. The size of the fees are determined by the resorts and can be rather arbitrary. Some owners are unaware of these policies.
Reports of $500 to $3,000 special assessment fees being doled out have recently surfaced. These outrageous amounts are hitting owner pocketbooks at the same time personal incomes are stagnant or falling, and as retirement funds drop like rocks thrown into a pond. The financial blow has opened some eyes as to the fragility and milk-them-for-everything mentality of the timeshare industry.
You would think that the millions in upfront cost and annual maintenance fees would be able to keep afloat all timeshare resorts. Unfortunately, many corporations leverage what they have to build more timeshare units in different locales. This strategy works well in good economic times but tragically multiplies the draining effect when credit is scarce and when revenue decreases.
So, what if owners decide not to pay the special assessments (or maintenance fees)? Many timeshare contracts allow default judgments that impose severe monetary penalties and court fees on top of the original fees owed. Continued non-payment results in liens placed on real property like the timeshare owner's home or garnished wages.
What can timeshare owners do to fight back? There is not much relief if they plan to keep their timeshares. The number of owners that try to resell or rent their timeshares spikes up tremendously during economic crisis. Many charities will not accept timeshare deeds as donations knowing the accompanying liabilities. - 16955
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There is hope to your timeshare financial burden. To find out what over 20,000 other timeshare owners did with their unwanted timeshares, go to Timeshare Relief (www.timesharerelief.com) or call 800-588-1582, and request a free consultation.
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