Timeshare relief companies may be offering you a solution to your timeshare dilemma, but they might be scams. A timeshare relief company may transfer ownership of your property to a third-party entity, or it might never do anything at all. In either case, you have to be wary of these types of companies.
Many people have fallen for the sales pitches of these companies. They offer to help you get rid of your timeshare, and some even claim to offer a money back guarantee. But these promises mean nothing to these companies. Rather, these companies may attempt to transfer your timeshare to a shell company, or they might use other tactics to bypass developers.
Those who fall behind on their timeshare payments can have a hard time finding a solution. They can contact the developer, or they can hire a lawyer. However, there are a number of things they should avoid.
One of the first things you should do is find out what resort you have. Some of the top resorts are members of the American Resort Development Association (ARDA), which works with legislators to protect timeshare transactions. You can ask your resort whether they are part of this organization, and if they do, you can expect the resort to help you. Alternatively, you can ask a timeshare resale company. This may be a more trustworthy option.
Timeshare Relief is an American company, owned by David and Cindy MacMillan, who purchased their first timeshare part in 1999. Their experience with a timeshare was unsatisfactory, and they decided to start their own business. The timeshare industry has suffered a huge financial hit, and many of the owners who had fallen for these schemes have found themselves financially ruined.
While it is easy to see how timeshare fraud has cost countless millions of dollars to people throughout the United States, it is also important to remember that there are legitimate companies out there that can provide the same type of services. If you are interested in getting out of a timeshare, you should consult a legal professional. Choosing a timeshare resale firm or law firm will ensure that you have a clear understanding of what your options are and how each one affects your situation.
The last thing you want is to pay a timeshare relief company a large sum of money to remove your timeshare. These companies often require you to sign a Power of Attorney, which gives the company legal authority to take over your timeshare.
There are several other risks associated with timeshares, including the possibility of late fees and penalties, as well as negative consequences for your credit report. Your timeshare will be reported to the credit bureaus, and your loan might be canceled or you might get sued for nonpayment.
In addition to these concerns, there are other issues to consider. Some of the most popular timeshare exit companies have been caught stealing money from unsuspecting customers. Fortunately, a group called the Coalition for Responsible Exit (CRE) has sprung up to prevent fraudulent companies from taking advantage of those with timeshares.