Taking a vacation is not always an easy choice. The urge to take a vacation is usually the key reason for why many people purchase a timeshare. Timeshares offer you an alternative to a traditional vacation.
A timeshare is basically a vacation property with a shared ownership. In it, a management company takes care of the construction and the charges. This encourages the buyers to spend some quality time at the property. However, owning a timeshare is not entirely the same as owning a vacation property.
Timeshare resorts have just one motif around which their business revolves around. That is to gain maximum profit. The priority for profits is often the reason and the cause behind the reason why timeshare resorts do not buy back. There are instances where timeshare resorts won’t even take your property for free. That is the reason why resorts nowadays are inclined on selling more timeshares. They trick you by making you a contract which handles you the ownership of the property. Getting this done, you will now be obligated and forced to pay the maintenance fees for life. Resorts like any other business are the same, they both run on balance sheets and have to intricately monitor the expenditures. They are so clever, that they will not even consider taking back the original nonperforming assets, because of the negative impact it might have on them.
What happens if you don’t pay?
I have for you some of the consequences that might follow in case you don’t pay.
- Aggressive Collections Efforts
o You will be receiving harassing phone calls at home and work.
o You will be sent threatening letters from time to time.
- Credit Bureau Reporting
o Your Credit Score will be lower than the usual.
o There will be a reporting of Foreclosure
o There will be instances when you will be reported and informed about the uncollectible bad debts that you might have accumulated.
o There will be a strict and careful vigil over all your assets that are significant.
o There will be garnishments of your wages.
This is a link to a video that showcases how this company called Resort Release spent five years researching about the timeshare industry: https://www.resortrelease.com/video/