Timeshare debt can be a huge financial burden. It can be difficult to keep up with maintenance fees and other expenses, and the monthly payments can get out of hand. If you find yourself struggling to make the payments, it is important to take steps to end the timeshare and reduce your debt.
The first step is to contact the company with which you signed your timeshare contract. The company may be able to take your account into escrow and sell it for less than you owe, which will help you get some relief from your timeshare debt.
Another option is to refinance your timeshare loan. However, you need to be sure that you are getting the best deal possible. Many lenders require that you have good credit and a solid employment history before they will consider refinancing your timeshare mortgage.
Besides, you will probably have to pay high interest rates, which can be even more expensive than the original rate. In addition, you will have to pay for the credit counseling that is required before you can refinance your timeshare.
If you are serious about renegotiating your timeshare agreement, you will need to speak to an experienced attorney. This person can guide you through the process and protect your rights as an owner.
You may also need to have legal representation if you are being sued by the timeshare management company for failure to pay your dues, or if the management company is threatening foreclosure on your property. This can happen if you owe more than $75,000.
The other option to avoid this is to have an attorney review your timeshare contracts and ownership agreements to see if they are valid. If you have a record of contesting the validity of your timeshare contracts, you can make it harder for the timeshare company to obtain a judgment against you in court.
This can also prevent them from attempting to seize your assets like your home or car in order to satisfy the judgment they are seeking.
If you cannot work out a payment plan with the timeshare company, you may need to file for bankruptcy. This will negatively affect your credit, but it is a viable option for those who are suffering from substantial timeshare debt.
Depending on the type of timeshare, you could also face foreclosure if you are delinquent in your payments. This can be a very serious situation, and the consequences could include a hefty judgment against you, as well as a negative entry on your credit report for seven years.
Your best bet is to consult with an experienced timeshare exit company as soon as you realize that you are drowning in timeshare debt. EZ Exit Now offers free consultations, and we will be happy to answer any questions you may have.
Once you have a clear understanding of your options, we can discuss the most effective way to terminate your timeshare contract. Unlike some other companies, we will be completely honest about the risks associated with pursuing an exit from your timeshare.