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Timeshare Real Estate Issues

 
Remember about a decade ago, when the qualifications to be approved for a home loan were lowered? It was the government's effort to boost the US economy. Sadly, it did exactly the opposite! Many Americans were applying for mortgage loans that they could not afford. In many cases they were given loans whose interest rates increased over time. Some of these unsuspecting borrowers couldn't pay back their loans so the foreclosure epidemic began.

New laws were put into place by the government to help prevent the foreclosure problem affecting so many Americans. We have all heard about alternative options for borrowers on the news. These laws helped home owners remain in their homes by restructuring their mortgages. In some cases their only option would result in a short sale but they would still avoid a credit crushing foreclosure.
 
Since the late 1990's we have all heard horror stories about the timeshare industry. High pressure sales meetings, difficulty to exchange your property, sales scams from third party companies, etc. We have found that our clients are very unhappy because the "high pressure sales meeting" has turned into something far worse. They are telling us stories that appear to be downright fraudulent. They are being coerced, mislead and lied to. Some say that they found out after the fact that they signed up for developer loans and/or credit cards that they were unaware of.
 
Like residential home owners, timeshare owners also have choices. Sadly, they are often unaware of their options and continue to pay outrageous prices at outrageous interest rates. Your Developer won't tell you what your options are but we will. Unfortunately, we will never be able to reach all of the honest, hard working people that have fallen victim to these tactics. But as long as they continue to lie, we will continue to stand up for the "little guy".

What You Need to Know

 
Read some of the most common lies and misrepresentations as told by some of our clients: Do any of these sound familiar?

1. Rental of Your Timeshare to Offset Fees: Promised easy money from renting your points? Perhaps this potential rental money could help pay for your new purchase? To find out later that your return is little to none?

2. Guaranteed Buy Back Program: Had to buy more points to get into a "First Right of Refusal" buy back program that doesn't exist? Offered a program that pays you back only 20 cents on the dollar IF the company wants it after 5 years? Were you perhaps told that they would sell one from another developer for you or take one off your hands if you bought theirs?

3. Maintenance Fees are Increasing:Were you advised that you should move your ownership location because fees were going up, a special assessment was coming, or your property in Florida pays higher taxes? And guess what.....you had to buy more to do so? This is a scare tactic.

4. Equity Trade: Were you told your timeshare had equity? Told if you upgraded they would give you credit for this "phantom" equity? Do you think if you had asked them to just write you a check for said "equity" they would have done it?

5. Today Only Options: When they tell you that you missed an opportunity that they can only restore today. Maybe that you missed a special event, you declined your options, didn't get your "invitation", or missed out on a new program? A common complaint is when they say they are running a special that is only good for today. Another common tactic is when they say they just got a property back by foreclosure and "someone else's loss is your gain" -today only. This is NOT true!

6. Lowering Your Interest Rate: Did they tell you they could bring you in and lower your interest rate? Well, did they also tell you that doing this would not only increase your principal debt but also start your patent term all over again? This is a sham….and now you owe them a lot more money no matter how you slice it!

7. Personal Advisor: You think to yourself, "this person in front of me sounds like they know what they're talking about." They say they're going to help you rent your timeshare, teach you how to stretch your ownership, or maybe even help you avoid paying maintenance fees. Then shortly after your recession period ends you can't even find them with a search warrant. Why did you have to buy more timeshare to get the help you deserved in the first place?

8. Financial Investment: This is a big no-no! Anyone that has ever tried to sell their timeshare knows you can barely get back a fraction of what you paid for it. The investment is for you and your family and the memories made while on vacation. Timeshare is a wonderful product but the salespeople are strongly warned not to promise investment opportunity yet they do it anyway.
 
There are far more misrepresentations not listed above. Tell us your story by clicking on our Contact tab above and we can let you know what your options are.

Please keep in mind, Capital is in no way speaking against the product timeshare offers. Capital takes a strong stance against unscrupulous and unethical sales tactics used against unsuspecting citizens.