What happens if I stop paying Maintenance Fees or dues?
The developer will sue you for the unpaid maintenance fees. They will then attach a default judgement to your personal property to collect any past unpaid maintenance fees along with court costs and attorneys fees.
Also, when in a foreclosure, the outstanding mortgage balance plus the unpaid maintenance fees many times is higher than the timeshare’s value, which creates what is called a deficiency. Then, lenders can go after your other assets.
Are their any caps on Maintenance Fee increases?
Unfortunately, No. Many times HOAs have a vote, but the developer holds controlling interest and vote's to override.
Can I still terminate my timeshare if I still owe on my mortgage?
Yes, It doesn't matter when you bought it or what the mortgage is, Southwest Deed & Title has a solution for you.
Does the timeshare go to my kids or estate?
Yes, in every timeshare contract there is a Perpetuity Clause. Which means FOREVER, and in return means all heirs, successors or assignee's are responsible for your timeshare. Unless you act today!
Why No Reviews at the BBB?
According the the Better Business Bureau, a business that hasn't joined the BBB will still get reviews. No news is good news because even when a business doesn't appear on the BBB website at all, it means no customers have left reviews of this company, good or bad. This doesn't mean that the business isn't valid.
Can I sell it?
Timeshares are hard to sell because they lose almost all their value. This can be verified by going on Ebay.com and look at the timeshares that are for sale. You can buy a timeshare for a quarter with thousands of points.
The Better Business Bureau warns about timeshare reselling scams that defraud victims out of thousands of dollars, for this reason. Don't fall for it!
IF I sell it and take a loss, is it tax deductible?
IF you ARE able to sell it, but took a HUGE loss, the Internal Revenue Service will not let you claim a capital loss.
You owe it yourself to do something about it!