Timeshares always sound good in theory. The operative word being theory, but rarely is the dream so rosy in real life. You have a nice little condo in some great vacation spot that you can visit one or two weeks a year for a fabulous, fun-filled time at either your resort or at some other spectacular location. If it sounds too good to be true&
A foreclosure on a timeshare sounds a bit out of place. On a timeshare? Foreclosures happen when a mortgage and/or property is involved, right? You are forgetting the same thing that many others so in regard to the timeshare; you are buying a part of that resort, so you are in fact paying a mortgage on a portion of that nice little condo. Clear as mud yet?
When the financial straps begin to tighten, the first monthly payment to fall to the wayside is for the timeshare. A possible foreclosure on that property percentage is rarely considered. Can you lose your home? Probably not, but do not assume anything right away. Can you ruin your credit? You definitely can. And then some.
It Is A Low Down Dirty Shame
The companies who sell the timeshares are all smiles, flash, and hoopla right through the contract signing. More times than not, you are on vacation when you make the impromptu decision and do not want to waste fun time reading all of the materials and fine print. It is not until you return home that you realize you have been razzle dazzled. Most will suck it in and try to make the best of the bad decision.
It is a lousy situation, but simply not paying is not the solution. Anyway you slice it, a foreclosure on a timeshare is just that- a foreclosure. Timeshare owners around the world are feeling your pain. You still have some options on the table. You can try and negotiate with the resort to allow you to return the unit.
If you are considering bankruptcy, they may take this option to avoid any additional costs in pursuing you, and to resell it as soon as possible. Even if your offer is rejected, it is good to stay in communication. The company can see you are at least making an effort. You can also try and sell the timeshare online or through a real estate company. Be sure to ask what advertising fees they charge.
