Every year, thousands of Americans attempt to find a way to get out from under their timeshare obligations.
For many of these consumers, the major factors driving them away from the timeshare industry are cost-related, including assessments, interest payments, and annual maintenance fees, which tend to rise, year over year.
What’s the best strategy for consumers looking to extricate themselves from their timeshare interest with their finances intact? Our own Michael Finn offered some thoughts in a video post, responding to the question: “Could I be liable for a deficiency judgment after a timeshare foreclosure?”
The video is available above; here’s what he had to say:
“The answer is yes, and this may be the most important question that you can ask, since so many people are trying to get out of their timeshare obligations.
There are creditor remedies that developers and associations that you owe your maintenance fees to have. They can certainly, and will, hire a debt collection agency to pursue you. They can make negative references on your credit, they can file liens against the property. They will definitely pursue you. To what extent is up to the individual developer.
Most of the time, when they do engage in foreclosures, they do not go after an individual personally. However, they can, and there is always that question about will they or won’t they, and there is no way to really know that in a predetermined manner.
I think the best advice I can give, and it is self-serving advice, is to hire an attorney to help you navigate through that process if you do decide that you have to get out of your timeshare, and your developer refuses to let you go.”
Here are a few posts that might shed some more light on this important topic:
- What’s the Real Deal on Timeshare Relief Companies?
- Will Terminating a Timeshare Contract Affect My Credit?
- The Reality of Timeshare Cancellation
Do you have any more questions? We’d love to continue the conversation.
Led by Attorney Michael D. Finn with 50 years of experience, the Finn Law Group is a consumer protection firm specializing in timeshare law. Our lawyers understand vacation ownership as well as the many pitfalls of the secondary market of timeshare resales. If you feel you have been victimized by a timeshare company, contact our offices for a free consultation. Know your rights as a consumer and don’t hesitate to drop us a line with any questions or concerns.