With increasing discrepancies in timeshare properties, most people are now terminating their contracts and are bound to hire timeshare exit companies. But what if these exit companies run a scam behind your back? Quite disturbing? Not all timeshares exit companies work in your Favor; they only seek personal profits.
If you are amongst those who wish to end their contract, you can either terminate it or resale it. You can hire a timeshare resale company or timeshare exit company, but before you make any decision, it’s essential to know who works in your Favor and who doesn’t.
Let’s delve deep into this article to find that!
Difference Between Legit Timeshare Exits Companies and Fraudulent Companies
The most significant difference between a best Timeshare cancellation company and fraudulent company is “they ask you to stop paying maintenance charges and mortgaged charges” without any credit protection, which further complicates your case and may drag you into financial jeopardy even more.
So, avoid those companies who ask you to discontinue timeshare expenses. Go for a more reliable firm.
Possible Risk of a Timeshare Contract
Initially, the concept of a timeshare might attract you, but soon it becomes an unbearable liability. If you are new to timeshare, a few possible risks might help you understand the dark side of this concept even better.
In most cases, a person cannot finance a timeshare with an existing traditional mortgage. The reason is that when you sign a timeshare contract, you are assigned as the temporary owner of the timeshare property. However, the only condition is “buyer should be the sole owner of timeshare property.” So, in case the loan goes sour, this property can be considered as collateral against the loan.
Loss of Eligibility
As you finance your timeshare property, you lose the eligibility to invest in the real estate market. Also, you will no longer be eligible to apply tax deductions after owning a timeshare property.
Difficult to Terminate
If you are getting into a timeshare, know it’s a lifetime commitment. And once you sign a contract, it takes work to walk away from your agreement and financial liabilities. Also, you cannot refuse to pay these expenses, “annual maintenance or mortgage charges.” The best idea is to return your timeshare to the resort if you are unable to handle the timeshare.
How to Spot Timeshare Exit Scams?
These days scammers build an identical profile to original timeshare exit companies. So, it becomes difficult for an ordinary person to spot a scammer. However, with a few signs, you can spot a fraudulent exit company and save time and money!
Force for Immediate Purchase
A few timeshares exit companies only work to take undue advantage of unhappy timeshare owners. They may call you, convince you to timeshare property immediately, and ask you to pay the amount directly. Know that you are being scammed.
No Online Presence
These days it’s essential to have an excellent online presence! People search your business online and decide whether they wish to work with you. If a business has a negative brand reputation and online presence, it’s evident that the company is not genuine. They can cheat, use money, or take over due profits.
It’s another tactic of fraudulent exit companies to maintain brand reputation. If you see no review or debate where people are talking about them, know it’s a red flag. Whereas, if you see only positive comments and 5* ratings, it’s also a sign that those reviews might not be genuine because these fake reviews are not from the timeshare owners.
Our article was helpful enough to guide you through a few risks before you get into a web of timeshares. Remember to go through signs to spot a scammer and save yourself from getting scammed.