Timeshare Maintenance Fees Credit Report
When owners first purchase their timeshare, the legally binding contract they sign once they agree to pay include clauses that cover the responsibilities of paying all maintenance fees. This pay period would be for the life of the duration of the timeshare contract, and failure to pay the maintenance fees anytime within that period could damage a person’s credit report. If there are payments missed, then the resort usually send notifications of past-due bills through mail. Some resorts will even go as far as to charge the timeshare owner with interest or late fees. These fees will ultimately add to the principal balance that was originally due from before.
If a timeshare owner consistently misses the payments on the maintenance fees, then more severe actions can be taken against them. The resort will usually send the delinquent account to collection agencies. At this stage, the timeshare owner will see a negative entry on their credit report that will drop their credit score. The worst part about this negative entry on the credit report is that it will stay for around seven years, even if the bill is paid-in-full. Resorts can also take serious legal actions by taking the timeshare owner to court because of the multiple missed payments. The timeshare owner must show up in court in person and defend their case on missed payments within their contract period.
Deeded Timeshares & Maintenance Fees
Deeded timeshares are real estate property in which the buyer will receive a deed with all owner names stated on it stipulating those who are legally responsible for paying all fees stated in the contract. If the owners on the deed do not pay the maintenance fees than the resort has the right to foreclose on their property, which will harm their credit score. This negative entry in the owner’s credit score will stay on their for seven years. There are two major types of deeded timeshare foreclosures that occur. They are known as judicial or non-judicial foreclosures. Usually, after the owner is foreclosed on the lender or resort will sell the property in an auction to recoup as much money as possible. The lender can demand the rest of the balance after the property has been sold in an auction from the timeshare owners within the rights of the court in a judicial foreclosure. On the other hand in a non-judicial foreclosure, they cannot demand the remaining balance.
How Do I Legally Stop Paying Fees?
Although it may seem like paying fees is perpetual & endless for timeshare owners, the great news is that it’s not. A reputable and successful timeshare exit company can easily cancel the timeshare contract for the owner, which would legally entitle them to stop paying fees forever. They would handle the transfer of the timeshare off of the owner(s) name, which would legally and permanently exit them out of their timeshare relieving them the burdens of ever paying fees again. Canceling their timeshare contract would minimize risks associated with damaging their credit scores, in case they are suffering from financial problems that maintenance fees bring forth. We at REDEMPTION & RELEASE LLC have helped thousands of families successfully cancel their timeshare and have enabled them to stop paying fees forever! We offer a NO-RISK 100% MONEY-BACK GUARANTEE with our services and have achieved a 100% SUCCESS RATE! To learn more about our services just sign-up below and we will help you stop paying those expensive maintenance fees.