Find Some Timeshare Relief Quickly In This Economic Storm

Posted by Bobby Kip Hernandez

June 18, 2009

by Bobby Kip Hernandez

While timeshare owners are looking for financial and timeshare relief during these tough economic times, they need to prepare for special assessment fees courtesy of timeshare developers. The current economic climate has created a troubling trickle-down effect. With timeshare corporations no longer able to easily access credit, they are eyeing another source of revenue — all their timeshare owners.

In many cases, owners sign contracts that allow their home resorts to charge them special assessment fees when warranted. The size of the fees are determined by the resorts and can be rather arbitrary. Some owners are unaware of these policies.

Reports of $500 to $3,000 special assessment fees being doled out have recently surfaced. These outrageous amounts are hitting owner pocketbooks at the same time personal incomes are stagnant or falling, and as retirement funds drop like rocks thrown into a pond. The financial blow has opened some eyes as to the fragility and milk-them-for-everything mentality of the timeshare industry.

Some owners are wondering what happened to the thousands of dollars paid upfront and the timeshare maintenance fees. Wouldn’t those dollars be enough to weather the economic storm? It’s not in many cases. Timeshare entities use the revenue and accounts receivable to obtain leveraged loans to develop more resort units. In bad times, shortfalls occur in paying these loans, hence owners are assessed the extra fees.

And what if the special assessment fees are not paid? Not surprisingly, many timeshare contracts are skewed in favor of the developer. They charge non-payment penalties, garner wages, and put liens on real property like the homes of timeshare owners. What’s worse, default judgments can impose these penalties immediately following the payment due date.

With the timeshare resales market already saturated, there is little left to do but to pay the bills and keep the timeshare. Many charities don’t even want the liabilities. For some timeshare relief, owners can try to rent their units to recoup some cost. But, they need to realize that their resorts are probably doing the same thing, yet at lower rental rates.

About the Author:

Want to get rid of your timeshare? Find out how over 25,000 other timeshare owners solved their timeshare dilemmas. Contact Timeshare Relief for more information. Dial 1-866-797-0535 and sign up for a no-cost consultation right now.

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