Timeshare Trap

Timeshares are one of the worst investments you can make. This journal is to inform people who are thinking about purchasing a timeshare not to do so and help those trying to get rid of their timeshare.

Sunday, June 18, 2006

Timeshare Vacation Resort Mortgage Defaults

Our Comments: It's important remember that the promises that the sales representatives make are not to be believed unless you can get them in writing. It's also important that you know the true cost of the timeshare - as this article shows, a lot of people defaulting on the timeshare vacation resort mortgages indicates the timeshare vacation resort is selling to people who can't really afford it. They will always use numbers that make a timeshare appear to be cheap, but when all those little expenses are added up (and especially if you have to borrow money) a timeshare isn't going to be a good deal. Yet another reason to avoid timeshares...


Most of the people who defaulted on their Sunterra loan payments owed between $6,000 and $12,000, according to court documents. Interest rates on the loans were commonly 14.9 percent....

"Our difficulties with the Sunterra purchase started almost immediately," Wendy Fendall wrote in a 2000 letter to the company. The couple told company representatives they wanted to use the timeshare for a particular week in 1999, and sales staff told them they could, but after the sale, they learned they couldn't.

"Three weeks later there was no record of our timeshare purchase in any systems associated with the 800 numbers given to us in our timeshare owner documents," Wendy Fendall wrote, "and our temporary membership card was useless."

The couple had hoped to go to Sedona, Ariz., or South Beach, Fla., but ended up having to come to Santa Fe, an hour up the road. "This experience left us anxious, upset and fearful that we had not only been bamboozled, but deceived and taken advantage of as well," Wendy Fendall wrote...Entire Article


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