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.

Saturday, August 05, 2006

Stopping Payment On A Timeshare Resort

We received the following email:

I visited your web site and was wondering what your advice would be to just get rid of a timeshare we have in Mazatlan, Marina del Rey Beach Club. We aren't interested in selling it or getting a tax deduction. Just want to stop making payments. We were recently told that if we stop making payments, the timeshare company can put a lien on our home and destroy our credit. I don't understand how or if this can work since the contract was signed in Mexico and is subject to Mexican Law. Please advise.

Our Comments: Even if you purchase a timeshare resort in a foreign country, stopping payment can still effect your credit in the US. Most timeshare companies in foreign countries will have offices in the US and if you simply stop payment, they can hire a collection agency or place a lien on your property to try and collect on the payments. It is not recommended that you stop payment as a way to get rid of your timeshare as it will likely come back to haunt you.


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