Timeshares have always been a touchy subject for those who love to travel. However, as with any financial commitment, there are risks involved. One of the biggest risks associated with timeshares is a high mortgage balance, which can make selling or canceling your timeshare a challenge. In this article, we’ll explore some options available to you if you find yourself in this situation.

The Challenge of Selling a Timeshare with a Mortgage Balance

Trying to sell a timeshare with a mortgage balance can be difficult, even in the best of circumstances. The resale market for timeshares is notoriously challenging, and when you add a mortgage balance with interest rates ranging from 17% to 23%, it can seem nearly impossible.

Giving the timeshare back to the resort from which you purchased it is an option, but it may not be available to you. So, what can you do if you need to get rid of a timeshare with a mortgage balance? Let’s take a look at some options.

Canceling Your Timeshare and Mortgage Balance

In some cases, you may have legal grounds to cancel your timeshare and mortgage balance, and even receive a refund for some of the initial purchase price. While this is rare, it is not impossible.

For example, consider the Manhattan Club timeshare resort in New York. The resort sold more timeshare units than were available at the resort, resulting in a lawsuit that the owners won. As a result, the owners will receive a total of $6.5 million in restitution from the Manhattan Club over the next three years.

If the salesperson from the resort made untruthful statements during the sales presentation, you may have a better chance of canceling your timeshare and mortgage balance. If there are untruthful statements written in the contract, your chances may be even better.

To determine whether you might be a good candidate for a timeshare mortgage cancellation service, consider the following questions:

• Did the timeshare resort inform you about the recession period available in most states, which allows you to rescind the timeshare within a few days to a week for a full refund?

• Were you told that the timeshare resort would buy your existing timeshare if you agreed to buy their timeshare instead, but later found out they did not actually buy your existing timeshare?

• Did the timeshare resort advertise no or low interest financing, but then charge you interest on the loan?

• Were you told you’d receive a tax benefit when purchasing a timeshare?

• Were you informed about the fees associated with exchanging your timeshare for different locations around the world?

• Did the timeshare resort refuse to give you your gift if you didn’t purchase the timeshare? • Were you told that the timeshare purchase is an investment that will increase in value?

• Were you told the timeshare resort would buy the timeshare back when you no longer wished to own it, but later found out this was untrue?

• Were you told your maintenance fees would never go up, but they did in fact go up?

• Were you told the tour would last 90 minutes, but it ended up lasting more than 3 hours?

• Were you invited to a dinner party or owner update meeting, only to find out it was a sales presentation instead?

These are questions that can help determine if you qualify to exit your Timeshare. If you have any questions about a specific resort or exit company. Feel free to call us or start a chat with us.

Another option to consider is a timeshare resale company. These companies specialize in helping timeshare owners sell their timeshare on the resale market. While it can still be difficult to sell a timeshare with a mortgage balance, a resale company may be able to help you find a buyer who is willing to take over the mortgage payments.

It’s important to note that not all timeshare resale companies are created equal. Some may charge upfront fees or promise to sell your timeshare quickly for an unrealistically high price. Be sure to do your research and choose a reputable company with a proven track record of success.

If you’re considering selling your timeshare with a mortgage balance, it’s important to weigh all of your options and choose the one that’s best for your unique situation. A timeshare mortgage cancellation service or a reputable resale company may be able to help you get out of your timeshare and move on with your life.