Are You A Timeshare Victim ?
Nearly all timeshare owners were victimized by sales people and the resort. If any of these sound familiar or were said to you when you bought your timeshare, you should know your rights. You may be able to cancel your timeshare ownership or even your timeshare mortgage.
10 Areas of Timeshare Fraud That Should Be Investigated
Being told that the timeshare purchase will increase in value, sell at a greater price, or due to location it is worth more than other locations.
- Rental / Resale
Any mention or promise that the owner will be able to sell their timeshare for a profit, that the timeshare company will buy it back, or being able to rent their unit, points, or weeks to cover the cost of maintenance fees, mortgage, and any other costs.
- Maintenance Fees
Any mention that they never go up or that they can be offset by renting. Owners must be given the opportunity to understand what maintenance fees are and that they do go up with time.
- False Sense of Urgency
Any means possible to get owners to think that they must buy today, or they will not get the same deal, or they will never be able to tour again.
- Tour Length
Timeshare tours are to last 90 minutes. When the tour length gets over 3 hours there may be coercion.
All owners must be afforded the right to fully understand their right to cancel. This rescission period must be shown, explained, and signed by all owners.
Owners must be given the opportunity to understand what an exchange is, how it works, and the fees associated with exchanges.
- False Meetings
Any meeting other than a prescribed sales presentation is against timeshare regulations. Dinner parties, party weekends, owner’s updates, or any other name for a reason to get the owners to meet for a sales presentation.
- Tax Incentives
Any mention of a timeshare or the trip being a tax break or incentive.
All documents that require a signature or an initial must have been fully explained by the closing agent or it's a violation of timeshare regulations. Many times this process will be rushed or hurried to get the owners out the door without asking questions.
The list is longer than these 10 items, but if you feel you were mislead or given false information about the timeshare you bought, you can cancel your timeshare mortgage.