Recent news on www.forbes.com describes what many timeshare owners already know: timeshare loans are increasingly getting behind and defaulting.
Now may be the time to go ahead and sell your timeshare. If you are not using your timeshare it will quickly become an unused luxury you’d be better off without. Having said that, if you want to keep your timeshare but are falling behind on the loan payments, try to work with the lending institution that made you the loan before it is in danger of foreclosure. Your loan is one that is considered “secured” with the timeshare deed – and is worth salvaging from the loan writers’ perspective.
The only people genuinely worried about increasing foreclosures are those who buy these loans in large groups and bundle them together to sell them as a different type of security. Not exactly a warm and fuzzy feeling for the timeshare owner? No.
Before you get into danger of foreclosure contact a timeshare sales specialist who can guide you through the process. Be flexible on your asking price, and stop the loss before it gets too big.
Just my 2 cents….
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