Timeshare Resales: “Never Pay for a Promise”
When looking to cancel your timeshare contract, timeshare resale companies will promise you everything that want to hear.
That’s clear advice from none other than the Federal Trade Commission (FTC), and unfortunately “The Sunshine State” features plenty of shady timeshare characters with plenty of promises. That is especially true in the burgeoning vacation timeshare resale market.
With the devastating real-estate melt down of 2007, many timeshare owners wanted to reduce their financial liabilities and sell their timeshares. Tied into a seemingly perpetual obligation with rising maintenance and exchange fees and little ownership value, sellers found this a very difficult, if not impossible, goal to achieve. Given so many potential sellers, timeshare resale scammers rose to the occasion. Employing significant trickery and deception, they targeted timeshare owners unable to sell their properties. They also attracted federal and state regulators “en masse”.
How do you protect yourself against bogus resale operators?
You start with our headline – the advice of the FTC – “Never pay for a promise.” Resale operators claim to have a buyer or renter for your property(ies) and charge an up-front fee. They proceed to either disappear or refuse to refund your money, when no sale or rental results.
In the past seven years, the FTC has initiated hundreds of actions to close down these scams. They indicated that law enforcement agencies at all government levels were collaborating to end the timeshare scammer problem. Among three companies the FTC blocked, the following tactics were prevalent:
- Deceived consumers into paying advance fees from $300 to $3,400
- Failed to deliver on sales and rental promises
- Continued with false promises, such as ‘buyers are ready to close’
- Denied requests for refunds
You may discover your timeshare has little value and has become a financial drain. Where can you find the help you need to rescind your timeshare contract?
Your problems are not insurmountable!
Our attorneys at Aaronson Law Firm know how to exploit the vulnerabilities of deceptive business practitioners. We welcome the opportunity to offer you our 80-plus years of combined legal experience to get your timeshare canceled and preserve your credit.
Please call 407-439-0868 or email us today for your FREE legal consultation.