Large Special Assessments May Be On Their Way to Timeshare Owners by Bobby Kip Hernandez
While timeshare owners are looking for financial timeshare relief during these tough economic times they need to prepare for special assessment fees courtesy of timeshare developers. The current economic climate has created a troubling trickle down effect. With timeshare corporations no longer able to easily access credit they are eyeing another source of revenue all their timeshare owners.
In many cases owners sign contracts that allow their home resorts to charge them special assessment fees when warranted. The size of the fees are determined by the resorts can be rather arbitrary. Some owners are unaware of these policies.
Reports of $500 to $3,000 special assessment fees being doled out have recently surfaced. These outrageous amounts are hitting owner pocketbooks at the same time personal incomes are stagnant or falling as retirement funds drop like rocks thrown into a pond. The financial blow has opened some eyes as to the fragility milk them for everything mentality of the timeshare industry.
Even with the bad economy why are the special assessments so large In good times developers can leverage the upfront fees that owners pay or finance to get new commercial loans to build more timeshares. As timeshare sales drop there may be no income to pay the interest principal on the loans. The maintenance fees are not enough to cover everything.
But owners should not think about NOT paying those timeshare bills. Through decades of legal precedence timeshare companies can do impose stiff penalties for non compliance. These include high interest rates on principal owed collecting debt through employers placing liens on assets like homes bank accounts etc.
What can timeshare owners do to fight back There is not much timeshare relief if they plan to keep their timeshares. The number of owners that try to resell or rent their timeshares spikes up tremendously during economic crisis. Many charities will not accept timeshare deeds as donations knowing the accompanying liabilities.
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