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Are timeshare debt relief companies a scam?
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4/29/2010 10:47 AM (PST)

My son-in-law and his wife are trying to get rid of a timeshare they can no longer afford. They want to sell it to a company called Timeshare Mortgage Relief that claims they will buy their timeshare for $2500 and get them completely off the hook for a $25,000 mortgage. This can't possibly be true, but after a little reading, it looks like there are companies that do this. Do they completely forgive your mortgage, only the fees, or is it a scam?

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4/29/2010 11:40 AM (PST)

We have noticed a growing trend with such companies. While timeshare owners are looking to unload the financial burden, unfortunately, not as many vacationers are buying. Timeshare sales dropped 40 percent in 2009, according to the American Resort Development Association. As a result, timeshare owners who are eager to sell are increasingly susceptible to offers that are too good to be true.

As for the company you are inquiring about, I could not find any report, but I have included a link below that offers tips for selling your timeshare: http://www.bbb.org/us/article/tips-for-selling-your-timeshare-17827

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4/29/2010 11:54 AM (PST)

Mary,

Cariste is right! You might want to also click on the New Scams section in the top menu bar here on TrustLink and see the article we have posted on "Selling Your Timeshare: Important Things To Know"

Over the years, there have been a lot of companies that came to life with the promise of helping people sell their timeshares. Most of these companies are located in areas where there are a lot of timeshares, like Florida and California.

Typically, they make a lot of promises about their abilities and claim that there is an army of people dying to purchase timeshares, and all of this will be available to you if you pay them the requested fee.

Reality is completely different. The truth is that timeshares are next to impossible to sell. There's almost no secondary market for timeshares, especially given the current economy and all of the problems in the housing market. Furthermore, if there really was a strong secondary market, these companies wouldn't have to charge a fee, they could make more money charging commissions on sales. The bottom line is that you should not pay any upfront fees to sell your timeshare to somebody else. Check out the Florida AG's website also:

http://myfloridalegal.com/pages.nsf/main/9161973ee14fdb1a85256cc900600947!OpenDocument

There are legitimate title transfer companies that will actually purchase a timeshare, and the benefit to the timeshare owner is that when closed, it gets them out from under the continuing obligations for common area fees. But the whole industry is hot with scams and fraud.

Be aware of a sequence of slick sales tricks - here are some scenarios:

1) The timeshare company offers to list your timeshare and you pay them a marketing fee, but after a few months when it doesn't sell they try to upsell you into an upgraded marketing package of some sort for more exposure (and more money) with so called guaranteed results.

2) After a few months of it still not selling they then offer to do you a favor and take it off of your hands for free so that you don't have to pay the monthly maintenence fees. The monthly expenses are a cost burden to many people who become desperate to get out from under these. These companies know that and use it against you.

3) They try to convince you to turn over the timeshare and "take it off of your hands" for free - now they really start marketing your timeshare, which they now own, and they sell it at a profit. The point is that the only timeshares they are actually selling are the ones that they themselves own through their process of psychologically wearing down so many timeshare owners and convincing them to give up their timeshare properties.

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4/29/2010 6:36 PM (PST)

Timeshare Mortgage Relief doesn't buy timeshares. They legally get timeshare owners out of their timeshare contracts. They use top attorneys in their field. The fee covers the costs to perform an extrication like this. They perform a great service to timeshare consumers that have been ripped off by resorts everywhere. To get accurate information just ask them, their website is http://www.timesharemortgagerelief.com

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5/10/2010 11:42 AM (PST)

Hi Joan,

I don't find much information on this company outside of their BBB report, which is a red flag for us. A well established company usually has a large web presence. You can view their BBB report above by clicking "View BBB Report". In addition, you can click on "timeshares" in the Popular Tags category on the left hand side of the screen to read other questions posted about timeshares.

Over the years, there have been a lot of companies that came to life with the promise of helping people sell their timeshares. Most of these companies are located in areas where there are a lot of timeshares, like Florida and California.

Typically, they make a lot of promises about their abilities and claim that there is an army of people dying to purchase timeshares, and all of this will be available to you if you pay them the requested fee.

Reality is completely different. The truth is that timeshares are next to impossible to sell. There's almost no secondary market for timeshares, especially given the current economy and all of the problems in the housing market. Furthermore, if there really was a strong secondary market, these companies wouldn't have to charge a fee, they could make more money charging commissions on sales. The bottom line is that you should not pay any upfront fees to sell your timeshare to somebody else. Check out the Florida AG's website also:

http://myfloridalegal.com/pages.nsf/main/9161973ee14fdb1a85256cc900600947!OpenDocument

There are legitimate title transfer companies that will actually purchase a timeshare, and the benefit to the timeshare owner is that when closed, it gets them out from under the continuing obligations for common area fees. But the whole industry is hot with scams and fraud.

Be aware of a sequence of slick sales tricks - here are some scenarios:

1) The timeshare company offers to list your timeshare and you pay them a marketing fee, but after a few months when it doesn't sell they try to upsell you into an upgraded marketing package of some sort for more exposure (and more money) with so called guaranteed results.

2) After a few months of it still not selling they then offer to do you a favor and take it off of your hands for free so that you don't have to pay the monthly maintenence fees. The monthly expenses are a cost burden to many people who become desperate to get out from under these. These companies know that and use it against you.

3) They try to convince you to turn over the timeshare and "take it off of your hands" for free - now they really start marketing your timeshare, which they now own, and they sell it at a profit. The point is that the only timeshares they are actually selling are the ones that they themselves own through their process of psychologically wearing down so many timeshare owners and convincing them to give up their timeshare properties.

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6/11/2010 12:52 PM (PST)

Hi,
I used Timeshare Mortgage Relief and they were great. I was sceptical at first but everything went as they said it would. I give them an outstanding reference. They are not with BBB because they are a new company. If you want to contact me my email is staffordcars@cox.net

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6/11/2010 1:06 PM (PST)

Timeshare Mortgage Relief is no scam. Until you prove otherwise then you are slandering us. We can't join BBB because we are a new business. Why should we ever join if this is how you treat new businesses? If you want to get your facts straight then call us directly at (702)560-0692. Until then you are just making stuff up. Respectfully,
Martin Brees

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6/15/2010 3:36 AM (PST)

I read an article in this month's edition of Consumers Digest called "Trouble In Paradise: How To Navigate The Turbulent Timeshare Market" and Timeshare Mortgage Relief actually gave some valuable information and was given a great reference by the writers.

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3/22/2011 10:32 AM (PST)

Timeshare Mortgage Relief is now registered with the Better Business Bureau of Southern Nevada. Once we are in business long enough they will contact us and take our money to get Accreditation. Also, the number to reach us is (702) 518-TIME. Thanks.

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3/22/2011 11:03 AM (PST)

Strangely there is not BBB report in Nevada under the dba Timeshare Mortgage Relief, therefore they are not "registered" nor are accredited with the Nevada BBB, well at least not under that dba.
The position of most timeshare companies in the current state of the economy is to lure consumes in proclaiming potential buyers when in reality, there are no buyers at all.

There is nothing new going on here.

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3/22/2011 11:16 AM (PST)

Mari, We just registered with them today. Maybe you should call the branch and ask if we're registered or not before you're so quick to post wrong information. All we can do is contact them with our info. We don't update their website. Also, we don't sell timeshares or claim to so the stuff that you are saying is completely irrelevant to our business. You don't seem to know what you are talking about or just see only what you want to see.

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3/22/2011 11:31 AM (PST)

I'm aware of your application request and your current status with the Nevada BBB and stand my previous post.

Thank you

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3/22/2011 11:43 AM (PST)

So you mean that you are "now" aware because you obviously weren't when you made your original posting and trying to make us look bad on here. Also, what does "stand my previous post" mean?

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5/24/2011 9:31 AM (PST)

The BBB is not the end all answer to what companies are safe and ethical. THE BBB is not ethical. I have seen several companies where they rated an F because of they had an unanswered complaint. Companies like local restaurants, hospitals, auto rentals, and hotels. Anyone who has ever owned a business knows that many complainants are not honest and want something for free. Who appointed the BBB the lord of the land? I will give Timeshare Mortgage Relief a shot and report back. Rich

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6/12/2013 11:44 AM (PST)

Without a doubt, timeshare cancellation is the best option to get rid of an unwanted timeshare. Once the timeshare contract is properly cancelled, there are no further financial obligations attached to the resort, which means: No more calls No more timeshare maintenance fees No more timeshare debt No more special assessment fees http://www.timesharescam.com/blog/158-how-to-cancel-a-timeshare/

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