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The Consequences of a Timeshare Foreclosure

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Anyone can easily get roped into buying a timeshare, as people who sell them are skilled at manipulation and making false promises. These salespeople invite prospective buyers to fancy parties to convince them, or they may promise their company offers a “buy-back” program if things don’t work out. It’s a consumer’s job to see through these falsehoods and make an informed decision. If you fall for the lies and false promises, you could make a decision that will severely damage your future, which includes a timeshare foreclosure. We explain some of the consequences of a timeshare foreclosure.

Lowers Your Credit Score

If you foreclose on a timeshare, your credit score could decrease dramatically. When a credit score falls, it takes a while to build it back up. This could affect your ability to make purchases or get loans in the future. In essence, foreclosing on a timeshare is not only bad for your financial portfolio, it will also alter your future plans.

Causes Emotional Exhaustion

Foreclosing on a timeshare is emotionally exhausting. Prior to the actual foreclosure, you may spend months stressing out trying to make payments on time and dealing with poor communication. Even though some stress will let up when the timeshare is no longer in your hands, the weight of the bad decision could affect your overall mental health.

Incurs Legal Fees

Timeshares often come with hidden fees and expenses. Unfortunately, costs often get added if you foreclose on a timeshare. One such additional cost comes in the form of legal fees. Depending on how intricate your contract is, you may need to hire a lawyer to help sort things out, and most lawyers don’t come cheap.

If you find yourself stuck in a timeshare, don’t panic. At Preferred Cancellation Services, we can help answer any questions you may have. You deserve an ally in this process—PCS hopes to be that for you. Anyone who needs timeshare cancellation services in Myrtle Beach should look through our site and contact us immediately.

Toby Reutter-Harrah