How to Get Rid of a Timeshare Without Ruining Credit
Figuring out how to get rid of your timeshare without ruining your credit is a hassle nobody needs, and it’s a task that can feel too big. Because timeshare companies want their owners to keep their timeshares for life, they will make exits quite difficult. For example, they’ve created an exit process that’s fraught with financial risks for owners.
In other words, they’re keeping you in pricey and exploitative timeshare ownership by holding your credit score hostage.
That doesn’t mean, though, that you’re trapped in a timeshare agreement for life. It just means you have to get a smarter timeshare cancellation strategy. That’s where Centerstone Group can help. In this article, we’ll take a look at how bad or improperly executed exit methods, like failing to pay timeshare fees, can ruin your credit score. We’ll also talk about timeshare foreclosures, their effect on credit scores, and wiping that bad information from your credit report.
Can’t I Just Work With the Timeshare Company to Exit?
No, working with the timeshare company to exit your timeshare likely won’t get you the result you’re looking for.
A lot of larger timeshare developers, like Hilton Grand Vacations, Marriott, or Wyndham, like to advertise their own in-house programs to help you exit your timeshare without financial harm. They often promise that timeshare owners have the ability to “deed-back” properties they don’t want anymore.
However, many of the ads for these deed-back programs turn out to be empty promises. Developer exit programs tend to be limited to owners who don’t owe money on loans or past-due fees. While they may offer you a real estate broker to list your unit on the “timeshare resale market,” don’t hold your breath. Timeshare resales are usually quite hard to pull off, and owners have trouble giving them away.
Plus, keep in mind, depending on the details of how the exit is achieved, it can still poorly impact your credit score. Consulting with an expert before acting is critical to making sure you understand the stakes before you take any leap on an exit strategy.
Even assuming you can qualify to give your timeshare back, developers are rather choosy and strict about who gets to exit, meaning the people who need the programs most are often shut out. The bottom line is that trying to get into one of these programs will likely waste your time, sink you even further into debt, and only increase the likelihood that you will tank your credit score.
Can I Stop Paying Maintenance Fees Without Hurting My Credit?
No, while there are some less reputable timeshare exit companies that have advised their customers to stop paying timeshare fees, this is always a bad strategy. Intentionally failing to pay your fees is a breach of contract, and you can rest assured that timeshare developers take such breaches quite seriously and will certainly respond with measures that will affect your credit rating.
The first and most obvious problem is that a timeshare company will report missed payments to the three major credit bureaus. Those companies will include your missed payments on their respective credit reports for you. According to Equifax, one of those bureaus, a delinquent payment can remain on your credit report for up to seven years.
(Equifax does add, though, that paying a delinquency in full within 30 days or the original failure to pay should keep the bad information off your credit report.)
Apart from reporting the failure to pay to credit bureaus, a timeshare developer won’t hesitate to take more drastic steps. One of these is reporting you to collections agencies, which are known for harassing and intimidating timeshare owners.
Another serious problem arising from non-payment of fees is timeshare foreclosure. A timeshare foreclosure is basically the same as a foreclosure on your home. In other words, the creditor (the timeshare company) will attempt to get the money you contractually owe it by selling your timeshare property interest and paying itself from the proceeds.
Where this process differs from a residential foreclosure is that, unlike a home, timeshares are often worthless. This means that, in addition to the big knock to your credit score, a foreclosure may also end with the timeshare company getting a deficiency judgment against you, in which you are ordered by a court to pay the timeshare company their money.
Your main takeaway from the above should be this: Failing to pay timeshare fees — whether annual maintenance fees or otherwise — will almost certainly have a devastating effect on both your current finances and your credit for years to come. This truth is why it’s critical you have a comprehensive, well-executed timeshare exit strategy before you begin the process.
How Long Does Credit Damage From a Foreclosure Last?
Generally speaking, a foreclosure stays on your credit report seven years from the date of your first missed payment. Given that a foreclosure can plunge your credit score by hundreds of points, it’s only natural for you to want to get that information off your credit report as soon as possible.
On the plus side, it doesn’t take seven years to start washing away the bad effects of a foreclosure or other damaging incident on your credit report. This is one of the main reasons that Centerstone Group carefully considers its client’s credit position prior to any exit, offering credit repair services to ensure that any damage caused by a timeshare can be repaired as quickly as possible.
How Can I Remove a Timeshare Foreclosure From My Credit Report?
There are several potential answers to this question. First, according to credit bureau Experian, a foreclosure will “fall off” your credit report after seven years without any action by you or the creditor.
Seven years, however, is a long time. We also know that timeshare companies often don’t play fair. So you may be asking, “Isn’t there any way to do it faster?”
The answer heavily depends on the facts of your case. If a developer has acted in a fraudulent or illegal way, you may be able to get the foreclosure off your credit report sooner. Practically speaking, this would mean that something went very wrong with your timeshare, like deceptive sales staff for the developer giving you a timeshare loan product or credit card (with a hefty balance) that you didn’t want.
If you can prove some sort of illegality or fraud, you may be able to get a foreclosure off your credit report sooner than seven years after the first missed payment. Otherwise, though, it will be tough, and you would be better served getting out from under the obligation as soon as possible and then rebuilding your credit.
How to Get Rid Of Your Timeshare Without Ruining Your Credit
When you’re thinking about how to get rid of a timeshare without ruining your credit, it’s critical to have an expert on your side who can help you consider all your options, as well as the best way to meet your financial obligations. As the top timeshare exit company, Centerstone Group is well-equipped to offer you options and programs that can minimize, or even avoid, credit issues altogether.
For example, we can help you give your timeshare contract to someone else who wants it — not a friend or family member — through our transfer program. We also have our proprietary pressure campaign, in which we turn developers’ own tricks against them in an effort to get the very best financial outcomes for our clients.
And, in the rare situations where fraud or legal issues are involved, we can help you obtain a timeshare attorney or law firm to give you top-tier legal advice for getting the best result with the least harm to your credit.
As an A+-rated company accredited by the Better Business Bureau (BBB), Centerstone Group’s team has collective decades of experience in the timeshare and timeshare exit industries. We can get you in the best possible position to protect your credit and heal any damage caused by predatory timeshare developers.
Contact us today for a free consultation and case evaluation so that we can help you get started on the road to freedom.
Figuring out how to get rid of your timeshare without ruining your credit is a hassle nobody needs, and it’s a task that can feel too big. Because timeshare companies want their owners to keep their timeshares for life, they will make exits quite difficult. For example, they’ve created an exit process that’s fraught with financial risks for owners.
In other words, they’re keeping you in pricey and exploitative timeshare ownership by holding your credit score hostage.
That doesn’t mean, though, that you’re trapped in a timeshare agreement for life. It just means you have to get a smarter timeshare cancellation strategy. That’s where Centerstone Group can help. In this article, we’ll take a look at how bad or improperly executed exit methods, like failing to pay timeshare fees, can ruin your credit score. We’ll also talk about timeshare foreclosures, their effect on credit scores, and wiping that bad information from your credit report.
Can’t I Just Work With the Timeshare Company to Exit?
No, working with the timeshare company to exit your timeshare likely won’t get you the result you’re looking for.
A lot of larger timeshare developers, like Hilton Grand Vacations, Marriott, or Wyndham, like to advertise their own in-house programs to help you exit your timeshare without financial harm. They often promise that timeshare owners have the ability to “deed-back” properties they don’t want anymore.
However, many of the ads for these deed-back programs turn out to be empty promises. Developer exit programs tend to be limited to owners who don’t owe money on loans or past-due fees. While they may offer you a real estate broker to list your unit on the “timeshare resale market,” don’t hold your breath. Timeshare resales are usually quite hard to pull off, and owners have trouble giving them away.
Plus, keep in mind, depending on the details of how the exit is achieved, it can still poorly impact your credit score. Consulting with an expert before acting is critical to making sure you understand the stakes before you take any leap on an exit strategy.
Even assuming you can qualify to give your timeshare back, developers are rather choosy and strict about who gets to exit, meaning the people who need the programs most are often shut out. The bottom line is that trying to get into one of these programs will likely waste your time, sink you even further into debt, and only increase the likelihood that you will tank your credit score.
Can I Stop Paying Maintenance Fees Without Hurting My Credit?
No, while there are some less reputable timeshare exit companies that have advised their customers to stop paying timeshare fees, this is always a bad strategy. Intentionally failing to pay your fees is a breach of contract, and you can rest assured that timeshare developers take such breaches quite seriously and will certainly respond with measures that will affect your credit rating.
The first and most obvious problem is that a timeshare company will report missed payments to the three major credit bureaus. Those companies will include your missed payments on their respective credit reports for you. According to Equifax, one of those bureaus, a delinquent payment can remain on your credit report for up to seven years.
(Equifax does add, though, that paying a delinquency in full within 30 days or the original failure to pay should keep the bad information off your credit report.)
Apart from reporting the failure to pay to credit bureaus, a timeshare developer won’t hesitate to take more drastic steps. One of these is reporting you to collections agencies, which are known for harassing and intimidating timeshare owners.
Another serious problem arising from non-payment of fees is timeshare foreclosure. A timeshare foreclosure is basically the same as a foreclosure on your home. In other words, the creditor (the timeshare company) will attempt to get the money you contractually owe it by selling your timeshare property interest and paying itself from the proceeds.
Where this process differs from a residential foreclosure is that, unlike a home, timeshares are often worthless. This means that, in addition to the big knock to your credit score, a foreclosure may also end with the timeshare company getting a deficiency judgment against you, in which you are ordered by a court to pay the timeshare company their money.
Your main takeaway from the above should be this: Failing to pay timeshare fees — whether annual maintenance fees or otherwise — will almost certainly have a devastating effect on both your current finances and your credit for years to come. This truth is why it’s critical you have a comprehensive, well-executed timeshare exit strategy before you begin the process.
How Long Does Credit Damage From a Foreclosure Last?
Generally speaking, a foreclosure stays on your credit report seven years from the date of your first missed payment. Given that a foreclosure can plunge your credit score by hundreds of points, it’s only natural for you to want to get that information off your credit report as soon as possible.
On the plus side, it doesn’t take seven years to start washing away the bad effects of a foreclosure or other damaging incident on your credit report. This is one of the main reasons that Centerstone Group carefully considers its client’s credit position prior to any exit, offering credit repair services to ensure that any damage caused by a timeshare can be repaired as quickly as possible.
How Can I Remove a Timeshare Foreclosure From My Credit Report?
There are several potential answers to this question. First, according to credit bureau Experian, a foreclosure will “fall off” your credit report after seven years without any action by you or the creditor.
Seven years, however, is a long time. We also know that timeshare companies often don’t play fair. So you may be asking, “Isn’t there any way to do it faster?”
The answer heavily depends on the facts of your case. If a developer has acted in a fraudulent or illegal way, you may be able to get the foreclosure off your credit report sooner. Practically speaking, this would mean that something went very wrong with your timeshare, like deceptive sales staff for the developer giving you a timeshare loan product or credit card (with a hefty balance) that you didn’t want.
If you can prove some sort of illegality or fraud, you may be able to get a foreclosure off your credit report sooner than seven years after the first missed payment. Otherwise, though, it will be tough, and you would be better served getting out from under the obligation as soon as possible and then rebuilding your credit.
How to Get Rid Of Your Timeshare Without Ruining Your Credit
When you’re thinking about how to get rid of a timeshare without ruining your credit, it’s critical to have an expert on your side who can help you consider all your options, as well as the best way to meet your financial obligations. As the top timeshare exit company, Centerstone Group is well-equipped to offer you options and programs that can minimize, or even avoid, credit issues altogether.
For example, we can help you give your timeshare contract to someone else who wants it — not a friend or family member — through our transfer program. We also have our proprietary pressure campaign, in which we turn developers’ own tricks against them in an effort to get the very best financial outcomes for our clients.
And, in the rare situations where fraud or legal issues are involved, we can help you obtain a timeshare attorney or law firm to give you top-tier legal advice for getting the best result with the least harm to your credit.
As an A+-rated company accredited by the Better Business Bureau (BBB), Centerstone Group’s team has collective decades of experience in the timeshare and timeshare exit industries. We can get you in the best possible position to protect your credit and heal any damage caused by predatory timeshare developers.
Contact us today for a free consultation and case evaluation so that we can help you get started on the road to freedom.