Vacations To Cabo San Lucas

While timeshare owners are looking for financial and 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.

While some timeshare owners know of the special assessment fee, few know that timeshare resorts can call for nearly any amount they deem necessary. The financial impact for these economic extenuating circumstances can add up to high dollar amounts for owners.

Recently, timeshare owners have opened up their mailboxes to find bills ranging from $500 upwards of $3,000. It’s a crushing blow to those who may have lost jobs, experienced cuts in pay and/or work hours, and seen their stock portfolios plummet in value. Owners are truly understanding where they fit in the financial pecking order of the timeshare industry.

You would think that the millions in upfront cost and annual maintenance fees would be able to keep afloat all timeshare resorts. Unfortunately, many corporations leverage what they have to build more timeshare units in different locales. This strategy works well in good economic times but tragically multiplies the draining effect when credit is scarce and when revenue decreases.

And what if the special assessment fees are not paid? Not surprisingly, many timeshare contracts are skewed in favor of the developer. They charge non-payment penalties, garner wages, and put liens on real property like the homes of timeshare owners. What’s worse, default judgments can impose these penalties immediately following the payment due date.

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.