There are many problems that derail timeshare deed transfers, including scam companies.
Nashville, TN (PRWEB) June 07, 2016
Deed transfer seems like an easy solution to an unwanted timeshare. The idea is simple: transfer the deed to a company or individual that takes on all the financial obligations and other responsibilities associated with the timeshare deed.
However, timeshare deed transfer is not as easy as these deed transfer companies portray.
First, the qualifications for deed transfer are unattainable for many timeshare owners. To successfully transfer a timeshare deed the following conditions must be met:
1. Any timeshare mortgage must be paid off in full,
2. Owners must be up to date on all maintenance fees and special assessment fees.
Furthermore, many deed transfer companies require a sizeable upfront payment of maintenance fees for two years or more. This is ostensibly to make sure owners don’t fall behind on those payments while the deed transfer is taking place. But sometimes those fees can be too large, especially if the owner is transferring more than one timeshare.
Even if an owner does meet these requirements, there are many other problems that derail timeshare deed transfers everyday:
1. The Resort Has “First Right of Refusal”: Many people don’t know is that the timeshare resort has to approve a deed transfer. This means that the resort can simply deny a deed transfer, even if all the correct procedures are followed. The timeshare company knows that the owner has paid off the mortgage and has been paying their maintenance fees on time. The developer doesn’t want to lose that reliable source of income.
2. The Resort May Deny the Transfer Based on Credit Scores: Even if an owner finds another person or company willing to take over the deed, the resort can run a credit check on the person they're transferring to and deny the transfer if their credit score is not satisfactory. They do not want to lose a timeshare owner that pays maintenance fees on time for an unknown new owner with subpar credit.
3. The Owner Could Be Left in “Limbo”: If a timeshare owner completes a deed transfer that is subsequently denied by the timeshare resort, they could be left in paperwork limbo, out thousands of dollars in fees, and on the hook for thousands more. The timeshare company can claim the owner is still responsible for any payments, even if the deed has been transferred out of their name by a timeshare deed transfer company.
Even worse, scammers are beginning to claim they can transfer a timeshare deed. In reality, these scammers collect upfront fees, including advance maintenance fees, and then simply disappear. Many owners don’t realize they’ve been duped until it’s too late and they’ve fallen behind on maintenance fee payments.
Castle Law Group has increasingly been called to help clients that have encountered problems with timeshare deed transfer. The process is confusing, unreliable, and it’s difficult to track the progress of a deed transfer. Before signing up for a deed transfer, owners should consult with Castle Law Group to see if there is a better option to get rid of their timeshare for good.
About Castle Law Group: Castle Law Group is one of the leading providers of legal services for timeshare issues in the United States. Their legal team has years of experience in helping the victims of timeshare scams.