Selling Timeshares:
Pros:
Financial relief: Because of the current state of the economy and other hardships, quite a few people have found themselves in a situation where it is difficult to find out what bill they are going to pay with their next pay check. Although, this is an extremely unfortunate situation, a lot of consumers will be able to find relief from monthly mortgage and maintenance charges associated with their timeshare.
Credit relief: One major factor when it comes to the calculation of consumer credit ratings is the amount of debt compared to the amount of income also called the debt to income ratio. When consumers sell their timeshares that still have a mortgage attached, the sale of the timeshare will cause the amount of debt that consumer has to go down ending in a better debt to income ratio!
Profits: Even though, some people do realize profit, profits are hard to come by these days when it comes to timeshare sales. This is because of the simple laws of supply and demand. As the economy continues to dwindle, the demand for the luxury of a timeshare follows. With the major amount of timeshares available and the demand continuously dwindling, the possibility of Americans selling their timeshare for a profit gets lower and lower.
Cons:
Time: One of the things that consumers will need to understand when selling a timeshare is that the process takes time. I'm not talking about 30 to 90 days, there have been thousands of people that I have personally talked to that have had a timeshare on the sales market for years.
Mortgage: Another con to selling timeshares is that because of the laws of supply and demand that I explained above, quite a few Americans find that when they sell their timeshares, the money earned isn't even enough to pay off the mortgage on the property.
Expense: Because there are not many Americans these days that are actively looking to buy a timeshare, it has become an extremely expensive task to try and sell one. The expenses usually include hiring multiple timeshare sales agents to try and sell the timeshare, the cost to people of placing a timeshare on a few sales sites such as Ebay.com, Craigslist.org and Tug2.com! Over time, this expense can grow to amounts above $10,000.00!
Timeshare Cancellation:
Pros:
Financial relief: As stated above, many people have found themselves in the middle of a severe financial hardship that the timeshare mortgage and maintenance charges do not help! As with the sale of a timeshare, canceling a timeshare helps with the mortgage and maintenance fees associated with it! As a matter of fact unlike the sale of timeshares where people tend to end up with more to pay on their timeshare mortgage, when a consumer decides to go with timeshare cancellation, this will completely stop all mortgage and maintenance charges.
Credit relief: When people decide to cancel a timeshare, the resulting reduction of debt as a result of the timeshare mortgage being null and void helps that consumer by reducing their debt to income ratio!
Loss recovery: Many people who decide to get rid of their timeshare one way or another do it as a result of financial hardship. Fortunately, in the majority of cases, timeshare cancellation companies are able to recover losses associated with that timeshare. Sometimes these companies will recover a down payment, sometimes they will recover the maintenance fees and some times they are able to recover every penny ever spent on the timeshare!
Cons:
Qualification: Timeshare cancellation is the process of deeding a timeshare back to the developer and recovering a portion of any or all losses associated with that timeshare due to discrepancies in the timeshare sales process. This means that not everyone will qualify!
As you can see, I am a timeshare cancellation advocate because the benefits are far greater! However, there is the qualification issue. If you are interested in timeshare cancellation or selling a timeshare, feel free to click on one of the links below to get more information!
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