Frequently Asked Quesions
Q: Should I continue to pay my Mortgage (Note) or Management Fees if I desire termination of my obligation?
A: We explain to real estate and timeshare owners that the payment or non-payment of your obligation is a personal financial decision. As such, we cannot answer that for you. It is an obligation that should be repaid in the same manner as any other obligation. We do recognize that this can create a financial burden.
We CAN advise you that the failure to pay these obligations when due may result in foreclosure, or adverse action on your credit profile. There may also be income tax ramifications for failure to pay such obligations.
Additionally, in some instances, if a timeshare owners desires termination, it may be easier to achieve if they are current on these obligations.
Q: If i desire to terminate my timeshare contract, can I still use my points or stay in property?
A: This is a somewhat complicated question...because the answer depends upon several variables. If you are entitled to stay in a property or if you have accumulated rewards points, then you are entitled to do so. until your obligation is terminated, surrender, fooreclosed or ptherwise resolved. However, if your contract is terminated, any unused stays or points will be forfeited back into the program.