Timeshare are not a good investment

We should be talking about maintenance fees because this is the time of year the maintenance bills come out along with any assessments. Owners have no control over how much the maintenance fees will go up or the assessments. For instance if the resort was hit with a hurricane and there was damage – which usually there is, the timeshare owner will get an assessment for that. Maybe you were promised that if you bought today, your maintenance fee would never increase, but it has. Some owners have been told their maintenance fee would stay the same but instead they found it went up more than double. If you own a timeshare that is paid in full your still going to receive a maintenance bill that will probably be due come Jan. When was the last time you used the timeshare? If you haven’t used it and you are not going to use, you should probably think about getting rid of it. How much are you spending a year on something you’re not using? Let’s say your bill is $1,000.00 a year and you haven’t used it for 4 years, that’s $4,000.00 you could have spent somewhere else.

When you bought your timeshare did you buy it to hand down to your children? It will be part of your legacy so they will be able to vacation the rest of their life’s. Were you told that they would need to pay the maintenance fees and assessments? You know now that the maintenance fees will keeping increasing. How much will they be when your children are grown? Maybe your children are adults now, and they have fond memories of the vacations you took together. Have you asked them if they want the timeshare? Most adults travel a different way and we are finding that more and more adult children are saying they don’t want that burden.

Timeshare are not a good investment for the future. They don’t go up in value, and we find that most family’s no longer want to leave their children with the burden. If these situations sound familiar call us today and see what options are available for you.

Contact us today to get started and be free of this burden for good!

Bonnie Kulka

Bishop & Waters is a boutique exit company specializing in timeshare cancellation. Our experience in the industry dates, back to 2015. It was at that time we began helping timeshare owners navigate through the cancellation process. Since then, we have helped hundreds of clients.

https://www.bishopandwaters.com

Top Ten Reasons to Think Twice Before Buying a Timeshare

If you are considering buying a timeshare, think twice before signing on the dotted line. Many people get into a timeshare contract without fully understanding the pros and cons of timeshare ownership. Others have no idea what the total cost will be until they get hit with their first special assessment or tax bill. And if down the line you can’t make the payments, you’ll face foreclosure.

Here are the top ten reasons why it makes sense to think carefully before purchasing a timeshare.

1. Timeshare Salespeople Are Notorious for the Hard Sell

Many people go to timeshare presentations with no intention of buying a timeshare. Often, they want the promised free round of golf, spa treatment, or restaurant meal. Unfortunately, some of those folks walk out of the presentation as timeshare owners. Other people might go into the presentation thinking they might buy a timeshare but get pressed into signing a contract without carefully weighing the pros and cons or assessing the total cost of timeshare ownership.

Depending on where the timeshare is located, if this happened to you, you may have a right to cancel the contract if you act quickly.

2. You Are on the Hook for More Than Just the Mortgage Payments

If you cannot afford to pay cash for the timeshare, you’ll have to get a mortgage. But read the fine print of the timeshare contract – you’ll be responsible for other costs in addition to the mortgage. In most timeshare contracts, you will be liable for special assessments, property taxes, maintenance fees, and utilities. If you don’t pay these, the timeshare developer can foreclose on your timeshare.

3. Timeshares Are Not a Good Investment

There are very few buyers looking to purchase a timeshare in the after-market, which makes them very difficult to sell. The bottom line: You will likely lose money when you go to sell your timeshare.

If you want to buy a timeshare in order to enjoy your vacation time in a particular resort, great. But don’t buy one as an investment.

4. Timeshare Resale Scams Are Rampant

Because it’s so difficult to sell timeshare interests, a whole industry of scam artists has popped up – timeshare resale brokers. These folks tell you they have a buyer for your timeshare and can broker a sale – but not without a price. The scammers charge you hefty up-front fees and then, lo and behold, never manage to sell your timeshare. Not all timeshare resellers are scammers. And some states have enacted laws that attempt to protect consumers from timeshare resale scams.

5. You Cannot Deduct a Loss on a Timeshare Sale on Your Tax Return

If you sell your timeshare at a loss (which is almost certain), you won’t be able to deduct the loss on your tax return. There are a few exceptions.

6. If You Default on Timeshare Payments, You Will Face Foreclosure

When you buy a timeshare, you are purchasing an interest in real estate. If you take out a loan (mortgage) to pay for part of the timeshare price, you will face foreclosure if you default on those payments. But that’s not all. If you default on your other timeshare financial obligations, like special assessments, taxes, and maintenance fees, you will also face foreclosure.

Foreclosures come with negative consequences, including a hit to your credit score, difficulty in getting another loan, and higher cost of future credit.

7. After a Timeshare Foreclosure, the Lender Might Be Able to Get a Deficiency

In many timeshare forclosures, the sale proceeds are not enough to cover the amount you owe on the timeshare mortgage. The difference between what you owe and the sale proceeds is called the deficiency.

Luckily, some states prohibit timeshare mortgage lenders from coming after you for a deficiency after a timeshare foreclosure. But some states don’t. If you live in a state that allows for timeshare deficiency judgments, the timeshare mortgage lender can sue you after the foreclosure(or get a judgment in the foreclosure action if it’s a judicial foreclosure) for the amount you still owe – and then collect by garnishing your wages, attaching your bank accounts, and using other tactics available to judgment creditors.

8. You Cannot Count on Renting Out Your Timeshare

While many timeshare contracts allow you to rent your timeshare to others, the reality is that this is difficult to do. There are usually many timeshares for rent and few people who want to rent them. In addition, some contracts don’t allow you to rent your timeshare, and others place restrictions on the rental of your timeshare.

9. Scheduling Your Allotted Time Might Be Harder Than You Think

The sales presentation may make it sound like booking the timeshare resort will be a piece of cake. Unfortunately, this is not always true. In fact, misrepresentations about the ease of scheduling has become such a problem that some states have passed laws that specifically outlaw such deceptive statements.

10. Renting Accommodations in a Similar Resort Might Be Cheaper

Many people think that buying a timeshare is a great deal, saving them money over booking a hotel room. In fact, in many cases, if you factor in the additional costs that come with timeshares, like special assessments, maintenance fees, taxes, and the like, you’ll find that renting a hotel room in a similar resort ends up being cheaper.

Contact us today to get started and be free of this burden for good!

Bonnie Kulka

Bishop & Waters is a boutique exit company specializing in timeshare cancellation. Our experience in the industry dates, back to 2015. It was at that time we began helping timeshare owners navigate through the cancellation process. Since then, we have helped hundreds of clients.

https://www.bishopandwaters.com

Why Buying a Timeshare Is a Bad Idea

My wife and I went on vacation to Disney World a couple of years ago. The family had a great time, and I personally was glad to get away from the business. We stayed at my parents’ Orange Lake Resort timeshare, which is just outside the park.

Even though they’ve owned the timeshare for more than 10 years, this was the first time I had gone there. The resort itself is very nice, has all of the amenities and is in a great location. However, I have always thought that my parents’ purchase was a bad decision. After all, they paid $10,000 for it, and today the maintenance is $750 per year. My question is: Wouldn’t it be cheaper just to stay at a hotel or to rent a unit in the resort for that week? The answer, unfortunately, is yes.

How Timeshares Work

Timeshares are vacation plans that have been around in the U.S. since 1969. Today, it’s a $9.2 billion industry, according to the American Resort Development Association (ARDA). That’s actually quite sizable when compared to the nearly $8 billion music industry or Major League Baseball’s $9 billion in annual revenue. In 2016, there were 1,558 timeshare resorts just in the U.S., with an average of 132 units per resort.

A timeshare gives you partial ownership in a vacation property. You can even think of it as owning shares of stock in the vacation rental. You pay an upfront price to purchase your unit and then an annual maintenance fee. This gives you access to the property for a certain period of time, which is usually the same time slot each year. When you are not using the timeshare, others with similar interest are.

The average sales price for a one-week timeshare today is approximately $20,940, with an average annual maintenance fee of $880, according to the ARDA. Most timeshare agreements are indefinite contracts, meaning that you’re obligated to pay the maintenance fee indefinitely, which is a big financial commitment.

If you want to use your unit on another week, you must “bank” your week and exchange it for another time or location. In the sales pitch (I had the misfortune of attending one), the resort mentioned it’s no longer doing week-based timeshares. It’s now a points-based system. You get X number of points per year when you buy a unit and can then use it any way you choose.

The points could be used for many other things: to purchase airfare, go to another location or upgrade to a bigger unit. Heck, like airline miles and credit card points, you can use your points in stores like Best Buy and Bed Bath & Beyond. Great — I can buy that toilet seat cover instead of going on vacation. I’m sure that, just as with credit card points, you are getting a fair exchange of points into dollars.

As if you can’t tell, I’m being sarcastic.

I didn’t run the numbers, but I’m sure the conversion rates are awful. So in the end, they’re making even a single week in a timeshare much more abstract to own than a hard asset. The high-pressure sales guy, please remind me again, what’s the purpose of owning a timeshare?

The Missing Investment Component

It’s been said in poker that if you can’t spot the patsy, it’s you. This applies to purchase a timeshare. The ones benefiting from the transaction are the salesperson and the owners of the resort. You, unfortunately, are stuck with a small slice of a unit that has little or no resale value.

Here are the issues with owning a timeshare:
• There is a huge resale market. Often you can pick up units for less than half of what was originally paid.
• Like a car, a timeshare depreciates once you “drive it off the lot” (take ownership).
• It’s rare that a timeshare increases in value. In fact, expect it to lose value, as the total cost of your ownership was marked up to cover sales presentations, incentives and giveaways.
• Timeshares are usually sold to you when you’re on vacation and your defenses are down.
• Most have high yearly maintenance fees. In my parents’ case, their fees are increasing every year, faster than the rate of inflation. For the amount that you pay in maintenance fees alone (forget about the initial “investment”), you could stay at a decent-quality hotel for a week.

Despite these drawbacks, the industry continues to attract new owners. In 2015, 46% of timeshare sales were from new owners, reversing a previous trend of increasing reliance on existing owners. If you really want to get into real estate investing, click here to read our guide. You can also start with following crowdfunding providers:

Timeshares Don’t Generate Income

In theory, when you buy a timeshare, you have a fractional interest in the property the rental is situated on. But it’s important to understand that this does not give you all the advantages that owning real estate normally has.

For starters, you have an interest in the same unit as other people who participate in the timeshare. Your interest, therefore, is not standalone ownership. You are not free to do with the unit as you please.

For example, there are strict limits on the time during which you have physical occupancy of the unit. Unlike a true vacation home, you’re not able to rent it out during the rest of the year when you’re not occupying it for personal use.

We can think of a timeshare as having a partial ownership interest in a single vacation property or unit. It’s nothing like owning a vacation property outright, with the benefits that come as a result of having it.

According to the ARDA, timeshare owners are tending to be younger and more ethnically diverse than when the industry started and targeted an elderly crowd. The median age of recent buyers is 39, and 34% of owners are either Asian-American or African-American. Nearly two-thirds have college degrees. Their median income is $81,311.

However, it seems to me that the timeshare market targets the financially inexperienced. Sadly, timeshares tend to become vacation properties for people who can’t afford vacation properties. The sales materials are made to appear more about the bling and “living the good life” than about the investment return. That’s because there isno return.

If you are spending money for the future, it should be considered an investment. If it’s not generating income, it’s an expense — plain and simple. You may get enjoyment out of it, but it’s still not an investment.

Timeshares Aren’t Very Liquid

It’s usually only after you’ve purchased a timeshare that you realize there are more people looking to sell them than buy them. The likelihood of recovering your initial investment is very low — to say nothing of recovering many years’ worth of maintenance fees.

There are websites that timeshare owners can use to try to sell their property, such as RedWeek, but they charge a listing fee and an annual membership fee to use the site — and there’s no guarantee the timeshare will sell.

And there’s a substantial amount of fraud in the reselling industry. Scammers prey on timeshare owners by promising to sell the property for you — for an upfront fee — and once you pay the fee, you never hear from them again.

If you’re able to sell the timeshare (and that is never certain), you probably will get only a fraction of what you paid for it. There are two fundamental problems when it comes to selling them:

1. More are being built/offered all the time, flooding the market, and
2. Existing owners are selling them to get out of debt or once they realize that it isn’t the deal they thought it was when they bought it.

If you still think buying a timeshare is a good idea, and you want to avoid paying more than you will ever sell it for, buy one on the secondary market. There are many websites where you can buy a used timeshare.

Timeshare companies know that you can likely find cheaper options from existing buyers on websites such as Timeshare Users Group and RedWeek. So the companies usually offer closing incentives and other perks. But those perks don’t usually recoup the money you would save from buying from an existing owner.

The Better Alternative to a Timeshare

In my opinion, you’re better off staying at a local hotel than buying into a timeshare. Take my parents’ timeshare as an example. They paid $10,000 for the initial purchase, and if you add the $750-per-year maintenance fee paid over a 10-year timeframe, there is a total investment of $17,500 in that timeshare.

Over the last 10 years, their timeshare provided a stay of one week each year — seven days and six nights — for a total of 60 nights, which averages out to $291 per night to vacation in the same unit each year. If you were to rent a decent quality hotel room at about $175 per night, the total price paid for the timeshare would buy you 100 nights of hotel stays. Not only does it cost less per night to stay in a hotel, but you would also be able to add variety to your vacation by staying at hotels located in different destinations. And you would also be able to take advantage of frequent user rewards programs and other discount pricing being offered by the hotels. Chances are you’d get a whole lot more than 100 nights of hotel stays.

Best of all, you’d have sunk no capital in the timeshare, and the money to pay for the timeshare could be invested to earn a return on your investment. At a conservative 5% return compounded annually (starting with $10,000 and adding $750 per year), you’d be sitting on more than $26,000 right now. That’s a much better deal from where I sit.

Contact us today to get started and be free of this burden for good!

Bonnie Kulka

Bishop & Waters is a boutique exit company specializing in timeshare cancellation. Our experience in the industry dates, back to 2015. It was at that time we began helping timeshare owners navigate through the cancellation process. Since then, we have helped hundreds of clients.

https://www.bishopandwaters.com

A Balanced Look at Timeshares

Timeshares often look like a great deal. Salespeople pitch the benefits and paint a picture of unlimited access to relaxation and vacation bliss. What is often lacking are the words of caution so many timeshare owners wish they’d been told.

This excellent article by Rebecca McClay of Investopedia presents a more balanced picture of the timeshare process. If you’re one of those owners who never heard words of caution, Bishop and Waters is here for you. Let us help with your timeshare cancellation. Contact us today to get started.

Timeshares: Dream Vacation or Money Pit?
BY REBECCA MCCLAY
Investopedia

What a Timeshare Is Not

A timeshare is not an investment. Investments are designed to appreciate in value, generate income or do both. A timeshare is unlikely to do either, despite what the salesperson says. The huge volume of used timeshares on the market, the appeal of buying new versus used, and the marketing muscle of the firms selling new timeshares all work against the idea that you will make a profit reselling your used timeshare. Thus, selling for a profit is an uphill battle considering you need to convince someone to pay more for a used unit and factor in all the fees you paid over the years.

The very nature of the sales process should be a hint about the reality of the issue.

Contact us today to get started and be free of this burden for good!

Bonnie Kulka

Bishop & Waters is a boutique exit company specializing in timeshare cancellation. Our experience in the industry dates, back to 2015. It was at that time we began helping timeshare owners navigate through the cancellation process. Since then, we have helped hundreds of clients.

https://www.bishopandwaters.com

Buying a Timeshare

Check out this excellent article by Ron Kelemen about considerations when buying a timeshare...

"The purchase of a timeshare — a way to own a piece of a vacation property that you can use, generally, once a year — is often an emotional and impulsive decision.

At our wealth management and planning firm (The H Group), we occasionally get questions from clients about timeshares, most calling after the fact — fresh and tan from a vacation — wondering if they did the right thing. We’ve also had to deal with clients in financial distress wanting to get out of their timeshare units.

If you’re considering buying a timeshare, so you’ll have a place to vacation regularly, you’ll want to understand the different ...cons."

4 Drawbacks of Timeshares

1. While you don’t need to worry about maintenance, you will need to worry about the annual fees and your lack of control over their annual increases. The average annual maintenance fee for a timeshare is $660, according to Howard Nusbaum, CEO and president of the American Resort Development Association. You pay that fee whether you use the property or not. In addition, you could be liable for special assessments. If you don’t pay up, the developer can foreclose on your timeshare.

2. Timeshares are hard to sell, and used timeshare units are sold at a steep discount because there are so many on the market. Thus, it might be a better deal to buy a used timeshare on the secondary market. Bear in mind that the Better Business Bureau has been warning about timeshare reselling schemes that defrauded victims out of thousands of dollars.

3. If you sell your timeshare at a loss, the Internal Revenue Service doesn’t let you claim a capital loss as you would with other investments and real property.

4. Buying a timeshare in a foreign country presents special challenges. In Mexico, for example, foreigners are not allowed to hold the direct title to property within 30 miles of the coast and 60 miles of international borders. They are limited to “right to use” timeshares. (There is pending legislation in the Mexican Congress that may change that in the near future.) Also, consumer protection laws in some countries are more lax and lack enforcement.

Pointers for Potential Timeshare Buyers

Still interested in buying a timeshare? Here are a few pointers:

Think of a timeshare purchase as a lifestyle purchase, not an investment. When you consider depreciation, travel costs and maintenance fees — on top of an uncertainty of use — the concept of “prepaying” for your vacations may not pencil out. Run the numbers.

Analyze your vacation patterns over the past few years. Do you really go to the same place at the same time every year? Or do you have a mix of activities and destinations, such as camping adventures, cruises, road trips or organized tours? If it’s the latter, a timeshare isn’t right for you.

If you must borrow to purchase a timeshare, you have no business buying one. Timeshares depreciate in value very quickly, so most banks will not lend you money to buy them. Often, the developer will arrange financing for you, but at a much higher interest rate than banks that do make the loans. What’s more, usually in a foreclosure, the outstanding mortgage balance and the unpaid maintenance fees are higher than the timeshare’s value, which creates what is called a deficiency. Then, lenders can go after your other assets.

Be wary of timeshare salespeople who answer your questions with a question and won’t be upfront about the purchase price. Another tip along these lines: it’s a good sign if you are offered a grace period allowing you to change your mind and cancel before committing to buying.

You will have more protections if your unit belongs to what is called an owners’ club or association. This is similar to a condominium board, giving the property’s owners a collective voice and strength in numbers. The owners’ club may also be helpful when you try to sell your unit.

Never pay an upfront deposit without having first identified and inspected the particular unit. You don’t want any unpleasant surprises when you show up for your vacation.

If you envision children or grandchildren vacationing with you, will they (or their parents) be able to afford the travel costs? If so, you may wind up not using your timeshare unit or points as much as you expect.

Bonnie Kulka

Bishop & Waters is a boutique exit company specializing in timeshare cancellation. Our experience in the industry dates, back to 2015. It was at that time we began helping timeshare owners navigate through the cancellation process. Since then, we have helped hundreds of clients.

https://www.bishopandwaters.com

Timeshare Scams

With warmer weather, school graduations, and the onset of vacation season come phone calls offering timeshare deals. Some offers are legitimate, some may be scams. Even with legitimate offers, being armed with facts can help you make the best decision for your particular situation.

The article below has some great tips to help you avoid the scams and stay educated on timeshares. Bishop & Waters Consulting Group is here to keep you informed and help you remove the burden of unwanted timeshares.

Contact us today to learn more about TIMESHARE CANCELLATION.

By Tyler Russell
BBB Northwest and Pacific

The Memorial Day weekend is the unofficial start to the summer with so many of us getting out and enjoying our favorite vacation destination. Some of us use timeshares and vacation rentals to go to exotic locations we may not normally visit. However, scammers love to take advantage of vacationers by making false promises and creating a sense of urgency to fool them into paying for something that doesn’t exist.

How the scam works

In travel and vacation scams, con artists post listings for properties that either aren’t for rent, don’t exist, or are significantly different than pictured. They then lure in vacationers with the promise of low fees and great amenities. Typically, the “owner” creates a false sense of urgency – maybe another vacationer is interested in the rental – to get you to pay up before doing sufficient research.

Another common travel scam is the timeshare resale scam. A timeshare owner who is looking to sell gets a call from someone claiming to be a real estate broker or agent. These scammers claim to specialize in timeshare resales and promise they have buyers ready to purchase. To secure this service, the scammer pressures the target into paying an upfront fee. The timeshare owner pays up, but the reselling agent never delivers.

Tips to avoid these scams

Talk with the owner. If you are not using a service that verifies properties and owners, do not negotiate a rental solely by email. Many scammers don’t live locally, so get the owner on the phone and ask detailed questions about the property and local attractions. An owner with vague answers to your questions is a clear red flag.

Check public records. Investigate on Google or another search engine. Look up the address and use Google Street View to confirm the property matches the one advertised. Also, verify distances to beaches, attractions and airports while on the site.

Look for reviews and ask for references. While you’re vetting properties, don’t forget to check bbb.org and other online reviews.

Don’t wire money or use a prepaid debit card. You should never pay for a vacation rental by prepaid debit card or wire transfer. These payments are the same as sending cash. Once you send the money, you have no way to get it back. That’s why scammers depend upon these forms of payment. Paying with a credit card is your best bet to avoid losing money because of a shady vacation rental. If your rental ends up being a scam, you can dispute the charge and dramatically limit your liability.

If it’s too good to be true it probably isn’t. Scammers lure in targets by guaranteeing sales or promising vacation rentals at low prices. Do your research. If the listing you are considering is much cheaper than others in the area, be suspicious. In general, free online ad services are also going to be riskier than a site with fraud protection features.

Bonnie Kulka

Bishop & Waters is a boutique exit company specializing in timeshare cancellation. Our experience in the industry dates, back to 2015. It was at that time we began helping timeshare owners navigate through the cancellation process. Since then, we have helped hundreds of clients.

https://www.bishopandwaters.com

Timeshare Terms

Many of our clients have questions about the terms involved in the Timeshare Cancellation process. To better understand the process and how it works, it helps to have a grasp of the terminology involved. Belo is a list of some of the Timeshare Cancellation terminology. More can be found in our Glossary of Terms.

•  Bank - The depositing of a week/points within a resort in exchange for time/points at another resort or to use for the next calendar year.

•  Bonus Week/Points - Additional points given to a timeshare purchaser by the resort as an incentive for purchasing more weeks/points. It generally must be used in a specific time period from the date of the purchase.

•  Consolidation - The combining of two or more timeshare mortgages into one loan.

•  HOA/POA - Homeowner Association. The Homeowners Association is generally responsible for mortgage and maintenance decisions at the resort.

•  Judicial Foreclosure - This is a litigation proceeding initiated by the resort to recover the property and the outstanding debt when an owner fails to pay the mortgage, maintenance fees or assessments.

•  Maintenance Fee - Fees assessed to the owners for the upkeep of the property. These fees cover taxes, insurance and maintenance such as landscaping, pool maintenance, etc.

•  Non-Judicial Foreclosure - A foreclosure proceeding not initiated in court to recover interest in a timeshare for the owner's failure to pay the mortgage, maintenance fees or assessment. This is often followed by a lawsuit to recover the outstanding debt.

•  Ownership Interest - the portion of the weeks/points and owner has in a specific resort property.

•  Rescission Period - The time period in the contract in which the owner can rescind the contract and get a refund. This period is generally set forth by state law and is sometimes referred to as a cooling off period.

•  Rescind - The right to cancel a contract and receive a refund of any amount paid for the timeshare.

•  Resale - A timeshare that is resold by either an owner or third-party entity after it was originally purchased from a resort.

•  Special Assessment - A fee issued by a resort for repairs or refurbishment of the resort. This generally follows major damage to the resort as the result of water damage or a natural disaster.

•  Up Front Fee - A fee which is charged upfront before starting the process of listing a timeshare for resale.

•  WRAP Fee Wrap fees are the schedule of bundled rates that are charged to an investor. Instead of charging a separate fee for each service that is extended to the client, a brokerage or other type of financial service will provide the investor with a blanket charge for all services that are included in the program.

Read more in our Glossary of Terms. Contact us today to start the Timeshare Cancellation process and be free of this burden for good!

Bonnie Kulka

Bishop & Waters is a boutique exit company specializing in timeshare cancellation. Our experience in the industry dates, back to 2015. It was at that time we began helping timeshare owners navigate through the cancellation process. Since then, we have helped hundreds of clients.

https://www.bishopandwaters.com

Timeshare Terms

Many of our clients have questions about the terms involved in the Timeshare Cancellation process. To better understand the process and how it works, it helps to have a grasp of the terminology involved. Belo is a list of some of the Timeshare Cancellation terminology. More can be found in our Glossary of Terms.

•  Accrued Weeks/Points - Any amount of unused weeks/Points that have been banked to be available for use for the current calendar year.

•  APR - Annual Percentage rate is the annual interest rate you pay on your timeshare loan.

•  Assessment Fee - Fees that are separate from your maintenance fees that are used for major repairs and refurbishment of the resort that are split amongst the owners.

•  Assessment Lien - A lien placed upon the timeshare owners interest in the property for failure to pay an assessment and is potentially the start of the foreclosure proceeding.

•  Assignment - The ability of the timeshare developer to transfer the mortgage debt owed on a timeshare to another company to collect. The owner does not have to be late on their payments for this to occur.

•  Bank - The depositing of a week/points within a resort in exchange for time/points at another resort or to use for the next calendar year.

•  Bonus Week/Points - Additional points given to a timeshare purchaser by the resort as an incentive for purchasing more weeks/points. It generally must be used in a specific time period from the date of the purchase.

Read more in our Glossary of Terms. Contact us today to start the Timeshare Cancellation process and be free of this burden for good!

Bonnie Kulka

Bishop & Waters is a boutique exit company specializing in timeshare cancellation. Our experience in the industry dates, back to 2015. It was at that time we began helping timeshare owners navigate through the cancellation process. Since then, we have helped hundreds of clients.

https://www.bishopandwaters.com

Timeshare Cancellation

Bishop and Waters is a consumer advocacy company specializing in timeshare cancellation and credit repair. Our experience in the industry dates, back to 2015. It was at that time we began helping timeshare owners navigate through the cancellation process. Since then, we have helped hundreds of clients. We are proud to say many of them have become our personal friends.

We pride ourselves on being forthright and working with you throughout the entire journey. Our goal is not only to succeed in canceling your contract and lifting this burden from your shoulders, but also to let you know we care, and to make you a part of our family.

If you are concerned about your timeshare burden, don’t hesitate to contact us. It won’t go away if you fail to address it. The months will go by and you will be losing thousands of dollars on a timeshare you don’t want.

The first step is to call us or email us using the contact form, above, so we can discuss the situation with you. We need to have a full understanding of your case. We will review your case and give you the best option for the best outcome.

If you are concerned about your timeshare burden, don’t hesitate to contact us. It won’t go away if you fail to address it. The months will go by and you will be losing thousands of dollars on a timeshare you don’t want.

We extend a helping hand to those in need. We can relieve you of your timeshare burden and walk you through the process with great care and full disclosure. We understand this is a stressful time and we will do everything we can to make you feel at ease. Contact us today to get started and be free of this burden for good!

Bonnie Kulka

Bishop & Waters is a boutique exit company specializing in timeshare cancellation. Our experience in the industry dates, back to 2015. It was at that time we began helping timeshare owners navigate through the cancellation process. Since then, we have helped hundreds of clients.

https://www.bishopandwaters.com

Timeshare Cancellation

Many of our clients purchased timeshares when they were raising their families, but now their lives have changed and they no longer travel due to illness, lack of money or other family matters.

Many of these timeshare owners share the same complaints. Timeshare ownership creates a financial burden. Some of the owners were not aware of all the combined fees and feel as though they were taken advantage of.

Many timeshare owners are upset they experience difficulties booking their vacation during the weeks they need, even though some try to book out as far as 13 months in advance. In some cases, they find the week they are trying to book is available but through an online company such as Expedia.

Some clients have complained that they told the developer they needed to lower the payment, so the sales person told them they could do that by purchasing more points. It looked like a great idea during the presentation, but 45 days later they find out they have two contracts!

What all these timeshare owners have in common is they having been searching for a way to rid themselves of the timeshare. We are ready, willing and able to help you turn this ordeal into a thing of the past.

In some instances, the client wanted to make sure he could hand it down to his children, it would be part of their legacy. They were never told they would be responsible for all the fees including maintenance and assessments the rest of their lives.

Others have purchased the timeshare as a rental property, some as a secondary income. They sales person told them they could make money on the timeshare and vacation free the rest of their lives. Now they realize that will never happen.

What all these timeshare owners have in common is they having been searching for a way to rid themselves of the timeshare. We are ready, willing and able to help you turn this ordeal into a thing of the past. Contact us today to get started and be free of this burden for good!

Bonnie Kulka

Bishop & Waters is a boutique exit company specializing in timeshare cancellation. Our experience in the industry dates, back to 2015. It was at that time we began helping timeshare owners navigate through the cancellation process. Since then, we have helped hundreds of clients.

https://www.bishopandwaters.com