No! Website Disclaimer |Privacy Policy |Site Map. According to court documents, Montalbo, while working in the timeshare industry in Puerto Vallarta, Mexico, would tell timeshare owners that he could guarantee the sale of their existing timeshare vacation rentals, often to pay for other timeshare products Montalbo was attempting to sell them. Newton Group calls itself the longest standing timeshare exit company in the U.S. They've been in business for over 15 years. The first thing you should do when searching for a reputable company is to do your research. AddThis sets this cookie to ensure that the updated count is seen when one shares a page and returns to it, before the share count cache is updated. BEWARE OF THE MEXICAN TIMESHARE RESALE SCAM By Dennis Beaver | August 28, 2017 | UPDATED: July 30, 2018 - see this website at https://www . To avoid being scammed, its essential to do your research and choose a reputable timeshare exit company. Owners looking to sell their timeshares find many exit companies claim to be able to sell timeshare commitments quickly for high prices. The Federal Trade Commission has charged the operators of a timeshare reselling scheme with bilking at least $15 million dollars from timeshare property owners by imposing hefty up-front fees based on false promises that they would sell or rent their properties. To avoid being scammed, its essential to do your research, choose a reputable company, and get everything in writing. Average of 112 Customer Reviews. Even worse, marketing by these exit companies has increased during the COVID-19 pandemic preying on the vulnerabilities of people who have had their personal and professional lives disrupted. On-going investigation. . Most of these contracts are not investments and may return considerably less than you paid. - examines patterns of customer complaints, dollars spent and lost, customer reviews, related scams and more to show how predatory companies and scammers take advantage of consumers hoping to score deals on travel. 1 About nine million households in the U.S. own timeshares, and sales increased approximately 25% between 2010 and 2016. U.S. Department of the Treasury Office of Public Affairs Treasury Sanctions CJNG-Run Timeshare Fraud Network. Follow our Consumer Watch Team on Twitter. There are many factors that will influence the resale of your timeshare including location, resort quality, flexibility of usage, season, demand and, of course, price. In March 2020, Judge Mendez sentenced co-defendant Marco Antonio Ramirez Zuno to two years time served and to pay $1,108,375 in restitution to the victims of the scheme. With over 18 years in business and 2.6 million registered users, we have facilitated thousands of rental and sale transactions. At the FTC's request, a federal court temporarily halted the operation and froze . YSC cookie is set by Youtube and is used to track the views of embedded videos on Youtube pages. SellMyTimeshareNOW.com is an active timeshare resale marketplace and the best place to sell a timeshare. Timeshare owners who agreed to sell had to pay an upfront feeanywhere from a few hundred to a few thousand dollarsto cover various costs such as advertising or closing fees. Typically, timeshare properties are located in resorts or condominiums in desirable vacation destinations. The American Resort Development Association (ARDA) is a trade association that represents the timeshare and vacation ownership industry in the United States. If they waive their ROFR, the original sale can proceed. Months and even years tick by with no sale in sight, however, as owners continue to pay annual maintenance fees. Learn more. A locked padlock When youve found a buyer, we can even connect you with a trusted closing company to help complete the legal paperwork in order to finalize your sale. The lists of prospective clients came from other timeshare resale companies, including some that appeared to have been stolen . More information about cookies can be found in our. An official website of the United States government. Usually, the company will take the money and run, leaving the timeshare owner with a worthless contract and no way to get their money back. More than 1,100 BBB Scam Tracker reports reveal fraudsters have used the same high-pressure tactics common in timeshare sales to con consumers out of $3.5 million in the last three years. Hassle-Free Closing Process - Expert assistance to finalize your timeshare sale. The rest of the year, others own the timeshare and use it as theyd like. However, if you have a favorite place that you never tire of, such as a beach, ski town or theme park (like Disney), timeshares can be a good thing. By continuing your browsing, you agree to the use of cookies. But not all timeshares work the same way. In fact, every day we connect timeshare owners with buyers in more than 217 countries and territories worldwide. Another thing I commented on in 2012 was that Premium Timeshare Exchange was an advertising company. In March of 2013, Bondi's office sued multiple Florida timeshare resale companies for unfair and deceptive trade practices. For him, Scotts million dollar scam was back. This cookie can only be read from the domain they are set on and will not track any data while browsing through other sites. This ABC News Video explains it all in great detail. A buyer was found within a few months and the transaction was handled promptly and efficiently. Necessary cookies are absolutely essential for the website to function properly. No one can accurately determine a specific length of time within which your property will sell. If the issue meets a clear and convincing standard and is considered an unfair and deceptive practice, the department may be able to help a consumer directly resolve a resale complaint. 1. The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user. In this scam, a company contacts timeshare owners and claims to be a network of timeshare resale companies that can help them sell their property quickly and easily. Once . But opting out of some of these cookies may have an effect on your browsing experience. Whether youve been contacted by a dubious timeshare resale company, or youre simply looking for answers and options to best utilize your vacation ownership investment, the Westgate Legacy Program is here to help. Cookies containing your personal data may be used for personalized and non-personalized advertising to you. Let Timeshare Defense Attorneys help you avoid scams. Their customer service motto proclaims, We work with you until its sold, and the company also offers an exclusive maintenance fee relief program called TO GO that helps owners put money back in their pockets while waiting for the right buyer. Sept. 17, 2020 The FBI Criminal Investigative Division and the Office of Investor Education and Advocacy of the Securities and Exchange Commission ("SEC") would like to warn consumers of a recent increase in fraudulent schemes targeting owners of timeshare properties in Mexico. The _ga cookie, installed by Google Analytics, calculates visitor, session and campaign data and also keeps track of site usage for the site's analytics report. The OAG will be seeking a court order requiring compliance. Owners post their timeshares for sale here, and connect directly with travelers looking to buy. No properties were ever sold according to authorities, but nearly 1.4 million dollars was collected for fees. In many cases, the fraudsters will take the money and run, leaving the timeshare owner with a worthless contract and no way to get their money back. Please select a check-in and check-out date, Westgate Smoky Mountain Resort & Water Park, River Terrace Resort and Convention Center. The announcement was made today by John Parker, Acting . 1. If you make the deposit, the fraudsters will likely devise additional reasons to demand money in advance of the closing, which never occurs. Timeshare Resort in Mexico (Photo: Kirt Edblom via Flickr/ CC BY-SA 2.0). When a seller and a buyer come to a purchase agreement, the resort at which the timeshare is located has the legal right to purchase the timeshare for the agreed amount. If you decide to sell, you can do so by yourself or via several timeshare selling platforms, whose fees and services vary. Diamond Resorts. Many clients ask whetherowning a timeshare puts you at risk. Its preferable to do business with a reseller that takes its fee after the timeshare is sold, but if you must pay a fee in advance, get refund policies and promises in writing. If you need timeshare exit solutions, look no furtherlearn more about selling your timeshare and get started today. SellMyTimeshareNow.com offers more than just timeshare resale advertising; we work with you to get your timeshare seen and sold. The cookie is used to store the user consent for the cookies in the category "Performance". The Timeshare Attorney has the experience and knowledge necessary to help you get what you deserve. See What We're Working On. by Sylvan Lane - 11/22/22 1:01 PM ET. We also use third-party cookies that help us analyze how you use this website. Follow our Consumer Watch Team on Twitter. But some skilled sellers continue to talk buyers into unfavorable deals that often worsen when desperate investors try to offload purchases through the timeshare exit industry. For information regarding our accessibility policy, please review our Accessibility Policy. I tried to sell it on my own on Ebay, but that certainly didn't work. The Better Business Bureau can provide information if you need clarification on whether a company is legitimate. Payments must be protected. And as various timeshare resale companies under investigation are being fined and even prosecuted, many others are seeking to re-invent themselves under the guise of timeshare exit companies or even timeshare relief consultants. If you have any concerns about your maintenance fees, contact your timeshare company or resort directly to get clarification and to avoid falling victim to a scam. Yes. A lock () or https:// means you've safely connected to the .gov website. In a 2016 lawsuit, Scott again settled with the Florida Attorney Generals Office. 95814, Telephone:(916) 554-2700 These efforts, along with the help of owners filing complaints, the bad practices of these companies have drawn the attention of local and state authorities. Try These Topics How to Execute a Quite Claim Deed Timeshare Transfer, 2023 Westgate Resorts. Bluegreen Corp. Read 808 Reviews. This cookie is set by GDPR Cookie Consent plugin. As part of the conditions of that settlement, the defendant agreed to stop engaging in unfair and deceptive trade practices. Your owner dashboard enables you to receive, track and respond to offers as well as send messages directly to our customer care team for immediate assistance. BBB tips for anyone considering a timeshare or exit company: timeshare properties, vacation clubs or exit companies and thoroughly read contracts for language about lifetime commitment, heirs' obligations, maintenance fee increases or guarantees. Based on alleged company misrepresentations during these solicitation calls, victims would agree to pay a portfolio fee in various amounts, typically ranging between $2,000 and $3,000. The answer is uncertain, but you can minimize the risk by consulting your lawyer before signing on the dotted line. We can also assist you from start to finish in selling your timeshare including affiliated closing and transfer services. There are deals to be found on travel, but scammers know consumers want to save money and take advantage. TAGS: Companies Sales Ownership timeshare scams resale scam companies Timeshare Rental Company Timeshare Resale Martket. There are so many resale companies out there, as well as lawyers or businesses that they will cancel your ownership. These fraudsters can be persistent. According to the investigation, no timeshares were actually sold through this scheme, and more than 350 victims have been identified with losses totaling more than $753,000. A number of factors can impact the speed with which your closing will be processed including how quickly each party executes and returns required documents at various stages throughout the closing. I was afraid of getting ripped off as you hear about all these scams out there. The conspirators would assure victims that the non-existent buyers had already deposited money into trust accounts and that the sellers up-front fees would be fully reimbursed from those funds after the sale was complete. Moreover, our partners, such as Google Adsense, will collect data and use cookies for ad personalization and measurement. - Before you sign any sort of contract, make sure you get the details of its terms and conditions. Individuals who have been victimized by this type of scam are encouraged to file a complaint with the FBIs Internet Crime Complaint Center by visiting https://www.ic3.gov. - Ask about fees and timing. You can also access resources for timeshare owners, such as tips for buying a timeshare and information about exchange programs. Will you get progress reports? If you suspect you are the subject of fraud or dishonest business practices, there are many avenues to report your case: Your local Better Business Bureau can assist you with finding businesses and charities you can trust. (954) 563-2444. Beware of Timeshare Exit Companies. Toll Free: 1-877-815-4227 For example, Wyndham offers Wyndham Cares for owners looking to exit their timeshare. Or, they may claim you are entitled to valuable shares of stock in connection with your timeshare and offer to liquidate the shares in exchange for a commission. FBI.gov is an official site of the U.S. Department of Justice. In one version of the scam, you get a call and a recorded message that says it's Amazon. You can report timeshare resale scams to the Federal Bureau of Investigation and Federal Trade Commission as follows: Federal Bureau of Investigation Minneapolis Office 1501 Freeway Boulevard Brooklyn Center, MN 55430 (763) 569-8000 www.fbi.gov. SellMyTimeshareNow has more than 75,000 timeshare rentals and resales in their database and boasts partnerships with brands such as Marriott, Hilton, Disney and Wyndham. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. While maintenance fees are a legitimate cost associated with owning a timeshare, they can also be used as a tool in timeshare scams. One of the most common timeshare scams is the timeshare resale scam.
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