Question: Dear Steve, I had 2 mortgages from timeshare accounts default a couple of years back. One had the debt discharged in 2018, and the creditor issued a 1099c for the remaining balance. This was included as income in our 2018 return. The second one foreclosed in 2019, and the “credit grantor reclaimed the collateral …
Question: Dear Steve, While working great job I purchased timeshare in Florida near Disney. Lost job no longer able to pay. They just sent me a settlement on the foreclosure but said it will be a $950 processing fee I would like to complete the deed in Lieu but how can they charge so much …
Question: Jon, We have a timeshare contract in the USA since last year. We cannot afford to make payments anymore. I would like to know if I have a repossession in the USA. Would that affect my credit score in the UK? I’m a resident in the UK. Angela Answer: Angela, Help to clarify a …
Question: Dear Steve, I bought a vacation property at Lake of the Ozarks. It. It is free and clear, but the fees are killing me. The seller refuses to take it back and I have been trying to give it away with no success. If I quit paying the charges, do you think they would …
The Federal Trade Commission is mailing 8,088 refund checks totaling nearly $2.7 million to consumers who paid an up-front fee to re-sell their unwanted timeshares. The average check amount is $332, and it must be cashed within 60 days, as indicated on the check. According to the FTC’s complaint, between November 2011 and December 2016, …
American Resource Management Group (ARMG) and its affiliated companies have filed for Chapter 11 bankruptcy protection while the alleged primary law firm for the company, Fort Lauderdale based Totten Franqui Davis & Burk, has recently filed for Chapter 7 bankruptcy. According to Brian Bandell with the South Florida Business Journal, American Resource Management Group was …
A great person I know asked me about a Dave Ramsey recommended company named Timeshare Exit Team. – Source It seems I’m not the first journalist to get asked that question. Knowing nothing about the company I did my usual look at the information available. The company says it is located in a number of …
CHARLESTON, WV United States Attorney Booth Goodwin announced today that David Brandon Ball, 35, of Charleston, was sentenced to 37 months in federal prison for defrauding timeshare owners throughout the United States and Canada. Ball and an associate, David Andrew Glynn, formed Mountain State Resales, LLC (MSR), a bogus company used to defraud timeshare owners …
“Dear Steve, My wife and I purchased a time-share at Capital Cove thru Wyndham near Washington, D.C. During a follow-up session my wife and I were told we had to upgrade or we would not be able to keep our perks of being VIPs in the company. After several attempts to make reservations, 10 months …
The FTC gets clever and puts of a great infographic on timeshare resale scams.
