I Received 1099-C Forms on Timeshares But My Credit Report Shows I Still Have a Balance

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 … Read more

Do I Really Have to Pay a Fee to Hand Back My Timeshare Using a Deed in Lieu of Foreclosure?

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 … Read more

Can We Stop Making Payments on Our U.S. Timeshare if We Live in the UK?

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 … Read more

FTC Sending Refund Checks for Nearly $2.7 Million to Consumers Defrauded in Timeshare Resale Scheme

Timeshare Resale

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, … Read more

Law Firm and Others File for Bankruptcy Protection After Pushback From Timeshare Companies

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 … Read more

Timeshare Exit Team, Reed Hein & Associates and Dave Ramsey – A Deep Dive

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 … Read more

Charleston Man Gets More Than Three Years in Federal Prison for Timeshare Fraud

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 … Read more

Will Wyndham Capital Cove Force Us Into Bankruptcy?

“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 … Read more

How Can We Go About Selling Our Timeshare Without Getting Scammed? – Lisa

“Hello again Steve. I have another question. My husband and I own a timeshare with Shell Vacation Club. It was paid off in January of this year. The monthly maintenance fees are $74. We don’t use the timeshare that much and we are considering selling the timeshare. I’ve heard its very difficult to sell timeshares … Read more

Should I Use GreenPath Debt Solutions and Sell My Timeshare? – Briana

“Dear Steve, I have $20,000 of credit card debt and I own a timeshare that I can use every other year. I am interested in looking for a path to be debt free and possibly sell my timeshare. I don’t know where to start, and I have heard that timeshares are difficult to sell. I … Read more

Thinking of Selling a Timeshare? Be Careful. Deception by Marketers Still a Problem.

The Federal Trade Commission today announced the owner of a telemarketing operation that deceived consumers who were trying to sell their timeshare properties is permanently banned from the timeshare resale and rental business, and from all telemarketing, under a settlement with the Federal Trade Commission. The settlement followed a court ruling that the company violated … Read more

FTC Jumps in With Florida to Go After Timeshare Resale Deception

The Federal Trade Commission and Florida Attorney General Pam Bondi brought legal action against a timeshare rental/resale telemarketing business and its owner for allegedly deceiving thousands of consumers throughout the country into paying up to $2,000 based on false promises that they had buyers or renters lined up for consumers’ timeshare properties, and then failing … Read more

Couple Banned from Telemarketing and Timeshare Resales

The Federal Trade Commission put the telemarketing and timeshare businesses off-limits to a south Florida couple who allegedly operated a deceptive telemarketing scheme that victimized property owners hoping to sell their timeshares. Pasquale Pappalardo and his wife, Lisa Tumminia-Pappalardo, agreed to settlements with the FTC that permanently ban them from telemarketing and engaging in timeshare … Read more