Feb 18

Timeshare Relief Testimonial – Couple Has Timeshare Burden Lifted

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Since they purchased their Orlando timeshare in 2000, Sharon and her husband never ever used it. Yet, they paid the mortgage and maintenance fees dutifully until Sharon developed a tumor.

At the suggestion of their resort, they wrote a hardship letter to the resort to ask for some relief from the payments during the difficult time.  Well, the left-hand did not know what the right-hand of the resort was doing.  The resort management responded with a “too bad, so sad” letter according to Sharon and did not help.

In fact, the resort later sent a collection agency to recover the payments and charged a 25% interest penalty.  How Sharon could recount these memories and smile is amazing!  So, upon becoming clients of  Timeshare Relief, they had a gigantic burden lifted from them.

Watch the video again and see the joy and a physical manifestation of the removal of the invisible weight of timeshare ownership.

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Jul 24

Consolidated Resorts Bankruptcy Part IV – The Final Insult

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In the last post, we dissected what the lawyer for Consolidated Resorts had to say about timeshare owners and their claim to using their timeshare weeks.

According to the article by John G. Edwards in the Las Vegas Review-Journal, attorneys for Consolidated Resorts fear that some timeshare owners may stop making payments.  So Judge Linda Riegle authorized the companies to temporarily hire a company to start collection actions against delinquent timeshare owners, pending a final decision on a contract with a collection company.

So, timeshare owners must continue to pay their mortgages and payments even though the company itself is bankrupt?  Or, they’ll be threatened by a collections agency.  Given this fact, would you say that the timeshare there is an asset or a liability?

This article continues to explain how timeshare companies in the past financed major percentages of timeshare purchases and then were able to sell the loans on the secondary market – the same methods used on Wall Street that caused the now global economic meltdown.

The major creditor to the company is GMAC Commercial Finance which provided a $250 million line of credit as well as a $200 million  acquisition and development loan.  Other creditors included HSBC Bank USA, Textron and several thousand timeshare sales prospects who were promised four days in Las Vegas.

Consolidated and the 12 related companies filed for Chapter 7, which calls for liquidation of assets for the benefit of creditors.

Tahiti Village Resort in Las Vegas on the famed Las Vegas Strip had to close and in the process laid off over 1,200 employees and contract workers.

For Part V of this series, click on this Consolidated Resorts Bankruptcy Part V link

For Part I of this series, click on the Consolidated Resorts Bankruptcy Part I link.
For Part II of this series, click on the Consolidated Resorts Bankruptcy Part II link.
For Part III of this series, click on the Consolidated Resorts Bankruptcy Part III link.

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