Transfer Smart News: Increasing Foreclosures in Texas Includes Mostly Timeshares

Currently in US, the state of Texas ranked 24th in the nation in foreclosures. This is up slightly by more than 2 percent from October, when the state ranked 28th. Locally, there are 10 home and 15 vacant lot foreclosures which were reported for November in Comal County. This also includes timeshares as evident by those owners who fail to pay and thus want to get out of their timeshares. In the said county, there are 47 foreclosures on timeshares.

The above-mentioned figures are higher than it was a month ago and it is nowhere near the highs recorded this summer. Meanwhile, Nevada, Florida and California have the highest foreclosure rates for the country. Of these, Nevada leads the nation, with one in every 119 housing units receiving a foreclosure filing.

On the other hand, according to RealtyTrac, Inc., the states of California, Florida, Illinois and Michigan accounted for more than 50 percent of the national total. In the case of Comal County, the increase in overall activity was caused by the high number of timeshare foreclosures. As Curtis Koehler of the Comal Appraisal District said, the numbers are high every month and they have people come to their office every month because of timeshares.

One of the most common questions about timeshares is what will happen if you stop paying the maintenance fee? This is usually asked by owners who are having difficulty keeping up with their timeshares. The consequence of that is timeshare companies will foreclose on your timeshare and this will wind up on your credit report. That’s why many owners want to get rid of their timeshares properly by hiring a credible timeshare transfer company such as the Transfer Smart. In this way, they can legally exit from their timeshares without hurting their credit reports.

0 Comments | More→

Transfer Smart News: Marriott Says Timeshare Sales 2009 will be Slightly Better

The recent economic meltdown had a drastic effect on every business including the timeshare industry. This did not only make several owners want to get out of their timeshare units but also make most consumers to resist in owning such property. But as most countries are on their way to economic recovery, there is still a light at the end of the tunnel for the timeshare industry.

The said recovery is evident as Marriott International, Inc., a worldwide operator and franchisor of a broad portfolio of hotels and related lodging facilities said that it expects to add approximately 38,000 rooms to its worldwide lodging system in 2009 thereby raising its guidance of 33,000 gross room additions for 2009 provided in its third quarter earnings.

The company also said that the systemwide revenue per available room (REVPAR) outside North America for the fourth quarter of 2009 should decline 14 to 16 percent. On October 8, the company have provided guidance of a 16 to 18 percent REVPAR decline for the fourth quarter of 2009 year-over-year for comparable systemwide hotels outside North America on a constant dollar basis. Also, a 13 to 16 percent REVPAR decline for comparable systemwide hotels in North America.

For its timeshare business, Marriott expects the contract sales of timeshare intervals in the fourth quarter of 2009 to be slightly better than the guidance of $185 million to $190 million the company provided on October 8. On the other hand, the successful completion of a note sale securitization during the current fourth quarter, with $37 million gain should enable Marriott's timeshare segment to outperform its expectations.

Currently, despite the number of owners who are trying to get rid of their timeshares while some even hire a timeshare transfer company such as the Transfer Smart, there are already signs that shows that the timeshare industry is on its way to recovery.

0 Comments | More→

Transfer Smart News: Chinese Travellers Warned of Timeshare Frauds

Nowadays, timeshare scams did not only gain the attention of people from top vacationing countries like US and UK but also to the other parts of the world. In China, Beijing citizens looking to travel abroad during this holiday season are being warned by local government to be cautious of timeshare vacation offers. Although timeshares become unattractive due to scams and many owners try to get out of their timeshare contracts, there are still many potential consumers including the Chinese citizens who will be interested in this form of vacation package.

According to Liu Dazhong, head of the consumer rights protection department of the administration, consumers might be cheated by lucrative promotions like 'traveling around the world' or 'buying timeshare services as an investment.' He added that sometimes timeshare companies boast that consumers can purchase the rights to use a hotel resort for 20 years, but then disappear with the cash. Liu stressed out he wants to slow the growing number of consumers being cheated by scams with elderly people emerging as the largest target group.

As part of the administration's month-long campaign to warn consumers about timeshare scams that was launched last weekend, as many as 260 notice boards were set up in busy shopping malls like SOHO Shangdu and The Place.

The concept of timesharing was quickly adopted by developers worldwide. While many were lured into this form of vacationing, many owners are also having difficulties with their timeshares due to its number of disadvantages. As a result, these owners want to get rid of their timeshares while some even hire a timeshare transfer company such as the Transfer Smart. Unlike the timeshare industry in countries like US which is now mature, the Chinese market continues to lack regulation and its consumers must be warned to fall trap into these frauds.

0 Comments | More→