Fraudulent Transfer Companies
Transfer Companies may all sound good at first, but many either fail to achieve the goal, or in some cases never perform the promised “transfer” for a variety of reasons—both legal and ethical.
What really is needed is LEGAL ownership divestment ABSENT tailing liabilities.
Many outfits ‘claim’ to be able to transfer a timeshare, and they ALL take Upfront Fees, typically $3000-$5000 that may end up being NON-REFUNDABLE, but the harsh reality is that some are just simply clueless (and can’t finish), while others are a complete fraud (never intending to transfer anyone’s timeshare).
NON-PERFORMANCE and TRICKS… MANY ASK: “is this even legal??”
Unscrupulous “transfer” outfits plan to go out of business and walk away with customer’s money (only to reopen in another state under a different name). The Washington Public Interest Consortium was briefed by a very prominent colleague of the 2010 Conference of National Association of Attorneys General regarding these infamous operations that are labeled “Mushroom Corporations” because they pop-up in one state out of the dung… only to die off rapidly, and then resurface under new names in new states.
No matter the reason, if the transfer company does NOT finish its job, you will still own a timeshare!
[But go figure… they still want to keep your money].
The only way to avoid being scammed is to only pay upon satisfactory closing and proof of transfer.
The game here is that Consumers are forced under high pressure sales tactics to act immediately and relinquish up to $5000 to trust an “entity” that can go out of business tomorrow, leaving you stuck with your timeshare (and maybe no Deed). Having said that, it is not to disparage a highly-rated transfer company based upon industry associations, because a select few are perfectly capable of fulfilling a transfer.
BE EXTREMELY CAREFUL because the Industry is deeply immersed in Shark Infested Waters, so it’s a good idea to obtain research & reliable recommendations from a Lawyer you know who can subject such companies and offerings to scrutiny. When it comes to the unusually high fraud-rate and endemic nonperformance (the same result), these are extremely precarious waters to navigate, and further complicated by sophisticated tactics, deceitful schemes and hardball sales tactics that confront consumers.
THE PROBLEM WITH FRAUDULENT TRANSFERS — OWNER LIABILITY
Fraudulent Transfers may appear on a piece of well-crafted paper to have achieved your goal: BEWARE! If an owner’s resort is not transferred or liquidated correctly, sellers may have Secondary Liability for financial obligations as per contract or law and potential liability depending on individual facts.
MULTIMILLION AND BILLION-DOLLAR RESORTS MAY JUST FIGHT BACK
Lurking liabilities should be a concern to anyone who has self-protective instincts. Your resort may be friendlier, but a prudent person may not want to test a Resort that has been defrauded in a Sham Sale that costing the resort revenue and damage. Major vacation entity losses could be astronomical prompting them to seek protections.
"NEVER PAY ANYONE AN UPFRONT FEE TO SELL, RENT, CANCEL OR EXIT A QUALIFYING TIMESHARE"
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