Do you love taking vacations to enjoy rest and relaxation in sunny, magical Mexico? If so, did you know that there are many perks that come with owning a Mexico timeshare? It’s true! In general, vacation club members are extremely thrilled that they invested in a timeshare and therefore are guaranteed to always have the best accommodations, amenities, and services at their timeshare resort. Also, they enjoy saving money on travel expenses over time by prepaying for future getaways at a locked in rate. However, a timeshare owner should know that there are risks involved if they don’t pay required timeshare dues and maintenance fees. Paying your dues in your membership contract is legally binding and goes towards keeping vacation units and common areas in pristine condition all year long. In the meantime, keep reading below to learn the consequences of timeshare default.
Mexico Timeshare Information
To start with, buying a timeshare in Mexico is a wise investment in 2023 and 2024, but you need to choose a reputable provider that has an excellent reputation like Garza Blanca Resorts. Owned and operated by the prestigious Tafer Hotels & Resorts, they offer vacation club memberships so travelers can always have comfortable accommodations and the top amenities with each and every vacation. Plus, their vacation club members save money over time because the Garza Blanca Residence Club, their timeshare ownership program, uses a points-based system that locks in the low rates. To officially join, new timeshare owners will sign the timeshare membership contract, pay a deposit, dues, and maintenance fees. Paying the maintenance fees will keep your vacation unit and the resort in excellent shape year-round. As a result, every time you visit you will be satisfied with the condition and quality of your vacation accommodations and amenities.
Consequences of Timeshare Default
To start with, the first step to learn about joining a vacation club is to attend a timeshare presentation. Once a traveler decides to join, the new timeshare owner will sign the timeshare contract that is legally binding along with agreeing to pay their regular payments so they can use their vacation unit each year. The dues and maintenance fees must be paid on time. If you default on your payments, then you can expect serious financial consequences to come your way! There are long-term and immediate consequences that you will want to avoid, and you can do that by paying your timeshare payments on time. You don’t want to ruin your credit, face foreclosure proceedings, and potentially more negative consequences. Plus, if you are not in good standing with your timeshare payments, you are not able to use your vacation unit. As a result, you and your family will not be able to enjoy an amazing vacation if your timeshare payments are late.
Credit Score Importance
Next, do you realize how important it is to have a good credit score? If you want to purchase a new home, car, or anything with a loan, your credit score will be evaluated to determine if you are eligible to get the loan. Likewise, you will earn a bad credit score if you are not paying your timeshare payments or other payments on time. Your credit score will be affected negatively which will make it harder for you to get a loan. For example, anytime you want to purchase any large or expensive items on credit, your credit score will be checked and you may be denied a loan if you do not have a good credit score. However, you can prevent any credit issues by always keeping your timeshare payments paid on time so your credit score will remain great. You don’t want to deal with any collection agencies or debt collectors, do you?
As you can see, there are several serious consequences that will come with timeshare default. To avoid problems, you want to make sure you honor your financial obligations in regards to your Mexico timeshare. If you don’t pay your payments and dues as promised, you will lose money, add stress to your life, and your credit score will be affected. If you are interested in buying a timeshare in Mexico, then check out Garza Blanca Resorts. They are a reputable timeshare provider that has a quality timeshare ownership program with thousands of satisfied owners. They have luxurious beachfront suites at high-end properties in Mexico’s top destinations such as Puerto Vallarta, Cabo San Lucas, and Cancun. Plus, their amenities and services are world class, too. Ready to learn more? Contact them today to book a vacation to paradise and sign up to attend a timeshare presentation, too.
