Timeshare properties are in many ways like conventional properties – after all, this type of property is also related to a building that is constructed on a plot of land. However, they are in many ways different from standard residential property – unlike in the case of real estate, timeshares have no or very little value for mortgage lenders, if you default on your mortgage payments, the lender will not be able to sell the timeshare for a price that is equal or higher than the amount of the loan.
Timeshares being slightly unconventional types of property, it can be difficult to find a lender willing to help you with the refinancing and even you do – there are some companies that provide loans for timeshares, too –, the loan conditions might not be very favorable. If you need financial help to finance your mortgage in any way, you can take out a loan against your home equity, your IRA or you can use your stocks or your life insurance for the timeshare refinancing process, or even get rid of it with help from Timeshare Termination Team of Denver. If these options don’t work for you, you can also try to sell your timeshare, though you should be prepared that the process can take long and the price you can get for your timeshare might be less than you expect.
Original Post on: Is It Worth It to Refinance Your Timeshare?
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