Life Sentence: Contractual Obligation to Pay a Timeshare Contract for Perpetuity
Many timeshare owners feel trapped in their timeshare and feel they have nowhere to turn for help. They have likely already called the resort to see about getting out of their timeshare contract. In almost all cases they were told that is not possible. The main reason is that almost all timeshare contracts are written in “perpetuity”.
What is perpetuity you ask? It is just a fancy way of saying for the rest of your life. In fact, it is literally translated into “for the rest of life”, not just your life, but also the lives of your children and your children’s children.
Another game the timeshare resorts will play is to say something like; “soon as you pay off the mortgage of the timeshare, we will buy it back from you.”
This leads many timeshare owners to either borrowing money to pay the mortgage off or pulling funds from savings to pay the mortgage off. The problem is we have seen the resorts come through on this promise maybe 2-3 times out many thousand instances.
The timeshare resorts and developers are focused on one singular task; taking as much money as possible and rendering as little service in return as possible.
And once they have your money (down payment) and have locked you in to paying them for the rest of your lives (maintenance fees vis-à-vis lifetime contract), they have no intention of giving any of it back or releasing you from your obligation.