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.