While many owners today try to get out of their timeshares, those current owners who still have their units are vulnerable to scams and fraudulent activities. Recently, there's a new warning from the Better Business Bureau about timeshares. Such fraud is targeting thousands of people across the country.
One of the victims is Patricia Valdez who had been trying to get rid of her timeshare. She received a promising phone call guaranteeing to sell her time share for a fee of $1,500. She paid the money and after that, she never heard from them. When she tried to call there, they would not answer the phone.
The Better Business Bureau says this is one of the top scams in the country. According to Michael Galvin of the BBB, millions of dollars are being taken from the general public on this scam. The BBB has been flooded with complaints from thousands of timeshare owners saying they get a phone call from a company with a hard to resist offer promising to sell their timeshare immediately.
Meanwhile, Lisa Ann Schreier, who calls herself the "Time Share Crusader" and writes consumer advocate books said, in these times where people are struggling to make their regular mortgage payments, lots of consumers are cutting back and, so, therefore, they find they're not using their timeshares or they can't afford their mortgage payments and/or annual fees.
On the other hand, the Better Business Bureau says if a company calls you and insists that you pay upfront, it should be a red flag. Also, if you think you've been taken by one of these companies, file a complaint with your states Attorney General. In a tough economy, struggling families look for ways to reduce their expenses and one popular option is to unload their vacation properties such as timeshares so they can recoup their investment and stop paying maintenance fees.