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  • The steps below need to be completed to settle your case:

    • Accrued Weeks/Points – Any amount of unused weeks/Points that have been banked to be available for use for the current calendar year.
    • APR – Annual Percentage rate is the annual interest rate you pay on your timeshare loan.
    • Assessment Fee – Fees that are separate from your maintenance fees that are used for major repairs and refurbishment of the resort that are split amongst the owners.
    • Assessment Lien – A lien placed upon the timeshare owners interest in the property for failure to pay an assessment and is potentially the start of the foreclosure proceeding.
    • Assignment – The ability of the timeshare developer to transfer the mortgage debt owed on a timeshare to another company to collect. The owner does not have to be late on their payments for this to occur.
    • Bank – The depositing of a week/points within a resort in exchange for time/points at another resort or to use for the next calendar year.
    • Bonus Week/Points – Additional points given to a timeshare purchaser by the resort as an incentive for purchasing more weeks/points. It generally must be used in a specific time period from the date of the purchase.
    • Consolidation – The combining of two or more timeshare mortgages into one loan.
    • HOA/POA – Homeowner Association. The Homeowners Association is generally responsible for mortgage and maintenance decisions at the resort.
    • Judicial Foreclosure – This is a litigation proceeding initiated by the resort to recover the property and the outstanding debt when an owner fails to pay the mortgage, maintenance fees or assessments.
    • Maintenance Fee – Fees assessed to the owners for the upkeep of the property. These fees cover taxes, insurance and maintenance such as landscaping, pool maintenance, etc.
    • Non-Judicial Foreclosure – A foreclosure proceeding not initiated in court to recover interest in a timeshare for the owner’s failure to pay the mortgage, maintenance fees or assessment. This is often followed by a lawsuit to recover the outstanding debt.
    • Ownership Interest – the portion of the weeks/points and owner has in a specific resort property.
    • Rescission Period – The time period in the contract in which the owner can rescind the contract and get a refund. This period is generally set forth by state law and is sometimes referred to as a cooling off period.
    • Rescind – The right to cancel a contract and receive a refund of any amount paid for the timeshare.
    • Resale – A timeshare that is resold by either an owner or third-party entity after it was originally purchased from a resort.
    • Special Assessment – A fee issued by a resort for repairs or refurbishment of the resort. This generally follows major damage to the resort as the result of water damage or a natural disaster.
    • Up Front Fee – A fee which is charged upfront before starting the process of listing a timeshare for resale.
    • WRAP Fee Wrap fees are the schedule of bundled rates that are charged to an investor. Instead of charging a separate fee for each service that is extended to the client, a brokerage or other type of financial service will provide the investor with a blanket charge for all services that are included in the program.