Because most timeshares in Mexico are of the right-to-use variety, you won’t face a foreclosure if you default on the payments. But the resort could potentially report the delinquency to credit agencies, sue you for the past-due amounts, or turn the debt over to a collection agency.

How can I get out of a timeshare in Mexico?

In Mexico, there is a five business day grace period to cancel a timeshare contract. If you are within the rescission period, hire a Mexican real estate attorney to send a certified letter to the resort requesting a cancellation of the contract.

What happens if I just stop paying on my timeshare?

If you stop paying it, the timeshare company will do whatever it takes to collect. They’ll make phone calls and send letters, then they’ll assign it over to (you guessed it) a collections company. If you still don’t pay, the situation sinks even further into foreclosure and possible legal action against you.

How much does the average timeshare cost?

How much does a timeshare cost? The average cost of a timeshare is $22,942 per interval, according to 2019 data from the American Resort Development Association (ARDA). Annual maintenance runs $1,000, on average, but can vary based on the size of the timeshare, ARDA reports.

What do you need to know about timeshares in Mexico?

Generally, with Mexican timeshares, you’ll receive the right to use one or more units for a specific number of weeks, during a certain number of years. You will have to pay an initial purchase price and periodic maintenance fees, which are likely to go up each year. If you purchase a timeshare in Mexico, U.S. laws don’t apply to the transaction.

Are there any timeshares in the Riviera Maya?

Timeshares in Mexico offer it all; from relaxing on the beach to watersports or exploring ancient ruins, there is something for everyone to enjoy. The Riviera Maya region of Mexico is the fastest-growing resort destination in Mexico, with fantastic timeshare resorts springing up throughout the area.

How to buy a timeshare for thousands of dollars?

The criminals often pose as real estate brokers representing a buyer who will purchase a timeshare for thousands of dollars, his office said. The fake deal requires the consumer to pay money for taxes or put money into escrow. The consumer is directed to wire money to accounts in Mexico.

Can a timeshare salesperson give you a vacation certificate?

Mexican law prohibits timeshare salespeople from offering gifts, free vacation certificates, or any other promotion strategies without informing the consumer of the specific purpose of the offer, but this doesn’t stop salespeople from using this tactic.