In honor of the recent prosecution of a criminal timeshare fraud ring, American Resource Management Group, an Illinois-based company, releases the following advice to assist timeshare owners in avoiding these types of scams.
American Resource Management Group applauds the efforts of the U.S. Attorney in the Southern District of Illinois for the recent successful prosecution of a group of unscrupulous timeshare fraudsters, and is grateful that these bad guys have been taken off the streets.
U.S. District judge David Herndon fervently deemed Jose Manuel Goyos, Jr. guilty of "the most despicable scam in the world." The crime? Goyos is one of 50 people charged with running a fraudulent telemarketing operation that scammed over 7,000 timeshare owners out of $14.5 million dollars. To help fight this type of criminal activity, American Resource Management Group has, as a public service, developed a list of tactics that Goyos and his type frequently use to take advantage of desperate timeshare owners who want out of their contracts.
Likely, the reason Judge Herndon vilified the scheme with such passion is the fact that those who fell victim to the plot had already been victimized by the shady timeshare industry, which has become infamous for deceitful practices.
As testimony and evidence revealed, Goyos recruited recovering drug addicts into a "boiler room" call center with the purpose of cold calling timeshare owners and claiming to have eager buyers for their timeshare properties. Since the collapse of the timeshare resale market several years ago, owners find themselves desperate to get out of iron-clad contracts with rising fees on properties that are basically worthless on the open market.
Goyos' employees, based in Palm Beach, Florida, would promise the timeshare owners to send a fee of around $1,000 or more to close the sale of their timeshares. Instead of selling any timeshares, they would simply pocket the money and make excuses to put the customers off.
In honor of the recent prosecution of the criminal timeshare fraud ring, American Resource Management Group, an Illinois-based company, releases the following advice to assist timeshare owners in avoiding these types of scams.
There are five crucial warning signs that must tip off potential clients of timeshare liquidation business to crooked methods.
Warning Sign # 1: The firm has actually initiated first contact with them without the timeshare owner's consent or prior expressed interest. The person on the other end of the phone likely mentions that they have a purchaser for their timeshare resort property. No trustworthy timeshare redemption solution corporation would call a timeshare owner and say that they have a prospect interested in buying a timeshare. Timeshares are literally being abandoned and given away, and still few to no folks are interested in taking on the financial liability. There is a glut of timeshares in the real estate marketplace listed on multiple websites for pennies. These listings sit there largely ignored for months or years with no bids or buyers, while desperate timeshare owners add more fees to their monthly bills.
Warning Sign # 2: The timeshare "resale" business has actually insisted you pay only by check. Outside of canceling the check while it is en route to the business, there is absolutely nothing you could do to obtain your cash back should you discover you've become involved in timeshare fraud.
Warning Sign # 3: The firm needs you to wire them your payment for services they have not yet rendered. Again, like Warning Sign #2 no credible company that was certain in the shipment of timeshare redemption services and client fulfillment would certainly demand payment in a form that had no opportunity of chargebacks.
Warning Sign # 4: If the company demands your individual call info featuring your financial institution details and/or social safety number, it is most likely their intents are dubious.
Warning Sign # 5: The company tells you that you could contribute your timeshare to charity and write the investment worth off on your taxes for a reduction. The IRS does not acknowledge a timeshare property as having any worth. Because there is no resale market for timeshares, there is no value in the "donation" of said home. There has been a current rash of folks who have actually gotten with such "timeshare contribution" business which have actually adhered to the guidelines they were given and claimed thousands of bucks in deductions on their taxes, simply to be examined later on. Consequently, they incur greats that can vary in the countless bucks ... and also the frustration and injury of an Internal Revenue audit.
There are trusted timeshare redemption business currently aiding timeshare owners unburdened themselves from higher costs, taxes and analyses. Openness of treatment, ahead of time cost disclosure and open interaction are the tricks to timeshare redemption success.