In its latest effort to battle timeshare fraud, VO Financial Corporation, a consulting firm with offices in five states that assists timeshare owners in eliminating debt incurred as a result of their timeshare developer’s deceptive sales practices, announced today the filing on behalf of timeshare owners a complaint with the New Jersey Department of Banking and Insurance to investigate timeshare developers for issuing mortgages to timeshare owners without a license.
After confirming that the timeshare developer at issue is not registered with the National Mortgage Licensing System & Registry (NMLS), VO Financial Corporation also learned that the timeshare developer is not licensed in the State of New Jersey to issue consumer loans (less than $50,000) or residential loans (more than $50,000), despite the fact that it has issued mortgages to all of its timeshare owners that cannot afford to pay cash to purchase their timeshare interest in full. If it is determined that the timeshare developer is issuing mortgages without a license, the New Jersey Department of Banking and Insurance could assert its authority to issue a fine and require the timeshare developer to obtain a mortgage license. If the timeshare developer does not comply, the New Jersey Department of Banking may issue a cease and desist order to require the timeshare developer to obtain a mortgage license prior to issuing any further mortgages to its timeshare owners.
Timeshare owners may come forward to VO Financial Corporation to aid the New Jersey Department of Banking and Insurance in its investigation of timeshare developers for issuing mortgages without a license. VO Financial uses its experience, knowledge, and innovation to help timeshare owners eliminate debt that they have incurred as a result of their developer’s deceptive sales practices. In addition to providing debt reduction services, VO Financial also assists timeshare owners to secure debt-free vacation ownership opportunities and vacation plans that meet the most esteemed standards of luxurious travel to incredible destinations.
