Owners Financial Services is a consulting firm that specializes in asset management, and may be able to help you exit a timeshare. They have two locations; the main headquarters are in Norfolk, Virginia, and another satellite office is located in Santa Fe, New Mexico. The firm offers multiple services and areas of practice and was founded by Michael H. Michaud, Esq., an attorney located in Duluth, Georgia, in 2015. While it has been in operation for six years, Michaud has been licensed for 22 years, and he actively practices, among other areas, business, real estate, and property law.
Owners Financial Services Website
The website for Owners Financial Services is clear and easy to navigate, and looks quite professional both in terms of design and content. Regarding the content, there is a great deal of rich information about asset management in general, as well as what to do in different situations of dealing with what the firm calls “toxic assets.” This includes not only timeshares but also second homes, underwater mortgages, and other forms of corporate and personal real estate. In spite of a few dense paragraphs on the Services page, it is mostly easy to read and digest, particularly if you are focused on a very specific problem with a toxic asset.
A “toxic asset,” in the terms Owners Financial Services outlines on their Frequently Asked Questions (FAQ) page, is any asset whose cost of keeping it majorly outweighs the benefits its owner or manager receives. A few key patterns to look out for include required interest payments that do not help build equity, or being unable to mitigate rising management or maintenance costs. Timeshares tend to fall into this category, and as such can be considered a toxic asset that you may be able to get help cancelling through this or another company.
We found that both the Services page and the FAQ page presented most of the information a potential client would need to make a decision about working with this consulting firm. True to their being consultants, Owners Financial Services uses these pages to delve into the details of specific situations and analyze what your options might be.
Most promisingly, Owners Financial Services starts off their FAQ with insights on how to spot predatory sales tactics when it comes to assets and properties. These tactics are important to be aware of, as they are typically what lead to people investing in timeshares and vacation properties when they are not truly qualified or do not have the resources to manage them.
Where Exiting Your Timeshare Comes Into the Picture
Beyond the issue of sales tactics, Owners Financial Services’ FAQ outlines a few other important details regarding timeshares and exiting them. Most notably, they state that anyone who solicits you to help you sell your timeshare does not have your best interest in mind, as it’s likely that they cannot actually do so. While it is not impossible to sell a timeshare, it is not wise to do so through a party who approaches you first. Not to mention, such companies or parties typically ask for upfront fees, which almost guarantees that they are not truly looking to help you sell. We have pointed this out on our website in several places as well, and it is refreshing to see a consulting firm privy to this truth and willing to provide that information to clients on an initial basis.
Other situations that they address on their Services page include the following:
- Regular payments and maintenance fees for businesses and timeshares
- HOA fees connected with a second home or fractional real estate
- The effects of timeshares or fractional ownership on credit
The points about credit that the firm makes here are particularly interesting. We found on their Services page that Owners Financial Services is interested in debunking myths about credit, and helping you figure out how your timeshare investment has affected your credit score. What they present is a contrast between credit score and personal net worth. If a timeshare or similar property does not carry any intrinsic value, a high credit score is virtually insignificant, especially in comparison to the lowered personal net worth that comes from overinvesting in such a property. This aligns with what we’ve presented as well regarding how to exit a timeshare without ruining your credit, and most significantly that it is possible to do so. Working with a reputable timeshare company can mean recovering both your net worth and credit, and it is certainly a positive sign that Owners Financial Services, without making any outright promises, emphasizes the importance of both of these values and speaks to their being reparable.
The details on this website are backed up by the kinds of experience listed on the About page for the founder. Michaud is noted to have a background in real estate transactions, corporate governance and litigation. Before becoming a solo practitioner, he also practiced litigation and foreclosure defense as part of a firm he opened with colleague H. Scott Basham, Basham & Michaud, LLP.
Given these areas of expertise, we would be willing to conclude that Owners Financial Services is a firm with a solid foundation for working with people on exiting timeshares, as well as dealing with other difficult situations related to properties and assets.
Owners Financial Services Reviews
Owners Financial Services has an A+ rating with the Better Business Bureau, and several solely positive reviews from past clients on that page. We found a handful of Google reviews that gave similar feedback to the firm as well. Most of them are from the past few weeks, which may indicate that they are becoming more active and available to more cases.
Regarding the founding attorney, Michael H. Michaud, Esq., we also found largely positive reviews for his practice, and he has a relatively strong rating on Avvo. He does have one negative review, though it appears to be from a client who actually had a positive experience with Michaud and could not get in touch after the case ended. Since Michaud’s response was professional and reasonable, we would ultimately say this is not a major cause for concern.
Owners Financial Services Cost
We did not find any information about consulting fees on the Owners Financial Services website. However, they do note on their Services page that they do not require upfront fees, which is encouraging and a great place to start if you are seeking to work with a consulting firm. We always encourage people to make sure, when looking into exiting a timeshare, that they work with a company that does not require upfront payments and uses escrow. You can learn more about why escrow is important on this page.
Summary
Overall, Owners Financial Services seems to be a solid and professional consulting firm, and beyond that, a good source of information about not only timeshares, but other properties and assets as well. Because they are so keyed into what predatory practices look like, encourage mediation rather than litigation when it comes to serious or escalating situations, and are considered a nationwide firm, we would recommend exploring them as an option should you find yourself in any of the circumstances that they outline.
If you’re interested in discussing whether this or another timeshare exit company could help you in your current situation, feel free to get in touch with us using the live chat option, calling 833-416-8796, or submitting a contact form on the right side of the page.