How to Get Out of a Timeshare
Getting out of a timeshare can be hard, but since there are various ways, you can choose an option according to your situation;
- Rescind your timeshare contract if it is recently bought.
- Contact your timeshare developer to take it back if the rescission period has ended.
- Sell your timeshare to get rid of it.
- Hire a third party to help you get rid of your timeshare.
- Hire a timeshare exit company to help you with timeshare cancellation.
- Work with a timeshare attorney to help you legally exit your timeshare.
All these options can help you cancel your timeshare contract. Rescinding the contract is by far the easiest way out of a timeshare and it’s free of cost. But, if you have missed your rescission period, you will have to pay something to get rid of it. For more information on the various cancellation options mentioned above, keep reading.
Utilize Rescission Period and Rescind Your Timeshare Contract
The rescission period can be used only if your timeshare is recently bought. You might not know about this, but you can give back your timeshare to the resort. They will have to refund you if you are still within your rescission period. To determine the exact duration of your timeshare’s rescission period, you gotta go through your contract. You can find the information at the end or start of your timeshare contract.
Write a Rescission Letter to Rescind Your Contract
If you are still in your rescission period, you have to act quickly. All you need to do is write such a cancellation letter that the timeshare resort can’t reject. Write the letter according to the rescission laws of the state where your timeshare is located.
Your cancellation letter has to be flawless, so there is no chance of getting rejected. For more information on state rescission laws and how to write a cancellation letter, contact my team of experts.
How to Give Back Your Timeshare if the Rescission Period Has Ended?
Most timeshare owners miss their rescission period because they are unaware of this option. Timeshare companies hide it so you can’t get away. They will lose a bunch of money if you successfully exit your timeshare. So, like most people, if you too have missed your rescission period, you can still give back the timeshare to your resort.
Exit Programs Offered by Timeshare Companies
Many timeshare companies offer exit programs to timeshare owners. Let’s take the example of Diamond Resorts, owned by Hilton Timeshare Resort. These timeshare companies offer different cancellation options for different types of timeshare contracts. Just like this, your timeshare company must be offering some type of cancellation option. So, as an expert, I suggest you contact your timeshare developer and discuss this issue with them. If the developer or your timeshare company, contact my team. We will help you determine whether your resort offers any exit program or not. And how you can exit your timeshare using that program.
If, unfortunately, your timeshare resort does not take back the timeshare, your next option is to sell it by yourself. To learn more about this cancellation option, keep reading.
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Sell Your Timeshare
Timeshares are worth literally nothing, so they are difficult to sell. A lot of timeshares available are to be purchased on the Internet. Besides, assuming you need to cancel a timeshare, a timeshare sales rep will try to change your mind.
Locate Your Original Timeshare Contract
To begin with, locate your original timeshare contract and any other related papers. The location, name of the timeshare or developer, size and description, and any amenities offered.
Check carefully to see if you have a “right to use” agreement or a real deed to the land. Determine the type of access you have to the timeshare. Do you follow a fixed week within the year, a floating week at a specific timeframe, a time each year depending on a points system, or another combination?
Pay All Your Due and Enlist Your Timeshare on Resale Websites
Remember to pay all your maintenance fees, accidental payments, HOA dues, and other hidden expenditures. You can use websites like eBay, Craigslist, and Timeshare Users Group to start the resale. Moreover, search for “sold” listings. They provide a more accurate indication of price than a listing, which frequently represents the owner’s optimistic estimation of the value of their timeshare. Consider your options carefully if a timeshare listing business tells you they are interested in marketing your timeshare. Spend time investigating prospective businesses by contacting the Better Business Bureau and the American Resort Development Association.
If you don’t want to go through all of this, as it can be quite exhausting, you can hire a third party to help you out.
Is it Recommended to Work With a Third Party to Exit Your Timeshare
There are a bunch of companies and individuals who can help you exit your timeshare. Many people don’t have much time on their hands or don’t want to go through all this hustle to exit their timeshare. If that’s the case with you as well, I suggest you work with a third party to get rid of your timeshare.
Third Parties You Can Work With
Now, you hire an exit company, a timeshare transfer company or you can work with a timeshare attorney. All these people can help you exit your timeshare peacefully. The only challenge is to work with someone who is legitimate and will not end up scamming you. If you have someone in mind who you want to work with to exit your timeshare, contact my team now. We are experts and will help you determine whether the individual is trustworthy or not.
Should You Work With a Timeshare Transfer Company
Many timeshare companies offer transfer services to their customers through RCI, etc. so, before you take a step, contact your timeshare developer first. You might be able to get the job done way cheaper. But, if the timeshare resort doesn’t offer any such service, hire a timeshare transfer company. Transfer companies are experienced in the field. They can help you transfer your timeshare through the vast network of connections they have in the timeshare industry. These companies often charge around $500-$3000. I and my team of experts started this review site to help people find illegitimate exit companies. Contact us so we can help you find a legitimate and reputable timeshare transfer company. But, if you don’t want to work with a transfer company, consider a timeshare exit company.
Hire a Timeshare Exit Company to Get Out of Your Timeshare
Reputable timeshare cancellation companies can help you cancel your contract by using legal clauses mentioned in your contract that you may have missed. They can also resell your timeshare by promoting it on their websites and presenting it in the market. It is easier for them to resell the timeshare as they already have connections in the market, which may make the resale procedures easier for you.
Escrow is Essential
As an expert, I always recommend exit companies that offer escrow as a payment option so you pay no upfront fee. Escrow is when a third-party company holds onto your payment while the timeshare exit process is occurring. If all is successful as promised, the escrow company releases your funds to the timeshare exit company. This will help you avoid an exit scam and save thousands of dollars. To learn more about escrow, contact us now.
If you don’t want to get involved with a timeshare exit company, as timeshare exit scams are quite common, you can hire a reputable timeshare attorney.
Work With a Timeshare Attorney to Cancel Your Timeshare Contract
A timeshare attorney will help you exit your timeshare easily and within the legal boundaries. Many timeshare owners think about stopping their payments when they get frustrated with the never-ending expenses of the timeshare. When they do this, their credit score gets damaged hence affecting their credit report. Keep in mind that fixing your credit report will take a lot of time. As an expert, I recommend you don’t take this step.
Research is Important to Avoid Scams
Research properly and hire a reputable and trustworthy timeshare attorney. Ask your friends, go through online websites, check reviews, etc. Ensure that you don’t fall for an exit scam. Losing thousands of dollars when exiting your timeshare will ruin your finances even more. So, make sure you work with reliable people. Or, contact my team, so we can take over and find a reputable timeshare attorney for you.
Final Thoughts
Being an expert, I aim to educate my readers about the various ways through which they can get out of their timeshare. I and my team of experts can help you find a legitimate timeshare exit company. The timeshare industry is rife with exit scams, and we don’t want you to be deceived by their tactics.
Reach out to us for assistance. We will ensure that the exit company you are working with is legitimate and reputable so you don’t end up losing thousands of dollars. Falling into a timeshare exit scam is the worst you can do to your credit score. Keep in mind that once your credit score is damaged, it will take a long time to repair it. So, it’s better to be safe than sorry.
How hard is it to exit a timeshare?
If your rescission period has ended, it will be a bit hard to exit your timeshare. Timeshare contracts are made to be this way. But, if you follow expert advice, you can successfully exit your timeshare.
Can you walk away from a timeshare?
The timeshare company won’t let you do that. They will make sure you pay every penny, so this is not an ideal option.
Is it worth getting a timeshare?
As an expert, I believe timeshares are not worth your money. It will lose value over time and you will most probably regret the purchase at one point.