Walking Away From Timeshare Maintenance Fees
Here is what you must know in order to walk away from your timeshare maintenance fees:
- You must not stop making timeshare payments just to avoid maintenance fees.
- You must exit your timeshare contract legally.
- Rescind your timeshare contract to avoid its expenses.
- Sell your timeshare to get rid of maintenance fees.
- Rent the timeshare so you don’t have to pay its expenses from your pocket anymore.
- Hire a timeshare exit company to help you walk away from your maintenance fees.
- Avoid exit scams when working with an exit company.
Timeshare maintenance fees increase over time, so cancel it before it becomes a burden. Maintenance fees are used to maintain the timeshare unit. But, one week of usage against such a hefty amount seems like a waste of money. Cancel your timeshare so you can walk away from these never-ending expenses. Keep reading to learn more.
Why You Should Not Stop Making Your Timeshare Payments?
Some timeshare owners stop paying their mortgage and maintenance fees once they realize it’s a huge burden. But, escaping your developer isn’t that easy. Exiting a timeshare contract and getting away from its expenses is not an easy task.
What Happens if You Stop Paying?
If you stop making your timeshare payments, your ownership will go towards default. The timeshare company can even stop you from visiting the timeshare. That’s not the real issue though. Stopping your timeshare payments will affect your credit score. This will stay on your credit report for seven years. Do you want to ruin your credit score to that point? I am sure you don’t want that. So, as an expert, I suggest you exit your timeshare legally and walk away from its maintenance fees the right way. There are several ways to exit your timeshare legally, keep reading to learn more.
How Can You Exit Your Timeshare Legally?
Through various ways, you can exit your timeshare. The advantage of exiting your timeshare legally is that you will not face any issues in the future. If you get rid of it in an illegal way, you will face issues with loans in the future as your credit score will be damaged. And let me tell you one thing, no one wants to lose money. The timeshare company will ensure that you pay all your missed payments, so there is no use in missing your payments.
Ways to Exit Your Timeshare
You can rescind your timeshare, sell it, rent it, or hire a timeshare exit company to help you exit it, so you can walk away from that maintenance fee. When you rescind your timeshare or sell or rent it, you won’t face issues like getting scammed, but when you work with an exit company, you must be aware. Timeshare exit company scams are common and I am sure you don’t want to waste any more money. So, keep reading to learn how you can cancel your timeshare using these options and how you can avoid scams along the way.
How Can You Rescind Your Timeshare Contract?
Rescission laws allow you to cancel your contract typically a few days after your purchase. A typical rescission period lasts 3-10 days. Depending on where you purchased it, it can even last for 30 days, you should look in your contract and find the rescission period mentioned on it. If you have bought your timeshare in that time frame, I suggest you contact your developer now to see what your rescission period is.
Cancellation Letter to Rescind Your Timeshare Contract
Typically, timeshare developers require you to submit a written cancellation letter by mail. If you
still qualify, I recommend you send the written cancellation letter immediately! Any documents submitted past your deadline will automatically disqualify you. This is why I suggest you purchase overnight mail. I recommend you read your contract and look for the timeshare cancellation policy. You can find it at the beginning or end of your contract. For more information on how to write the perfect cancellation letter, contact my team of experts now.
How Can You Sell Your Timeshare?
If you missed your rescission period like most timeshare owners, the next option is to sell your timeshare. This is the next best way to walk away from its maintenance fees. Selling your timeshare on your own requires a bit of time and patience. So, before you step in, keep that in mind. Selling your timeshare through resale websites will not cost you much. If you decide to advertise the timeshare in order to gain attention, the advertisement fee is all you gotta pay.
Worth of Timeshares
Another problem with selling is that everyone thinks their timeshares are worth thousands. I hate to break it to you, but that’s not the truth. If someone made you believe that your timeshare was a “good investment,” let me tell you, but that’s far from the truth. Almost every timeshare depreciates once purchased.
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Sell Your Timeshare
If you still want to sell your timeshare just to get rid of its expenses, you need to determine its price at first. In order to do that, you must go through the current market and compare it with similar timeshares. Compare amenities, contract type, location, views. After deciding upon a fair price, register the timeshare on resale websites like Airbnb, eBay, or SellMyTimeshare to advertise it and find potential buyers. To understand the process of selling your timeshare in more depth, contact my team now.
How Can You Rent Your Timeshare?
Renting your timeshare is another way to walk away from the maintenance fees. You are not exactly walking away but once you start to find renters, your timeshare will start to pay for itself. So, you won’t have to pay anything from your own pocket. Seems like a fair deal to me. If you don’t want to sell your timeshare, try renting it through rental websites.
Register Your Timeshare
If your timeshare company allows you to rent your timeshare, register it on websites like booking.com or eBay to find interested renters. Follow the same steps as that of selling your timeshare. But, ensure that your timeshare company allows it so you don’t face any legal issues in the future.
Should You Work With a Timeshare Exit Company to Walk Away From Timeshare Maintenance Fees?
A timeshare exit company can help you legally walk away from your timeshare maintenance fees. What could be better than that? This option might be a little more expensive than the other cancellation options, but it is also the most reliable one. If you succeed in finding a legitimate timeshare exit company, you won’t have to worry about a single thing.
Find a Legitimate Timeshare Exit Company
Now, the real challenge is to find a reputable timeshare exit company. The timeshare industry is full of scams. As soon as the timeshare exit companies started gaining popularity, people started to impersonate them and started scamming people. You might end up losing thousands of dollars if you are not careful enough. So, how can you find a legitimate timeshare exit company? Let me brief you.
How to Avoid Exit Scams and Find a Legitimate Timeshare Exit Company?
Before you start looking for a legitimate timeshare exit company, let me tell you that my team can help you out. Finding a legitimate timeshare exit company is time-consuming. And, I am sure you are tired of looking for an exit solution, now finding a reputable exit company will be hectic. So, I suggest you sit back and let my team take over this daunting task.
Importance of Escrow
But, if you wish to look for a company on your own, you can surely do so. Work with a timeshare exit company that offers escrow. Escrow is a payment option, this is when you pay a third party rather than paying the exit company. Escrow ensures that your money is safe until the exit company successfully cancels your timeshare.
Exit Companies with Good Reputation
Work with an exit company that has a good reputation as well. Look for customer reviews on websites like Better Business Bureau and Trustpilot. If the exit company has many negative or less number of reviews, don’t work with them. For more information on how to avoid exit scams and find a reputable timeshare exit company, contact my team now.
Final Thoughts
Walking away from your timeshare maintenance fees can be a lot of work, but it is equally necessary. Ensure that the route you are choosing is legal or you might end up with a bigger problem than owning a timeshare. Timeshares can be frustrating, but if the timeshare company takes legal action against you, it will be even more frustrating.
All the cancellation options mentioned above can help you exit your timeshare if used correctly. Ensure that you research properly and never pay upfront fees when working with a timeshare exit company. A reputable and legitimate timeshare exit company can help you exit your timeshare with ease.
FAQs
Do timeshare maintenance fees increase over time?
Many timeshare owners are unaware that their annual maintenance fees increase over time. That is because sales representatives don’t mention it. It has been reported that the maintenance fees increase about 4% annually.
How much will it cost to exit a timeshare through a Timeshare exit company?
Typically, companies that facilitate timeshare exits levy a fee ranging from $4000 to $8000. However, the cost can vary according to the complexity of your timeshare.
Why are timeshare contracts hard to cancel?
Timeshare contracts are designed that way by the resorts. They want you to keep paying the annual expenses like the annual maintenance fees and mortgage.