For some people, vacation timeshares probably sound like a no-brainer. They travel very frequently and basically need a home away from home. Well, that’s usually how the sales pitch goes. Once you get into a timeshare, figuring out how to get out of it is much more difficult.
Everyone’s story is different. Maybe you got into one when you were younger or before you had children, and now it’s just sitting there without any use. Or maybe, your financial situation has changed and you need to get out of it.
Whatever the reason might be, you probably feel trapped. The sad truth is, 85% of timeshare owners feel the same way. That’s a huge majority. Although tricky, there are ways to get out of one. Let’s explore how are you can as well.
For those that aren’t familiar, a vacation timeshare is where owners purchase the right to use that vacation property for a set period of time. This time is often the same week or so of every year.
this is typically done by people that love to travel to a particular location every year, but you cannot afford to purchase a property of their own. Instead, they opted to own part of a property and only use it during their allotted time.
Getting out of a timeshare is a bit of a tricky thing. For the most part, you are under contractual obligation to pay for it. You can simply just stop making payments and exit. There are different strategies and ideas that you can take to get out of a timeshare.
1. Use the Recission Period
If you have just gotten into a timeshare, then you might be in luck. You can typically cancel your purchase but do you have a very short window to act. Generally, you have 5 to 15 days after your purchase will you can legally resend the contract.
If you reside in the United States, it also depends on the state. These laws depend on where the timeshare is located, not where you live. If your timeshare is in another country, then you might have to do some research on what Recission laws they might have.
The rescission period May start on the day you signed the contract, or maybe the day you bought the timeshare. To know exactly what’s the time frame you lie, make sure to read through the contract documentation and disclosure.
If you find out that you are still within the rescission period, then you’re in luck. Oh yeah of to do is write a cancellation letter to the resort and send it over there away. Remember, some Resort might be sneaky and try to hide the fact that your letter was delivered in time, so make sure to do your due diligence. If you don’t have any address information, they are legally required to give it to you, so go out to the fight.
If you are outside the rescission period, then this tactic won’t work for you. Instead, read further to see what other options you have.
One of the best ways you can sell it is by hiring a timeshare real estate agent. These individuals are not commonplace, but with a little research, you can find an agent that can help you sell your timeshare.
Once you have an agent on hand, they can help you figure out what the value of your timeshare is, and help you sell it. However, expect to pay some kind of commission from their services.
On average, you can expect to pay about 10% off the investment costs when selling your timeshare with an agent. Sure, this might cost you thousands of dollars but save you thousands more than being trapped.
If you can’t find an agent to help you, you can list your timeshare for sale online. There are websites out there that allow you to list your timeshare for sale. Make sure to choose a website that doesn’t require an upfront fee. You really don’t need to pay anything to list a timeshare for sale. It’s a waste of money.
Sure, this might seem like it wouldn’t work, but they are cases where it’s sure did. Depending on your paperwork, selling your timeshare back to the resort might be an option.
Chances are, this might not be an option, but you might sell it back to the resort for a loss. If you really wanted to get out of a timeshare, it might be better to eat a couple thousand of dollars in losses, than paying for a timeshare that you won’t use for years to come.
4. Hire an expert group to help you
This is typically a last resort, but an option nonetheless. You can always opt to hire a timeshare exit expert to help you exit your timeshare contract.
Companies such as Timeshare Exit Team and Timeshare Termination Team Claim to do just that. Although I have no affiliation or experience using companies like these, always make sure that you do your research on the Better Business Bureau to make sure that they are trustworthy.
some of these expert groups are so confident of their service that they offer a 100% money back guarantee on getting you out of a timeshare. Definitely a worthwhile investment if you want to figure out a way to get out of a timeshare.
Do not stop making payments
Now that we have listed your options, here is some very good advice for you. No matter what, do not stop making your payments.
It’s very tempting to just stop making payments and hope that they go away. Unfortunately, they will not just go away. Not making payments with only make things much worse.
If you stop making payments on your timeshare, they will turn you on paid to dues over to collection agencies. Here comes the 24/7 phone calls demanding those payments.
What’s even worse is that if you don’t make your payments, your timeshare will go into foreclosure. Just like a house, it’s treated similar to how a mortgage is. This ends up costing you much more money in legal fees, and might completely ruin your credit score. Not worth it.
If you want to get out of a timeshare, it’s going to be quite tricky but not impossible. The options I have listed above are definitely worth giving a shot.
If all else fails, then hiring an expert group might be your only option. If done right, you can exit a timeshare scott-free and with your finances and credit in check.
Like it? Pin it!