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You’ve contacted your timeshare to cancel, but that’s not an option. Filing bankruptcy isn’t your only choice. Read on about how to get out of a timeshare!
Timeshares can seem great at first. A lovely vacation every year? But you may not realize what you’re getting into when you first sign up.
Many timeshares charge an annual maintenance fee and more, plus they have a lot more restrictions that you may think.
At the time of purchase, you’re probably sure you’ll never want to cancel such a great deal, but that’s not always the case. Maybe your family size, income, relationship, or vacation preferences have changed. Maybe the timeshare itself has gone downhill due to lack of upkeep.
Many timeshare owners assume they can cancel without much issue if they ever change their mind down the line, but that’s not always the case. Read on to find out more about how to get out of a timeshare.
How to Get Out of a Timeshare
Canceling may be harder than you ever realized when you signed up.
You may have heard that filing bankruptcy is your only option to break free from the nightmare of debt collectors hassling you when you are just trying to get out of a timeshare.
Thankfully, that’s not the only choice.
In this article, we’ll breaking down everything you need to know about how to get out of a timeshare without declaring bankruptcy.
Cancel Your Contract
Always ask for what you want before assuming it’s impossible. Check your timeshare contract for the details on how to get out of a timeshare. Tell the resort you want to cancel.
Many timeshares will charge you an exorbitant fee to get out of your contract. Since you’ve already poured a ton of money into the timeshare, you probably aren’t too interested in this option.
In the likely event that they don’t make it easy on you to cancel, we highly advise that you hire a timeshare cancellation service to help you navigate this complicated process and avoid unfair fees.
With good representation working on your behalf, you can usually get out of your timeshare contract in less than twelve months.
You also have the option of selling your timeshare . Make sure you understand the rules and restrictions of selling based on your timeshare contract. The last thing you want is to deal with the hassle of contract violations.
However, you may find that it’s harder to sell your timeshare than you may think, especially if supply exceeds demand for that particular resort or destination. Perhaps this is a timeshare that you purchased a long time ago and the resort hasn’t maintained the appeal it once had. Or perhaps you just don’t like the timeshare vacation style as much as you anticipated!
You can hire a real estate agent to help you through the process, but know that most real estate agents who specialize in timeshares charge a higher percentage than for the typical property sale.
We recommend doing your research to find a time share real estate agent you can trust.
You can also choose to rent out your timeshare to help you cover the costs. As with buying, make sure you understand the terms of your timeshare contract before incurring contract violation fees.
To successfully find renters, do some research on what your timeshare is worth. It may not be worth what you paid for it, and that can be a tough pill to swallow.
However, renting is a great way to help balance out the fees, and it is typically much easier to find renters than buyers.
You can choose to give away your timeshare, which at least frees you up from the maintenance and other annual fees.
This is essentially a version of selling where you don’t make any money, you just free yourself from the responsibility of future fees. This is why donation is usually not an option since most charities don’t want to take on the burden of the contract any more than you do.
Beware of scams that will claim they have a buyer for you in an advertisement. Even if they do have a buyer, (which they probably don’t), they are likely to take a massive percentage of the sale or worse.
Beware of timeshare cancellation services without a outside general counsel. You need qualified advocates to guide you through this process.
Also, make sure you are working with an advocate to help you along the way rather than a salesperson who is just trying to make a buck off of your misfortune.
Don’t Just Walk Away
If you simply stop making payments on your timeshare, you will deal with the extreme hassle of debt collectors and eventually, face foreclosure. Foreclosure is very damaging to your credit score, so avoid it at all costs. If you’re already heading toward this issue, however, this is what you need to know.
According to MyFico , a foreclosure will stay on your credit report for seven years. The impact on your score will decrease with time, but it is still a major hit that can be hard to recover from. The good news: it’s not impossible to rebuild your score with time! Make an effort to maintain excellent credit habits in all other areas to help balance out this negative event.
While it may be comforting to learn that it is possible to come back from a foreclosure, we highly recommend going another route.
Click for more information about what to expect when terminating a timeshare contract.
For a deeper dive into the reasons a timeshare may be too good to be true, check out our article “8 Reasons to Avoid Buying a Timeshare Vacation.”
Primo Management Group will provide you with a team of advocates and timeshare experts that are dedicated to keeping you informed throughout the entire timeshare cancellation process. Plus, we offer a 100% money back guarantee. Check out our client reviews here.
We are different than the rest because we have an excellent staff to ensure your case is handled promptly and smoothly.
For more information on how to get out of a timeshare, visit our website. Do not hesitate to contact us with any questions or for a free consultation.