To many unwitting timeshare buyers who get trapped in a timeshare sales presentation, vacation ownership is presented as an exotic, cost-effective way to take vacations for the rest of their lives. Unfortunately, most of the time they find out that timeshares and vacation clubs are costly, difficult to use, and come with never-ending pressure to upgrade and buy more stuff from the timeshare company.
Given the many problems that timeshare owners face, they often find themselves asking how to legally exit a timeshare. Is it even possible?
The good news is that you can legally exit your timeshare. There are, however, better and worse ways to do it. In most cases, you will want a team of experienced timeshare exit professionals, like those at Centerstone Group, to help. This article will help you understand your options so you can decide on the best exit strategy for you.
The top question most timeshare owners have is, “What is the easiest way to get out of a timeshare?” That would almost certainly be a contract rescission. Here, rescission is a legal word meaning that under a specific term of your contract, you can tell the timeshare company that you changed your mind and you don’t want it anymore.
If you have recently signed a timeshare purchase agreement and you are having second thoughts, canceling your timeshare agreement with a rescission is often the best way to go. Most states have laws that allow you to rescind within a certain period whether the timeshare company likes it or not.
Let’s say you go on vacation to Las Vegas, get swept up in the excitement, and sign a timeshare contract. Nevada law gives you a five-day rescission period in which to cancel your contract.
Be careful, though. This route has many traps for the unwary. Though state laws may seem clear, keep in mind that timeshare contracts will have their own special rules about how to properly cancel. For instance, they might require you to send a timeshare cancellation letter via certified mail to a specific address. If you mess up by not doing it exactly right, the rescission might not work.
For this reason, for a cancellation like this, it can make sense to partner with a timeshare exit company or lawyer to make sure that the rescission is completed correctly and on time.
You might be able to sell a timeshare on the resale market, but don’t count on it. Timeshares and timeshare points don’t sell for much, and you can often find desperate owners trying to sell them for $1 on eBay or Craigslist.
There may be some cases, like a deluxe deeded condo in Maui, where you might be able to sell, but those are uncommon. And even in that rare case, you’ll never get a profit based on what timeshare companies sell these units for on the resale market.
Again, not having an experienced professional at your side can cost you. So-called timeshare resale companies will often scam owners, piling on thousands of dollars more in upfront fees (which should always be a red flag with real estate agents) without reselling the timeshare as they promised. The only proper way to do it is with qualified realtors who can honestly evaluate and tell you the truth about your chances.
In their quest to discard unwanted timeshares, some owners ask whether they can transfer their timeshare ownership to a family member or a favorite charity. The question, though, is why you would want to. Responsibility for ever-increasing annual maintenance fees and assessments is usually not something you’d want to give a beloved family member or an organization you are trying to help.
In any event, most (if any) charities won’t accept the donation of a timeshare. The people who run charities understand that timeshares have no real value. For this reason, there are no non-profit organizations currently stating that they will accept donations of timeshares.
Even if gifting or donating were something you’d like to consider, you’ll need to take a look at your contract before you do anything. Many contracts do not permit you to transfer them without permission. For example, Westgate Resorts has a special program that you must use to transfer a contract.
Keep in mind that you’ll likely also need to pay a hefty transfer fee to the timeshare company.
Many timeshare resorts have programs, often called “deed-back programs,” where they may accept an owner simply giving back a timeshare. (For example, Wyndham has a Certified Exit program.)
Note, however, that you probably won’t be able to use this option unless you have paid off your timeshare’s mortgage completely and are up to date on all of your maintenance fee payments. You’ll also have to pay the resort a fee, of course. If you’re already drowning in fees and other timeshare costs, this might not be the best option.
Yes, you can force a timeshare company to end your contract, but this is very difficult to do by yourself. Centerstone Group specializes in these kinds of cases, and its professionals have decades of experience in the timeshare industry. They put that experience to use with a proprietary pressure campaign, in which timeshare companies often finally relent and release Centerstone Group’s clients.
Sometimes, there may be a legal issue. Perhaps you were defrauded into buying your timeshare contract, or there is another legal reason it is not enforceable. In that case, a timeshare lawyer can be helpful. Centerstone Group can also help you get the legal help you need as well as preferred legal fee rates.
Finally, we’ll talk about the worst thing you can do: just stop paying the fees and mortgage payments on your timeshare. Less ethical exit companies might even tell you that this is a valid option. It is not. You might suffer a foreclosure, the timeshare company may get a judgment against you, and your credit score could take a nosedive.
Abandoning your timeshare is a terrible decision. If you feel stuck and don’t know what else to do, call Centerstone Group for a free consultation, and let us help you find a better way.
Getting out of a timeshare is hard because timeshare companies make it that way. They want you to believe that there is no hope. Centerstone Group is here to show you that you do have control, and we can give you real options. We are an A+-rated company with the Better Business Bureau (BBB), and we have many satisfied customers who can testify to our results, proven by our 4.77-out-of-5-star reviews.
If you want to get rid of your timeshare and be in control of your life again, give us the chance to show you the best way to do that. Contact us to get started.
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