Everyone makes mistakes, and timeshare developers count on it. With their slick sales presentations and double-speak, these companies lure legions of unsuspecting people into signing contracts for “vacation ownership.” Once that’s happened, these new timeshare owners find themselves saddled with debt, ever-increasing annual maintenance fees, and timeshare products they can’t use.
Whether your regret came before the ink on your contract was dry or a year later, you might find yourself among that large group of people asking, “What is the best way to exit a timeshare?” When you are in a timeshare company’s grip, it might seem that you have no options, but that’s not true. There are legitimate ways out of timeshares. You just have to be careful about using them correctly.
In this article, you’ll find answers to several of the most common questions people have about the potential solutions to exiting their timeshare contract. Not every solution is a good one, though, so you need to weigh the options carefully.
Also, remember that no two situations are exactly alike. A timeshare exit company like Centerstone Group can look at your situation and discuss your exit options with you so that you find the most efficient, and cost-effective, solution.
Timeshare maintenance fees and special assessments are a huge drain on financial resources. Many owners lament that these payments only go up, not down, and of course they are on top of any mortgage that you may have for your timeshare. The weight of such a great expense has led many timeshare owners to simply question whether they should just stop paying and walk away.
Make no mistake, though: refusing to pay and pretending like the problem is fixed is a terrible idea. Timeshare developers can and will come after you for non-payment, which will definitely hurt your credit score. If they can, they will also foreclose on your timeshare interest. And if that foreclosure doesn’t cover everything you owe, they may even be able to go to court and get a judgment against you for the rest.
In timeshares, as in so many other things, ignoring the problem will only make it worse.
When you were sold your timeshare, you were almost certainly told that it was a real estate investment. Unfortunately, that’s not true. Even with a qualified real estate agent, timeshare sales are virtually impossible. That’s why so many owners turn in desperation to sites like eBay or Craigslist to sell their units for ridiculously low prices like $1.
In the worst cases, some owners are enticed by so-called “timeshare resale companies.” In reality, many of these companies are just scammers who charge large up-front fees and then abscond with the owners’ money without reselling anything. These scams trade on your desperation. If they sound too good to be true, that is a huge red flag, and you should get away as fast as you can.
Thus, owners find that they can’t even give their timeshares away. In this sense, the “timeshare resale market” is vanishingly small. With the possibility of a sale closed off for the vast majority of timeshare owners, their minds often turn to the best way to transfer a timeshare.
You may have more success getting out by transferring your timeshare interest to someone else, like a friend or family member, if your timeshare developer allows you to do so. (If they do, be prepared to pay them for the privilege of handing over your deed.)
The more vital question is: Why would you want to give the burden of a timeshare to someone you love? Many people who stand to inherit timeshares are actively looking for ways to avoid receiving them.
Some owners have wondered about the possibility of donating their timeshares to charity. While it’s theoretically possible, in practice no charity wants to take on the financial burden of a timeshare, as they know that these properties have no real value. Again, there is also the question of why you would want to financially burden a charity that you like and admire.
Having read through the bad news on the options above, you might think the outlook is pretty bleak. Don’t despair, though. There are legitimate, legal, and ethical ways that you can get rid of your timeshare, but developers don’t want to make it easy for you.
One way is with a contract cancellation under state law. Most states have laws allowing for a brief cooling-off period (also known as a “rescission period”) after a timeshare purchase. But beware, timeshare companies won’t make the process easy for you, and if they manage to trip you up, you’ll be stuck with the contract.
A timeshare exit company like Centerstone Group can help navigate you through this process to make sure you comply with the law and terms of your timeshare agreement so that you can have peace of mind and reassurance that you’re actually through with your timeshare.
Some larger timeshare companies may have “deed-back programs” or similar exit programs, which they claim will allow you to relinquish your interest and end your contract. Of course, like so much else, your ability to use these programs is up to your timeshare developer. If they say no, they won’t let you in the program.
The question then becomes whether you can force a timeshare company to take back a timeshare.
Making a timeshare company do anything is hard, but they can be convinced to do the right thing. Centerstone Group, for example, has a proprietary pressure campaign that it has successfully used for thousands of timeshare owners to get their developers to take back timeshare units and end contracts.
The best way for you to exit timeshare ownership depends on the facts of your case. Anyone who advertises a one-size-fits-all solution is not doing you a favor. But one thing’s for sure, you need expert help from someone who knows the industry and how timeshare companies think.
Centerstone Group is a group of professionals with decades of experience in the timeshare industry. We know how these companies think, and we know how to get results. We are also an A+ rated business accredited by the Better Business Bureau (BBB) with 4.77-out-of-5 stars from customer reviews.
Whether you need a timeshare transfer, a pressure campaign, an attorney exit, or an exit from a Mexican timeshare, Centerstone Group can review your case and provide the best solution. Plus, you’ll receive complimentary credit monitoring and repair services.
Contact us today for a free consultation.
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