If you've been fantasizing about canceling your timeshare, it's time to stop fantasizing and start making it happen. There are ways out of a timeshare, and Amerihope Alliance Legal Services may be able to help you.
Timeshares, also called “vacation ownership”, are sold to you as a good investment, but they really aren't. They don't appreciate in value like the salesperson claimed, and maintenance costs can rise considerably over time.
Many people feel that they were the victim of a timeshare salesperson's high-pressure sales tactics that coerced them into buying something they didn't want.
After purchasing a timeshare and experiencing what it's actually like to own, many people are disappointed and want a way out.
The good news is that owning a timeshare doesn't have to be a life sentence! You can get out and move on with life. Let's look at how that can be done:
1. Rescission Period
Check your timeshare contract for information on the rescission period. After signing your timeshare contract, you have a period of time where you can cancel your contract, called the rescission period. State laws require a minimum length of time for the rescission period, and some contracts can give a longer period of time. Most states provide a rescission period of between three and fifteen days.
To rescind your timeshare contract, you'll need to send a cancellation letter to the resort that states your intent and gives all of the relevant information about your timeshare. If you do everything properly and within the rescission period you should get out of your contract and be refunded all of your money.
Of course, this is only a valid option if you decide to jump ship very soon after signing the contract. At any time after the rescission grace period ends, you will need another way to get out of your timeshare contract.
2. Sell It
Timeshare resorts and their sales people can make it sound like it will be a piece of cake to sell your timeshare if and when you ever decide to do so. Maybe you'll even make a profit, they say. But people who have tried have found that not to be the case. A lot of timeshare owners put time and effort into selling their timeshare and are unsuccessful. There are a lot of people flooding the market with their timeshares for sale, which drives the price down. Selling your timeshare is possible, but it can be difficult.
3. Give It Back To The Resort
You may be able to return your timeshare to the resort. To be eligible, you can't owe any money on it. Unpaid maintenance fees, assessments, or a remaining balance will prevent you from giving back your timeshare. To give your timeshare back, you'll need to contact your resort and tell them what you want. Let them know about any hardships that are making it hard for you to afford your timeshare.
Don't expect the resort to immediately approve your request. They'd prefer to keep you as a member who pays their maintenance fees, but they have been known to take a timeshare back. If the resort agrees to take your week back, they will probably charge you a fee for doing so.
4. Hire Someone To Help You Get Rid Of It
You may be able to get a timeshare cancellation, rescission, complete a sale, or have the resort take back your timeshare on your own, but it could take you a lot of work. If you're not an expert on real estate transactions with tons of experience, you will have to learn as you go, which will take more time and decrease the odds of getting the result you want.
You should consider the benefits of hiring an experienced professional to help you get out of your timeshare in the most efficient way. A company that offers timeshare relief will charge you a fee, but it will be well worth it if you are released from owning a timeshare that you no longer want.
Make sure that any timeshare relief company you hire has a record of success getting its clients the results they want. Anybody can make promises, but it's much harder to deliver results. And it wouldn't be a bad idea to compare fees to make sure you're not overpaying. Most companies will charge an upfront fee, and an additional fee when the timeshare contract is cancelled. That way they have an incentive to deliver what you're paying them for.
If you want out of your timeshare, Amerihope Alliance Legal Services may be able to help you. We'd like to hear about your case. Were you manipulated or lied to by a timeshare salesperson? Was the sales pitch deceptive? That could be relevant in getting out of your timeshare. Call us toll free at 877-882-5338 for a free consultation.
Images courtesy of Sira Anamwong at FreeDigitalPhotos.net
