Easiest Ways to Get Out of Your Timeshare Legally
By Space Coast Daily // January 11, 2021
When your timeshare bills and maintenance costs are due, you hate seeing the money drain out of your bank account. A timeshare destination is like a mean visitor taking all the snacks at a party at this stage, and they never get you not liking them anymore.
Perhaps it hasn’t always been like this. Maybe before the children grew up, your spouse got sick, or your circumstances changed, you used to enjoy your timeshare. Or perhaps you remembered that the day after you signed the papers, it was a terrible mistake.
Whatever the scenario, you’re feeling helpless now. And just like 85 percent of timeshare owners and wondering how to get out of a timeshare? 1 Cancellation of a Timeshare can be a little tricky. However, there are several options to unshackle yourself safely.
Utilize the time of Recession
The recession cycle is a timeframe where you can pull your purchase decision back and leave the timeshare.
Each state in the United States determines how long the recitation duration is. They vary from 3 days in states like Indiana and Massachusetts to 15 days in Alaska, the most generous state (the Federal Trade Commission).
Authorities define recession laws as your timeshare’s location, not where you reside. So please ensure you have studied the rules of the right state. And if you purchased a timeshare outside the U.S., you’re going to have to investigate that country’s laws.
Write Cancellation Letters
If you are still in the recession process, good for you. But if you still don’t know how to get out of a timeshare, all you must do is write a cancellation letter and cancel the purchase of the troublesome timeshare.
You would have to draft/write a withdrawal letter telling the Resort that it is over and mail it to their cancellation address. But because these resorts are smart and sly, many will mask or leave out the tiny small print address. (To prevent cancellations that put them out of business, they would do anything.)
Contact and ask the Resort for it if you can’t find the address. Don’t accept a no for a response, and you have the legal right to the details!
Return Timeshare to the Resort
There will still be options to get rid of your timeshare if you skipped the recession time. Some are shockingly plain, like a deed-back timeshare. It is a cost-effective, legitimate way of giving the timeshare back to the Resort. Check at the documentation of your timeshare to see whether it’s a choice for you.
You may also want to follow Dave Ramsey’s strategy and allow the Resort’s sales manager, as they would have to repurchase your rental property from you and then sell it back.
Just be cautious! Often, the Resort uses the opportunity to renew your timeshare when you contact. With an extra contract that chains you down, you wouldn’t want to walk out.
Prepare it for Sale
Seeing whether you can sell your timeshare is the first move. If you have a debt on it, your timeshare will be identified as “encumbered.” Sadly, until you pay the loan off, there is no moving forward with a sale.
Figure out what it is really worth if your timeshare is available for rent. Search with a broker for real estate, or search for timeshare auction sites or general listing sites such as eBay and Craigslist online. Try to find the final retail rates (not just the sum at which the Resort lists them) for timeshares similar to yours.
Consult an Attorney
If you have taken “upgrade” deals from timeshare (even only adjusting your holiday week), those are typically regarded to be new deals. To escape, you must cut every separate deal.
That would be a lot of doing, so you might need a lawyer or a timeshare exit company to help you find your way out of all those deals.
Find an attorney who specializes and promises their services in contract law. If you need better support and a team of experts to work on your case, you’re going to need one who is aware of the timeshare industry’s techniques.
They must have an established track record and have helped many other individuals fully and legally exit their timeshares.