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Why Exactly Is It Hard to Exit a Timeshare?
“Why Exactly Is It Hard to Exit a Timeshare?” The Timeshare Defense Attorneys address this question and more. Call us for more helpful information and advice!
Can Timeshare Owners Seek Cancellation?
It can seem like a great idea when you complete a timeshare purchase for the first time. After all, who doesn’t want to own a piece of paradise? However, you may get buyer’s remorse after a few days when the reality of financial obligation and timeshare ownership starts sinking in. Unfortunately, leaving a timeshare is much more complicated than many would expect.
Getting out of a timeshare or looking for ways to end your contract can feel overwhelming. But why is it so challenging to get out of a timeshare?
Understanding the Timeshare Cancellation Process
You may be lucky if you change your mind only a few days after the purchase. State timeshare laws require that companies have a rescission period, also called a cooling-off period. That is typically 3-10 calendar days, during which a timeshare owner has the right to cancel your contract.
So, if you’ve read all the paperwork in a few days and realized you’d made the wrong decision, canceling the timeshare that is still within the rescission period can be easy. You would still have to write and send a timeshare cancellation letter to the timeshare company and follow exact rescission instructions.
However, people are usually excited about owning a timeshare for days or months, so they don’t comprehend the negative consequences until well over the rescission period.
When you buy a timeshare, you sign an agreement that binds you to the property for an extended period of time. Depending on the contract, this could be anywhere from 10-99 years. Once this agreement is signed, it is almost impossible to get rid of without help from third-party professionals or legal action by a skilled Timeshare Attorney.
The Struggles of a Timeshare Exit
A timeshare exit may still be possible if the rescission period has passed. For example, you can try to sell your timeshare. If you thought of trying to sell it back to the timeshare company you bought it from, think again – most timeshare companies don’t provide a buyback program.
However, you may try to rent or resell your timeshare, which carries another set of troubles. If your timeshare developer allows renting a property, you may try to advertise it on a rental site. If you succeed, you may get at least a portion of the money to pay maintenance fees.
If you own a timeshare with a prestigious timeshare company, the property may be worth a while, so you can try to resell it. However, remember that the timeshare resale market is full of unhappy owners, so vacation properties may go very cheap.
As long as you are not looking to make some money from the sale, that can be a good move since you won’t be stuck with an unwanted timeshare anymore. But, a resale company might sublet your timeshare contract to other clients, leaving you under contract. In other words, you’ll still be legally responsible if new clients are not paying maintenance fees.
Why Is It so Difficult to Get out of a Timeshare?
One of the critical reasons why canceling a timeshare agreement is so hard is the fact that many people sign up for long-term contracts when they purchase their timeshares. That means their owners are responsible for paying fees associated with their timeshares, such as annual maintenance fees or special assessments.
In addition, many timeshare contracts have clauses that make canceling a contract difficult. For example, some require timeshare owners to pay off the entire balance before they can cancel their contract; others may require them to provide a written notice several months before officially terminating their agreement. Timeshare developers might even require that the timeshare owners pay an additional fee for canceling.
Reselling can also be difficult because of numerous timeshare resell scams. Scammers often mislead timeshare owners into thinking that their company has someone waiting to buy the timeshare if timeshare owners pay hundreds or thousands of dollars in upfront fees. Once the fees are paid, scammers disappear, or the buyer backs out, but upfront fees are not returned. Even the Federal Trade Commission issued a warning against timeshare resellers scams.
If you were misled into thinking that lucrative timeshare resale was possible, or you would like to get out of your timeshare contract but don’t know how you might benefit from working with a timeshare exit company or a Timeshare Attorney.
Can You Walk Away from a Timeshare?
Some options are not recommended when looking for an exit strategy, such as simply walking away from a timeshare contract and stopping paying your fees. Timeshare vacation ownership comes with an obligation to pay maintenance fees as long as you own the property. If you don’t stay current with your maintenance fees and timeshare mortgage payments, that can be reported to a credit bureau which can lower your credit score.
Timely payments on your timeshare won’t show up on your credit report. On the other hand, if you own a deeded timeshare and stop making payments, you may face foreclosure.
How Can a Timeshare Attorney Help You Get Out of a Timeshare
Timeshare contract cancellation can be the best way to a good exit from a timeshare contract. Timeshare laws and the timeshare industry can be complex. Whether you choose one of the knowledgeable timeshare defense attorneys or timeshare exit companies to help you achieve that, that’s up to you.
These professionals can help by finding loopholes in timeshare contracts or figuring out other options to legally get out of a timeshare. They have the necessary knowledge to fight and try to release you from your timeshare contract completely.
If you’re a timeshare owner, you know the struggles of trying to exit a timeshare. Although it can seem daunting at first glance, there may be ways to successfully exit your timeshare without breaking the bank.
If you have more questions on how to get out of a timeshare, contact an attorney at Timeshare Defense Attorneys so we can set up a free consultation and discuss the case further.
