If you own a timeshare, chances are that you don’t know the answer to the question, ‘What will I do to get out of my timeshare?’ Because a timeshare is a legally binding document, there’s the common notion that it cannot be cancelled. That’s a misconception that’s been perpetuated in the industry. It’s the law that you can cancel contract if you feel it has obligations you can no longer meet.
Talk to Your Timeshare Company
There are those HOAs and developers with surrender options and resale programs that assist the timeshare owners get rid of their ownership. Some may be unpublicized and others may requires you to part with some fees, for instance two years maintenance fees. In case they don’t have ‘surrender options’ and internal resale programs, they can connect you with resale brokers who’re licensed.
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Find Out the Market Value for Resale Timeshare
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A search on the internet will land you resale companies that promise timeshare closings for less that may never make a sale. A good approach is to contract a member of Licensed Timeshare Resale Brokers Association (LTRBA) and you’ll have a free estimate of the value. Also, RedWeek offers a tool duped ‘What’s My Timeshare Worth’ that offers current and future resale values for any resort.
List Your Timeshare for Rent or Sale
Get it listed with the licensed brokers. Also, RedWeekl is an alternative If it’s a high value brand name timeshare, LTRBA can list it for you for a less than the original value.
Get a Timeshare Attorney
There are lawyers such as PMG timeshare advocates well versed with timeshare contracts and have interacted with HOAs and timeshare developers. These PMG timeshare exit attorneys will offer the way forward regarding a decision to cancel the contract and even help you get your cash back. They’ll approach the resorts with timeshare cancellation letter and negotiate on your behalf. The best thing is that once your lawyer has contact your resort, the HOA is denied the right to communicate directly with the owner.
Do Not Give Your Timeshare to Charity too Fast
Timeshares come with annual maintenance fees and a charity is highly unlikely to accept it even if it’s offered for free. If a company approaches you to offer the timeshare for charity and an upfront fee, you may be far from being free. While it’s possible to deal with a charitable organization itself that agrees to the transfer of the timeshare, they might still demand to be paid some fees for passing the commitments to them.
Don’t Pay Any More Maintenance Fees
Stop making any more payments and let the timeshare force close. A crude way is to breach the contract by refusing to make annual fees payment such that the contract cancels itself. This method has a disadvantage in that it will be equivalent to defaulting in payment and will have a negative impact on your credit rating such that you may not qualify for mortgage loans in the future.