The COVID-19 pandemic has saddled many families with unforeseen financial hardships this year. According to a Pew Research Center survey, 25% of Americans have someone in their household who was laid off or lost their job due to the pandemic, and half of these people are still looking for employment. In addition:
These tough economic times have made travel a non-starter for many people. In addition, health and safety concerns over the spread of COVID-19 make visiting a resort risky at the moment. Many resorts shut down last spring at the start of the pandemic, making it impossible to use their facilities even if you wanted to. All of these factors have created a perfect storm that has made timeshare ownership a burden for many people.
If you feel trapped in a timeshare contract that you can no longer afford or use during the pandemic, you’re not alone. Fortunately, you have options if you want to get rid of your timeshare.
Most timeshare contracts contain a perpetuity clause which states you’re legally obligated to make all payments associated with your timeshare ownership, including annual maintenance fees, for the rest of your life. As a result, simply walking away from your timeshare isn’t an option. Defaulting on a timeshare mortgage or failing to stay current on maintenance fees can cause you to incur late fees and other penalties. In addition, this approach can significantly damage your credit score, which may take years to recover from.
Therefore, you should continue making your payments while pursuing a legal solution that results in a permanent cancellation of your timeshare agreement.
Unfortunately, the process for getting out of a timeshare contract can take anywhere from six months to over a year to complete. If you’ve fallen on hard times during the pandemic, making your ongoing payments for another year may be financially crippling. Therefore, your first step should be to reach out to the timeshare developer for help.
It’s possible that your timeshare developer will offer relief packages to owners struggling from the economic crisis associated with COVID-19. You should ask about loan deferral options and other financial remedies that can provide temporary relief while you get back on your feet. This can potentially buy you some time to implement a strategy to permanently get rid of your timeshare. However, always make sure to inquire about how this relief will impact your credit score.
It may seem like selling your timeshare is the easiest solution. However, the reality is you will be hard-pressed to find a buyer for your timeshare, especially during the pandemic. There is virtually no resale market for timeshares, and most owners are forced to sell their property for a significant loss. While this will get you out of future financial costs associated with annual maintenance fees and special assessments, you most likely won’t be able to recoup enough money to pay off the balance on your timeshare mortgage. This can potentially leave you with a financial commitment lasting several more years (depending on how much you still owe on your mortgage).
While the prospects of selling your timeshare are bleak during normal times, it’s most likely going to be impossible to unload the property during the pandemic. Most people are facing tough economic times and uncertain job stability until COVID-19 has been contained. Therefore, it’s unlikely that there will be many people looking to take on the significant financial burdens associated with a timeshare they may not even be able to use due to the pandemic.
If you’re looking to permanently break free from the financial obligations associated with your timeshare, we can help. Timeshare Termination Team uses attorney-based strategies to legally, safely and permanently cancel your timeshare. We understand that no two contracts are the same, and we’ll customize your solution to address the specifics of your situation.
Our expert advisors will carefully review your timeshare contract to see how the following factors may impact your ideal strategy:
We’re the only timeshare cancellation company in the country that provides a You First Approach™ focused on creating a unique solution that guarantees a permanent and legal exit from your timeshare. This process ensures you receive all the information necessary to fully understand your options. As part of our You First Approach™, you’ll receive:
At Timeshare Termination Team, we want you to feel comfortable with your exit strategy. We’ll be completely honest and transparent with you every step of the way so that you understand how the process will work. We can help you achieve the freedom you seek from the financial burdens of your timeshare, providing considerable peace of mind as your family navigates the challenges associated with the pandemic.
Please contact us today to start your journey towards your timeshare exit.
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