There are a lot of questions surrounding cancelling your timeshare, and it’s important to get the right information. Our team is here to answer some of the big questions about the basics of getting out of your timeshare.
Every timeshare ownership situation is unique. Maybe you’ve paid off your timeshare, or maybe you still owe money on the mortgage. The resort where you purchased your timeshare also matters. So, we will work with you on an individual basis and equip you with the information you need to make a decision that’s best for you and your family. Once you are ready to move forward, our team of legal professionals will work directly with your resort to negotiate the best exit solution for your situation. At the end of the process, you will receive supporting documentation, proving the legal and permanent removal of your name from the ownership agreement.
Over the years, we have found that it is highly unlikely that you will be able to resell your timeshare. In most sales presentations, a resort will tell you that a timeshare is a solid financial investment. That’s why most people are shocked to learn that there really is no resale value in a timeshare. A quick search on an online marketplace will reveal pages and pages of timeshare for sale for $1.00 or less! These owners are just desperate to unload the financial burden that is their timeshare. For that reason, beware of companies that promise they can sell your timeshare for you. If you can’t find anyone to buy your timeshare, chances are they won’t either.
Sstopping payments to the resort opens the door to many possible negative outcomes. There’s a good chance that your credit will be negatively impacted. The resort can send you to collections. And if there’s a mortgage involved, foreclosure would likely follow. They can also bring judgments against you, including liens against your home, business and bank accounts. Keep in mind, when you bought this timeshare, you signed a legally binding agreement with the resort. You wouldn’t just stop paying your home mortgage, or even your electric bill, and not expect some negative consequences.
Most timeshare contracts contain what’s called a perpetuity clause. That means when you bought your timeshare, you likely committed to owning it—and paying for it—for life. And after you’re gone, the timeshare will end up in your estate, unless you’ve made prior arrangements. And all financial obligations fall to the estate, includes payments, maintenance fees and special assessments. They become the responsibility of whoever will be managing your estate—leaving a costly legacy for someone who may not even want the timeshare. We see timeshares tie up estates all the time, because someone must take up ownership of the timeshare. This often leaves estate planners seeking out companies like ours to cancel the contract, so loved ones are no longer burdened with the unwanted timeshare. So whether you deal with it now or someone deals with it later, at some point it will need to be dealt with one way or another—either by cancelling or transferring ownership.
When dealing with legal issues—and this is a legal process—it’s always best to go with an attorney who specializes in that particular field. Think about it this way: You wouldn’t ask a divorce attorney to handle your bankruptcy. Our team of attorneys specialize in the area of timeshare contract negotiations, and they’ve helped thousands of people cancel their timeshare contracts. They’ve navigated these waters before, and they understand the nuances of timeshare ownership agreements and the options available to them to negotiate with the resort. It’s worth a call to your attorney, but at the end of the day, it’s always best to have the experts on your side.