Thousands of people have been tempted into owning a timeshare property with the promise of a fabulous vacation and a gift. After several hours of exhausting sales pitches, you have signed an agreement. Then, after spending loads of fee payments, you want to exit the timeshare contract but do not see a simple and easy way. The great news is that you can exit your timeshare agreement and set yourself free from the endless fee payments.
Things to Expect When Trying to Cancel the Timeshare Ownership
Here is what you can expect when making a timeshare exit.
Finalize the Cancelation Decision
There are several reasons why timeshare owners would want to exit their timeshare contract. Timeshare companies are pretty notorious for excluding the fine information before signing up the contract. In addition, maintenance fees can grow up to 8% each year. The primary reason most want out of their timeshare is that the ownership cost has become too expensive.
It may have seemed like a great idea, but the maintenance fees proved too much to handle. Others may explore they did not utilize the timeshare ownership at the time that they had anticipated. There’s no reason to pay those fees for a timeshare you’re not using. Even if you have enjoyed your timeshare property for some time, you may like letting it go.
Ways to Exit the Timeshare Agreements
It is possible to cancel your timeshare contract despite what the resorts may want you to believe. Most folks think their best option is to sell or rent the timeshare, but these properties have very little value. Of course, you can always reach out to your resort yourself and ask if there is a way for you to terminate the contract.
A few resorts have programs for owners to surrender their timeshares, but this is handled at the resort’s discretion. The answer could be a huge ‘No’, but it does not hurt to ask. Some people choose to walk away and stop paying the maintenance fees altogether as a way to begin the cancellation process. Whatsoever, this can seriously damage your credit score. If a timeshare mortgage is already running on your property, this can lead to collection letters and calls as well.
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Length of Timeshare Cancelation Process
Once you have decided to cancel your timeshare agreement, you would like to do it as quickly as possible. Unfortunately, the process can be tedious and indeed takes time. If you realize you made a mistake within a few days after signing the contract, you are likely still within the “right of rescission” period and can cancel without hassle. However, if it’s been months or years since you signed your contract, the process will take some time.
Timeshare resorts and companies make money from the maintenance fees you pay. Most timeshare cancellation processes can take anywhere between 9 to 18 months. If you choose to have the best timeshare cancellation company to represent you, it will handle all the legwork. You will submit the paperwork, sign a limited power lawyer so they can work out on your behalf, then wait for updates.
Cost of Timeshare Cancelation Process
You have shelled out lots of money already on your timeshare contract, you would likely want to exit the contract without huge hits to your wallet. Unfortunately, it is not likely that you will cancel your timeshare contract without paying additional fees. Even if you can work with a more reasonable resort to surrender your timeshare, they may require you to pay the maintenance fees until the timeshare can be sold. Hiring the best timeshare cancellation company will mean you don’t have to work directly with the resort, and this service will come with a fee.
Wrapping Up
Although people love exiting their timeshare contracts, many cannot justify the cancelation costs over time. Not clearing off your timeshare contract may damage your credit. Unfortunately, it isn’t easy to locate the best timeshare cancellation company. In the above article, we have explained a few things to expect while canceling the timeshare.
