A timeshare agreement can be a recipe for disaster. Many buyers end up desperately looking to part ways with their timeshare obligations. However, ending a timeshare ownership relationship is not always an easy effort.
It's a challenge for a high percent of timeshare owners to end their purchase agreements. It primarily comes down to the annual maintenance fees. Clients must address these fees as long as they own a unit, even after completing their mortgage payments. Timeshare companies don’t want to give up these perpetual fees because they provide lucrative protection for their business model.
Alas, many people have taken on sizable debts due to their timeshare agreements. However, new exit options have opened up, with more upset owners coming forward in recent years. Cancellation companies specifically now exist to help clients escape the timeshare industry.
If you find yourself lucky enough to still be within the window of time to rescind your purchase, then getting rid of your timeshare is a breeze. However, when that brief period of time passes, your exit route can become complicated. As a timeshare owner, you may think you can abruptly stop making future payments. Be wary of doing so. You could face financial repercussions such as a reduced credit score or a going through a foreclosure process that will stay on your credit report for the next seven years.
Instead, you'll want to work with someone with experience in canceling timeshares. While cancellation after the rescission term period is more time-consuming and expensive, it could be a financial gain for you in the long run.
Turning to a legal representative experienced in timeshare law when you wish to cancel your agreement makes sense. Nonetheless, it's critical to vet any timeshare cancellation lawyer before agreeing to work with them.
Once you locate some good lawyers, consult with them to find the best representative. Follow these four guides to help you narrow down your options:
Timeshare exit attorneys have become a hot commodity. With increased efforts from resorts to keep consumers trapped, there's now more interest in timeshare cancellation. However, with that increase also comes an increase in fraudulent activity. So before seeking out a lawyer, take precautions to ensure you don't fall victim to a scam.
Here are a few items to consider when choosing a timeshare attorney:
If you’ve ever hired an attorney before, you know how expensive it is. So before hiring anyone, research all the legal fees that will accumulate during your case. This calculation will give you a good idea of whether it’s worth the time, money, and energy to pursue an attorney.
Be aware of scams. A so-called “timeshare lawyer” will often lure in clients with free consultations before later hitting them with hidden fees. If the condition of service sounds too good to be true - it likely is.
If you can afford to exit your timeshare, find an experienced attorney with a history of timeshare cancellation. This step can be challenging because many people claim to be timeshare attorneys but lack the right qualifications.
Despite what you hear on the radio or see on tv, very few attorneys specialize in timeshares. Many claiming to be so are struggling businesses looking for new work demographics or outright scams. To ensure you are working with a legitimate lawyer with a verified background in vacation ownership, ask for references from past timeshare clients. If they're successful attorneys in this space, they should have proven success with past clients.
Before hiring a timeshare lawyer, consider your lawyer's transparency. Far too many get pulled in by catchy commercials or billboards but never complete the necessary research to ensure they're working with a legitimate service. Transparency in business equates to trustworthiness.
If a timeshare cancellation attorney cannot disclose the details or strategies they plan to use for your timeshare exit, they may be hiding something from you. Perhaps they are lying about whether they are qualified to carry out your case, or worse, overcharging you. Be sure whoever you hire has your best interests in mind.
Hiring an attorney is not your only option if you hope to cancel your agreement with the timeshare developer. Several other exit methods don't require legal representation. You may find one of these methods more beneficial for you. Consider the following cancelation methods:
Your first option should be to try and return the property to the original timeshare resort company. While certainly not always the case, sometimes timeshare companies are willing to accept a unit back from you. It will help your case immensely if you have already paid off your timeshare mortgage and are up to date on all your fees.
Often, these resorts claim that the only way for owners to escape their timeshare is by reselling it. Unfortunately, that is much easier said than done. Timeshare resales come at a significant loss. Examine the timeshare resale market before listing your unit to determine whether this is your best option.
Another option some resorts offer is renting out your unit for third-party use. Regrettably, this process rarely lives up to the sales pitch. Many factors go into renting out timeshares, such as location, year season, and pricing. Be warned, the chances of making enough to cover your annual fees are slim, but it may help alleviate them.
The timeshare exit industry has been leading the charge in cancellations. With this option, you get an entire timeshare exit company to help you end your agreement. These companies are often cheaper than law firms.
The prices for timeshares continue to rise and therefore, so are the stress levels of buyers. Any timeshare owner looking for a cancellation company should consider Wesley Financial Group, LLC ("WFG").* Since 2011, WFG has canceled over 16,000 timeshares and eliminated hundreds of thousands in timeshare debt.
The exit experts at WFG specialize in helping clients who were lied to during their sales presentations find peace of mind. WFG doesn't just try and resell your timeshare, but they aim to cancel the financial obligations with the resort outright! While guaranteeing cancellation is nearly impossible, if you pass WFG's qualifications, then you are likely to see a successful timeshare termination.
Wesley Financial Group, LLC, and its affiliates, successors, or assigns are not lawyers or a law firm and do not engage in the practice of law or provide legal advice or legal representation. All information, software, services, and comments provided on this site are for informational and self-help purposes only and not intended to substitute for professional advice, legal or otherwise.