From the exorbitant timeshare mortgage payments due every month to the always-increasing annual maintenance fee, timeshare ownership can be a recipe for financial disaster. These vacation properties often get sold under misleading tactics that wrongfully guise them as investments.
It’s no wonder so many people experience buyer remorse with their deeded timeshare purchases. Whether the feeling of regret comes the next day or years later, you eventually will wonder how to get out from under the timeshare industry.
Well, the timeshare companies do not make it easy. All the time and money that owners consistently "invest" into their timeshares make a considerable profit for these resorts. This guide will discuss why getting out of a timeshare agreement can be challenging and then address five strategies to help owners successfully get out.
Timeshare companies make getting out of their agreements difficult. If it were up to the resort, you would stay in your timeshare agreement for the rest of your life.
Attempting to get out of your agreement can feel like you are lost in a maze because the timeshare company is constantly working against you. Still, the last thing you want to do is stop paying your timeshare expenses outright. Doing that can cause immense damage to your credit score and risk facing a collection agency or even foreclosure. When your timeshare becomes insufferable, and you need to find a way out of it, be sure you do it the right way.
Since the resort developers will likely enforce your agreement with them, your cancellation experience can be tricky. Although these deals typically are written perpetually, it's a common misconception that owners have no other available options. Here are five legal strategies recommended to timeshare owners:
Follow along as we closely dissect each exit strategy.
Before trying anything else, find out if your purchase agreement is still within its rescission period. Rescinding your timeshare purchase is the only way to walk away from it and receive a full refund. However, there is a catch.
Timeshare rescission periods are infamous for having very short windows of usage. If you hope to rescind, you must act quickly. Refer to your paperwork for instructions, but a rescission typically requires writing a cancellation letter to your resort. Be aware that getting out becomes more challenging and costly once this period ends.
Timeshare rescission laws in the U.S. will vary from state to state. According to the Federal Trade Commission, timeshare companies must allow at least a three-day rescission period. However, some states have timeshare laws that are a bit more generous. Still, nothing exceeds a two-week rescission period. When looking to get out of your deal, closely examine both your signed agreement and any state laws of relevance.
If you missed that short window of opportunity to rescind, there is still hope for you to escape your agreement. Your next option is to consider a timeshare deed-back. You will have to check your agreement to see if your resort offers a deed-back program. This program is when they agree to accept the property back from you and resell it. That is your best bet if you're looking for a low-price and legal way to get rid of your timeshare.
When negotiating with timeshare representatives, be sure to do so with caution. Often owners seek help, and the resort tries to upsell them on an upgrade that will supposedly resolve all of their issues. Rarely do timeshare upgrades ever make an owner's life easier.
Often, owners receive little to no help from their resort. If you missed the rescission period and the resort will not take it back, you will likely have to do the heavy lifting yourself. One option that timeshare companies recommend is selling your timeshare. However, they fail to mention how complicated reselling them can be.
First, you need to find out whether reselling your timeshare is even an option. What are the deciding criteria? It typically comes down to whether or not you are still paying off your timeshare mortgage loan payment. You will not be eligible for the resale market until you pay off the loan.
Once you are ready to step foot into the timeshare resale market, be aware that your property is probably not worth much. Salespeople or a real estate agent probably told you otherwise in that initial timeshare presentation, but unfortunately, thousands of owners are looking to get rid of theirs. The result is a secondary market overflooded with listings but no buyers.
By selling your timeshare, it's nearly impossible to make back what you originally paid. However, it can finally end future expenses, such as those dreadful maintenance fees. Unfortunately, for many, that's more than enough.
An alternative option timeshare companies give clients is to rent their units out to others for a profit. Timeshare salespeople claim that you will make enough money to cover your mortgage costs and other timeshare fees by renting it out. The truth is that while renting it out can help to lighten the financial hardship; it is often minimal help. If you are interested in keeping your timeshare ownership but need help covering the expenses, listing it for renting may help.
Unfortunately, the exit strategies listed thus far are not too promising. Rescinding your timeshare or giving it back to the resort will only work under certain circumstances. Selling and renting out your timeshare often delivers disappointing results.
The growing number of unhappy timeshare owners is why we now have the timeshare cancellation industry. Timeshare exit services have recently become a hot commodity because they have worked for many people.
So, what is a timeshare exit company? It's a team of timeshare experts who develop exit strategies for their customers. Their solutions are customized to meet the unique needs of each customer.
Wesley Financial Group, LLC* (WFG) is a perfect example of a timeshare cancellation company. They are a pioneer and leader in the timeshare exit industry with a track record that speaks for itself. Since 2011, they have canceled over 16,000 timeshare agreements. Did you experience deceptive sales tactics when buying your timeshare and are now unable to escape? It may be worth finding out if you qualify for WFG's termination services.
As you can tell, getting out of a timeshare obligation is far from easy. There are very few legal routes to take towards timeshare freedom, but you must follow one of these strategies if you hope to reach it. Choose which method best suits your needs.
While the timeshare developer may go above and beyond to keep you tied down to your agreement, you are now aware that you can cut ties with them for good. You don't have to endure the unbearable stress of unwanted timeshare ownership anymore.
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 and not intended to substitute for professional advice, legal or otherwise.