Why are timeshares so hard to eliminate? Because they are almost worthless. Timeshare properties are known to lose most of their value right after you sign that contract. Your timeshare company must have told you how owning a timeshare is the best investment you are going to make, but that’s not the case. Most of the timeshare properties are hard to sell and will not give you any profit; rather, you will not even be able to sell it at the same price you bought it at. The scenario with a financed timeshare is even worse, as no one wants to buy a timeshare that will bring debt alongside; bearing the expenses of a timeshare is bad enough.
Well, you must be wondering how you can exit it because you have now realized that owning a timeshare is not a good idea. Don’t worry; we’ll help you find the best solution for you! Reading this article will help you explore various options you have to cancel your financed timeshare contract. Read it and start your cancellation journey with the option that best suits your situation.
Explore Various Options To Cancel Your Financed Timeshare
Timeshares might be a little difficult to eliminate, but if you do not give up and make the right decisions throughout the process, you will be able to get rid of your financed timeshare within a few months. But how can you do so?
- The easiest way to eliminate your financed timeshare is to give it back to your timeshare company. All timeshare properties have a recission period; you can use that rescission period to eliminate it.
- What if the rescission period has already ended? In that case, you can rent out the property. You can sell your regular timeshare as well, but that’s not the case with financed timeshares. As we already mentioned, no one would buy a financed timeshare and pay your debt.
- If your timeshare company does not allow you to rent out your timeshare, you must consider hiring a timeshare attorney to help you out. Attorneys are familiar with the industry and know how to turn a difficult situation in their clients’ favor. The only challenge is to find a trustworthy lawyer.
- The last option is to contact a timeshare exit company. Professionals working in that exit company will collectively evaluate your situation and eliminate your timeshare in the most appropriate way. You just need to save yourself from scammers working within this industry.
- You can also learn about the common scams that revolve around the timeshare industry.
You must be thinking about how you can choose the best options and start working; keep reading to learn more. We will elaborate on all of these options mentioned above, and if you still have any more questions for us, you can contact our team anytime. Stay tuned and learn everything you need to.
The Rescission Period
‘Rescission period’ is something that can help you get out of your timeshare contract if the property was recently bought. The rescission period is a specific time limit mentioned by the developer in your contract. If your rescission period has not ended yet, you will face no problem in returning the property to its developer.
- The time limit may vary from location to location, but it is usually from 3 to 10 days. In this period of time, you can cancel your timeshare contract without bearing a penalty, or you might have to bear a small amount of loss, which solely depends on the policies of the property you have purchased.
- If you feel like the property may have a decline in its value in the future, you think that the property is more expensive than it should be, or you are convinced that the property will have you in a chokehold in the future because it’s financed, then you should look into the mentioned rescission period and return the property to the developer.
- Cancelling your contract within the rescission period requires you to write a formal letter to the timeshare company, which can be sent through any social platform so that there is proof of delivery.
- The letter requires a few basic things like your name, contact details, rescission period, cancellation request, your signature, copy of the contract or other relevant documents etc.
In case you do not know how to interpret your contract or the rescission period has ended, we recommend you seek legal advice by consulting an attorney. Or, you can save yourself from the hustle and contact us to help you with the timeshare contract.
Rent Out Your Financed Timeshare
This may seem like an easy option, but trust us, it’s not as easy as it sounds. The first challenge you will face is your own timeshare company. Many timeshare companies do not allow their customers to rent out their timeshare properties because of the fear of damage to the property or any other related issues. So, the very first thing you need to do is contact your timeshare company and seek their approval. If they approve, start working;
- You will have to evaluate the price through the current market, compare it to similar properties, and list it on rental platforms to attract renters.
- The only problem that may arise is that your timeshare company may not allow you to rent it out. Be cautious and ask them first to avoid any further consequences.
- As soon as the property attracts potential renters, you can earn a good amount from it, which will help you pay the property’s mortgage, maintenance fees or any other charges. So, the property will be paying for itself.
- Make sure you take calculated steps. Timeshare cancellation is a complicated process and must be taken care of attentively. When it comes to financed timeshares, everything becomes a bit more complicated, so you need to be a little more careful.
We will provide all types of guidance related to timeshares. You can contact us anytime for a free consultation. Our team will assist you with every timeshare-related query.
Contact A Timeshare Lawyer
Contacting an attorney is also a great option. Feel free to contact an attorney when dealing with timeshares. An attorney knows the ins and outs of the timeshare industry.
- An attorney working in the industry will know what to do with your timeshare contract.
- They will guide you about the procedure’s legalities and ensure you take the right steps. Taking calculated steps is essential if you want things to work out your way in the end.
- But before hiring an attorney, ensure they have worked in the timeshare industry and have a good reputation. Research is a crucial step.
Contacting our team can save you from all this work. We will make sure the lawyer you are hiring is trustworthy and can successfully get rid of your timeshare for you. Do not waste any more time; contact us now.
Work With Certified And Legitimate Exit Companies
Companies that help you eliminate your timeshare contracts are known as the Timeshare Exit Companies. Selling a timeshare on your own can be hectic, especially if you have a lot of other things going on in your life. Exit Companies have gained a lot of success in the last few years as the timeshare owners are desperately looking for ways to get out of their contracts after realising that investing in timeshares was a wrong step.
- Exit Companies will help you terminate your contract by finding loopholes or using other legal clauses. Many loopholes work in your favor, but since you are not aware of them, you can’t utilize them.
- They will make you understand these loopholes as well as your legal rights and help you utilize them correctly.
- They can also rent out your property by promoting it on their websites and presenting it in the market. They will find you renters, and that way, your property will start paying its own expenses.
- It is easier for them to get rid of the property as they already have connections in the market, which may make the resale procedures easier for you.
Exit Companies can also guide you to put your timeshare for charity, but this may not be an option as no one will agree to accept a timeshare even as a charity. Timeshares are expensive as their mortgage increases annually, plus their maintenance fees are too much to bear. If someone will take your timeshare as a charity, you might be wrong. On top of that, your timeshare is financed, so it makes it harder to give it away. So, hiring an exit company might turn out to be the best option for you.
Contacting an exit company is a great option, but as you know, anything in the market comes with the risk of scams. Due to the popularity of exit companies, many scammers have joined the market to earn a good amount of money. This has made it essential to research thoroughly before approaching an exit company. We have compiled a list of legitimate timeshare exit companies based on customer reviews, so we recommend you go through the article before deciding anything.
Common Scams Surrounding The Timeshare Industry
As you are concerned with cancelling your financed timeshare, gaining knowledge about the scams that exit companies are involved in is quite necessary. Exit company scams are common due to the increased popularity they have gained in recent years. These scammers mostly attack elderlies who are innocent and new to the industry. But they have levelled up their game now and can scam anyone, and you won’t even realize till they have taken off with your money. So, what can you do to save yourself?
- Work with exit companies that offer escrow. Escrow is a third party holding your money until the exit company completes their work.
- Escrow eliminates any doubts a timeshare owner may have when looking to exit their contract. With escrow, you still pay fees to a third-party company.
- This helps protect not only the customer but the company as well. If the exit company fails to hold its end of the bargain, the company will lose its reputation.
Escrow is an extra layer of protection compared to a 100% money-back guarantee. A 100% money-back guarantee may be right for you if the company you are evaluating has been in business for quite a while and has ethical business practices. Keep timeshare exit companies that provide a 100% money-back guarantee; these companies could be far cheaper than those that offer escrow. But, if you are new to this business, choosing a safe option is better than choosing a cheap one.
Apart from the exit company scams, the timeshare industry has many other types of scammers lurking around, like resale and rental scams. To learn about this topic, refer to this article: Timeshare Exit Scams.
All the options we discussed in this article require a lot of hard work and patience from your side for them to work out. If you are positive that you want to get away from the burden of owning your financed timeshare, you need to stop thinking and start working now.
Our review website can help you choose a legitimate exit company. Go through our review articles and select the company you want to work with based on their previous customer reviews. If you already have a company in mind, contact us, and we will test them out for you. Our only motive is to save you from scams.
So take the right step towards financial freedom and learn how to cancel timeshares! Fill out the form on the right or contact us through Live Chat for a free informational consultation to determine the best option for your situation.