What is the best way to get rid of a timeshare?
There are several effective ways to get rid of a timeshare without resorting to expensive exit companies or lawyers. Here are the best options:
- Contact
the timeshare developer directly: Many major timeshare companies now offer
their own exit programs. For example, Wyndham has "Wyndham
Cares" and "Certified Exit," while Westgate offers
"The Legacy Program". These in-house programs often provide
solutions without hidden fees or extra purchases.
- Use
the rescission period: If you've recently purchased a timeshare,
you may be able to cancel within a short "cooling-off" period,
typically 3-15 days, depending on the state. This option is usually
the easiest and cheapest way to exit a timeshare contract.
- Sell
or give away your timeshare: You can list your timeshare for sale on
specialized websites like RedWeek or Timeshare Users Group (TUG). Be
prepared to sell at a significant discount or even give it away with
incentives, such as paying the first year's maintenance fees.
- Negotiate
a deed-back: Some resorts will take back
paid-off units, although they may charge a fee (around $1,500). The
American Resort Development Association maintains a list of resorts that
offer this option.
- Stop paying (as a last resort): Although this may negatively impact your credit score, industry experts suggest it's unlikely to lead to foreclosure. This should only be considered after exhausting other options.
Remember, it's crucial to avoid paying upfront fees to timeshare exit companies, as these can often be scams. Always research your options thoroughly and consider consulting with a contract law attorney if your situation involves multiple contracts or complex legal issues.
What are the risks of using a timeshare cancellation company?
Using a timeshare cancellation company can pose several significant risks:
- Financial
loss: Many companies charge substantial upfront
fees, often thousands of dollars, without guaranteeing results. In
extreme cases, scammers may take your money and disappear.
- Credit
damage: Some exit companies advise owners to stop
paying maintenance fees, which can lead to foreclosure and severe damage
to your credit score.
- Legal
complications: Timeshare contracts involve complex
legalities, and following poor advice from exit companies can result in
breach of contract, exposing owners to potential lawsuits.
- Prolonged
process: Resolution can take months or even years,
during which time you may still be responsible for payments.
- False
promises: Many companies make unrealistic
guarantees about cancelling your timeshare contract, which they often
cannot fulfill.
- Lack
of legal standing: These
companies frequently lack the legal expertise or authority to negotiate
contract cancellations effectively.
- Identity
theft risk: Scammers may use your personal
information for fraudulent purposes after you've shared it with them.
- Worsened situation: Instead of resolving your timeshare issues, using an exit company can often create more problems, leaving you in a worse position than before.
To avoid these risks, it's advisable to contact your timeshare company directly about exit options or seek advice from a reputable attorney specializing in contract law.
N. Russell Wayne
Weston, CT 06883
203-895-8877
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