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Sound Advice:: April 2, 2025

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:

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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:

  1. 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.
  2. Credit damage:  Some exit companies advise owners to stop paying maintenance fees, which can lead to foreclosure and severe damage to your credit score.
  3. 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.
  4. Prolonged process:  Resolution can take months or even years, during which time you may still be responsible for payments.
  5. False promises:  Many companies make unrealistic guarantees about cancelling your timeshare contract, which they often cannot fulfill.
  6. Lack of legal standing:  These companies frequently lack the legal expertise or authority to negotiate contract cancellations effectively.
  7. Identity theft risk:  Scammers may use your personal information for fraudulent purposes after you've shared it with them.
  8. 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

www.soundasset.blogspot.com

 

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