There comes a time in some timeshare owner’s lives when they decide that they no longer want to be a timeshare owner. Because you sign legal contracts and are issued a deed, offloading a timeshare can be a major undertaking. But you do have options if you have resolved to exit your timeshare. Each of these possible exit routes has its pros and cons, but they have all been proven to work. It all comes down to what you’re comfortable with.
Hire Some Help
If you find yourself asking, “How Do I Write a Timeshare Cancellation Letter?” you’re not alone. Millions of households own a timeshare of some sort, and nearly one million of those households would like to sell it within two years. If you’ve looked into exiting your timeshare and got overwhelmed, hiring someone else to handle the headache for you is a viable option. The cost of hiring an exit company varies widely, and it is a very convenient option. They will take care of the deed-back process while keeping you abreast of the exit process. When choosing a timeshare exit company, be sure to do your due diligence, research the company, and read testimonials and reviews.
Stop Paying
If you choose this solution, it helps to have a clear picture of your finances and your credit. It is possible to stop paying the annual maintenance fees with little consequence. If you took out a loan to finance the purchase of your timeshare, you don’t want to default. The loan servicer will most certainly report the delinquency to credit bureaus and your credit score will be negatively affected. When you stop paying those annual fees, it will often force the resort’s hand to allow you to surrender. Generally, accepting a surrender is less costly than foreclosing on the timeshare. It saves the timeshare company money and they can remarket the timeshare.
Resale
The third most common exit strategy is to sell your timeshare. This works very similarly to selling a residential property and can take just as long or longer sometimes. Typically, timeshare resales don’t net the seller any substantial profit, unless it’s a high-end premium timeshare like Disney. If you’re successful in finding a buyer, you will deed the buyer the property and they will become responsible for paying any fees associated with the timeshare. Timeshare sellers often use eBay and Craig’s List, but other sites are dedicated to selling timeshares.
Everyone has their reasons for wanting to dump their timeshare, but some of the more common reasons include financial hardship, aging, and family changes. Regardless of your reason for wanting to get out of your timeshare, it’s not an impossible feat. You can exit a timeshare without too much drama. Your first step should always be contacting the resort to learn what options are available to you. You might be surprised at how simple your solution may be.
