If you want to get out of a timeshare, you have a few options. You can sell your timeshare, use a timeshare exit company, or walk away from your timeshare. Each of these methods has its own pros and cons. However, whichever method you choose, you should be aware of the risks involved.
Selling a timeshare
Selling a timeshare to get out of a timeshare contract is a viable option for people who are unhappy with the timeshare experience. This method can relieve some of the financial burden associated with timeshare ownership. However, it requires a lot of work, including screening potential renters, signing a rental agreement, and hoping that your renter will take good care of your timeshare. There is no guarantee that you’ll get the price you’re looking for, and you may have to pay maintenance fees.
One way to sell a timeshare is to use a vacation exchange network. Vacation exchange networks, such as Interval International and RCI, allow timeshare owners to trade points or weeks for vacations at other properties. These networks often offer extra benefits, such as discounts on airfare and cruise vacations.
Surrendering your timeshare to a company
If you want to surrender your timeshare, you’ll need to find a company that specializes in this process. Many companies don’t advertise surrenders, so you’ll have to contact the company directly. In some cases, you’ll need to explain your situation to a representative. Once you’ve done this, you’ll need to pay a small surrender fee.
Some timeshare developers offer deedback programs, but these are not available for all timeshare owners. Alternatively, you can deed back your timeshare to a friend or family member. The benefits of this option are that you can avoid the maintenance fees and taxes associated with the timeshare. However, you should know that transferring your timeshare to another person can be more complicated, requiring deed transfers and legal fees.
Using a timeshare exit company
Using a timeshare exit company can be a great way to get out of your timeshare. There are a few important reasons to do so. Using a legitimate company will help you get out of your contract without a lot of hassle. These companies usually don’t make cold calls and will not try to scam you. If you have any concerns about a timeshare exit company, contact your state attorney general’s office, the Federal Trade Commission, or local authorities.
Before using a timeshare exit company, make sure to read their reviews. You should be careful because some companies charge thousands of dollars upfront and don’t live up to their word. Many companies have been criticized by consumers for not fulfilling their promise to get out of timeshares.
Walking away from a timeshare
If you’re thinking about walking away from a timeshare, it’s important to consider the consequences. Depending on your situation, you may face financial difficulties, foreclosure proceedings, and years of debt collector harassment. In addition, walking away from a timeshare can hurt your credit score.
Thankfully, there are ways to get out of a timeshare contract legally. Some resorts allow you to sell your timeshare to a third party or even give it back to the resort. If you decide to walk away from a timeshare, it’s a good idea to hire a timeshare exit company to help you find a better solution.