Ten years ago, your family bought a timeshare thinking it would be a great vacation home. Like many people, they thought a timeshare was an investment, but quickly realized it was not.
Now you have a bunch of debt and yearly fees for a property you never visit. But can you get out of a timeshare? There are many horror stories out there about getting rid of timeshares, that you’re scared to try.
Fortunately, it is possible to exit a timeshare. This guide will help you develop a timeshare exit strategy.
Ways to Exit a Timeshare
In the best-case scenario, you’re having buyer’s remorse for a timeshare you just purchased. There is a period after your purchase in which you have the legal right to rescind your timeshare purchase. This timeframe is often only a few days long, so you must act quickly if you’re within your timeshare rescission period.
The property is required to provide you with instructions on canceling your timeshare. Read the documents you received when you purchased the timeshare to find out exactly how to proceed.
But if you’re wondering how to get rid of a timeshare, chances are you’re out of the legal rescission period. At this point, the best course of action is to call the resort company directly.
Some properties have programs that allow you to give back the deed to the timeshare. Even if the resort has no such program, they may be willing to work something out with you.
Another option is to try and sell your timeshare. You’ll have an easier time doing this if your timeshare is in a desirable location such as Hawaii.
Exercise Caution
You’ve been trying to offload your timeshare for so long that you’re starting to wonder, “is timeshare exit possible?” You might be tempted to do anything to get rid of it, but be careful.
You may get advice to simply stop payment on the timeshare. Doing so will impact your credit score if you still owe money on the property. It could also throw you into a foreclosure process or even a lawsuit.
A timeshare exit company can help you get rid of the property. However, there are some unscrupulous companies that try to capitalize on peoples’ desperation to get rid of a timeshare.
There are legitimate companies that can help you get out of your timeshare, but it’s important to know how to spot the scams. A reputable company will never require an upfront fee. They work off of commission, much like a normal real estate company, so you don’t have the first offer that you’re given.
Get Rid of a Timeshare
If you’re looking to exit a timeshare, you have options. If the resort will not help you, a timeshare company can help you. Be sure to do your due diligence so that you do not find yourself in even more debt.
Getting out of your timeshare but still want to take vacations? Check out our Travel section for other lodging options.
