There are several ways to get out of a timeshare. One of the best is to use a timeshare resale company. You might be surprised to know that some resort brands offer deed-back programs. But before you sign on the dotted line, take some time to read your contract. These contracts can be confusing and are often loaded with industry jargon.
As you can see from the example above, a timeshare resale program can save you a bundle of cash. They might also help you find out the truth about your current situation. The truth is that the timeshare industry is full of scams and shady characters. Rather than put your hard earned money at risk, seek out a professional. A legitimate company can guide you through the process and help you avoid falling for another big time scam.
Another nifty thing you can do to get out of a timeshare is to ask the resort for a written document known as a cancellation notice. Some companies allow you to deliver it yourself, while others require a certified letter. Whatever method you choose, make sure you keep a few copies of your letter on hand so you can refer to it later.
This is probably the most important step in the cancellation process. Most states have a rescission period that allows you to cancel your purchase. Depending on the state, this could range from 3 days to 10 days. If you fail to comply with your state’s cancellation instructions, you may be out of luck. However, a reputable timeshare resale company can work with you and your state’s regulators to ensure you receive the refund you are due.
As a bonus, you’ll also be out of a bad deal and out of a timeshare resort’s shady grasp. A good timeshare resale company can help you find a new home or sell your property for a profit. In some cases, you can even use the money to pay for your next vacation.
Of course, you can always go the route of an attorney. While a lawyer will likely charge more than you can afford, you will be relieved to know that they are experts at navigating the timeshare industry. Not only can they navigate your specific state’s cancellation laws, they are also well versed in the finer points of timeshare etiquette. Your legal counsel might also be able to steer you clear of some of the most egregious timeshare schemes out there.
There is a lot to remember when it comes to getting out of a timeshare. To start, you must follow all of your state’s cancellation procedures. Oftentimes, you will be required to produce proof of mailing, which you can prove by requesting a return receipt from your sender. So, don’t be afraid to ask for a second copy. That way, you’ll have a backup if something goes wrong and you miss the deadline.
Other important steps include having the correct paperwork and a plan of action. If you don’t follow these steps, you could end up in a foreclosure that stays on your credit report for years to come.