When your timeshare becomes unmanageable and you need to find a way out, it’s important to get the help you need as soon as possible. Our relief lawyers take the time to explain your options and structure a plan that will get you on the path toward a solution.
Timeshares are a great way to save money on your family’s travel plans, but they can also become expensive to own and manage. As a result, many owners become overwhelmed with fees and obligations they can’t pay. If you’re in this situation, you need to find a way to break free from your timeshare and move on with your life.
The first step is to talk to your resort or developer. Most major brands and resorts have a team of people who can help you with this. Most of these teams are members of the American Resort Development Association, a trade organization that works to protect consumers in the timeshare industry.
ARDA also offers some timeshare cancellation and exit services that can help you get out of your contract without paying any upfront fees. You can use these services to end your timeshare or resell it at a lower price, but make sure to check with ARDA before making any decisions.
If you are trying to sell your timeshare, keep in mind that it may be difficult to find a buyer at a fair price. For instance, you might have to pay more in fees with third party exchange platforms that don’t guarantee your vacation dates will be available for you. You can also lose your money through a sale.
Another method is to get out of your timeshare through a deed-back or surrender. Most major brands and resorts have these programs, but they are not publicly advertised. You can ask your resort’s salesperson about them or search online for information about them.
However, you need to be aware of scams and other tricks that may be used by shady companies. For example, you might receive cold-calls from “investors” or “brokers” telling you that they can buy your timeshare for more than you paid for it. They might even request an upfront fee.
Some resorts also have a deed-back program, which allows you to give your property back to the company for a small fee. Some experts say this is a good option, but others worry that it will cause your credit to be damaged. If you’re interested in this option, consult a financial adviser first to get a sense of what it’s like to walk away from your timeshare.
You can also file for bankruptcy to cancel your timeshare. This can be a last resort, but should be used only after other methods have failed.
There are a number of ways to get out of your timeshare, but some of them are more effective than others. If you’re looking for a legal option, find a lawyer who specializes in timeshare law and has successfully helped others with their timeshares.