Timeshare relief is a term that is often used to describe various services that offer to help timeshare owners get out of their contract with a resort. These companies may be able to provide services that can help you avoid the negative aspects of owning a timeshare, but they are not without their own set of concerns and risks.
The first thing to understand about timeshare relief is that it is not a simple process. It is a complex legal and financial procedure that can be difficult for owners to navigate alone, especially if they are not knowledgeable about the laws in their state or even the specific resort in question. It is a good idea to hire an experienced attorney to assist you with this process.
Another form of timeshare relief is inventory recovery. This involves helping developers recover timeshares they no longer have available for sale, allowing them to turn the inventory into cash to replenish their inventories. Some of these companies also assist developers in transferring the ownership of these unwanted inventory interests from their original owners.
These companies often charge upfront fees for their services. BBB urges consumers to be cautious of these upfront fees and ensure that all work is outlined in their contract before signing it. They should also make sure that they are able to provide several references from previous clients who have been happy with the service they received.
A third type of timeshare relief company is one that assists with the transfer of a property ownership interest from a current owner to a new owner. This is typically done by creating new business entities, corporations or LLCs that can take title to a property and transfer it away from the owner.
This process is very expensive and can be a major drain on the owners bank accounts. Some experts argue that this strategy is a viable option, but others warn that it could harm the credit of the owner.
It is important to remember that many of these timeshare relief companies are not regulated by the state or federal governments, and do not have to follow the same ethics and compliance regulations as legitimate resale and resort development companies. Some of these companies have been accused of scamming customers out of thousands of dollars or more, so it is best to be careful when choosing a company.
The best companies will have a single client service representative that is there to serve the needs of you and your family throughout the entire process. The person will be able to build a strong rapport with you and treat you with the utmost respect and care.
They will help you to understand your rights and responsibilities in this process, explain the options you have, and make sure that you are aware of all the costs involved before you sign a contract. They will also be there to help you when you need it.