A timeshare may sound like a great deal when you first hear the pitch, but owners often find out too late that their decision has become a major source of stress in their lives. The cost of a timeshare is enough to drive many families to financial ruin. In fact, one industry study found that 56% of reclaimed timeshares stemmed from foreclosure. Even the maintenance fees can be enough to do substantial economic damage to a timeshare owner.
Since money tends to be a major source of stress, canceling a timeshare makes a lot of sense. But knowing how to get rid of a timeshare can be incredibly stressful, too. These companies make it extremely difficult for people to cancel timeshares due to iron-clad contracts. In addition, timeshare resales aren’t really favorable to sellers or buyers; you certainly won’t resell your timeshare for even close to what you initially paid, and the resale market is full of scams that can convince potential buyers to stay far away. Still, for some, selling their timeshare is worth their peace of mind, even if they lose a lot in the process.
To avoid as much stress as possible in this situation, there are a few options for getting rid of or canceling a timeshare. Here are the possibilities we recommend:
- Rescind while you can
If you have very recently purchased a timeshare and are having buyer’s’ remorse, there may be something you can do — but you have to do it quickly. Your timeshare purchase does have a rescission period, during which you can cancel the contract. This period is very short and the details depend on the state in which your timeshare is located. You’ll need to scour your contract and contract timeshare lawyers to see if you might be able to take advantage of this option. However, if you’ve owned your timeshare for a while, this won’t be available to you.
- Consider donating your timeshare
In lieu of trying to resell your timeshare on your own, you may be able to donate your timeshare to a charitable organization. This can be a great option if a local charity needs an event venue. The organization may even end up taking on the responsibility of payments so they can host their events there every year. If you can find a charity that will accept this donation, you can be eligible for a tax deduction at the end of every year, which can help with any maintenance fees and other payments you might be struggling to make.
- Work with a lawyer
Scams are prevalent in the timeshare industry. Not only are unscrupulous “sellers” looking to trick would-be buyers out of their money, but some criminals also target actual timeshare owners. They may try to convince you to send them money to help sell your timeshare or to pay for taxes upfront, but they’ll just take the cash and run. That’s why it’s so important to hire a lawyer when canceling a timeshare. Timeshare laws can be very complex and you’ll need expertise to help you get rid of your timeshare once and for all.
It can be easy to feel overwhelmed and hopeless when you’re trying to get rid of a timeshare. But we’re here to provide assistance and get back your financial freedom. To learn more, please contact our firm today.