If you are looking for a way to get out of your timeshare, there are many options out there. Our first recommendation is to always contact your resort or developer before anything else. Most brands will have in-house exit solutions that are safe and responsible, with legitimate solutions for owners. Some owners may be targeted by timeshare cancellation companies. They may seem promising, but there are several red flags that you need to know before turning to this option.
Can You Cancel a Timeshare Contract?
Similar to buying a home, buying a timeshare is a legally binding process. This is especially true if you have a mortgage or deeded timeshare. Unfortunately, you cannot cancel a timeshare contract after the rescission period.
In the United States, timeshare buyers are able to rescind their purchase within a short period of time. The recission period varies state-to-state. It can be anywhere from 3 to 10 days, but make sure to check with the state your resort is. When the rescission period is over, the best way to get out of your timeshare is by contacting your resort or developer, gifting your ownership, or selling it on the resale market.
What Are Timeshare Cancellation Companies?
You may have seen ads online or the radio from timeshare cancellation companies that promise to get you out of your contract. It seems reasonable for an attorney to advocate for you, without loopholes or questionable practices. However, if you keep up with our blog Timeshare Wins Against Exit Companies, you may know by now that many promises that these companies make are rarely upheld.
Timeshare cancellation companies will offer a money-back guarantee, promising to get you out of your timeshare. What this really entails is a letter sent to your resort or developer to cease all communication with you, the owner. Cancellation attorneys normally advise owners to stop paying their timeshare maintenance fees, which is a big red flag. In the meantime, they will work on getting you out of your ownership, which can be an indefinite amount of time. Not to mention, many of these companies require a large up-front fee, upwards of thousands of dollars in many cases.
How Much Does Timeshare Cancellation Cost?
As we mentioned previously, timeshare cancellation companies can charge upwards of thousands of dollars up-front to cancel your timeshare. The BBB has a study on timeshare cancellation that goes in-depth with victims of cancellation attorneys. If you are looking for a way to get out of your timeshare, you should never pay exorbitant up-front fees, especially when there are safe and legal options.
Are Timeshare Cancellation Companies Legitimate?
As a timeshare owner, you have resources. ARDA, the American Resort Development Association, is the industry’s advocacy group for owners, buyers, sellers, and developers. They have free resources and guidance that can point you in the right direction. After contacting your resort or developer, you should also check ResponsibleExit.com for help. This is the Coalition for Responsible Exit’s page that houses numerous resources, news updates, and guides for owners that need to get out of their timeshare.
You may notice that timeshare cancellation companies are not ARDA members, and they are not recommended by the Coalition. ARDA members and Coalition members adhere to a strict code of ethics, with safe in-house exit solutions or programs for owners that are in need of a way out of their timeshare.
Many timeshare cancellation companies are not legitimate and are not safe. If and when an attorney advises you to stop paying your maintenance fees or mortgage, take it as a red flag. These fees and dues are legally binding. If you stop paying your maintenance fees, your ownership will be foreclosed on and it will harm your credit.
When you read the fine print of one of these company’s contracts, a forfeit on your ownership is considered successful cancellation. Meaning, the company or attorney you used received a large payment, and you are stuck with poor credit and foreclosure on your record forever.
Selling a Time Share
Before you decide on which route you will take, whether it’s timeshare cancellation or timeshare resale, make sure to research online. Of course, your best option is to call your developer first. Selling a Wyndham timeshare? Contact Wyndham Cares or Ovation by Wyndham. Or maybe you’re looking to sell your Holiday Inn Club timeshare? Horizons by Holiday Inn is recommended. Most brands will have options that are tailored just for their owners, so you can exit your timeshare responsibly.
Legitimate Timeshare Resale Companies
If you choose to sell your timeshare, there are many legitimate timeshare resale companies out there. Timeshares Only is a member of ARDA, with over 25 years of experience in the industry. Our specialists are experts in every brand and can help you post your timeshare for sale. You will be in control of your asking price, as well as which offer to accept. For more information on how to sell a time share, download our free downloadable guide by clicking here, or contact us at 1-800-610-2734.