By Matti Pennington
Timeshare cancellation companies will offer a money back guarantee, promising to get you out of your ownership.
What this really entails is a letter sent to your resort to cease all communication with you. They 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 take an indefinite amount of time. Many of these companies require a large up-front fee, over thousands of dollars.
Most of the time, the contracts with these companies last years—meaning they don’t have to give you a refund at all if they are still “working” on your cancellation.
A successful cancellation in their terms includes foreclosure. So, not only will this hurt your credit and stay on your credit report for 7 years, you will also still not be eligible for a refund.
Similar to buying a home, buying a timeshare is a legally binding process. Unfortunately, you cannot cancel a timeshare contract after the rescission period.
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.