Buying a timeshare is a great way to own a vacation home without a massive investment.
After buying a timeshare, some people change their minds. They decide they don’t want it anymore and decide to cancel it.
Timeshare cancellation companies assist with this request, but are these companies trustworthy? They can be, but you must know what to look for and what questions to ask. As a result, around 9.9 million American households own one.
Keep reading to learn how to find a trustworthy timeshare cancellation company.
Consider Canceling In-House
Start by contacting the resort that owns the timeshare you purchased. This resort might have a cancellation process you can use without hiring a third party.
When calling, tell them you want to cancel your timeshare contract. They can explain the in-hour process for canceling a timeshare if they have one. If so, this is the safest option to use.
You’ll likely have to pay some fees for canceling, but you’ll have to with any option you choose. The only way to circumvent the fees is by finding a buyer.
You can sell your property if you find someone who wants to purchase it. While this might be the cheapest method, you may still encounter some expenses.
Understand Your Responsibilities
Before you get rid of a timeshare property, learn your responsibilities. Many timeshare companies will recommend that you stop paying your timeshare maintenance fees.
Every timeshare has maintenance fees, and you’re required to pay them. Unfortunately, many timeshare exit scam companies tell you to stop paying them. You’ll encounter some major problems if you follow this advice.
When you buy a timeshare, you legally own rights to the property. They even place your name on the property title. Failing to pay the maintenance fees can lead to foreclosure.
If the timeshare resort forecloses, you’ll face repercussions. First, foreclosure affects your credit. You could instantly have poor credit from this posting on your credit report.
Secondly, you might be responsible for fees relating to the foreclosure. The bottom line is you should continue paying your maintenance fees. You shouldn’t stop until you end the contract.
Common Scams
Researching ways to get rid of timeshare properties is essential. It will help you learn some common timeshare exit scams. One of the most common ones is faking a sale.
The best timeshare exit company will help you get out of your contract, but they won’t tell you they have a buyer for it. Use caution if a company tells you someone will buy your property.
Secondly, reputable timeshare companies won’t charge colossal fees. Yes, you’ll pay for the company’s help. However, you shouldn’t pay tens of thousands to get out of your contract.
Additionally, be cautious when receiving calls from companies telling you they can help you end your contract. Cold calls from timeshare exit companies are a red flag, so avoid them at all costs.
Ask About the Process
One of the best ways to exit a timeshare is to call a company that offers timeshare cancellation. When calling, ask them to explain everything.
Start by asking about the costs. Find out how much you must pay for the services and ask for it in writing. Secondly, discuss the method by asking them to explain the steps.
The process generally begins with a letter.
You write a letter to the timeshare mortgage company. The letter explains your intentions and desires. You outline what you want to get out of the contract and why.
Your letter should include all the essential details about you and the property. A timeshare cancellation company helps you write this letter.
Next, determine if you have a legal way out. This step is an important one a timeshare exit company helps complete. There are several legal ways out of a timeshare contract:
Promises of tax benefits
Some people buy timeshares expecting to receive tax benefits from owning them. Unfortunately, this isn’t the case. Timeshare owners do not reap tax benefits from these properties.
You can legally exit your contract if you have proof they promised this when you bought it.
Failure to explain the costs
You can also legally get out of your contract if the company failed to explain the costs when you bought it. Sometimes, timeshare companies try to mislead people by failing to explain the costs thoroughly.
Failure to give you the promised gift
In most timeshare situations, the timeshare companies promise a gift in exchange for attending a presentation. You can legally get out of the timeshare if the company failed to give you what they promised.
Research Timeshare Cancellation Companies
The final step to take is researching a timeshare cancellation company. You should complete this step before hiring a company or signing a contract.
Begin by looking up the company on the Better Business Bureau (BBB). The BBB researches and rates businesses. This third-party company is highly reputable, but you can also look for others.
Additionally, the BBB records complaints about businesses. You can read the complaints to learn more about a business before hiring them. Reading these helps you learn what other people experienced when hiring a business.
Finally, look up customer reviews about a company first. Reading customer reviews helps you learn what companies to avoid. It helps you understand customers’ issues and provides tangible information to guide you.
Reading reviews from others is an eye-opening experience that provides the information you need to choose a company.
Learn More About Timeshare Cancellation
Contacting timeshare cancellation companies is a great step to learn more about them. These companies can explain their processes, steps, and fees.
A timeshare offers a vacation home to visit. However, it also ties you to a long-term contract. The good news is you can get out of your contract by hiring the right timeshare cancellation company.
Did you enjoy reading about timeshare cancellation? If so, you might enjoy other interesting blogs on our site.
