When you begin looking into your different options for getting rid of a timeshare, there are several avenues to consider. Here are a list of your current options:
Option 1 - Contact The Timeshare Company (recommended)
The first thing that we recommend, when you are looking to cancel a timeshare, is to reach out to the timeshare company and inform them of your desire. Ask if they offer any type of buyback program or can present you with any options to relieve yourself of the obligations. Only proceed with one of the options below if the program they offer isn't reasonable, or if there isn't a program available at all.
Option 2 - Resale
When you were sold your timeshare, it's very possible that you were told that you could resell your timeshare at a later date, and possibly even yield a return on it. While this is an effective sales tactic, it is very unlikely and misleading.
The simply fact is: There isn't much of a timeshare resale market today.
We understand that you may have "invested" thousands of dollars into your timeshare, and it's incredibly difficult to accept the fact that it doesn't have any value, but that is the reality of the situation. While you can explore the option of trying to resell it, the end result is usually much more undesirable than your current situation.
If you pursue this route, here is what you can expect:
You will have to pay a listing or resale company to attempt to sell your contract. Your timeshare will sit on their website, until a buyer comes along to purchase it. The problem is, there are very few, if any buyers looking to purchase your timeshare, most likely for the same reasons you are looking to get rid of it.
This process will continue until you reach the same conclusion we mentioned above - your timeshare has no value.
Unfortunately, during that time, you were, and still are liable for all of the fees associated with the timeshare.
If you pursued this option, you've most likely spent thousands of dollars more, and still have the timeshare, which puts you in a less desirable situation than when you first started. We do not recommend this option for the majority of the cases that we are presented with for this very reason.
Option 3 - Default (not recommended)
We highly recommend that you do not simply walk away from your timeshare, without retaining legal representation or negotiating with the timeshare company themselves. Defaulting on a legal, financial contract can have serious ramifications that can far outweigh the financial burden of the timeshare itself.
The best way to protect yourself is to retain the services of a firm that specializes in timeshare and real estate law. You are entitled to fair and reasonable business practices, and many times timeshare contracts do not meet these requirements. Whether you have a mortgage balance, or your timeshare is paid-off, you have options that can result in the termination of your financial liabilities.
Our company works with timeshare owners every single day to provide them with the information that they need to make an informed and beneficial decision when it comes to the cancellation of their timeshare.
All of our work is guaranteed, which is something that a resale or listing company simply won't offer.
Our goal is not to persuade you to use our services; our goal is to save you as much money as possible, and guide you in the most beneficial direction for your particular situation.