Participating in a timeshare can be a great way to keep a vacation getaway ready and at hand, allowing you or your family to enjoy a luxurious stay that might otherwise be out of your price range. What happens when you no longer want or need access to your timeshare? A look at some of the best and more popular ways of getting out of your timeshare obligations might benefit those looking to consider other options for their vacation needs.
Can I Get Out Of My Timeshare Without Paying Penalties?
When it comes time to terminate a timeshare, many people face the ugly prospect of having to pay a penalty, often termed a contract buyout. This can be a significant amount, making the prospect of hanging onto an unwanted timeshare the more attractive prospect, but you shouldn’t be discouraged so easily. There are a number of options available.
The first step is often the most overlooked one and that is contacting your timeshare company to learn more about the possibility of a “deed-back/surrender” or participation in a resale program. Many companies have options for people to walk away from their timeshare by paying a minimal fee equivalent to two years of maintenance fees.
Second, you may want to consider reselling your timeshare yourself. To get started, you’ll first want to determine the value of the property, perhaps by contacting a representative of the Licensed Timeshare Resale Brokers Association (LTRBA). Once you know the real value of your particular timeshare, you’ll better be able to decide whether to sell, rent, or walk away from the property.
Taking The Legal Route To Timeshare Liquidation
In the event that negotiating for a release or reselling the timeshare fails, it may be time to consult with an attorney who specializes in timeshare rentals. Because these types of lawyers deal with timeshare companies and home owner associations on a regular basis, they will be more knowledgeable about the various techniques to terminate your timeshare obligations. At the very least, an attorney may be able to negotiate that contract buyout fee to a more manageable number. Whatever method you choose, always be on the lookout for scams, particularly those targeting people in your situation. Timeshare scams are among the most prevalent, especially because con artists know people are desperate to get out of their timeshare obligations. Offering an “exit” or “transfer” of your timeshare property, these individuals, often posing as reputable companies, will pledge to help you out of your timeshare for a fee. Once you’ve paid an administrative fee of several thousand dollars, you’ll likely never hear from the company again.
While there is no easy way to terminate your timeshare, some methods are more desirable than others. It’s recommended that you pursue the options that will do the least damage to your credit and your wallet, before pursuing options that may permanently mar your financial reputation.