Several ways to get out of timeshare legally
There are plenty of reasons why people are looking to getting out of timeshare today; some might want to be free of maintenance fees, mortgage payments or, plain and simple, can´t afford another payment.
But Americans and Canadians should get out of timeshare LEGALLY for once and for all. When you want to get rid of weed in your garden, you need to cut it from the roots. It is the same with timeshare contracts. In order to be able to leave it behind and be sure a problem will not come up in the future is to get out of timeshare legally.
When you don´t cancel a contract properly, you run the risk that the resort comes after you later asking you not only for what you owe to them but also penalties, interest and more. There are several ways to get out of timeshare legally and we´ll go though the pros and cons of most of them:
Sell it or give it away to someone else
The demand for timeshare resale's is very low. You most probably will have to give it away or sell it for a few dollars if lucky. Statistically, there are about 600 timeshare owners wanting to sell their timeshares for every prospective buyer in America.
PROS Once the timeshare is in someone else´s hands, you are pretty much free of obligations with the timeshare resort.
CONS This process requires time from you since you need to find someone to buy the timeshare. Once you find this person, you need to do the transfer process which in most cases, you need to pay for.
If transfer of ownership is not done properly, you will still be responsible for any further obligation with the timeshare resort.
Give back the timeshare to the resort
Some resorts might accept the timeshare back, especially if you are over 75 years of age.
PROS Resort takes ownership of the property and you get out of timeshare legally.
CONS 99.99% of timeshare resorts don´t accept the membership back for the simple reason that if you don´t want your timeshare, you won´t use it but you still have the obligation to pay maintenance fees. This is a winning situation for the resort and the reason most timeshares don´t accept memberships back.
Get a timeshare relief company to take it from your hands
It is the same process as giving it away but in this case you pay a company to find the prospective buyer and they take care of the transfer process.
PROS They take ownership and you get out of timeshare legally... if they actually do their job after you paid them upfront.
CONS With thousands of people looking to escape their timeshare obligation, the number of timeshare cancellation or "relief" companies is increasing exponentially. timeshare scammers have found a new venue to take people´s money; they charge owners large amounts of money to cancel timeshares. MOST CANCELLATION COMPANIES THAT OFFER RELIEF AND CHARGE UPFRONT ARE SCAMS.
Donate your timeshare
I´m sorry to tell you this but charities aren´t accepting timeshares anymore regardless of what other timeshare donation companies claim. Let's face it: charities don´t want timeshares for the same reason as you; Their value is almost zero!
PROS You get out of timeshare legally... if you find a charity that will take over your timeshare!
CONS Many consumers have called MTS seeking help with a company who offer them to get a charity to take over their timeshare and was charged an upfront fee in order to start the process and now the company claims that the charity for some reason can´t accept the timeshare anymore. Even worse, people who though that they were timeshare free and filed paperwork to the IRS for tax deduction, are being investigated since the appraisal received by the timeshare donation company was overestimated.
Cancel your timeshare contract with a company willing to work based on results
Seek help from a timeshare attorney or a timeshare cancellation company such as MTS who is willing to work under a contingency basis; No satisfactory results for you, no pay.
PROS You get out of timeshare legally and are protected since you don´t pay anything until and only if you get out of timeshare legally.
Our intention with this article is to educate you, timeshare owner, to know the possible scams and solutions to your timeshare needs. If you have the desire to cancel a timeshare contract, contact MTS today for a free consultation on how we can help you release you from future timeshare obligations in three easy steps.
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