A lot of people buy a timeshare to have a nice place to relax. But it doesn’t take long before it starts to get stressful. Keeping it up can become costly, and you find that you no longer want to be burdened with this financial obligation of years or sometimes even decades. If you’re in one of these situations, read on to discover 6 options for legally getting out of a timeshare contract.
Rent it Out
For people who feel the financial pinch of maintenance fees and hold a mortgage on their timeshare amid hardships such as unemployment, renting might be an option. Timeshares can be listed on sharing platforms as most timeshare contracts allow for subletting. You can auction it on eBay or use TUG’s Timeshare Marketplace as they offer advice for owners on how to list their rentals and provide a rental marketplace.
Call the Developer
If you bought a timeshare several years ago and now you are done with it as you are on the edge of retirement, you can try to call the developer. You will need to find the right developer and do the legal paperwork required if they do allow you out of the contract. This option can take a lot of time as you try to locate and negotiate on your own. Remember they got you into this because they are experts at high-pressure sales and negotiations. Chances are, they will not let you out easily. It’s a contract. A legal binding documents. This is why professional help can be a very wise move.
A few large timeshare developers offer some sort of surrender program and deed-back. But it would have dramatic consequences for the industry if all owners suddenly surrendered their timeshare. The offer of a deed-back and surrender program is a new option by some developers.
Gift it to a Family Member or Friend
Gifting your timeshare to a family member or friend who would use it might seem like an easy option. It can be a relatively simple matter of transferring the deed if a timeshare is completely paid off. If there is a balance left on the mortgage, however, it gets a little more complicated. Either way, there are fees involved, including deed transfer, legal fees, closing costs, and more.
One thing you must be sure that the recipient is aware of is that they will then assume responsibility for maintenance payments. They may not be so appreciative of that. It’s the gift that keeps on giving!
Sell it on the Resale Market
Frequent travelers opt to buy clubs in different cities when they decide to streamline their adventures. The club offers their timeshare owners to sell them to these travelers during the onboarding process. People then resell their timeshare as they get older, and they won’t travel as much internationally.
A timeshare doesn’t appreciate in value, and it isn’t real estate. It is the opposite case. The unloading depends on several factors, which include if anything is left on the mortgage.
Most people have no idea about the resale market for timeshare like many people don’t know to buy a new car or a used one. Because timeshares lose almost all of their value immediately, the resale of a timeshare is not easy at all. There is a reason you’ll find so many timeshares listed for $1 on eBay.
Stop your payments
A timeshare is a legal contract, so if you default on any payment, whether maintenance or mortgage, you will face financial consequences, which impact your credit. But owners who still cannot find relief after going through all other options might have no other choice. Ultimately, the nonpayment timeshare will be foreclosed.
If it’s the difference between paying medical bills or paying rent and putting food on your table, this is not a difficult decision. If you have made an effort to give it away, sell it, give it back, and if you have run out of other options and have gone through reasonable faith efforts, stopping your payments is an option. While it is an option, it’s not the best one. It could very well hurt your credit for years to come.
Get Help from a Timeshare Termination Expert to Legally Terminate Your Timeshare Contract
You can legally exit your timeshare contract. Titan Exit Group can help. We specialize in helping timeshare owners who want to or need to get out of their contract. We will listen to your situation and help you navigate the process of legally getting out of your timeshare contract, for good. And we will give you a free no-obligation consultation on how the entire process works. Rated A+ by the Better Business Bureau, we can help you put your mind at ease knowing that this financial burden will be gone.
From giving timeshare to a friend to working with a developer to hiring a professional to help you in the process, you can legally exit your timeshare contract. Your vacation needs change with time, and but the costly fees that come with timeshare ownership never do…they keep going up. You do have options to legally terminate your timeshare and end the financial strain and stress. If you need help, the Titan Exit Group team would be honored to serve you.