We all have had this experience in the past before at least
once. We walk to our mailbox, and we find out that we have won an opportunity
to win $35,000 and a free trip to anywhere in the world. We keep reading the
incredible offer, and it has in small print, must drive to some far-off
location on the outskirts of town. And it is then that we find out we have been
invited to a timeshare. The $35,000 is the money
that we can save, and the trip is to the timeshares that we will be buying. We
are young, and we fall for this considerable scam and suddenly, we are now real
estate investors, with no experience in real estate, and we are paying for a
service that we never use. We are now responsible for another mortgage that is
draining our account, and the only thing we can think about after about seven
months is, ” How do I Exit
My Timeshare?”
What are my options
Before you get overwhelmed and begin making unnecessary steps that may cost you more than you should pay, check out the facts in the actual contract. First, look and examine whether you have exceeded the cancellation period. One of the benefits of purchasing a timeshare is the grace period in which you can opt-out of the contract without any fees or penalties. Take time to review the deal with an attorney if needed, to see if you fall in line with the agreement. If you have surpassed the timeline and you feel that this is something that was done unjustly, then that same attorney can file to help you break the contract agreement. Depending on whether the timeshare is leased or deeded, your ownership responsibilities will be different, so again, looking into the contract and getting all the facts will be the first step in determining the best method to exit the timeshare.
Also, something to consider, given you have taken on the debt when purchasing the timeshare, you are now legally responsible for making sure that the note is covered. Another way to get out of the timeshare is to consult with the timeshare’s property manager. There are cases where the companies will assist you in selling the property to someone else interested in purchasing the park, but usually, this service comes at a price. They will help you sell the property, but they will charge you a hefty price for their services, taken from the sales price.
Another option is to request a timeshare deed back which is you basically agree to turn the timeshare back to the organization that you purchased it from. With this option, you will not receive any money back from the annual maintenance fees or any equity that you may have in the property from all your payments that you have already made in the past.