Get Out Of Timeshare Without Ruining Credit
Cancelling Your Timeshare
There are a number of reasons timeshare owners are interested in cancelling their timeshares, and there are a few different ways to get out of timeshare ownership.
Use Your Rescission Laws
Consumers who purchased a timeshare within the last few days should be able to cancel their contract using their state’s rescission laws. State rescission laws allow you to cancel your timeshare contract generally within 3 – 14 days of purchase, varying by state. Your purchase documents should include rescission information.
Using state rescission laws allows you to exit your timeshare contract for a full refund regardless of your reason for cancelling and without contest from your timeshare company. This option is always better than trying to sell the timeshare yourself since it guarantees you will get all of your money back. Making a profit on the sale of a timeshare is rare, so we always advise timeshare owners to take advantage of their state’s rescission laws when possible.
Selling Your Timeshare
You could attempt to sell the timeshare yourself. Many owners will list their timeshare on Craigslist or Ebay as a starting point. You can also try to use a timeshare broker to help you with the sale.
Using a timeshare exit company
Many timeshare owners will partner with a timeshare exit company to help them get out of their contract. We can help you find the right company for your needs by using the contact information on this page.
Up-front Fees vs. Escrow
Whether looking to partner with a timeshare exit company or a broker, consider using a company that offers an escrow payment option, rather than up-front-fees, for extra peace of mind. Learn more about escrow and how it can help you avoid scams here (link). The escrow option protects your money in the event that a company goes out of business or otherwise rescinds their money-back guarantee.
If You Have a High Mortgage Balance
We never recommend that owners simply stop paying their mortgage if they still have a balance on their timeshare. Like all other forms of debt, there can be repercussions that negatively impact your debt if you simply stop paying the bill.
If you have questions about getting rid of a timeshare with a high mortgage balance, chat with us for free, legal advice.
To start a conversation, begin a live chat now with one of our consultants or fill out a contact form and we will be in touch.