Have you considered making a timeshare cancellation recently? Believe it or not, the timeshare industry is incredibly huge, presently worth $10.2 billion and with up to 9.6 million households in the United States owning a minimum of one type of timeshare product.
A study undertaken by the University of Central Florida showed that approximately 85 percent of individuals who own timeshares regret signing the dotted line. This has increased timeshare cancellation or timeshare exit in recent times.
It is possible to cancel timeshare, but the truth is that it will take a lot of strategic effort. Do not be fooled by so-called experts when they tell you there’s nothing like a timeshare exit or a timeshare cancellation.
The Costly Timeshare Mistake You Should Never Make
Many individuals today signed up for a timeshare while they were on vacation. And then they suddenly realized it was such a costly mistake. Timeshares are typically the wrong choice in the end. Holding onto a timeshare, you don’t really want will only result in unnecessary expenses and headaches.
If you suddenly find yourself owning a timeshare after you arrived home from a vacation, you can still plan a timeshare exit or set about a timeshare cancellation. By the time you read this article to the end, you will know precisely how you can cancel timeshare.
Why Is It So Difficult to Cancel Timeshare?
There are several reasons why your timeshare can suddenly become a burden. But in most cases, and according to research, it is usually because of the rapidly escalating commitments (financially) linked with timeshare ownership.
At present, the average cost of yearly timeshare maintenance fees is up to $1,000. And these fees typically – and officially – increase up to 4 percent every year. When you combine this annual expense with the other costs associated with your timeshare – special assessments, mortgage payments, taxes, and miscellaneous charges – it can be very easy to see precisely how your purchase will significantly exceed your budget kind of quickly.
It is very common for many families to strive or try to cancel timeshare in order to get rid of these unneeded financial burdens as well as all the other hassles linked with their timeshare.
But it is rather unfortunate that most people discover that it can be incredibly challenging to undergo a smooth timeshare exit. This was intentional; the contracts are designed so that you are locked right into the agreement on a long-term basis. And getting out will, in most cases, require the assistance of a certified and experienced attorney.
Timeshare Organizations Always Plan
Do you even know that timeshare organizations are fully aware of the existence of reputable companies like Resort Cancellation Services that offer legal timeshare cancellation services to every client they have? These timeshare companies know that a specific percentage of their clients will, sooner or later, figure out exactly how to cancel timeshare.
This is the primary reason they encourage unsuspecting individuals like you to create a brand-new credit card in order to fund your down payment, which is often a PayPal or Barclays.
As soon as you create that new credit card, the timeshare is fully guaranteed almost instantly to receive that money. But before you fully realize this costly mistake and take steps to undergo a timeshare exit by getting in touch with a timeshare cancellation firm, you can surely expect an extremely high-interest rate, irrespective of your pristine credit.
The timeshare companies will then hope that you will have no choice but to try securing a home equity loan at a very low rate. And this pays them off very well long before you even figure out precisely how to exit timeshare.
The Possibilities You Can Explore to Cancel Your Timeshare
Return the timeshare to the resort
First of all, it must be mentioned that getting out of that hateful timeshare is going to be a painful process. And be prepared to lose money; in fact, it will cost you a lot of money to undertake a timeshare exit.
With that out of the way, start by getting in touch with the resort in order to see if they will take back the timeshare. But bear in mind taking back the timeshare is an extremely rare occurrence since they are under no obligation at all to take it back because you changed your mind.
But then, if you try to sell your timeshare, experts consider it a very bad idea. This is because timeshares have no resale value; if you visit eBay, you will find them peddled on the platform for $1.00. Most people sell off their timeshare in order to disentangle themselves out of the lifetime of annual or yearly maintenance fees.
If you want them to consider your offer, then you have to be in very good standing. Do not be surprised if you are told to carry out a ‘deed back’; this means you may have to sign the interest or deed over to the resort.
Be mentally prepared as it is highly likely that you may not get any more money for it. And you shouldn’t be shocked if you have to pay a fee in order to transfer.
You should also discuss the issue with the condo association in order to find out whether or not the resort is open to your offer. But whatever you do, do not stop paying off the maintenance fees. If you do, it could severely damage your credit, thereby leading to foreclosure.
And if this happens, you will not have a property, and you will still be liable for the fees. A double tragedy, don’t you think?.
Put Your Timeshare Cancellation in Writing
To proceed with the timeshare cancellation or timeshare exit, you need to, first of all, be aware that it must be done in a particular way. The most common method of timeshare cancellation is by sending in your decision in writing.
To get detailed instructions on how to go about it, make sure you look critically at your contractor’s timeshare cancellation policy. This policy usually specifies that the timeshare exit letter must include some specific things.
Some of these may include:
- Your personal information
- A timeshare description, and
- The purchase date
It is vitally important to state in your timeshare cancellation letter that you intend to cancel your timeshare. There is absolutely no need to provide any reason – valid or not – for your timeshare cancellation or why you want to cancel timeshare. But it is always considered an excellent practice to include a specific request for a confirmation that your timeshare exit letter was duly received.
Bear this crucial information in mind: it is never a good idea to call since the salesperson at the other end of the line is highly trained to persuade you not to cancel.
But if you must call the company, make sure you speak only with the manager before you state your intention to cancel timeshare. Once again, do not make the error of talking to the salespersons who sold the timeshare to you in the first instance.
Delivering The Timeshare Cancellation
If you want the timeshare cancellation to be as effective as you plan, the delivery method is vital and must be considered. It will generally be specified in the timeshare contract. The method of delivery ranges from hand delivery – at the door – to certified mail.
If you do not follow each instruction carefully, your rescission may be rejected. Therefore, ensure that you make several copies of the timeshare cancellation letter before sending it.
Don’t forget to make several copies of your agreement as well as other highly relevant documents, especially if you need to send the originals. Make sure you also mail it a certified return receipt.
Refinancing The Timeshare Loan
At times, the timeshare may not be the problem, but the loan you took out for it. Maybe you don’t know this, but you can actually keep your timeshare when you refinance that loan. When you do this, you are under no obligation to undergo a timeshare exit.
You don’t need to keep to the specified rate given to you by the timeshare developer. Although you will need a perfect credit record, this particular option can – and will – shave a lot off all your repayments.
This is why experts or specialists recommend that you shop around for the best options out there. As soon as you have successfully moved the loan to another lender, new possibilities open up suddenly.
You can start looking into how to cancel timeshare since you don’t have a very high mortgage to pay.
Conclusion
The timeshare industry may be incredibly huge, but it is not immune to the economy’s tidal waves. Thousands of households in the U.S. may still be investing in a timeshare, but several owners are in dire need of timeshare cancellation options.
Timeshare elimination services are real, and if you are looking for a reputable organization that offers such services, consider getting in touch with Resort Cancellation Services right away!
