Purchasing a timeshare might seem like one of the most exciting things you will do in your life. The thought of owning your own piece of vacation heaven can make you eager to sign that timeshare contract, or perhaps you are convinced that a timeshare will provide you with a solid investment down the road. However, owning a timeshare is not all that it is cracked up to be. In fact, timeshares can cause a great deal of logistical headaches if you aren't prepared to take on the contract for many years to come.
Fortunately, you don't have to be stuck in this situation forever. With the proper guidance and sound execution, you can be free from the burden of owning a timeshare. If you have ever wondered, 'how to get rid of a timeshare' then consider the following legally sound methods for timeshare cancellation.
Four Steps to Timeshare Cancellation
1. Cancel within the rescission period. Each state has what is known as a 'rescission' period for individuals who purchase timeshares. However, this 'cooling off' period is only a short time, and each State is different, so you have to decide quickly whether or not you will be keeping the timeshare so immediately contact a timeshare attorney. Conversely, if the allotment for the cooling off period has come and gone then you cannot use this method for cancellation. If you meet the time limit requirements then your deposits and any other fees you paid will be returned back to you without any charge.
In order to legally cancel your timeshare you will need to complete a Notice of rescission according to the instructions given through timeshare contract. This involves several different steps, and if not done properly or if you go past the allotted rescission period you are stuck with the contract. For the best protection, hire an experienced licensed timeshare attorney who specializes in timeshare cancellation to ensure it is handled properly. Consider the following additional strategies you can use if your rescission period has already passed you by.
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2. Deed it back to the Time Share Company. If you have a paid off your timeshare, this is a matter of 'what if's' however, once you realize that you actually signed what is called a contract in perpetuity, which means for your lifetime and then it passes on to your heirs in your estate whether they want it or not. Including the continually increasing maintenance fees, adding it up over all those years makes it easier to cut your loses and move on. It is important to note that you will not be compensated in any way for deeding the property back to the company. In fact, more often than not they will charge you a processing fee for taking the deed back. Remember, your timeshare must be paid in full in order for this option to apply to you.
In the event you still owe money on the timeshare you may want to consider possibly a deed in lieu of foreclosure.
3. Deed in lieu of foreclosure. While a timeshare might not sound like an expensive undertaking on the surface, the cost of maintenance, taxes, and other fees and potential assessments add up over time. If you find yourself unable to make the payments your next best bet is to offer your lending company a deed-in-lieu of foreclosure to rid yourself of the burden.
4. But wait I'll put it up for sale. Of course, you can always try to put your timeshare up for sale. The reality is that only a minute percentage of timeshares can be sold and it is one of the biggest scams in the industry, it's so bad states have passed laws to protect people from these companies claiming to be timeshare resale companies. The reality is almost all timeshares have no value, just search timeshares on Ebay, they are sold every day for a dollar, yes 1 dollar.
If you want to know how to get a rid of a timeshare, then consider the aforementioned methods. Your best chance is always with a [http://www.mytimeshareattorney.com timeshare cancellation] to provide you the legal counsel to help guide you through your options. They will help you gain a better understanding of the legal aspects of timeshare cancellation.
