- 1 Is it hard to get out of a timeshare?
- 2 Why are timeshares so difficult to cancel?
- 3 Can I refuse to inherit a timeshare?
- 4 Can you just walk away from a timeshare?
- 5 What happens if I stop paying my timeshare?
- 6 How much does it cost to cancel a timeshare?
- 7 How do I terminate my timeshare contract?
- 8 Can you give a timeshare back to the resort?
- 9 Does a timeshare passed down to heirs?
- 10 Does your timeshare end when you die?
- 11 Is RCI a ripoff?
- 12 Can lawyers get you out of a timeshare?
- 13 How can I get rid of my timeshare without damaging my credit?
A University of Central Florida (UCF) study found that 85 percent of timeshare owners who go to contract regret their purchase. ” Getting out of a timeshare is considerably more difficult than getting in,” says Lisa Ann Schreier, author of the book “Timeshare Vacations For Dummies.” “But it’s possible.”
Another reason why it’s so difficult to cancel your timeshare is that there are limited alternatives available. Also, timeshare companies make it incredibly difficult for owners to sell their properties. Resort officials want owners who make payments on time.
If you are either left a timeshare in a will or are the legal heir of someone who owned a timeshare and died without a will, you may choose to refuse to accept your inheritance. In legal terms, this is generally called “ renunciation of property.”
You can’t just walk away from a timeshare. That’s because they often come with an obligation to pay maintenance fees for as long as you own them. It says 85 percent of timeshare owners who go to contract regret their purchase.
If you stop paying it, the timeshare company will do whatever it takes to collect. They’ll make phone calls and send letters, then they’ll assign it over to (you guessed it) a collections company. If you still don’t pay, the situation sinks even further into foreclosure and possible legal action against you.
Costs to Get Out of a Timeshare On average, it costs about $5,000 to $6,000 and takes 12–18 months to get out of your timeshare contract using a timeshare exit company. But the cost and the timeframe can vary depending on a number of factors including, how many contracts are attached to your timeshare.
The Do’s: How to Write a Timeshare Cancellation Letter
- Get your cancellation request in writing.
- Include a clear request to cancel your timeshare.
- List all the important details.
- Set expectations.
- Send all correspondence by certified mail.
- Don’t get emotional or long-winded.
- Don’t use passive or hesitant language.
A deed back clause or program allows you to give your timeshare back to the resort. Until then, you remain responsible for paying the maintenance and special assessment fees along with your mortgage payments.
Even after so many memorable family vacations, there’s no guarantee your children will want to inherit your timeshare. When the owner dies, the timeshare becomes part of the estate. The inheritors of the timeshare become the new owners, and they are obligated to take over the timeshare fees.
However, in the case of an owner’s death, a timeshare becomes part of that owner’s estate, and thus, the benefits, investment, and obligations attached to it are passed onto the next-of-kin or the beneficiary of the estate.
Is RCI a ripoff?
In reality, the RCI timeshare scam is well documented and has a very bad reputation within the timeshare community. The basic premise behind the RCI timeshare exchange service is, by paying an annual membership fee, consumers can trade their timeshare to other members with other timeshare resorts around the world.
A timeshare cancellation attorney will help you understand the fine print of your contract and support you in cancelling your timeshare within the rescission window. A timeshare exit attorney will help you approach getting out of your timeshare after the rescission window has passed.
Let’s dive into the most common ways on how to get out of a timeshare—without ruining your credit.
- Talk to your developer about buying back your property.
- Gift your timeshare to a family member or friend.
- You may be able to cancel your ownership.
- Post your timeshare for sale.