The COVID outbreak has forced many timeshare owners to reconsider their investments. Many timeshare owners have lost their jobs and are no longer financially capable of paying the mortgage or the maintenance fees. Even though they no longer want their timeshare, it is quite difficult to get out of the contract. In most cases, as long as you own a timeshare, you’re obligated to pay a maintenance fee regularly.
Amidst the chaos caused by the pandemic, timeshare owners are left wondering how to get rid of their liabilities in a pandemic? We understand how stressful it must be for timeshare owners, so we’ve researched and compiled the top 4 proven ways to legally dispose of an unwanted timeshare.
- Reach Out To The Provider
If a timeshare owner defaults on their mortgage or maintenance fees, the timeshare company can report them to a debt collection agency. This can not only bring legal issues for the timeshare owners but can also sting their credit score, further affecting their financial health. The best way for timeshare owners to avoid such stressful scenarios is to reach out to their provider, developer, resort, company, or timeshare association for help. According to the American Resort Development Association (ARDA), many timeshare companies provide different types of relief to help owners who have medical emergencies or have lost their jobs.
The timeshare providers often have their hardship programs or timeshare exit programs to help owners get timeshare off their hands. These programs are focused on benefiting the provider rather than the owner but at least the timeshare owners can cut their losses by disposing of their timeshare.
- Sell The Timeshare
The value of a timeshare decreases as the property gets older, while its maintenance charges steadily increase with time. To get rid of the costs associated with owning a timeshare, it is best to get rid of the timeshare itself. The easiest way to get out of a timeshare is to find a suitable buyer for it. However, it must be noted that the owner will most probably be offered a far cheaper price than what they initially bought their timeshare for.
If you’re wondering where you can sell your own timeshare during this pandemic, websites like Craigslist and eBay are a good place to unload your timeshare at a fair price. Alternatively, you can hire a licensed real estate agent or broker to help you sell timeshare. The brokers might charge a very high commission, so it is up to the timeshare owner to decide whether the high commission is worth it or not.
- Negotiate With The Timeshare Company
In these testing times, even the timeshare companies don’t want unhappy customers. Timeshare owners can contact their respective providers and open a negotiation channel. Depending on the type of exit program a timeshare owner qualifies for, the timeshare companies can let them off the hook to earn a profit. It may cost the owner one-time termination fees or similar charges but they’ll be allowed to terminate their contract without having to go through strenuous legal processes and letting their credit score take a hit. Many resorts and other timeshare companies limit their exit qualifications.
The timeshare provider may propose a different offer to the timeshare owner. The owners must evaluate all of their options and decide which one suits them the best. Unless a timeshare owner contacts their provider, they won’t know what all options they have.
- Hire An Attorney
When someone buys a timeshare, there’s a cooling-off period that allows the buyer to cancel their purchase. If a timeshare owner wants to dispose of their timeshare after the rescission period has expired, they will require professional assistance from a lawyer. Before deciding on a course of action, timeshare owners must consult their attorneys to find out exactly what they’re getting into. Hiring a good attorney means that their firm will fight for you, send formal letters on your behalf, and negotiate with the providers. If a timeshare owner who wants to dispose of their timeshare is within the rescission period, they won’t require an attorney.
We’re often looking for ways to stay on top of our responsibilities. To check their eligibility for an exit program, a timeshare owner must contact the timeshare provider and request assistance for the same. Start by reaching out to your timeshare provider. Find out if you’re eligible for an exit program and try negotiating if there’s any wriggle space. The best way to decide an exit strategy for your timeshare is to hire a trusted attorney.