Timeshare Cancellation After Grace Period
If you frequently tune in to radio and TV talk shows hosted by Dave Ramsey, Steve Harvey and Suze Orman you may have heard the commercials for companies advertising a guaranteed timeshare cancellation solution. Those unhappy with their timeshares might see these commercials as a saving grace, but consumers should be extremely careful as many of these programs end up being scams.
Companies that advertise a guaranteed timeshare exit solution often want to charge thousands of dollars up-front to “cancel” your legally binding timeshare contract. Many times, what ends up happening is the timeshare exit company instructs you to cease communication with your resort and stop all future maintenance fee payments. When you stop paying your maintenance fees, there is a good chance your resort will eventually foreclose on your timeshare. When your timeshare is foreclosed upon, it’s technically cancelled, but your credit score might also take a significant hit. The timeshare exit company will say it did its job because the timeshare is cancelled, but all they did was tell you to stop paying your maintenance fees. Was that advice worth several thousand dollars? Absolutely not.
The truth is, no company can guarantee that it will be able to cancel your timeshare because the decision to cancel can only be made by the resort or resort developer you purchased the timeshare from. The only exception to this is if you requested the timeshare cancellation within the rescission period. New timeshare owners in many states are protected under state laws that allow them to rescind the timeshare purchase for a full refund. If a new timeshare owner requests to rescind their purchase, the resort or resort developer has no choice but to refund you the full cost of the timeshare.
If you are outside of the statutory rescission period and you want to stop your maintenance fees, your best option is to either find someone who is willing to assume the loan or try to sell the timeshare on the resale market. Mamy timeshares can be sold on the secondary timeshare resale market, but it will take some time. The key is to work with a licensed timeshare brokerage such as Timeshare Broker Associates that has connections in the timeshare resale industry. We find buyers for timeshares through our relationships with our network of resale brokers around the country and a select number of by-owner resale companies such as BuyaTimeshare.com. We are licensed and earn a commission after the timeshare is sold without charging an up-front fee.
We handle the entire process, from the timeshare listing agreement, negotiating sales and drawing up the timeshare purchase and sale agreements. Give us a call at 877-624-6889 or fill out the contact form on the right side of this page to get started.