At one point in your life, you may have been persuaded to buy a timeshare. It doesn’t seem like a bad idea at first, especially if you can’t purchase vacation property of your own. There are 1,580 U.S. resorts and 204,100 units as of 2019 that identify as timeshares, giving you seemingly limitless possibilities to exchange, use, and craft as your very own fractional share of heaven.
Yet you have probably been made painfully aware that timeshares are not the greatest idea to invest in, and are actually far from an investment. Unlike property, which usually appreciates over time, timeshares tend to lose value and are often sold on secondary markets for much less than their owners paid for them. In this article, we’ll give you some alternative ways on how to get rid of a timeshare legally so that you can get back your freedom, money, and peace of mind.
Give It Away
Did you know that you can just give your timeshare away? As long as you’ve paid off the principal amount for your timeshare, you are free to sign over the deed of the timeshare at any time to anyone you choose. As long as they agree to the deed and are made aware that there’s an annual maintenance fee, you no longer have to wonder how to get rid of a timeshare legally. It is perfectly legal to deed your timeshare to someone else entirely. Whether or not you accept payment for this is up to you, but most people simply want to be out.
Stop Paying the Maintenance Fees
If you have recently purchased a timeshare and are still making payments on the principal, then unfortunately this paragraph isn’t for you. However, if you’ve paid off your timeshare and are wondering how to get rid of a timeshare legally, this simple tactic may pay off. Since most timeshare companies make their money off of you paying annual maintenance fees, they are left in the dark when you cease to pay these fees. Unlike a mortgage or other line of credit, these payments are not seen as delinquent by most credit reporting agencies. If you stop paying the maintenance fees on your timeshare and request to be removed/exit from the timeshare, most companies will acquiesce to find another customer. Tread carefully with this tactic, and depending on your contract you may still want to consult someone for legal advice.
Work With a Timeshare Exit Service
If all else fails, you can start looking for timeshare exit and support services online and elsewhere. Companies such as Lone Star Transfer and others are chock full of friendly people who understand that you simply want to be out from under the burden of a timeshare that you’ve bought into. Reputable timeshare exit services will typically have a reputable timeshare lawyer on hand who can help you navigate many of the legal loops and tricks that can be built into timeshare contracts. If nothing else, they may be able to sue on your behalf to be released from the contract for a fee or settlement of some sort. Hopefully, it does not escalate to this and you are able to make a clean break.
Hidden Ways Work Wonders
Just because information isn’t mainstream doesn’t mean it does not have validity to it. Information about timeshares and how to exit them is hidden for a reason — the companies want you to keep paying outrageous maintenance fees year after year so that they can make a healthy profit. Contract law is very clear about signing your name as affirming that you have read the contract, but unfortunately most people aren’t lawyers and do not have the capabilities to understand what they are signing. They simply trust the timeshare company to do as they think they would do unto others and give them the best of intentions. By giving away your timeshare, stopping payment on the maintenance fees, or seeking a timeshare exit service, you find out exactly how to get rid of a timeshare legally in a way that works for you. It’s never too late to correct a mistake, so don’t get down on yourself just yet. Keep pushing until you get your freedom and money back!
