One of the best ways to initiate your timeshare exit strategy is to talk with the resort itself. However, when you contact them, don’t talk to just anyone. Find out who deals with cancellations and talk to that person. While they might not want you to cancel, they are probably your best option when it comes to cancellation information. Other than that, here are other options for your timeshare exit strategy.
Cost is one of your major worries when dealing with a timeshare cancelation. The average price of a timeshare interval is more than $21,000. So, if you take a mortgage at a 10-year loan with a 17.9% interest rate, you might end up paying more than $41,000 for your timeshare. However, before you just cut off payments, you must first take stock of your situation. If you borrow money to finance the property, and you are not done paying, just cutting off payments will have a negative impact on your credit score.
You must understand that the creditor doesn’t need to know what’s happening with your timeshare. All they need is their money back. If you borrow money and fail to pay it back, the creditor might submit your case to the credit bureaus. If you have your credit situation sorted, you can then stop paying. Often, this is the push that resorts need to let you cancel your timeshare. This is because, to them, accepting your surrender costs less than trying to foreclose on your property.
Offer it on the Resale Market.
This is another good timeshare exit strategy. While you might not get a lot of money for it, at least the buyer will now be responsible for the timeshare and fees. There are many sites where you can look for buyers. However, there are two main ones that may get you the buyers you need without a lot of hassles. These are Timeshare Users Group and Redweek.
Find a Company That Helps With Timeshare Exit Strategy
If you take this route, you must be very careful. There are companies out there that will take advantage of your situation. These companies employ a lot of hard-selling tactics and fear-mongering. Some even lie that your kids will have to keep paying the fees if you pass away. Also, if any company requires you to pay upfront for their services, chances are you are working with a scammer.
These are some of the timeshare exit strategies you can use. Whichever method you pick, ensure that you research it properly. Once you have all the information you need, you can then move forward with your cancelation.