- 1 How do I legally return a timeshare?
- 2 What happens if I walk away from my timeshare?
- 3 What happens to timeshare when you die?
- 4 What is the average cost to get out of a timeshare?
- 5 How much do lawyers charge to get out of a timeshare?
- 6 Can you refuse to inherit a timeshare?
- 7 Why is it so hard to get out of a timeshare?
- 8 How can I get rid of my timeshare without damaging my credit?
- 9 What happens if you stop paying maintenance fees on a timeshare?
- 10 How do you get rid of a timeshare that is paid off?
- 11 Are timeshares worth anything?
- 12 Can lawyers get you out of a timeshare?
- 13 Can I cancel my timeshare?
5 Ways to Legally Get Rid of a Timeshare Property
- Exit Within the Grace Period. If you don’t want to have to learn how to sell a timeshare legally down the line, this is often your best course of action.
- Find a Possible Breach of Contract.
- Return the Timeshare.
- Sell Your Timeshare.
- Contact a Timeshare Attorney.
You can’t just walk away from a timeshare. If you don’t stay current on your maintenance fees or your loan payment, the timeshare company or timeshare association could report you to a collection agency and ding your credit score.
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. A trust gives heirs the option to decide to keep the timeshare, sell it, or abandon it. It frees them of ongoing or unpaid fees.
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.
Here’s some insight into costs and what to expect. On average, the cost of professional cancellation services is around $4,000. This typically gets you a team that will work with your timeshare company on a settlement or manages the resale process for you.
If you die owning a timeshare, it does become part of your estate and obligations are indeed passed onto the next-of-kin or the estate’s beneficiaries. However, they do not have to accept it, in the same way that anyone has the right to refuse any part of an inheritance.
In fact, it can be hard to even give a timeshare away, let alone sell it. One of the reasons it can be so hard to sell a timeshare is because timeshare loans tend to have a higher interest rate than traditional home loans. For example, timeshare loans can have an interest rate from around 6% to 17%.
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.
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.
Looking to Get Out of a Timeshare? Here’s How to Do It Legally
- Call the developer.
- Rent it out.
- Sell it on the resale market (expect to take a hit).
- Gift it to a friend, family member or stranger.
- Stop your payments (but expect consequences).
- Avoid scams.
No, the timeshare has no value, because you don’t own anything in the normal sense of the word. It’s not like your regular home, which likely has some equity built up. In fact, a timeshare goes down in value from the moment you sign the contract. There are much better ways to invest your hard-earned money.
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.
Cancelling or getting out of the Contract Timeshare schemes must provide you with a cooling off period within which you can provide written cancellation of the contract to the Timeshare company without incurring penalties. If you do this you will be entitled to a refund of all monies paid.