- 1 Can you be forced to inherit a timeshare?
- 2 How do I legally return a timeshare?
- 3 Can I give my timeshare back to the resort?
- 4 Can you just walk away from a timeshare?
- 5 What happens if I stop paying for my timeshare?
- 6 What happens if you refuse to inherit a timeshare?
- 7 What is the average cost to get out of a timeshare?
- 8 How much do lawyers charge to get out of a timeshare?
- 9 What happens if you walk away from a timeshare?
- 10 Why is it so hard to get out of a timeshare?
- 11 How do I get out of timeshare maintenance fees?
- 12 How can I avoid inheriting my timeshare?
- 13 How can I get rid of my timeshare without damaging my credit?
- 14 Can lawyers get you out of a timeshare?
- 15 Are timeshares worth anything?
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.
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.
A deed back clause or program allows you to give your timeshare back to the resort. Until then, you remain responsible for paying the maintenance and special assessment fees along with your mortgage payments.
You can’t just walk away from a timeshare. That’s because they often come with an obligation to pay maintenance fees for as long as you own them. It says 85 percent of timeshare owners who go to contract regret their purchase.
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. 6
In general, if you refuse a timeshare, it will go to the next person in line to inherit. If that person doesn’t want it, they too must file their own Disclaimer of Interest. You can’t legally disclaim a timeshare that you’ve used to benefit yourself after an inheritance.
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.
Some people just stop paying on their timeshares. If you do walk away, don’t be surprised to see a big hit to your credit score and to start getting regular calls from collection agencies. You might regret your purchase, but you did sign a legally binding contract.
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%.
Avoid using timeshare exit companies that require upfront payments. Say no, hang up and move on to one of the following solutions.
- Stop paying. Before you do this, take stock of your situation.
- Offer it on the resale market.
- Use a company to help you exit.
Inherit a Timeshare You Don’t Want? Here’s What To Do
- Act Quickly.
- Draw Up a Document Renouncing the Timeshare.
- Send Copies of Your Renunciation via Certified Mail to Interested Parties.
- File a Copy of the Renunciation in Probate Court.
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.
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.
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.