How do I get out of a timeshare?
If you find that you are in a timeshare and you immediately need to cancel, this can seem harder than it really is. Sometimes you just do not have the funds to stick with your rental property, you can’t afford to go to the beach every summer for the next few years, or you are trying to get out of an ownership agreement with another person. If this is the case, then finding out the fastest – and the most efficient – way to cancel your timeshare is to avoid spending excess money and being trapped in a legal agreement that you do not want.
But what are the best ways to get rid of a timeshare? What if you find that you are struggling to make ends meet and every day that you have a timeshare in your possession, you are slowly going into debt? If this is the case, time is running out – and you need to find numerous ways to quickly cancel a timeshare purchase. Let’s see the best ways to get out of a timeshare and how to do each method so you can avoid any legal issues that may arise in the future.
Timeshare rescission period
First thing first – can you even cancel a timeshare? If you were wondering how to cancel, you first need to know if it is legal and possible. If you have just recently purchased a timeshare, then getting out of your timeshare will be easier than if you have had it for many years. If you are new to the ownership, then you can typically use the period immediately after the purchase to be able to unload or cancel your timeshare – this makes it the easiest and quickest way to cancel your timeshare purchase without jumping through any additional hoops.
If you made a mistake, and you overestimated your funds, or you changed your mind, then you can use certified mail to send a timeshare cancellation letter. This will ensure it takes immediate effect – however, make sure you act fast. Typically, this period after a timeshare purchase only lasts up to 2 weeks at most – so you need to decide if you want to cancel almost immediately after buying a timeshare property.
Sometimes, the timeshare rescission period is actually longer than we think – but this is something that is up to the case by case basis and must be checked by each individual. Sometimes, the rescission period is only three days – and sometimes it can be up to 2 weeks. Make sure that you read the fine print about how to cancel your contract (verbally or in writing) and the time frame you have to cancel.
But why should you cancel? Make sure you fall within specific categories when it comes to reasons for cancelling. If you find that the person who is in charge of the timeshare is fraudulent, they are lying about their fees, or they never tell you about the cancellation rescission period, these are all reasons that you can call and get out of the contract without any harm to you or your financial state.
Timeshare cancellation letter
If you have missed this period, you can send a timeshare cancellation letter. But what do you put in the letter? How do you convince the person reading the letter? What facts do you need to add to the timeshare letter? Let’s find out more as to how to get rid of a timeshare by sending a letter.
- Put everything in writing – just like any type of legal documents, such as a contract or agreement, putting things in writing is often your best bet. Avoid spoken agreements or something said in person with a handshake – this will only lead to missed agreements, hurt feelings, and lost money. Avoid legal concerns with your previous friends or business partners by putting everything down in writing – including your cancellation. When it comes to sending your timeshare cancellation letter, this is the most important part – you must ensure that your letter is in a legal document (not an email, instant message, or text message).
- Include why you wanna cancel – if you just want to cancel because you feel like it, this is not very persuasive or contains enough legal evidence. Instead of just having a cancellation for seemingly no reason at all, say WHY you need to cancel. It could be monetary problems, change of heart, or other reasons – but whatever it is, be firm and clear about it.
- List every important aspect of the cancellation (details are key) – when you send a timeshare cancellation letter to get out of a timeshare for any type of reason, the person who will be receiving your request is typically a person who is going to try and convince you to STAY with the timeshare. Avoid being talked back into a purchase that you do not want by putting down every single detail – no matter how small and seemingly inconspicuous. The more you have, the better case you have to cancel your timeshare. In your letter for a timeshare cancellation, make sure you include certain facts that will help your case, such as the date you purchased the timeshare property, your ID number for the property, the number of the contract, and your name.
- Use certified mail – avoid any legal issues that may arise when you send a timeshare cancellation letter by using only certified mail. The last thing you want is to use an official document or have your cancellation letter lost in the mail.
Mistakes to avoid when getting out of a timeshare
When you are trying to get out of a timeshare, you need to follow certain rules – as we previously mentioned. However, there are also certain things that you should NEVER do when it comes to eating out a timeshare. Avoid making these mistakes when sending your cancellation letter:
- Don’t write an emotional letter – we know that creating your timeshare cancellation letter is a very important step in getting out of a timeshare that you do not want to be in. Make sure in this letter you are clear, to the point, and concise. Avoid getting emotional or using storytelling to try and get your point across. Even though you may be frustrated or sad about your recent purchase and stressed about finances, do not use emotions or detailed personal stories that do not help your case.
- Do not be passive -when you are trying to get rid of a timeshare and get out of an agreement, make sure you are firm and put your foot down. The last thing that you want is to be too passive and scared – and end up getting talked back into your timeshare. In your timeshare cancellation letter, ensure you use confident and direct language.
- Keep other options open – if you are worried about your timeshare cancellation and if it will go through, chances are sometimes it will not. To prevent this from completely ruining your life, make sure you keep other options open and figure out how else you can get out of your timeshare. You can use other methods to try and get out of your agreement, such as using the immediate rescission period.
- Get help from professionals – the last way that you can ensure that you have the best chance to get your timeshare cancelled is to use a professional’s help. One of the biggest mistakes that people make when they are trying to get out of a timeshare is going at it alone – this means that you will lack professionalism, knowledge, and important legal information that will help you with your case.
Can I just stop paying my timeshare? If you are looking to get out of a timeshare, then you might be wondering – can I just stop paying the bills and the fees? If you are wondering if this is the best way to save money and get out of your contract, it is not – although it will help you save one in the short term, it will cause you to have legal issues in the long run.
If you do not make the payments necessary for the house or you can’t keep up with the maintenance fees, then the association that is in charge of the party can end up getting lien and taking back the property from your ownership. In this case, a timeshare foreclosure occurs – if this happens to you, you might end up being involved in a nasty lawsuit – something that no person ever wants.
If this is the case, you will end up having to suffer the consequences of a foreclosure timeshare. Although this is not the end of your time as a homeowner or a businessperson, it will hurt you financially – you will have to pay hefty fees, such as unpaid mortgage payments, unpaid housing fees, high-interest rates, and late charges for previous payments.
Are you considering getting out of a timeshare? Make sure you read our guide to ensure that you do not be the victim of any legal issues or disputes! If you are trying to get out of your contract, you can do so by writing a timeshare cancellation letter, using the recession period, or finding out if the homeowner has any fraudulent behavior that can let you get out of the contract cost-free.
Story by Brad Bernanke