If you’re asking yourself “can I legally cancel my timeshare?” the short answer is yes, you can cancel your timeshare legally. The long answer is what we’ll cover more in-depth in this blog – how to actually do it and two of the easiest ways you can cancel your timeshare agreement. Let’s get started.
#1 Timeshare Cancellation
What Is Timeshare Cancellation?
Working with a timeshare cancellation company is the easy way you can cancel your timeshare. A timeshare cancellation company, also sometimes referred to as a timeshare exit company, negotiates with your timeshare resort to cancel your timeshare agreement – legally and permanently. When you work with a timeshare cancellation company, you can have a team of timeshare cancellation experts working on your behalf to get you out of your timeshare. Since timeshare cancellation is such a niche business, having a team of timeshare cancellation experts who will guide you through the process and do all of the legwork for you can be a stress-less way to get out of your timeshare.
It’s also important to understand that while a timeshare cancellation company cancels your timeshare contract, they do not sell or rent your timeshare. There are many reasons for this. First, while it’s not impossible, timeshares can be very hard to sell. The demand for them tends to not be very high because the contracts are typically written as lifetime agreements, interest rates for timeshare loans tend to be high, timeshares have never-ending maintenance fees that can increase 6-10% every year, and there are lifetime surprise special assessment fees. In addition, the way most timeshare contracts are written means that your children or other beneficiaries will inherit these financial responsibilities. For these reasons, it can even be hard to donate or give away a timeshare, let alone sell it. A lot of individuals and non-profit organizations don’t want to assume this kind of financial responsibility or long-term commitment.
Second, timeshare cancellation companies don’t sell timeshares because there are unfortunately a lot of timeshare resale scams in the marketplace. There are so many in fact, that the Federal Trade Commission, Consumer Reports, and AARP all warn against them.
It’s also important to understand that while a timeshare cancellation company legally and permanently cancels your timeshare, a timeshare cancellation company doesn’t get you your money back. Timeshare cancellation is not a lawsuit, so any money already paid is unfortunately gone. However, once the cancellation has officially gone through, canceling your timeshare contract prevents you from having to pay a timeshare resort for the rest of your life.
Lastly, another important piece of information to know is that a timeshare cancellation company is not a law firm and its experts are not lawyers. However, when a timeshare cancellation requires a timeshare attorney, reputable timeshare cancellation companies work with some of the best and can bring in and work with a timeshare attorney on an as-needed basis. A timeshare cancellation company is a one-size-fits-all solution in this way, taking the work of finding an attorney off your plate if you end up needing one.
How Does Timeshare Cancellation Work?
Now that you know what a timeshare cancellation company does, how does it work exactly? There are two primary types of processes that a timeshare cancellation company uses to cancel your timeshare, one of which uses a timeshare attorney and one that does not:
Non-Attorney-Backed Timeshare Cancellation Process: This process, also called a real estate title transfer, does not require a timeshare attorney. During this process, your timeshare cancellation company works directly with your timeshare resort to transfer your timeshare title back to the resort. In exchange, a transfer fee is paid directly to your timeshare resort. Timeshare owners who have already paid off their timeshare loan completely and are not past due on any of their timeshare fees (such as maintenance fees, special assessment fees, etc.) would qualify for this timeshare cancellation process. This cancellation process tends to be on the shorter side – around 6-9 months. Lastly, if you qualify for this process, you would also qualify for the below attorney-backed process and get to choose which one is a better fit for you.
Attorney-Backed Timeshare Cancellation Process: During this process, your timeshare cancellation company will bring in and work with a timeshare attorney who will negotiate directly with your timeshare resort to get you out of your contract. This cancellation approach typically takes anywhere from 6-24 months – so it can be a longer process – however, it does not involve an additional transfer fee. If you have not paid off your timeshare loan or if you are behind on any payments (loan installments, maintenance fees, special assessment fees, etc.), then you will most likely need to go through this attorney-backed cancellation process. If you qualify for the real estate title transfer process though, you also qualify to cancel via this route as well.
If you’re unsure which process you qualify for, need help deciding, or have any questions, Timeshare Freedom Group offers a free consultation with its timeshare cancellation experts. Reach out to us here or call us directly at (866) 668-6872.
How Much Does Timeshare Cancellation Cost?
After someone gets the basics of timeshare cancellation down, their next question is usually about cost. Unfortunately, timeshare cancellation can be hard to estimate because many factors can affect the price, such as:
• How long you’ve owned your timeshare
• Which timeshare resort your agreement is with
• How much your maintenance fees are
• If your timeshare loan has been fully paid off
• How much of a balance is left on your timeshare loan
• If you are behind on your timeshare payments, maintenance, or special assessment fees
• Other miscellaneous details included in your timeshare contract
Since there are so many factors that can go into calculating your timeshare cancellation cost, a one-size-fits-all quote could be inaccurate. For this reason, it’s usually best to get a custom quote. However, a timeshare cancellation company like Timeshare Freedom Group can give you a custom quote in as little as 15 minutes during a free consultation. To get a custom quote and schedule a free consultation, contact us here or call us at (866) 668-6872.
Additionally, if you want to learn more about timeshare cancellation costs, we have an ultimate guide that you can find here.
How to Find a Timeshare Cancellation Company
When looking for a timeshare cancellation company, here are some features/benefits to look for, so that you can feel more confident that you are dealing with the best of the best:
• Experience: Years of experience and direct experience canceling a timeshare with your resort in the past
• Transparency: Upfront conversations about how timeshare cancellation can sometimes be a long process (i.e. 6-24 months)
• Money Back Guarantee: A company that will stand by its service with a 100% money back guarantee
• All-Inclusive Fees: A cost that is all-inclusive with no surprise fees
• Free Consultation: The opportunity to meet and discuss your situation before signing up
• Custom Quote: Pay for what you need, and only what you need
• Turnkey Service: Have them do all the work and heavy lifting for you
• Customer Service: Get assigned a dedicated support representative who will guide you through the entire process
• Locations: Access to offices nationwide and the ability to meet virtually
• Permanence: Ensure that you are signing up for a permanent and legal timeshare cancellation
In addition, it’s important to understand that a timeshare cancellation company can not protect your credit if you stop paying your timeshare payments or fees prior to your cancellation being official. If you would like to learn more about how to find the best timeshare cancellation company, we’ve written about this at length here.
#2 Timeshare Rescission
If you are inside your timeshare agreement’s rescission period, you might also be able to cancel your timeshare agreement by enacting your rescission clause. A rescission clause is a very short window of time in a contract where you legally have the right to cancel or “change your mind.” It can also be referred to as a “cooling-off period.” The period of time you have can be anywhere from a matter of days to two weeks. The time window varies depending on the local laws where you purchased your timeshare – not where you live. Each state, territory, or county has its own laws, so it’s very important to do your research and seek legal advice if you need it.
If you would like to learn more about timeshare rescission and how to cancel your timeshare within your rescission period, we’ve written about it in more detail here.
Can you legally cancel your timeshare? Yes, you can. If you are outside of your rescission period, an easy way to do so is by working with a reputable timeshare cancellation firm. A timeshare cancellation company – also called a timeshare exit company – negotiates with your timeshare resort to get you out of your contract – legally and permanently. Timeshare Freedom Group is the leading timeshare cancellation company in the industry and offers a free consultation with its timeshare cancellation experts. To schedule your free consultation, reach out to us here or call us at (866) 668-6872.
Looking to Cancel Your Timeshare?
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