As the leading timeshare cancellation company in the industry, we hear from our consumers time and time again how unhappy they are with their timeshare, how they feel like they made a mistake, or how stuck they feel. In this blog, we’ll do a deep dive into the ins and outs of how you get out of your timeshare, including:
- What timeshare cancellation is
- What timeshare cancellation isn’t
- How a timeshare cancellation company cancels timeshares
- Why timeshare cancel services are the easy way to cancel a timeshare
- Timeshare cancellation costs and the need to get a custom quote
- What to look for in a timeshare cancellation company
- Some additional tips
- Resources for more information
Feel free to read the whole blog to get a “Timeshare Cancellation 101” overview or skip to the section that is of interest to you. Now let’s dive in.
What Is Timeshare Cancellation?
Timeshare cancellation is an easy and simple way to get out of your timeshare. Timeshare cancellation is when a timeshare cancellation company – also referred to as a timeshare exit company – negotiates with your timeshare resort to cancel your timeshare contract legally and permanently. Once your timeshare cancellation has been finalized, you will no longer have any financial or legal obligation to your timeshare resort.
When you work with a timeshare cancellation company you have a team of timeshare cancellation experts on your side. A timeshare cancellation company and its team of specialists are there to guide you through the ins and outs of the process. Timeshare cancellation companies know the timeshare industry inside and out, the best practices of the major timeshare resorts, what to look out for and keep in mind when negotiating with the different resorts, and can have deep relationships in the industry.
What Don’t Timeshare Cancellation Companies Do?
While it’s important to understand what timeshare cancellation is, it’s just as important to understand what timeshare cancellation is not. A timeshare cancellation company will not sell or rent your timeshare. While we will not say it’s impossible, timeshares can be very hard to sell. The demand for them is very low for a few different reasons:
- Timeshare Contracts Are Written “In Perpetuity”
“In perpetuity” means “forever” or “for the rest of your life.” It means that you are legally and permanently responsible for your timeshare as long as you are alive – that is, unless you cancel the contract.
- Your Beneficiaries Inherit Your Timeshare
In addition to being responsible for your timeshare for the entirety of your life, the financial and legal responsibility of your timeshare can then also get passed on to your children or other beneficiaries.
- Maintenance Fees
Timeshares come with maintenance fees that can increase 6-10% every year. While this may not seem like a lot at first, it can add up over time. Let’s give an example. Let’s say that the first annual maintenance fee is $1000. If it were to increase by 10% every year, the next year you could owe $1100. The following year it could be $1210. The year after that it could be $1331. That would mean that in 10 years, the maintenance fee could be $2357.95. In 20 years, the fee could go up to $6115.91. This scenario is why increasing fees can really start to feel like a financial strain or burden over time, even if the fee originally felt manageable.
- Special Assessment Fees
In addition to annual maintenance fees, timeshare contracts typically also require owners to pay special assessment fees. The nature of these fees is that they are for unforeseen expenses, so they are often a surprise. Examples could include unpredictable weather events, new roofs, etc.
Reasons like these are why a lot of people often do not want to buy a timeshare. In fact, it can be hard to even give away or donate a timeshare, let alone sell it. In addition, there are timeshare resell scams that are important to be aware of and to avoid. To learn more about timeshare resell scams, here are some words of warning from the Federal Trade Commission, Consumer Reports, and AARP.
How Does a Timeshare Cancellation Company Cancel a Timeshare?
Timeshare cancellation companies use two different methods for canceling timeshares, one which is backed by an attorney and one which is not:
Non-Attorney-Backed Timeshare Cancellation: This process is also called a real estate title transfer. It is when a timeshare cancellation company transfers the title of your timeshare back to the timeshare resort. In exchange for taking your timeshare back, the timeshare resort gets what is called a transfer fee. A transfer fee is on top of the service fee paid to your timeshare cancellation company. However, a transfer fee goes to your timeshare resort, not your timeshare cancellation company. This process takes around 6-9 months and tends to be shorter than the attorney-backed cancellation method. However, the attorney-backed process does not involve a transfer fee. Timeshare owners qualify for a real estate title transfer if they 1) have completely paid off their timeshare mortgage loan and 2) are not behind or late on any of their maintenance fees, special assessment fees, etc. If a timeshare owner qualifies for this process, they also qualify for the attorney-backed process. When this is the case, a timeshare owner gets to choose which process is a better fit for them.
Attorney-Backed Timeshare Cancellation: The attorney-backed method is the more common scenario for timeshare cancellation. If a timeshare owner has not completely paid off their timeshare mortgage loan and/or is behind on any timeshare payments – whether it be the loan itself, maintenance fees, or special assessment fees – then s/he will need to proceed with this attorney-backed method. With this cancellation process, a timeshare cancellation company will bring in and work with a timeshare attorney to negotiate with your timeshare resort. This is because a timeshare cancellation company is not a law firm, its cancellation professionals are not lawyers, and a timeshare cancellation is not a lawsuit. However, a timeshare cancellation company has relationships with some of the best timeshare lawyers, so in this way, working with a timeshare cancellation company is an easy, turnkey, and simple way to cancel your timeshare. There isn’t a need to work with a timeshare cancellation company and a timeshare lawyer separately with this process. Your timeshare cancellation company should be your primary point of contact and expertly project manage the cancellation for you while working with the timeshare attorney. The attorney-backed cancellation process is longer than the real estate title transfer method and typically takes 6-24 months.
Something important to keep in mind for both processes is that while a timeshare cancellation company can cancel your timeshare legally and permanently, it can not get you back any of the money that you have already paid to your timeshare resort. As mentioned above, a timeshare cancellation is not a lawsuit. However, once your timeshare cancellation is official and finalized, you will no longer be financially responsible for your timeshare.
If you have any questions about timeshare cancellation or are unsure which timeshare cancellation process you qualify for, our timeshare cancellation experts would be more than happy to help during a free consultation. To schedule your free consultation, reach out to us here or call us at (866) 668-6872.
Why Is Timeshare Cancellation the Easy Way to Cancel a Timeshare?
Now that we’ve covered what a timeshare is, let’s get into why timeshare cancellation is an easy way to cancel a timeshare.
- Let Someone Else Do All the Heavy Lifting
Timeshare cancellation is a complex industry and process. It can mean months – even years – of calls, letters, negotiations, paper chasing, and more. For reference, timeshare cancellation tends to take 6-24 months. So when you work with a timeshare cancellation company that does all the legwork for you, you’re saving hours and hours of your precious time.
- Feel Confident
Since timeshares take 6-24 months, that’s a lot of time to spend second-guessing your decisions or wondering if what you are doing will even work. That’s what is great about working with a reputable timeshare cancellation service. You have a team of timeshare cancellation experts there to answer any questions, guide you through the entire process, and help you understand the ins and outs of the industry. They have years of experience, know the latest information about the major timeshare resorts, what the best practices for various resorts are, and more. When working with a reputable timeshare cancellation company, you can feel more confident that you are letting experts get you out of your timeshare.
- Get Connected to the Best Timeshare Attorneys
As mentioned earlier, there are two different timeshare cancellation methods – one which requires an attorney and one which does not. Working with a timeshare cancellation company is an easy way to cancel your timeshare because no matter which way you choose, a timeshare cancellation company can help. It’s a great turnkey and one-stop solution. While a timeshare cancellation company isn’t a law firm and its specialists are not lawyers, a reputable timeshare cancellation company has relationships with some of the best timeshare attorneys. If – and only if – your situation requires it, they’ll work with a timeshare attorney to cancel your timeshare.
We recommend working with a timeshare cancellation company that not only has at least ten years of experience, but one that has also canceled a timeshare with your specific resort before. Every timeshare resort and timeshare contract is different, so in this way, you can have a much easier experience knowing that your cancellation company knows the ins and outs of your particular timeshare resort.
- Have a Team of People Helping You
When you work with a timeshare cancellation company to cancel your timeshare, you have a whole team of experts working to get you out of your timeshare. Instead of working with a freelance timeshare cancellation expert, an individual timeshare lawyer, or trying to get out of your contract yourself, you have the power, weight, and experience of a whole company behind you.
- Customer Service
Just because you have a team of experts helping you and the weight of a timeshare cancellation company behind you, doesn’t mean you can’t get personalized service. We recommend working with a timeshare cancellation company that provides you with a dedicated customer service representative. This account manager will guide you every step of the way and should be contacting you at least once a month with status updates. This way, you shouldn’t have to call in and chase status updates and you won’t have to repeat your story or questions to multiple people. By having one constant point of contact, it can make the process a whole lot easier for you.
- 100% Money Back Guarantee
Last but not least, working with a reputable timeshare cancellation company like Timeshare Freedom Group is an easy way to cancel your timeshare because of a 100% money back guarantee. If a timeshare cancellation company can not get you out of your timeshare within a pre-determined and set period of time, it should be refunding its service fees to you in full.
How Much Does Timeshare Cancellation Cost?
Because there are so many factors that can affect the cost of timeshare cancellation, it can be challenging to estimate what a timeshare cancellation will cost without getting a custom quote. Variables that can affect the price include details such as:
- How long you’ve owned your timeshare
- How many timeshares you are looking to cancel
- Which timeshare resort your contract is with
- Whether or not your timeshare loan is paid off in full
- How much your maintenance fees are
- Whether or not you are behind on any loan payments, maintenance fees, special assessment fees, etc.
- The balance left on your timeshare loan if it’s not paid off
- Other details that can be listed in your contract
- 100% Money Back Guarantee
- All-Inclusive Costs & Service
- Free Consultation
- Dedicated Support Representative
Since so many variables go into estimating a timeshare cancellation, it can be challenging to give an average. It’s similar to asking for an average range of prices for cars or homes. There are so many factors that can greatly impact and affect the price of an automobile or real estate.
Therefore, getting a custom quote is the best way to get an accurate sense of how much it will cost to cancel your timeshare. The good news is that Timeshare Freedom Group can get you a custom quote in as little as 15 minutes during a free consultation with one of its timeshare cancellation experts. To schedule a free consultation and get all of your timeshare cancellation questions answered, reach out to us here or call us at (866) 668-6872.
How Do You Find a Good Timeshare Cancellation Company?
If you’re looking to cancel your timeshare, it’s important to work with a reputable timeshare cancellation company and for you to feel comfortable and confident with your decision. Here are some features to keep in mind when choosing a timeshare cancellation company to work with:
Make sure the timeshare cancellation company has at least ten years of experience and that it has direct experience canceling a timeshare with your specific timeshare resort. Every timeshare resort has different contracts and practices. Working with a timeshare cancellation company that has successfully canceled a contract with your exact resort can help you feel more confident and comfortable with your decision.
Timeshare cancellation is a complex and involved negotiation process that takes time. Typical timelines are anywhere from 6-24 months. Seek out a timeshare cancellation company that is transparent about how long it can take.
Feel more confident and comfortable with your decision by working with a timeshare cancellation company that offers a 100% money back guarantee. This means that if your timeshare cancellation company can’t successfully get you out of your timeshare, you get all of the service fees you paid back. Typically there is a time minimum on this guarantee, for example, needing to give your timeshare exit company at least 24 months to get you out of your timeshare before qualifying. In addition, it’s important to note that a money back guarantee does not mean that your timeshare cancellation company is getting the money you already paid to your timeshare back. It means you could get a 100% refund for the money you paid to your timeshare cancellation company.
If you’re looking for a stress-less way of canceling your timeshare, look for a timeshare cancellation company that 1) has all of its costs included in its quote and 2) does all of the timeshare cancellation work for you. A reputable timeshare cancellation company should tell you about all expected fees upfront. Transparency is a good sign of professionalism. In addition, all costs should be all-inclusive with the exception of a transfer fee. However, a transfer fee is paid to your timeshare resort and is only if you are going through the non-attorney-back cancellation process mentioned above. This is a fee that your cancellation company should know about and notify you of during your consultation and quote process. The only fee that your timeshare cancellation company may not know about is a settlement fee. This is rare, but on some special occasions, your timeshare resort may request a settlement fee to let you out of your contract. However, again, this money goes to your timeshare resort, not to your cancellation company.
In addition, many customers find it easier to work with a timeshare cancellation company that takes all of the timeshare cancellation work off their plate. Some timeshare cancellation companies serve in a more advisory role, while you do all the legwork. Other timeshare cancellation companies do all of the work for you. Letting a timeshare cancellation company do all of the work for you can mean hours and hours of phone calls, letters, emails, and negotiations off of your plate. A timeshare cancellation can take 6 – 24 months, so this can save you a lot of time for a long time.
Look for a timeshare cancellation company that will give you a free consultation. This is an opportunity to ask all of your questions to a timeshare cancellation expert and to get a preview of what it will be like to work with the company.
Many customers find it helpful to work with a timeshare cancellation company that assigns them a dedicated customer service representative. That way they have one primary point of contact that they can go to for all their questions. This dedicated rep should also be checking in with her/his customers at least once a month with updates, even if it’s to say that the cancellation is still in process. This can be a lot easier than having to chase down updates and explaining your story to a different representative every time you call in.
For more details and tips on how to choose the best timeshare cancellation company, we’ve written this blog here.
If you’re looking for some additional tips for getting out of your timeshare, we’ve put together this blog here.
If you’re looking for more information on timeshare cancellation, check out our blog here, where we look at various aspects of the timeshare cancellation process.
Have More Questions?
If you need more personalized help or have specific questions, you can schedule a free consultation with one of our timeshare cancellation experts. With more than 15,650 satisfied customers and ten years of experience, Timeshare Freedom Group is the leading timeshare cancellation company in the industry. We’re here to help answer any questions you may have about timeshare cancellation and getting out of your timeshare. You can reach out to us here or call us at (866) 668-6872.
Can you really get out of a timeshare? Yes, getting out of your timeshare is possible. Timeshare cancellation – the easy way to get rid of your timeshare – is where a timeshare cancellation company negotiates with your timeshare resort to get you out of your contract. Timeshare cancellation companies do not sell or rent your timeshare, as timeshares can be very hard to sell and there are unfortunately many timeshare resell scams in the marketplace.
Timeshare Freedom Group is the leading timeshare cancellation company in the industry. With more than ten years of experience, a 100% money back guarantee, and more than 15,650 satisfied customers, we can help get you out of your timeshare. To schedule a free consultation, contact us here or you can call us direct at (866) 668-6872.
Looking to Cancel Your Timeshare?
Timeshare Freedom Group is the leading timeshare exit company in the industry. Schedule a free consultation with one of our timeshare exit experts today to get started.