Everything You Need to Know: Timeshare Cancellation

If you’re reading this, you’re probably a timeshare owner who is interested in getting rid of their timeshare. Perhaps you tried on your own with no luck? Perhaps you’re feeling stuck? Or perhaps you don’t know where to start? We’re here to tell you that timeshare cancellation is possible. As the leading timeshare cancellation company in the industry, we’ve put together a brief overview of everything you need to know to help you get up to speed on timeshare cancellation. Consider this our timeshare cancellation 101 class. Let’s get started. 

What Is Timeshare Cancellation? 

If you’re wondering how to cancel a timeshare, working with a timeshare cancellation company is one of the easiest ways to do so. A timeshare cancellation company – also called a timeshare exit company – negotiates with your timeshare resort to cancel your timeshare legally and permanently. A timeshare company has a team of timeshare cancellation experts working on your behalf to get you out of your timeshare. These timeshare cancellation experts know the ins and outs of the timeshare industry, understand the different best practices of various timeshare resorts, and can have relationships with key players in the industry. 

What doesn’t a timeshare cancellation company do? It’s important to know that a timeshare cancellation company doesn’t sell or rent your timeshare. There are a few reasons for this. First, timeshares can be very hard to sell. Why? Timeshare contracts are usually written ‘in perpetuity.’ This means that you are financially responsible for your timeshare for the rest of your life. In addition, your children or other beneficiaries can be financially responsible upon inheriting your timeshare. Second, a timeshare contract typically obligates you to pay lifetime fees. One of these fees is called a maintenance fee and they tend to increase approximately 6-10% every year. Another type of contractually obligated fee is called a special assessment fee. This fee is usually for unforeseen costs related to your timeshare, such as a weather event, and can often come as a surprise. Third, timeshare loans typically have a much higher interest rate than a typical residential mortgage loan. All of these factors together can make the demand for timeshare purchases low and make it hard to sell your timeshare. In addition, there are many timeshare resale scams in existence, as warned against by the Federal Trade Commission, Consumer Reports, and AARP. For all these reasons, timeshare cancellation companies do not sell your timeshare. 

In addition, a timeshare cancellation company is also not a law firm and timeshare cancellation experts are not timeshare lawyers. However, a timeshare cancellation company will often bring in a timeshare attorney to help customers that may need the help of a timeshare attorney to cancel. In this way, timeshare cancellation companies are often a best of both worlds situation, as not all timeshare cancellations require a timeshare lawyer to cancel. Here is a quick overview of the two timeshare cancellation processes: 

Non-Attorney-Backed Process: A non-attorney-backed timeshare cancellation process is also called a real estate title transfer. This process transfers your title back to your timeshare resort for a fee – called a transfer fee. This process is only for timeshare owners who have 1) already paid off their timeshare mortgage completely and 2) are not past due on any of their timeshare fees, i.e. maintenance fees, special assessment fees, etc. If you qualify for a non-attorney-backed process, you would also qualify for the attorney-backed process (more on that below), and have a choice about which process you’d prefer. The upside is this process tends to be a shorter cancellation process compared to the attorney-backed process – typically 6-9 months. The downside is that the attorney-backed process does not have this extra transfer fee. 

Attorney-Backed Process: If you have not paid off your timeshare mortgage in full yet or are behind on any payments (loans, maintenance fees, special assessment fees, etc.), then you need to proceed with the attorney-backed timeshare cancellation process. Those that qualify for the non-attorney-backed process also qualify for this process, but the attorney-backed process is the more common timeshare cancellation process. When canceling your timeshare through an attorney-backed process, a timeshare cancellation company will bring in and work with a timeshare lawyer who will negotiate on your behalf to cancel your timeshare – legally and permanently. The benefit of going with a timeshare cancellation company for this process is that they have relationships with some of the best timeshare attorneys, so it can take the work and stress of having to find a timeshare lawyer off your plate. The cost of the attorney should also be baked into the fees you are paying the timeshare cancellation company, so there isn’t a need to pay your timeshare cancellation company and a timeshare attorney separately. This timeshare cancellation process can take between 6-24 months since negotiations are complex. However, you should have a dedicated point person at your timeshare cancellation company who can update you regularly – at least once a month – on the status of your timeshare cancellation. Sometimes those updates will be to say that the cancellation is still in process or your timeshare cancellation company is waiting for a response from your timeshare resort, but rest assured, you have a team of experts working to get you out of your contract. 

One other important note about timeshare cancellation is that neither process can get you back any of the money you already paid to your timeshare resort. As mentioned above, a timeshare cancellation is not a lawsuit. Instead, it is a complex negotiation to get you out of a lifetime contract. However, once your timeshare contract has been legally and officially canceled, you are no longer financially obligated to pay your timeshare resort anything further.

If you’re not sure which process you qualify for or which process would be best for you, our timeshare cancellation experts are here to help during a free consultation. If you have any further questions about timeshare cancellation, you can also set up a free consultation with our timeshare cancellation experts here or call us direct at (866) 668-6872. 

How Much Does Timeshare Cancellation Cost?

Now that we’ve covered what timeshare cancellation is, you might be wondering how much it costs. When it comes to timeshare cancellation, it can be important to get a custom quote, as the costs can vary greatly depending on a variety of factors, such as:

• The amount of time you have owned your timeshare

• Your timeshare resort 

• Your maintenance fee amount

• If your timeshare loan is paid off or not

• If you are behind on your timeshare loan payments 

• If you are behind on maintenance or special assessment fee payments

• The balance on your timeshare loan 

• Other various details that may be in your timeshare contract  

Because there are so many factors that can affect your timeshare cancellation cost, if you don’t get a custom quote, your quote might be inaccurate. The good news is that you can get a custom quote in as little as 15 minutes. To schedule a free consultation and to get an accurate quote for your timeshare cancellation, reach out to us here or call us direct at (866) 668-6872.

If you want to learn more about the cost of timeshare cancellation, we’ve put together this ultimate guide here

How to Find a Timeshare Cancellation Company

Not all timeshare cancellation companies are the same. When looking for a reputable timeshare cancellation company, here are some helpful features to be on the lookout for:

• Years of experience

• Experience canceling a timeshare with your specific resort

• A realistic timeline (Typical time is 6-24 months)

• 100% money back guarantee

• All-inclusive fees

• Free consultation

• Custom price quote as opposed to a one-size-fits-all approach

• All-inclusive service, i.e. it does all the work for you

• Great customer service

• Dedicated account representative that is your point of contact

• Locations across the country and the ability to have virtual appointments

In addition, it can be important to know to that it is illegal for a timeshare cancellation company to advise you to stop paying your timeshare payments. If you stop paying, your credit can potentially be affected. A timeshare cancellation company unfortunately cannot protect you from this. 

If you are looking for more information on how to find the best timeshare cancellation company, check out our blog here

Summary

In summary, timeshare cancellation is a complex negotiation that gets you out of your timeshare contract. A timeshare cancellation company does not sell or rent your timeshare. Instead, they negotiate with your timeshare resort to cancel your contract legally and permanently. When looking for a timeshare cancellation company, it is also important to get a custom quote, since many variables can affect the price. Timeshare Freedom Group, the leading timeshare cancellation company in the industry, has more than 15,650 satisfied customers, ten years of experience, and a 100% money back guarantee. To see how much it will cost to cancel your timeshare, schedule a free consultation with one of our timeshare cancellation experts here or by calling us at (866) 668-6872. 

 

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