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When a timeshare owner passes away, the future of the timeshare may be ambiguous for the surviving beneficiaries. In order to make informed decisions about the inherited timeshare property, it is crucial for heirs to carefully consider the legal and financial aspects, as well as evaluate all potential options.

A timeshare is a type of vacation property that allows multiple people to share both the usage and expenses associated with the property, which is typically a vacation home or resort. Each owner within the timeshare is granted a specific period of time to utilize the property, often amounting to one week per year. Timeshares come with ongoing costs such as maintenance fees and can be acquired through purchase or inheritance.

Passing on Ownership

Upon the death of a timeshare owner, the property generally transfers to the designated heirs per the owner’s last will and testament, or according to state intestate succession laws if no valid will exists. To initiate the transfer of ownership, heirs must provide a certified copy of the death certificate and, when applicable, the will to the resort or management company responsible for the timeshare property. Additionally, if there is an outstanding mortgage on the timeshare property, the heirs will assume responsibility for paying off the remaining balance.

Heirs usually inherit the usage rights to the timeshare, in addition to becoming financially responsible for ongoing expenses like annual maintenance fees. If they are unable or unwilling to use the timeshare, or to cover the associated fees, they may choose to explore alternative options such as renting or selling the timeshare property.

Renting or Selling

Renting or selling a timeshare may be challenging as the property’s actual value might not be easy to determine and could be lower than the original purchase price. Furthermore, there may be restrictions imposed on renting or selling, making it essential for the heirs to consult the resort or management company for detailed information and guidance.

Gifting or Donating

Another option available to the heirs is gifting or donating the timeshare property to another person, organization, or charity. If unable or unwilling to use the property themselves and unable to secure a buyer or renter, this can be an advantageous route. However, it’s important to consider potential tax implications of gifting or donating a timeshare, which should be discussed with a financial advisor or tax professional.

Canceling

In some cases, heirs may opt to cancel the timeshare contract altogether. Canceling a timeshare agreement can be both complex and costly, potentially involving significant cancellation fees. It is crucial to be aware of laws in the relevant jurisdiction protecting timeshare owners from unfair cancellation practices; consulting the resort or management company and a legal professional is advisable before attempting to cancel a timeshare contract.

Final Thoughts

To sum up, navigating the complexities of inheriting a timeshare requires a thorough understanding of the legal and financial implications, as well as a comprehensive evaluation of available options. Possible courses of action for the heirs include retaining, renting, or selling the property, gifting or donating it, or canceling the contract. However, it’s essential to recognize that timeshares are not always valuable assets, and the costs of maintaining them might not justify their worth. Conducting a careful assessment of all options is crucial for making an informed decision with the best possible outcome for the heirs.

 

 

 

 

 

 

 

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When investing in a timeshare, consumers should be aware of the potential for scams. With an ever-changing menu of fees and maintenance costs to manage each year, and with buyers, owners and companies all involved in the property resale business and services, it can be difficult to distinguish between a legitimate venture and a potential scam. In addition, former scammers have come forward with inside information about how people are duped into timeshare obligations they cannot afford. If you are considering buying a timeshare or vacation club membership, there are several steps you can take to protect yourself from becoming a victim of timeshare fraud.

 

What is a timeshare scam?

A timeshare scam is any fraudulent activity that targets current and prospective timeshare owners. Often, these scams require victims to pay money up front for a service that is never provided. Timeshare scams can involve various tactics such as maintenance fee fraud, fraudulent misrepresentation of the vacation unit’s condition or exclusive resale offers. Scams have become very common in recent years and people are often taken off guard by their intricate schemes, and sometimes the high pressure selling tactics of timeshare companies.

Who are the victims of these scams and what can they do to protect themselves?

Timeshare scams can affect anyone who owns a timeshare, those interested in buying one, or those who are looking to sell one. The primary way to protect yourself against timeshare scams is to be aware of them. Take the time to conduct extensive research on any company claiming to offer you a unique resale offer. Research every company thoroughly before signing a contract, and make sure that there are no hidden fees or other costs you didn’t expect after signing it. Make sure you read through all of the papers you receive from the timeshare company or vacation club carefully before signing them so that you know exactly what will be expected from you and what the terms of the contract entail.

How does someone with inside information scam timeshare owners?

The most sophisticated type of timeshare scam is done by those with insider knowledge of company operations and policies. They use their familiarity with many different sales techniques to persuade consumers into making deals that seem too good to pass up at first glance but prove to be too costly in the long run. This type of scam often includes bogus property listings or exaggerated benefits claims which can encourage the buyer into signing an unfavorable contract they don’t fully understand. Such con artists can make it extremely difficult for even experienced consumers to separate legitimate offerings from fraudulent ones as they understand what sort of agreements people would agree to without proper research or consideration due diligence on their part.

What should people know before buying a timeshare or joining a vacation club?

When considering whether or not a timeshare or vacation club is right for you, it’s important to research all aspects of the deal before agreeing to it. First, find out how much money you need upfront for maintenance fees, closing costs and taxes associated with your purchase. Also find out how much money will be due annually in maintenance fees and any potential assessments imposed by property managers that could increase these fees at short notice (this happens quite frequently). It’s also wise to review all documents provided by each potential seller so that you fully understand what kind of unit, services, amenities and attractions will be included in your purchase as well as your ownership rights and responsibilities associated with owning a timeshare property. Lastly, if something sounds too good to be true it probably is; never sign anything without understanding its full extent beforehand.

Where can people find safe resales and avoid being scammed by companies offering deals that seem too good to be true?

The best way to find safe resales when looking for an affordable way to take vacations is through an online marketplace like RedWeek or Vacatia which provide services compatible with popular resorts and properties around the world so buyers can research prices and details of various vacation packages offered by genuine sellers. Many individuals have also found success in researching local classifieds websites where sellers post listings featuring extra weeks they are unable to use – this has proven successful many times since buyers can coordinate directly with owners instead of dealing with third-party companies with questionable business practices.

Conclusion

Timeshare scams run rampant throughout the industry, so it is important for everyone looking to become an owner or take a vacation to protect themselves from these potential criminal activities. Knowing the characteristics of a timeshare or vacation club scam is an essential tool for all buyers and sellers of timeshares and vacations. Researching companies ahead of investing any money and being aware of the terms and conditions of any timeshare purchase or sale agreement is also critical, as well as thorough research into potential resale options. With these tips in mind, anyone can safely partake in vacation ownership activities and all the benefits it brings.

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6 Timeshare Exit Strategy: How to Get Out of a Timeshare

Have you ever been stuck in a timeshare? It’s not the best feeling in the world. Luckily, there are ways out. In this post, we’re going to explore some of those ways. Keep reading for tips on how to get rid of a timeshare contract without ruining your credit—no matter what it takes!

We will also provide some tips for avoiding timeshare scams. Let’s go!

What is a timeshare?

A timeshare is a property with specific units of time that are owned or rented by an individual. Timeshares usually come in the form of vacation properties, such as condos, villas, and apartments.

These properties are typically located in tourist destinations, such as Florida, Hawaii, and Mexico.

Why are timeshares a bad investment?

When it comes to investing in property, there are a lot of different options out there. You can buy a house, an apartment, a condo, or even a timeshare. But when it comes to choosing the right investment for you, timeshares might not be the best way to go.

Here’s why: 

1. You’re stuck with one company and can’t change it

Once you buy a timeshare, you’re pretty much stuck with that company for the rest of your life. And if you’re not happy with the service or the location, tough luck. You’re stuck.

A timeshare agreement is a binding contract. When you sign a timeshare agreement, you’re signing a binding contract. That means that if you decide to cancel your timeshare, you’re going to have to pay a hefty fee. And if you don’t have the money to pay that fee, your credit score will take a hit.

2. Timeshares are expensive

The timeshare’s average cost timeshare is about $19,000. And that’s just for the initial purchase. You also have to pay annual maintenance fees, which can range from $600 to $1000. And if you want to sell your timeshare, you’re going to have to pay broker fees, which is usually about 20%.

3. Timeshares are not profitable

If you’re looking to make a profit off of your investment, timeshares are not the way to go. In fact, most people who own timeshares end up losing money. In fact, the average resale value of a timeshare is only about 50% of the original purchase price.

4. They don’t qualify as a liquid asset

Timeshares are not liquid assets, which means that you can’t sell them quickly for cash. If you need to get rid of your timeshare, you’re going to have a hard time finding a buyer. And even if you do find a buyer, you’re not going to make much money off of the sale.

5. Timeshares lose value over time

The value of timeshares goes down over time, not up. So, if you’re thinking about selling your timeshare in the future, you’re not going to make much money off of it.

Now that we’ve gone over some of the reasons why timeshares are a bad investment, let’s know if it is possible to get out of a timeshare.

Is it possible to get rid of a timeshare?

The short answer is: yes, it is possible to get rid of a timeshare. But it’s not going to be easy, and it’s not going to be cheap. If you’re looking for a way out of your timeshare, you are in the right place!

Let’s talk about some of the ways you can get rid of your timeshare.

6 Ways how to get out of a timeshare

If you’re stuck in a timeshare that you no longer want, don’t despair! There are ways to get out of it. We’ll share 6 methods for getting rid of your timeshare so you can finally be free from it.

Read on to learn more!

1. Use the recession period

If you bought your timeshare during the recession, you might be able to get out of your timeshare contract. This is because most timeshare contracts have a clause that allows the timeshare owner to cancel their contract if they can’t make their payments. Meaning the recession period is the timeshare cancellation period.

So, if you’re timeshare is causing you financial hardship, you may be able to cancel your contract and get out of your timeshare.

But, if you’re timeshare is not causing you financial hardship, you’re not going to be able to cancel your contract.

Recission laws

In some states, there are recission laws that allow you to cancel your timeshare purchase within a certain period of time. For example, in California, you have five days to cancel your timeshare contract.

So, if you’re within the recission period, you may be able to cancel your timeshare contract and get out of your timeshare.

But, if you’re outside of the recission period, you’re not going to be able to cancel your contract.

Timeshare cancellation letter

You can also try to cancel your timeshare contract by sending a timeshare cancellation letter. In the letter, you’ll need to state your reasons for wanting to cancel your timeshare contract.

Some timeshare companies will accept your cancellation letter and let you out of your timeshare contract. But, most timeshare companies will not accept your cancellation letter and you’ll be stuck with your timeshare.

2. Sell your timeshare

If you want to get rid of your timeshare, you can try to sell it. You can sell by listing it on websites or hiring a resale agent.

Resale agent

If you’re looking to sell your timeshare, you can use a resale agent. A resale agent is a company that specializes in selling timeshares. They will list your timeshare for sale and try to find a buyer.

The downside of using a resale agent is that you’re going to have to pay a commission, which is usually about 20%.

So, if you’re looking to sell your timeshare, you can use a resale agent. But, you’re going to have to pay a commission.

List your timeshare to a resale market

If you’re looking to get rid of your timeshare, you can try to sell it on the resale market. There are a few different ways you can go about doing this. You can list your timeshares on a timeshare resale market, such as Red Week or Timeshare Users Group.

However, timeshare owners should expect to sell it for a lower price than what you initially paid. This is because timeshares lose value over time, and the resale market is flooded with timeshares.

3. Hire an attorney

An attorney can help you cancel your timeshare contract and get out of your timeshare. But, you’re going to have to pay legal fees or lawyer fees.

Make sure that you hire an experienced timeshare attorney. This is because the timeshare industry is complicated, and you’re going to need someone who knows what they’re doing.

4. Find timeshare exit company

A timeshare exit company is a company that specializes in helping people get out of their timeshare contracts.

The downside of using a timeshare exit company is that you’re going to have to pay an upfront fee. The fee is usually cost around $2000. Just like with anything, you’re going to need to do your research and make sure that the timeshare exit company wil work for you honestly.

The American Resort Development Association (ARDA) is an organization that represents the timeshare industry. They have a website that has a list of timeshare exit companies. You can use this list to find legitimate companies that can help you get out of your timeshare contract.

You can also contact us at Timeshare Ninjas, and we’ll examine your case for free and put you in touch for free with a reputable timeshare exit company that will work for you. 

5. Ask the timeshare company to take it back

In some cases, you may be able to get the timeshare company or the timeshare developer to take your timeshare back. This is usually only possible if you bought your timeshare within the past few years.

If you’re able to get the timeshare company to take your timeshare back, they will either cancel your contract or give you a deed in lieu of foreclosure.

A deed in lieu of foreclosure is when the timeshare company takes ownership of your timeshare and cancels your contract. This option is usually only available if you’re behind on your payments.

6. Make a deal or negotiate to get out

If you’re looking to get out of your timeshare, you can try to make a deal with the timeshare company or negotiate with them.

In some cases, the timeshare company may be willing to let you out of your contract if you pay a certain amount of money. This is usually a small percentage of what you originally paid for the timeshare.

Another option is to try to negotiate with the timeshare company. You can try to get them to lower your maintenance fees or give you a break on your payments.

Some people have had success with this method, while others have not. It really depends on the person and the situation.

Is it worth it to cancel your timeshare?

This is a difficult question to answer because it depends on the person’s situation.

If you’re someone who is struggling to make your timeshare payments or you’re behind on your payments, then cancelling your timeshare may be the best option for you.

However, if you’re someone who is current on their payments and doesn’t have any problems with their timeshare, then it may not be worth it to cancel your timeshare.

Again, contact us at timeshare ninjas and we will give you a free timeshare exit consultation

What does it cost on average to get out of a timeshare?

The closing costs of getting out of a timeshare can vary depending on how you go about it. If you hire an attorney or a timeshare exit service from a timeshare exit company, you can expect to pay around $2000 in fees.

However, if you’re able to get the timeshare company to take your timeshare back, you may not have to pay anything. It really depends on the situation. In some cases, people have had to pay annual maintenance fees or timeshare mortgage payments in order to get out of their timeshare contract. The average cost of getting out of a timeshare is difficult to determine because it varies so much from case to case.

If you’re considering getting out of your timeshare, you should first consider all of your options. There are a variety of ways to get out of a timeshare contract, and the best way for you will depend on your individual situation. Be sure to do your research and talk to a professional before making any decisions. Getting out of a timeshare is not always easy or cheap, but it is possible.

3 Mistakes that timeshare owners should avoid

If you’re one of the millions of people who own a timeshare, chances are you’re well-versed in the inherent risks that come with the investment. But even if you know what to watch out for, it’s easy to make mistakes that can cost you big time.

Here are three all-too-common mistakes to avoid if you don’t want to end up regretting your decision to buy a timeshare.

1. Renting it to someone else:

Timeshare rentals are not a good idea. Not only is it illegal in some states, but it’s also very difficult to find someone who is willing to rent your timeshare.

Plus, It could damage your credit if the renter doesn’t pay their bill on time or damages the timeshare property.

2. Giving it away:

Giving your timeshare ownership away may seem like a good idea, but it’s actually not. The reason why is because the recipient will still be responsible for paying the maintenance fees and other associated costs.

Plus, giving your timeshare away and the recipient doesn’t make the payments will damage your credit.

So, if you’re considering giving your timeshare away, you should think twice about it.

3. Forget about it and stop paying:

This is a bad idea for several reasons. First, if you stop paying your timeshare fees, it will damage your credit. Second, you will still be responsible for the maintenance fees and other associated costs.

And third, the timeshare company may foreclose on your timeshare, which will also damage your credit. So, if you’re thinking about just forgetting about your timeshare and stopping payments, you should think twice about it.

Final takeaway

So there you have it! Your complete guide to getting out of a timeshare. Whether you’re looking for a way to get out of your contract or want to try and sell your timeshare on your own, we hope this article has given you the information you need.

If you have any questions or run into any problems along the way, don’t hesitate to reach out to us for help. We wish you the best of luck in getting yourself free and clear of that pesky timeshare!

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If you’re the beneficiary of a timeshare, you’re lucky to have a vacation property that can be passed down to you. So how does inheriting a timeshare work?

When someone includes a timeshare in their will or trust, the property management company will go to the beneficiary upon an owner’s death. The beneficiary has two options: either sell the timeshare back to the resort and get a payout or transfer ownership of the timeshare into their name and keep it.

 

Can I Use My Inheritance Timeshare for Vacations?

Timeshares are a fantastic way to ensure that you go on a vacation every year. Many timeshare owners take trips alone, with their children, or with a group of friends.

Timeshares let you split the cost of a property with other people and use it for a certain number of weeks out of the year. Instead of paying total price for an expensive hotel room, you can split the cost with other people who want to stay in the same place and get a space for much less. You also get access to all the amenities, discounts, and even free flights.

The best part about timeshares is that they are located in beautiful vacation spots like Orlando, Las Vegas, Hawaii, and Mexico—all amazing places to travel.

 

Should I Pass On My Timeshare Inheritance To My Children?

Timeshare inheritance can be a great way to enjoy a vacation property without shouldering the entire financial burden of owning one. But what happens when you pass away? Should you leave your timeshare ownership to your children?

The answer is, it depends on your children. If you are concerned about leaving your loved ones with more financial responsibilities, then it’s best not to leave your timeshare to them. 

Before making this decision, consider how much value your timeshare has and how many annual maintenance fees would be required from your family members.

If you still want to leave your timeshare to your children, you must meet with an estate plan attorney who can help you draft a will so that everything is clearly stated.

 

How to Handle Timeshares When Estate Planning

If you’re planning to include your timeshare in your estate plan, it’s wise to consider how you’ll make sure your beneficiary will want and be able to accept your property.

The first step is to consider whether the person really wants the timeshare. Talk with them about it, and make sure they realize what they agree to.

Remember that they may not be able to afford the timeshare deed, annual maintenance fee, and dues. It might be best to leave them cash instead to use it toward a vacation if they choose that option over keeping a timeshare.

Once you’ve established a timeshare agreement with your beneficiary, work with an attorney specializing in real estate law and has detailed knowledge of timeshares. They can ensure that all of your wishes regarding the property are clearly stated in writing and will be carried out after you pass away. Depending on what kind of property you own, there may be different laws and rules regulating how it must be transferred after death.

 

I’ve Inherited A Timeshare, Now What?

If you have recently inherited a timeshare, here are a few of the things you need to know:

1. Read the agreement

When you inherit a timeshare, carefully review the timeshare agreements. The terms and conditions of your timeshare inheritance can vary depending on the property. And you must know what you’re getting into before you take the timeshare contract.

If the agreement includes an option to cancel, avoid penalties or legal recourse for late fees or breach of the agreement. You may also want to legally refuse by getting a qualified attorney before signing anything.

2. Talk with your developer

If you are planning to purchase a timeshare, you must consult with a lawyer with knowledge of timeshare contracts and inheritance laws prior to buying. It is important to review the estate documentation that governs the timeshare and other documents related to the arrangement, such as occupancy agreements. These documents will outline the relationship between you and the timeshare resort developer. They may also describe how ownership can be transferred or inherited in the event of the original owner or parent’s death.

3. Don’t Stop Paying

Even if you’re not planning on using it, you have legal obligation to make payments on the property. The resort’s finances are as vulnerable as its guests, and late or missing payments can hugely affect their ability to run smoothly.

If the original owner died and left you their timeshare, you will have to take on all of the costs and legal obligations attached to it. This can include maintenance fees, property taxes, special assessments, and interest charges. There may also be unpaid bills that you are responsible for.

4. Don’t Wait

As you probably already know, the probate process can be long and complicated. But in reality, it’s best to stop waiting and start taking action as soon as possible.

Suppose you’ve been wondering how to avoid probate in California, Arizona, Texas, or other states. In that case, the answer is simple: make sure that you act quickly to put your plan into motion by utilizing the services of a trusted advisor who will help you secure your legacy.

5. Consult with your heirs

Inheriting a timeshare is a huge responsibility, and you don’t have to do it alone. If you inherit a timeshare with any other heirs, it’s essential to speak with them to clarify your responsibilities, rights, and expectations. Even if you’re the only heir, you can still consult with experienced professionals who will be more than happy to advise you on your best course of action.

 

How to Legally Refuse a Timeshare Inheritance?

 

File a disclaimer document

If you decide to decline the inheritance, you’ll need to file a disclaimer of interest for an unwanted timeshare to whoever is overseeing the estate.

If your parents are going through a probate process, you will need to file a disclaimer of interest with a probate court handling it. This legal document officially states your intentions not to take any inheritance from the estate.

You will have nine months to file a disclaimer of interest in most cases. If you don’t file within nine months, you may forfeit your right to disclaim.

If you legally disclaim the property, your share of the inheritance will go to the next of kin or a designated beneficiary, who would have been next in line if you had not been alive or chosen to inherit.

Notify the resort

In the event of owner’s death, their legal representative is responsible to notify the management of the resort. The legal representative must do this as soon as possible.

The notification should be in writing and sent by certified mail. It should include:

• A copy of the death certificate.
• Some form of identification for the deceased (social security number, residence address before death).
• A statement verifying that you are the legal representative.
• A copy of your valid identification.
• If you are not the next of kin, you need to include proof that you are a designated beneficiary or creditor (for example, a will or insurance policy).

Avoid Making Payments from Your Account

Don’t make any payments on the property from your own account. If you are responsible for maintenance fees, the timeshare resort will probably send them to your house and ask for payment. Send these invoices back unopened (or open them and write “Return to Sender”). This puts responsibility for the debt back on the resort, so they can take the property back if they feel like it.

 

How to Get Rid of An Inherited Timeshare?

Ask for a Deedback Program

If you have a timeshare that you no longer want, you can try to sell it. The first option is to contact your resort and ask about whether or not they have a deedback program. The deedback program is designed to limit buyer’s time to sell their timeshare. In most cases, the deedback program will allow for a five-year waiting period before the owner can sell their timeshare.

This allows enough time for the new owner to become familiar with his or her property and make any necessary changes to improve its value.

Rent your timeshare property

Renting your timeshare property is a great way to turn your unused vacation time into extra income. When renting your timeshare property, you can choose how much or how little to use and rent it out any time it’s not in use.

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Timeshare contract is not a new thing, but they have again become popular recently. The idea of a timeshare contract is that you share exclusive use of the amenities with other people who also own space at a vacation property for an agreed period. A beautiful vacation often comes with the option to purchase timeshare ownership, which locks in a yearly stay at one great destination.

However, there are times that you will experience timeshare regret and will want to get out of the timeshare contract immediately. But getting rid of a timeshare agreement is big trouble both financially and emotionally as salespeople would try to keep or upsell you once you want to cancel timeshare contracts. The process of timeshare cancellation will take time, however, it is possible! The first thing you need to do is to write a timeshare cancellation letter, and here are our learn tips to help you do it.

Learn the Rescission Period

When you sign your timeshare contract, there is a brief window of time where the purchase can be canceled with no penalty — this is called the rescission period. This period varies by state but it is important to know about this because if something does not feel right, then you have an option for a timeshare cancellation request.

The deadline for a rescission time period usually takes 5 to 7 days depending on which state you lived in. In some states, the deadline for filing will not include Sundays or holidays, while some count all days in the calendar.

 

5 Things You Need to Do to Write Your Timeshare Cancellation Letter

Before you decide to get rid of your timeshare, make sure that you are well aware of the necessary steps you are going to have to take. Once, you have done your homework, breath, and try to relax, so when writing your timeshare rescission letter it comes out sounding professional. Here are some things you should consider before sending off that timeshare cancellation letter.

1. Request A Cancellation in Writing

Your cancellation request must be in the form of a typed letter addressed to your timeshare provider. Keep one copy for yourself, and send this via certified mail so that it can reach them within ten days if not sooner.

2. Make Sure Your Request For Timeshare Cancellation Is Clear

Always be direct when writing to cancel your timeshare. Your subject line should have the words “Timeshare Cancellation Letter” or “Request to Cancel My Timeshare Contract” or similar. So that they know you are not asking for too much, and it is just a straight-up immediate cancellation letter of request instead of being indignant about something else with no relevance at all.

In the body, you must state your cancel request shortly in the first or second sentences of your first paragraph. You can start by saying “I am requesting to cancel my timeshare agreement”, or “I am writing to request a cancellation of my timeshare contract”. Remember that you may state that this is a formal notice for termination of the timeshare owners’ contract.

 3. Ensure to List Down All Necessary Information

The person who receives your cancellation request will try their best to prevent it from being processed. They will be happy to see if you forget some key information because this will give them more time to ignore or stop the cancellation process.

 It will be an opportunity for them to convince you that staying as a timeshare owner is better for both parties involved. Do not give them any opportunities by ensuring all details are included, so there is no hassle on either end during an already difficult process to cancel this timeshare contract.

 Here’s the necessary information that you need to list down in your timeshare cancellation letter:

• The timeshare’s name is on the contract.
• The name of the timeshare company
• Names as seen on the timeshare contract
• Number of the contract
• Purchase date
• Cancellation Statement
• The paid amount, including a request for a full refund of those fees.
• Membership Identification

 The information you give as input should be bolded, bullets pointed out the key points. And these important details should not just pop up in the middle of your sentence or paragraph, so be concise always.

 4. Set An Assumption

Timeshare companies are known for making their money by strategically locking people into bad deals that depreciate faster than cars. When you want out, they try hard to keep you until the end.

Please do not be fooled by a timeshare company that tries to convince you that they can offer ownership opportunities. Make it clear in your cancellation letter, and state in no uncertain terms, “I do not want any part-ownership or resale agreements. I expect a response acknowledging receipt within 30 days.”

5. Submit Everything Through Verified Mail

To make sure you do not miss any important correspondence, submit everything through verified mail. It is also a good idea to keep copies of all communications in this cancellation process because you may need them later on when filing claims with your credit card company, or dealing directly with Visa/MasterCard if necessary.

Beyond the Rescission Period

 If it is too late to send your timeshare cancellation letter, do not worry because you can still pursue a timeshare contract termination. Just ensure that you work with an experienced attorney who is familiar with the process of buying back properties from investors like yourself if needed, or even just negotiate on price before committing any further time and money towards this purchase.

 Remember that you should not do it alone. When you do your cancellation letter, the timeshare provider will still want to keep selling the vacation property. That is why you should not count on this letter alone — get in touch with trusted experts who know all the tricks to take on these timeshare companies. You can ensure that they will never get away with canceling without giving a full refund or moving into another property under their brand name after the required cancellation period ends.

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You realize you don’t want your time share anymore, how do you get rid of it? Here are six ways:

1. Ask the developer if he can resell your time share for you. Hilton resort, for example, will take resales once its own units are gone. Same for a Marriott when it runs out of inventory to sell. Other developers have similar secondary markets in order to help owners resell their time shares. Of course, this remains the exception rather than the rule but it should be your first option.

2. Find a licensed real-estate broker who specialized in time shares and handles resales. Those are not very common so make sure you do your research. Also beware of the scammers, unlicensed brokers who falsely claim to have customers for you. They will get you, the desperate seller, to pay hundreds of dollars upfront, then disappear with the money.

3. Sell at auction, you can even consider eBay.

4. Sell the property yourself through Facebook Marketplace, Craigslist, etc.

5. If all options above have failed, try giving the property back to the developer. You won’t get anything back, mone wise, but at least you won’t be responsible for the never ending maintenance fees. Many developers will refuse but some might accept if you can prove hardship and if they figure out they can easily resell.

6. Pay an honest timeshare exit company to help you negotiate.

Do not stop paying, the developers will go after you, some might report you to a credit bureau. The resorts most likely to send a collection lawyer after you are those run by HOAs.

You might think that dying would help as well, but unfortunately, it doesn’t. Like it or not, your heirs will inherit the time share and with it the annual maintenance fee.

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The number one question we hear is “How can I sell my timeshare?!” As previous timeshare owners ourselves, we understand the need and the desire to sell a timeshare. After all, we paid good money for these properties and the timeshare salesman told us they would go up in value, right? He said I could always sell my timeshare!? He also said I could sell my timeshare back to the Resort, right? He seemed like such a nice boy and a timeshare salesman would never lie.

The difficult to accept fact is selling a timeshare in the current market is next to impossible.

The fact is that, due to no fault of yours or ours, timeshare companies have undercut the value of their own product by overselling and by opening up their properties to the general public (non-owner) rental market. This has made getting where you want to go when you want to be there very difficult. This has also virtually eliminated a need to own a timeshare to enjoy the benefits of ownership. Together, this has all but made selling a timeshare nearly impossible.

Please do NOT blame yourself!

When we were proudly buying these timeshare properties in the 70’s, 80’s and 90’s, they made perfect sense. The maintenance fees were $200-$300 a year and taking a family to a nice vacation resort would have cost three or four times that amount back then. This would assure our families of a nice vacation every year and it would be affordable on our budgets. No one could have foreseen the advent of the internet and the effect it would have on vacation travel and the increasing cost and difficulty in simply using a Timeshare. Now we can go to these or equally as nice locations at about the same cost without being a timeshare owner. It never occurred to us back then that we would want to sell my Timeshare – it worked well, the family loved it and we will just give it to the kids. Now decades later it doesn’t work well, the kids travel differently or can’t afford it and you have found out there is no way to sell Timeshare.

If you are still asking the question, “How do I sell my Timeshare NOW?” We have a few simple words of advice: never pay anyone upfront fees to “list” or “sell” a timeshare.

These unscrupulous companies will normally ask for a few hundred dollars sent by wire, money order, or check to “list” your timeshare. They will promise that they have a herd of anxious buyers from around the globe just hoping to buy a timeshare just like yours. They will make too good to be true promises of thousands of dollars in profits just awaiting your payment to them. They will most likely “list” your timeshare on some obscure website no one can find and you will hear nothing more from them and will not be able to get your money back. It is a waste of time and money. If you have been through the timeshare resell wars and are tired of taking part in this losing cause, only to be stuck with another year of ever-increasing resort fees, then it is time to stop banging your head against the wall and contact timeshare ninjas for immediate timeshare relief. “Without my timeshare I am able to enjoy my life again”

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You might be able to cancel, but you will need to act fast.

You might be able cancel the contract if you regret having purchased a timeshare. But you’ll need to act quickly. State law will determine how long you have to cancel your purchase. This is called the “rescission time”. You usually have a few days to cancel the purchase.

State law outlines how long you have to cancel (rescind) a timeshare purchase

Most timeshare buyers have the right to cancel the contract within a certain time period. Many states and some countries have laws that allow timeshare purchasers to cancel their agreement within a reasonable amount of time. This is usually between 3 and 15 to submit your timeshare cancellation letter.

For example, in Colorado, a buyer can cancel a timeshare contract within five calendar days of the sale. 

The contract must also include information regarding the right to cancel under state law. This means that the seller cannot ask you to waive your right to cancel, and timeshare cancellation is always an option.

Cancellation of Timeshare Contract

You must cancel your contract in writing. It is a good idea, even if you are allowed to cancel the contract verbally by law, to write and send a timeshare cancellation letter to the seller.

What to include in a Timeshare Cancellation letter

The following information should be included in a timeshare cancellation letter:

• The current date
• The letter should include the name of the buyer as it appears on the contract
• The purchaser’s name, address, phone number and email address
• The name of the timeshare company or the timeshare provider
• The timeshare description (use this description from the timeshare paperwork).
• The date that the timeshare was purchased.
• A clear statement from the purchaser that they are canceling the contract.

Although it is not usually necessary to give a reason for canceling the timeshare contract you must state explicitly that the purpose of your letter is to rescind the contract. A simple statement such as “I am contacting you within the rescission time to cancel this timeshare contract” is usually sufficient. You should be aware that your cancellation notice may need to contain specific information due to state law so it may not be such a bad idea to add a few more details to your timeshare cancellation request such as maintenance fees being too high, the sales presentation being too pushy, buyer’s remorse, the resale market looking poor at best, etc.

Sending a Cancellation Notification

State law usually outlines the method you must use to cancel your timeshare contract early. You might also find instructions in the timeshare contract. Some timeshare companies permit hand delivery of cancellation notices. Some companies only allow you to send your timeshare cancellation notice by registered or certified mail. Follow the instructions and ensure that the letter is received within the applicable rescission time. Otherwise, your cancellation may not be accepted. In doubt, do not hesitate to ask for legal advice or to contact a timeshare cancellation lawyer.

Cancelling a Contract to Purchase a Foreign Timeshare

You can cancel a timeshare purchased in a foreign country by following the laws of that country or the state within it. If you do get the right to cancel, you will usually only have a few business days to do so.

Consider speaking with a local lawyer before you purchase a timeshare abroad. They can help you understand the rescission deadline in foreign countries. You should also reach out to timeshare owners there to hear of they like it or not.

Cancellation of a Timeshare after the Rescission Period has Expired

If your rescission or cancellation period is over and you wish to unload your timeshare you will likely have to sell it to someone else rather than receive a refund. Be aware of resale frauds. 

In certain circumstances, however, you might be able to terminate a timeshare contract if the rescission period has ended.

Arkansas gives buyers five days to cancel timeshare contracts after the execution of the contract or until they receive the public offering statement. If the buyer is not satisfied with the accuracy or validity of the public offer statement, the purchaser / timeshare owner can bring a suit in court within four year to cancel the contract.

Timeshare deals: How to protect yourself

When purchasing timeshares, it is important to fully understand your rights. The rescission period may expire if you sign a timeshare contract too early during your vacation. You should read the entire contract before you buy the timeshare. This will ensure that you don’t miss the opportunity to cancel the contract. Timeshare laws generally require that the seller includes information about the timeshare cancellation period and the procedure for sending a cancellation letter. These details might not be included in the paperwork, or instructions may be unclear. Before you sign an agreement, it is important to be familiar with the timeshare laws.

Talk to a timeshare attorney or a consumer protection agency in your state to find out how long you have to cancel your timeshare contract. You can also reach out to timeshare exit companies or a timeshare cancellation company (you can contact them by using one of the form on our site).

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You might have stopped paying your loan if you own an unpaid timeshare. If you don’t pay your loans on time, you could face foreclosure. Let us explain the timeshare foreclosure process and how you can avoid it before you worry about your credit score.

How a Timeshare Foreclosure Works

Your timeshare could be forfeited if you fail to pay your timeshare on time, or if you stop paying at all. Foreclosure can be brought against you for breach of contract. The legal process for timeshare foreclosures will vary depending on the state in which you live.

Nonjudicial foreclosures are a notification of default and subsequent negotiation. Judicial foreclosures require that the lender files a lawsuit. If you default on your timeshare payments, you will be issued a lien.

Timeshare Foreclosure: The Consequences

Timeshare foreclosure is similar to residential foreclosure. It can have serious financial side effects. Here are some possible consequences if you’re facing foreclosure on your timeshare.

Credit Score

Your credit score will be negatively affected by timeshare foreclosure. Some people have lost 100 points or more. This means that if your credit score was 700 before foreclosure, it could lead to a 600-point drop, which is considered poor credit. This is a lot of credit lost in one go.

A foreclosure will remain on your credit report for seven year, along with any entries regarding failed collection attempts. A timeshare foreclosure could have a devastating effect on your financial future.

Interest Rates

Timeshare foreclosures can result in higher interest rates when trying to get other loans. This is true even if loans are approved. It is not easy to get lines of credit, personal loans or mortgages after foreclosure. You might want to consider foreclosure if you plan to purchase a large, loan-requiring property in the next seven year.

Tax

A timeshare foreclosure could even result in a deficiency judgement. The bank that forecloses on timeshares may seek a personal judgement against the borrower to recover the difference between the total debt and the sale price. If you owe $20,000 on a timeshare but the foreclosure sale nets you $15,000, the bank could ask you to pay $5,000.

After the foreclosure of your timeshare, you may be subject to additional tax. All forgiven debt must be included in your taxable income by the IRS. There are exceptions and exclusions that may apply.

Employment

Employers are increasingly checking applicants’ credit scores to determine if they can hire you. While you may be perfect for the job, a timeshare foreclosure could indicate to the hiring manager that your financial management skills are poor. A foreclosure can remain on your credit report up to seven years. This is a long time to have a negative mark on your credit report.

Timeshare Foreclosure: How to Avoid

You can avoid timeshare foreclosure by trying to avoid the many consequences. Although you could sell your timeshare, most timeshares are not worth much. You might try to negotiate with the resort to lower your owing amount. Many timeshare resorts will be eager to make a profit from your misery. Is there a way to stay out of foreclosure?

Timeshare Ninja is the Answer

We can help you avoid foreclosure on your timeshare and save your financial future. Contact us today and get out of foreclosure on your timeshare.

 It’s not easy to get out of a timeshare agreement. Smooth-talking salespeople will try to keep you on your contract or upsell or renegotiate the contract if you cancel.

The bad news is that Cancelling a Timeshare can be considered an Olympic-level endurance sport. It will take some time. It is possible, but it takes time. It is possible to get rid of your timeshare without paying any fees or following rigid schedules. Once you are free of your timeshare, it’s possible to travel wherever you want and whenever you want.

First things first. Let’s start the timeshare cancellation process by writing a letter to our timeshare company. Let’s look at some guidelines for writing a cancellation letter to your timeshare company.

The Do’s: How To Write a Timeshare Cancellation Notice

It’s time for you to act if you have reached your boiling point with your timeshare. Before you write a 10-page letter to your timeshare company, take a deep breath. Now take a deep breath and collect your thoughts. Then, when you feel calm, start to draft your letter. Here are the steps.

1. Send your cancellation request by mail

This step cannot be skipped. You should buy a folder to store all of your timeshare cancellation records. It’s going to be very useful. You can’t send an email to cancel your timeshare. You must send it to your timeshare provider by way of a letter written in type and printed. Keep a duplicate for your records.

2. Include a request to cancel your timeshare.

It is important to be clear about why you want to cancel your timeshare. While you don’t need to be rude, it is important to be clear. You can use a subject line for printed correspondence, but it should read something like “Request to Cancel Timeshare” or “Timeshare Cancellation Request.”

Your request should be stated as soon as possible in the body of your correspondence. It should be in the first or second sentence. This process will take time so be patient. Don’t get bogged down. You can either say, “I am writing to request immediate cancelation of my timeshare agreement” or “This is a formal request for me to immediately terminate the timeshare contract.”

3. Make sure to list all important details.

The person who receives your timeshare cancellation notice has the job of stopping you from cancelling your timeshare. It’s that simple. It is your job to provide all details necessary to move forward with your request. You’ll be a complete failure to include important information. This gives them more time to ignore or convince you to stay. Do not give them this chance!

These details should be included in your timeshare cancellation letter:

• Name of timeshare, as it appears on your contract
• Name of the contract holder
• The contract number
• The purchase date
• Your membership ID

Use bullets and bold the details. Don’t leave this important information in the middle or end of any paragraph. You want to be as transparent as possible.

4. Set expectations.

Timeshare companies make money by locking people in poor deals which depreciate quicker than cars. They will keep you in if you decide to leave.

Your letter should state that you don’t want to resell, transfer beneficiary or take any other ownership opportunity. They will try to convince you with one or more of these strategies. Do not fall for this! Be clear that you don’t believe it!

5. All correspondence should be sent by certified mail

These timeshare companies will not tell you that they haven’t received your letter. You can verify that they have received your request by sending it certified mail. Send the same for all future correspondence during the cancellation process.

The Do’s and Don’ts of Timeshare Cancellation Letter Writing

When you are writing your timeshare cancellation letter, don’t get too involved. It is easy to write too much (like how mad or depressed you are) and not enough (like the important contract details). These are the steps to keep you on track.

1. Do not get emotional or excessively long-winded.

When we are feeling fired up or frustrated, our communication skills often take a dive. This is precisely when you need to remain focused and firm.

This letter isn’t the next great American novel. It should be no more than a few paragraphs. Stop reminiscing about every disappointment and misstep you have ever had to deal with due to the actions of your timeshare company. Get off the computer. You can come back later to try again after you have cooled down.

Simply state that you are writing to terminate your contract and then provide the details of the contract they will need to review your account.

It’s okay to express your dissatisfaction about the increasing fees and inflexible dates . It should be two sentences. You don’t have to satisfy them.

2. Avoid using passive or hesitant language

Which sound more confident? I am writing to request the immediate termination of my timeshare agreement. Or, I was curious if it is possible to review and cancel my timeshare contract. It’s obvious, right?

While you don’t have to be aggressive or mean, it is important to be confident and direct. These are the pros. These people are pros. Avoid words like maybe, perhaps, hoping, wondering, if, possible. These words indicate someone who is able to convince you to stay.

3. Do not hold your breath.

We can’t tell you that cancelling your timeshare letter will guarantee that you are free to move on. It’s often just the first step in untangling your timeshare company. You should expect at least six months of back-and-forths. However, we have seen people fight it out for up to three years. Keep fighting! You’re now free to do what you want.

4. Do not try to do it all alone.

Although writing a cancellation letter for timeshares is a good start, don’t expect it to push you to the finish. Instead, connect with trusted experts who will help you deal with the timeshare scammers. They are experts in how to stop these timeshare companies from succeeding. Imagine how much better a sunset margarita tastes when you have it to yourself!