Navigating Timeshare Exit: Strategies and Alternatives
Introduction to Timeshare Exit Processes
Timeshares, often marketed as a convenient vacation option, can become burdensome for many owners when they realize the long-term financial and time commitments involved. One of the most common methods for exiting a timeshare is through the use of a timeshare exit company, but these companies can be prohibitively expensive, with fees ranging from a few thousand dollars to tens of thousands. This article explores the options available to timeshare owners, including legal strategies, DIY cancellation processes, and the pitfalls of using a timeshare exit company.How Do Timeshare Exit Companies Operate?
The primary method of operation for timeshare exit companies involves outsourcing the job to an attorney. These exit companies pay legal firms a bulk rate, which allows them to charge their clients with a markup. The fees can be substantial, with typical quotes ranging from $7,000 to $30,000. However, a potential owner can negotiate lower rates, sometimes as low as $3,000. While these exit companies claim to offer a comprehensive service, many experts argue that the processes they perform can be handled by the owner themselves.Strategies Used by Attorneys to Exit Timeshares
The legal strategies used by attorneys to help owners exit their timeshares vary depending on the specific circumstances. One of the most common arguments is that the timeshare was a poor investment. Other tactics may include disputing the validity of the contract, contesting interest charges, or challenging the fees. These strategies can be highly effective but come at a significant cost.How Long Does It Take to Exit a Timeshare?
It is important to note that timeshare exit processes can be lengthy and complex. Exit companies and attorneys often take years to resolve the issue, which can be frustrating for owners seeking a quick solution. Offering to give away the timeshare can be a fast and simple alternative, especially if the property is paid off and transferable to another party.DIY Timeshare Cancellation: The Better Option
For timeshare owners eager to escape their responsibilities but who wish to avoid the high fees charged by exit companies, the best course of action is to handle the cancellation process themselves. This method not only saves money but also ensures that the owner retains control over the process.If your timeshare is fully paid for and you are up-to-date on maintenance fees, the first step is to call your timeshare management company and request a deed back or cancellation. Timing is crucial. You must use the exact phrase 'deed back' or 'cancellation' as your timeshare management may have specific procedures.
Most timeshare companies have a process for voluntary relinquishment of the timeshare, whether it is due to poor investment or other factors. If the company requests a fee for the legal paperwork, complete the necessary steps, ensure everything is traceable, and you should be free of the timeshare obligation in 2-4 weeks.