How can I legally get out of my timeshare?
If you’re tired of paying your timeshare fees every month or paying for a lot that you never use, you’re not alone. Timeshares seem like a good idea at the time; they usually come with vacation packages, bragging rights, and other giveaways so they can seem like a good investment. But all too often, timeshares become more trouble than they’re worth. Even if the purchase was made with the best of intentions, due to job loss, divorce, or economic factors, at some point, many owners discover they can’t afford to keep up with the fees and decide to sell.
Timeshare exchange companies often offer quick cash for your timeshare and may promise you something of value in return—a replacement property or a significant discount on another timeshare. But what you get is a low-priced trade that helps keep the timeshare market inflated and doesn’t truly deliver what it promises. If you’re wondering how to cancel Wyndham timeshare legally, below are some of the legit ways:
- Use the Rescission Period
If you recently purchased a Wyndham timeshare, it is strongly suggested that you review your purchase contract thoroughly to determine if you have the right to rescission. Rescission is the term used when you can cancel the sale of a timeshare within a specific period and receive a full refund. This law is part of the Truth in Lending Act. It applies to all timeshare purchases. Most states allow rescission rights from 3 to 14 days after closing. The time frame depends on where your timeshare property is located.
There are different time requirements for rescinding a contract depending on the state in which you purchased your timeshare. After receiving your public offering statement, you generally have 2-5 business days to begin the rescission process. Many timeshare companies want to charge you enormous fees and penalize you if you decide to cancel within your term, so it’s essential that you do your research. Know how long you have to get out without any penalties, and then compare the costs involved before doing so.
- Timeshare Exit Companies
Timeshare exit companies are here for you when you need legal assistance for your timeshare exit. It’s tough to imagine that someone who just sold you something at a fantastic price will try to change the terms somewhere further down the line, but it happens more than you would think. Many people feel they have been victims of bait-and-switch tactics and high-pressure salesmanship. That’s why it’s a smart decision to work with a reputable timeshare exit company. They will help you seek legal remedies if you have been misled or your contract has illegal loopholes.
Beware of Scams: For those thinking of selling their timeshare, you may have been contacted by a timeshare exit company promising to lower your maintenance fees or pay off your timeshare loans. This seems like an ideal solution for getting out of a burdensome timeshare, but promises made aren’t always reality. By paying an upfront fee to sell your timeshare, you could become a victim of an exit scam.
It is essential that you use an independent escrow company when buying a timeshare through a broker. This will protect you from unscrupulous timeshare exit companies that could steal your inheritance or rob you of your life savings. An escrow company guarantees your money is where it needs to be to complete the transaction. In fact, you can choose to pay the exit company only after the escrow company tells you the funds have arrived in their bank account—locking in a higher level of trust.
- Resell It to the Resort
Timeshare owners who miss the rescission period may still seek legal redress. One option is a deed-in-lieu agreement, a low-cost legal method to return your timeshare property to the resort. Look through your timeshare’s paperwork to see if this is an option for you. If you are thinking about buying a timeshare, you may consider paying a sales manager at the resort an incentive. However, they will have to repurchase your timeshare from you and then resell it — and they may try to upgrade the contract.
- Hire an Attorney
If you have a lawyer specializing in consumer protection or real estate, they can help you evaluate and understand your options. The attorney will negotiate a settlement with the developer to allow you to leave the resort and be released from any further payment obligations. This may cost you in legal fees, but at least you will not have to go through the hassle of trying to get rid of it yourself, and this will give you peace of mind knowing that there will be no more bills or collection calls.
Final Thoughts
When you buy a Wyndham timeshare, you are signing on for life. Act soon and urgently if you want to get out of this thing. You must get everything in writing before starting a cancellation process with any timeshare exit company. They will protect you from timeshare scams and give you the best rates and options. Make sure you understand every sentence in your contract and what it means to you.