Without going through the proper channels, your chance of successfully cancelling timeshare is next to nothing. Meanwhile, using a service company to do all the hard work for you can make the process seamless and stress-free.
The company will help you follow all the proper documentation so you don’t have to worry, leaving you more time to focus on what really matters in life.
Read the article below to learn what your options are for a timeshare cancellation. You’ll also learn how you can use a company to make the process fast and easy.
What Does Cancelling Timeshare Mean?
The cancellation of a timeshare is when someone decides not to continue using their ownership of the property or shares. There are two types of cancellations that can occur with a timeshare. Voluntary and involuntary situations are handled very differently from each other.
A voluntary cancellation is when someone ends their membership in the timeshare. Reasons like work changes, difficulty maintaining equity payments, and personal reasons can lead to cancelation.
An involuntary cancellation occurs if an individual’s membership is terminated due to delinquent payment. There are many other reasons like below:
- bankruptcy of the individual or company that owns the timeshare property
- foreclosure on a mortgage loan
- failure to make timely and complete payments for dues
- maintenance fees
- association fees
For the purpose of this article, you will learn the fees and costs associated with a voluntary timeshare cancellation. A cancellation company can help negotiate the terms and conditions when you finally tell yourself, “I want to exit my timeshare.”
The Process of Timeshare Cancellation
Generally speaking, if you use a timeshare cancellation service the process should start with initial contact and assessment. Followed by a documentation liaison and resolution with closing.
In the initial contact and assessment, a representative will meet to look over your current situation. They will determine if your case even qualifies for the cancellation of a timeshare. In some instances, the owners may not qualify and will not be able to cancel their timeshare when they want.
The representative will discuss what options you have for canceling. They might suggest getting title companies or attornies involved f it is necessary.
After your representative comes up with a plan for canceling timeshares with you, they will draw up a few documents for you to sign to start the process of cancelation. They will also help you send those documents to your management’s department to expedient delivery.
If the timeshare exit has been granted, the service company will walk you through any final documents. They’ll also file any last paperwork that needs to be done to transfer the title to the new owner. This will prevent you from taking on any extra tax liabilities.
How Much a Timeshare Cancellation Costs
Exactly how much a timeshare will cost will depend on different factors.
Each company you research will offer different pricing packages to help guide you out of the timeshare you’re currently in. Until you sit down with a representative and get an actual quote for your specific situation, it’s impossible to say how much it will cost.
Generally, it can cost between $5000 – $6000 and take anywhere from 12-18 months to get out of your timeshare. Anytime you make changes to your timeshare or add upgrades, your management company could add new contracts. Your service company will need to cancel each one to get you out of your timeshare.
Other than the literal finances associated with a timeshare, you also have to consider your time, stress, and security as more factors to the cost of timeshare termination.
This process could last over a year to get everything canceled and holding on to all that stress and managing many moving parts can add up over time. The stress involved with keeping it all together while fighting your management company could be more than what it’s worth.
You’ll also have to be on the lookout for companies that are only trying to take your money instead of providing actual help. The percentage of people who sell their timeshare is low so you’ll want to watch out for companies who promise they have buyers lined up.
Why Use a Service for Timeshare Cancellation?
The added stress and time it takes to successfully cancel a timeshare can be difficult for most people. If you are busy raising a family or working full time then it won’t leave much time to do all the work it takes to cancel your timeshare.
There is also the technical aspect that is required to know before you are able to cancel your timeshare. You could do all the research yourself and spend a lot of time doing so but again, few people have this luxury.
Using a timeshare company can help with issues you will run into along the process of canceling a timeshare. They can use their expertise in dealing with various situations to help you get the best deal possible.
Reliable and reputable companies help protect you against any possibility of fraud. Situations that involve fraud will end up costing you significant amounts of money. Representatives will also make sure your documents are signed and the entire process goes smoothly.
Timeshare services are not lawyers and do not have any of the necessary requirements to represent you in any legal case. They are here to provide you expert guidance in working with management companies to avoid legal situations.
These companies will help steer you away from getting in trouble situations that you might have encountered if you were canceling your timeshare on your own.
If you want someone on your side when canceling your timeshare and don’t want to spend countless hours doing everything yourself, consider hiring a service company today.
Canceling Your Timeshare
Cancelling timeshare can be a lengthy and time-consuming process. Using a company to represent you can help ensure you get a successful cancellation while abiding by all the rules and regulations of the cancellation.
Want one-on-one help through your timeshare cancellation process? Contact us now to get a free quote so you can get closer to freedom.