Timeshares in the US have seen colossal growth since travel reopened. The industry is worth more than $8 billion. However, many timeshare owners soon realize their mistake. Trying to exit your timeshare is much harder than buying one, though. A timeshare exit company can help.
Choosing the right timeshare cancellation company is critical. Like most people, you look for reviews before purchasing anything online. Unfortunately, some of the review sites you find about timeshare exit companies aren’t legitimate.
To find a legitimate company, you need to know what to look for. You also need to know what to avoid. Learn more about the problem with timeshare exit review sites and how to find a reputable timeshare cancellation company.
Beware of Fake Timeshare Exit Review Sites
Trying to find a good timeshare cancellation firm can be time-consuming. Government officials don’t review timeshare exit companies to give consumers reliable information.
When you’re doing your research, you may fall victim to a scam. The marketing hijack scheme can catch even the most wary consumers.
Here’s how the scheme works. A scammer sets up a website that claims to review the top 10 legitimate timeshare exit companies. However, when someone clicks on the company’s icon, the call goes to the scammer.
The people who answer the phones are in on the scam. They answer the phone without saying the name of the legitimate company. Sometimes they might use the real name because the scammer set up his fake company to sound like the real one.
Even if you avoid clicking links on these fake review sites, you could still fall victim to a scam. Scam companies sometimes show up in online searches ahead of the legitimate ones. The scam company looks so much like the legitimate one that you may click on it anyway.
Most of these fake timeshare exit review sites are registered outside the US. This protects them from prosecution under US laws against defamation and fraudulent content. Even if you don’t fall victim to a scam, these sites make it even more difficult to find a legitimate timeshare cancellation company.
What to Look for in a Timeshare Exit Company
Getting out of a timeshare contract is complicated. Finding a legitimate timeshare cancellation company is critical. A reputable company can help you successfully exit your timeshare.
Has an Attorney Partner
Canceling a timeshare is a legal matter. Successfully exiting a timeshare requires legal representation. A legitimate timeshare exit company will have an attorney or legal firm associated with them.
The lawyer should be licensed in the state. They should be a member of the bar and in good standing.
Transparent Process
A reputable timeshare exit company will clearly explain the process for canceling your timeshare. You should know specifically what their team will be doing to work on your case. You should be able to get answers to any questions you have.
Types of Timeshare Exit Strategies
The exit process for your timeshare depends on the type of ownership you have. You should understand which process the timeshare exit firm will be using. In all cases, canceling the contract ends your ownership and stops your obligation to pay maintenance and other fees.
For a deeded timeshare without a mortgage, the process involves transferring the property back to the resort. Then the timeshare contract will be canceled.
For a points-based membership without a mortgage, the process involves a mutual release agreement with the resort. Then the membership is canceled, and you return the points to the resort.
The process is more complex for a mortgaged timeshare. You need to cancel the timeshare contract and the mortgage. The cancellation company will negotiate a deed transfer or a mutual release agreement with the resort.
This ends your contract and cancels the mortgage balance.
The most difficult situation is if you inherited a timeshare. State laws govern this process. The time share cancellation company should be able to explain the process that will apply to you.
Clear Communication
You need open lines of communication with your timeshare cancellation firm. Team members should give you regular updates throughout the process. Look for a company that returns calls and emails promptly.
Credit Protection
Many people start looking for a timeshare cancellation company because they can no longer afford the payments. You may have defaulted on your timeshare contract and the associated fees or mortgage payments. This can have a negative effect on your credit score.
Look for a timeshare exit company that can help to repair your credit. You want a company with a reputable partner credit firm. The partner credit firm should be licensed, bonded, and insured.
Protection From Harassment
If you fall behind on your timeshare payments, the timeshare company will try to collect the debt. They will call you and send you threatening letters. They can send your account to a collection agency.
Ask if the timeshare exit company will protect you from harassment. Once you start the exit process, the cancellation company should handle any communication with your timeshare.
Avoiding Timeshare Exit Scams
Unethical timeshare exit companies do exist. They try to take advantage of people who are desperate to get out of their timeshare. Being aware of some red flags can help you avoid scams.
The Exit Company Calls You
Be very cautious about timeshare exit companies that cold-call you. Reputable timeshare cancellation companies typically don’t contact you unless you contact them first. Someone who calls you uninvited has gotten your name from a list and may be planning a scam.
They Claim They Can Sell, Rent, or Donate Your Timeshare
Fraudulent companies claim they can sell or rent your timeshare. They may say they have a buyer waiting. However, the chances of someone buying or renting your timeshare are extremely low.
The IRS gives timeshares no value. You’ll see hundreds of timeshares available “for sale” for free on sites like Ebay and Craigslist. No one will buy your timeshare for money when they could get one for free.
More complicated scams claim to transfer your timeshare to another company. However, that company doesn’t actually exist. After the maintenance fees and other costs go unpaid, you’ll be held accountable as the last valid owner.
Some unethical timeshare exit companies claim you can donate your timeshare to a charity. This scheme can also lead to trouble. Because the IRS gives timeshares no value, you can’t claim a tax deduction.
Claiming a deduction could lead to charges of tax fraud.
They Give Unauthorized Legal Advice
A timeshare contract is legally binding. You need qualified legal assistance to cancel it. A timeshare exit company that gives legal advice without using an attorney isn’t a company you want.
Beware of a timeshare exit company that tells you to stop paying your mortgage or maintenance fees. Failing to pay these expenses will result in interest and penalties on what you owe. The timeshare resort will likely send a collection agency after you.
Timeshare companies can put a lien on your personal property. They can foreclose on your timeshare. This will severely hurt your credit record.
They Won’t Tell You About Their Process
Unethical timeshare exit companies may claim to have a “proprietary process.” They say they can’t reveal the details of their exit plan.
Without transparency, the company could engage in illegal practices on your behalf. You could unknowingly be party to breaking the law. No reputable company will refuse to tell you how they plan to proceed in canceling your timeshare contract.
What to Expect from a Legitimate Timeshare Cancellation Company
A legitimate timeshare cancellation company will have a lawful and effective strategy for helping you get out of your timeshare.
One method involves disputing the contract. Timeshare companies often use unethical tactics. They may violate state and federal consumer protection laws in selling and managing timeshares.
The cancellation company can use these laws to dispute the legitimacy of your contract.
The cancellation process takes time. The first step is an initial consultation. Members of the cancellation team will discuss your situation to determine how they can help.
Then you’ll receive an explanation of the payment options to choose the plan that meets your needs.
A timeshare cancellation specialist will design a strategy to terminate your timeshare. You’ll work together to put the strategy into action. You should get regular updates until you receive confirmation that your timeshare is canceled.
Working With Sapphire Cancellation
Sapphire Timeshare Cancellation is ready to be your partner in exiting your timeshare. You can trust the many reviews we get from our clients. You can even see their canceled contracts.
Sapphire Cancellation provides consistent updates and keeps the lines of communication open throughout the process. You can rely on our transparency and accountability.
Sapphire Cancellation is dedicated to getting the best outcome for your situation. We can even help repair your credit if necessary. Contact us today to start the timeshare exit process and take the first step toward freedom.
