Can I Stop Paying Timeshare Maintenance Fees?

How to Get Rid of Timeshare Maintenance Fees.

The only way to get rid of your timeshare maintenance fees and the other special assessment fees altogether is to get rid of your timeshare

. Because as long as you own the property, there’s really no way to end the yearly onslaught on your bank account.

How can I legally get out of my timeshare?

1. Call the developer.
2. Rent it out.
3. Sell it on the resale market (expect to take a hit).
4. Gift it to a friend, family member or stranger.
5. Stop your payments (but expect consequences).
6. Avoid scams.

Can you just walk away from a timeshare?

You can’t just walk away from a timeshare

. That’s because they often come with an obligation to pay maintenance fees for as long as you own them.

Can a timeshare put a lien on your house?

If a repayment plan isn’t negotiated, the timeshare company might go the route of taking you to court for breach of contract to get a judgment against you and place a lien against the property. Ultimately, they will foreclose on the property.

Can you give a timeshare back to the resort?

Give it back:

Contact the developer or resort management

. Tell them you want to quit-deed the property back to them. In other words, you are willing to give away your timeshare in exchange for the future savings of not having to pay your membership.

What is the average cost to get out of a timeshare?

Costs to Get Out of a Timeshare

On average, it costs about

$5,000 to $6,000

and takes 12–18 months to get out of your timeshare contract using a timeshare exit company. But the cost and the timeframe can vary depending on a number of factors including, how many contracts are attached to your timeshare.

How do I write a letter to cancel my timeshare contract?

1. Get your cancellation request in writing. …
2. Include a clear request to cancel your timeshare. …
3. List all the important details. …
4. Set expectations. …
5. Send all correspondence by certified mail. …
6. Don’t get emotional or long-winded. …
7. Don’t use passive or hesitant language.

How do you sell a timeshare that is paid off?

1. Step 1: Revisit Your Contract. To start with, dig your original contract—and any other paperwork about the timeshare—out of your files to see exactly what you signed way back when. …
2. Step 2: Research Your Timeshare’s Value. …
3. Step 3: Try to Sell Your Timeshare. …
4. Step 4: Contact a Timeshare Exit Company.

Do timeshare companies take legal action?

The short answer?

Yes. Resort developers can and do take financial and legal action against timeshare owners attempting to leave their interest

. However, they may not pursue these strategies as aggressively as some consumers may think.

Can you abandon a timeshare?

Timeshares don’t have to be for life

If the resort refuses, the owner can abandon the timeshare

, although that may lead to collection actions and damage to the owner’s credit.

Can a timeshare sue you?

In general, though, if you don’t pay the fees and assessments on a right-to-use timeshare,

the HOA may sue you for a money judgment or “repossess” your right to use the timeshare

. A repossession is a different legal process than a foreclosure.

How long does it take for a timeshare to go into foreclosure?

For example, in 2010 Florida passed a timeshare foreclosure law that shortened the amount of time needed to process a timeshare foreclosure from 18 months to just

90 days

. However, in other states, the foreclosure process could still take up to a year or more.

How long does it take to foreclose on a timeshare?

If you continue to stop paying on your loan, the timeshare company can go to court and file a foreclosure lawsuit to obtain the rights to your unit and take it back. While it mainly depends on what state you have your timeshare in, this process can take

about one year

.

Why is it so hard to get out of a timeshare?

Canceling your timeshare can also be difficult due to

financial reasons

. Resorts are notorious for encouraging people to make a down payment on a credit card. Putting a substantial investment on your credit card is never a wise idea. Your interest rates will skyrocket, and it’ll take you a while to pay it down.

Can lawyers get out of a timeshare?

A timeshare cancellation attorney will help you understand the fine print of your contract and support you in cancelling your timeshare within the rescission window

. A timeshare exit attorney will help you approach getting out of your timeshare after the rescission window has passed.

How can I get rid of my timeshare without ruining credit?

1. Is There a Rescission Period? …
2. Work with a Timeshare Exit Company. …
3. Rent Your Timeshare.
4. Sell Your Timeshare.
5. File Complaints with Regulators and Law Enforcement.
6. Give or Sell It Back to the Timeshare Developer. …
7. Ask your Developer for Help.